Exhibit 3 ASSUMPTIONS Investment Horizon: 5 years Spot Cdn$/US$ Exchange Rate: 1.045 Forwards: The 5-year Cdn$/US$ rate was 1.027 Put Options: For the initial draft, Blackwell suggested pulling information on a put option struck slightly out of the money at $1.10. The premium on a 5-year option struck at $1.10 was 1.53 per cent of the amount hedged. Expected Return (per annum): 25 per cent Worst Case Scenario Return (per annum): zero per cent