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1.What caused share capital to increase in 2018? 2.What amount of dividends were declared in 2018? Consolidated Statements of Changes in Equity For the years

1.What caused share capital to increase in 2018?

2.What amount of dividends were declared in 2018?

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Consolidated Statements of Changes in Equity For the years ended December 31 (Stated in thousands of Canadian dollars) Note 2018 2017(1) Share capital: Balance, beginning of year 12 548,977 555,716 Issuance of shares pursuant to compensation plans 12 602 10,131 Shares repurchased 12 (600) (16,870) 548,979 548,977 Equity reserves: Balance, beginning of year 97,514 93,039 Share-based payment expense 12 15,988 19,050 Issuance of shares pursuant to compensation plans (6,847) (14,575) 106,655 97,514 Hedge reserves: Balance, beginning of year (1,902) (11,003) Other comprehensive income 8,758 9,101 6,856 (1,902) Retained earnings: Balance, beginning of year 1,614,266 1,473,801 Dividends declared 13 (63,845) (64,886) Shares repurchased 12 (1,786) (73,447) Purchase of shares pursuant to compensation plans (23) (260) Net earnings 91,465 279,058 1,640,077 1,614,266 Total shareholders' equity 2,302,567 2,258,855 The accompanying notes are an integral part of the consolidated financial statements. (1) Certain 2017 numbers have been restated for the adoption of IFRS 15. See Note 2 for further discussion

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