Mr. Westshore Terminals Income Fund Statements of Earnings and Unitholders’ Equity For the years ended December 31, 2002 and 2001 (expressed in thousands of dollars, except unit amounts) 10 2002 2001 $ $ Income Interest (note 3) 43,865 50,164 Equity in earnings of Westshore Terminals Ltd. 831 2,048 Amortization of purchase price discrepancy (note 3) (5,848) (18,352) 38,848 33,860 Expenses Administration costs 511 723 Net earnings for the year 38,337 33,137 Unitholders’ equity - Beginning of year 515,153 531,457 Cash distributions declared during the year (note 5) (43,354) (49,441) Unitholders’ equity - End of year 510,136 515,153 Net earnings per trust unit 0.545 0.471 70,381,111  70,381,111 Weighted average number of trust units outstanding