Arctic Glacier

(in thousands of dollars, except per unit data)

2007	Q1	Q2	Q3	Q4	2007
Sales	26,378	79,792	106,584	36,313	249,067
EBITDA	(6,189)	27,251	43,275	2,718	67,055
Net earnings (loss)	(10,941)	11,730	23,399	(3,738)	20,450
Basic earnings (loss) per unit	(0.30)	0.30	0.60	(0.10)	0.54
Diluted earnings (loss) per unit	(0.30)	0.29	0.54	(0.10)	0.53

Funds from (used in) operations	(10,904)	21,839	39,389	(455)	49,869

Current assets	38,623	59,982	60,723	34,317	34,317
Working capital	(4,364)	11,768	17,449	2,611	2,611
Total assets	561,210	548,310	522,728	496,486	496,486
Long-term debt	172,511	177,376	155,080	150,288	150,288

2006	Q1	Q2	Q3	Q4	2006
Sales	14,662	60,464	104,180	39,943	219,249
EBITDA	(4,369)	20,538	42,259	761	59,189
Net earnings (loss)	(4,350)	8,945	19,091	(6,244)	17,442
Basic earnings (loss) per unit	(0.16)	0.30	0.59	(0.19)	0.57
Diluted earnings (loss) per unit	(0.16)	0.30	0.52	(0.19)	0.56

Funds from (used in) operations	(5,633)	17,846	37,527	(4,398)	45,342

Current assets	20,271	55,085	51,961	36,616	36,616
Working capital	7,778	10,155	19,129	(6,876)	(6,876)
Total assets	275,020	517,605	546,727	543,492	543,492
Long-term debt	90,869	154,769	175,508	186,063	186,063

2005	Q1	Q2	Q3	Q4	2005
Sales	13,809	47,275	73,584	21,771	156,439
EBITDA	(5,089)	15,086	31,567	(551)	41,013
Net earnings (loss)	(5,707)	6,332	17,149	(1,809)	15,965
Basic earnings (loss) per unit	(0.24)	0.27	0.72	(0.06)	0.65
Diluted earnings (loss) per unit	(0.24)	0.27	0.72	(0.06)	0.65

Funds from (used in) operations	(6,820)	12,625	29,238	(2,545)	32,498

Current assets	16,975	32,054	38,555	23,275	23,275
Working capital	649	2,523	22,849	9,363	9,363
Total assets	274,595	291,954	292,695	277,517	277,517
Long-term debt	115,660	116,937	71,620	74,515	74,515

2004	Q1	Q2	Q3	Q4	2004
Sales	11,222	36,088	50,640	16,484	114,434
EBITDA	(4,123)	10,553	20,197	1,423	28,050
Net earnings (loss)	(3,054)	5,574	11,566	215	14,301
Basic earnings (loss) per unit	(0.13)	0.24	0.50	0.01	0.61
Diluted earnings (loss) per unit	(0.13)	0.24	0.50	0.01	0.61

Funds from (used in) operations	(4,764)	9,507	19,815	954	25,512

Current assets	17,117	25,126	32,025	30,741	30,741
Working capital	6,209	11,345	22,055	15,781	15,781
Total assets	219,619	231,258	233,571	287,042	287,042
Long-term debt	49,275	55,016	55,962	112,804	112,804

2003	Q1	Q2	Q3	Q4	2003
Sales	7,596	25,615	48,219	15,740	97,170
EBITDA	(3,621)	8,317	20,413	(647)	24,462
Net earnings (loss)	(3,358)	4,059	11,351	(1,288)	10,764
Basic earnings (loss) per unit	(0.21)	0.26	0.62	(0.06)	0.59
Diluted earnings (loss) per unit	(0.21)	0.26	0.62	(0.06)	0.59

Funds from (used in) operations	(4,232)	7,817	18,734	(1,357)	20,962

Current assets	12,260	22,946	34,044	23,177	23,177
Working capital	5,144	11,577	22,652	12,105	12,105
Total assets	165,522	172,482	214,123	214,657	214,657
Long-term debt	51,573	34,070	62,557	31,580	31,580

2002	Q1	Q2	Q3	Q4	2002
Sales	8,534	27,171	44,598	11,416	91,719
EBITDA	(3,194)	9,096	19,573	(471)	25,004
Earnings (loss) from operations	(7,773)	6,104	16,552	(3,623)	11,260
Net earnings (loss)	(3,778)	4,147	11,041	(2,183)	9,227
Basic earnings (loss) per unit	(0.54)	0.26	0.70	(0.14)	0.67
Diluted earnings (loss) per unit	(0.54)	0.26	0.70	(0.14)	0.66

Funds from (used in) operations	(7,305)	7,903	15,865	786	17,249

Current assets	16,371	19,716	32,494	22,223	22,223
Working capital	5,737	8,780	19,220	15,122	15,122
Total assets	185,470	179,694	195,727	182,938	182,938
Long-term debt	53,555	51,350	52,211	53,519	53,519

2001	Q1	Q2	Q3	Q4	2001
Sales	8,232	27,933	41,987	13,236	91,388
EBITDA	(2,476)	9,801	17,974	(246)	25,053
Earnings (loss) from operations	(7,807)	4,589	12,393	(5,417)	3,758
Net earnings (loss)	(5,688)	(2,347)	6,858	(3,641)	(4,818)
Basic earnings (loss) per unit⁽¹⁾	(0.94)	(0.40)	1.12	(0.61)	(0.84)
Diluted earnings (loss) per unit⁽¹⁾	(0.94)	(0.40)	1.12	(0.61)	(0.84)

Funds from (used in) operations	(5,284)	6,445	14,596	(3,853)	11,904

Current assets	12,018	20,787	25,776	15,612	15,612
Working capital	(6,477)	(391)	12,844	5,518	5,518
Total assets	187,901	189,438	197,273	187,097	187,097
Long-term debt	122,974	124,134	124,655	122,189	122,189

2000	Q1	Q2	Q3	Q4	2000
Sales	8,131	25,265	37,081	11,637	82,114
EBITDA	(1,615)	8,308	15,842	(927)	21,608
Earnings (loss) from operations	(5,979)	3,090	10,532	(6,407)	1,236
Net earnings (loss)	(3,878)	1,158	5,544	(5,709)	(2,885)
Basic earnings (loss) per unit⁽¹⁾	(0.65)	0.18	0.91	(0.94)	(0.52)
Diluted earnings (loss) per unit⁽¹⁾	(0.65)	0.18	0.89	(0.94)	(0.52)

Funds from (used in) operations	(4,153)	5,436	12,754	(4,462)	9,575

Current assets	10,435	21,185	21,001	15,286	15,286
Working capital	1,769	3,638	13,073	(1,340)	(1,340)
Total assets	171,312	190,503	197,087	188,312	188,312
Long-term debt	109,116	116,341	120,312	119,267	119,267

(1) 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.