Mr. Westshore Terminals Income Fund Balance Sheets As at December 31, 2002 and 2001 (expressed in thousands of dollars) 2002 2001 $ $ Assets Current assets Cash and cash equivalents 10,858 15,688 Other assets 235 - 11,093 15,688 Investment in Westshore Terminals Ltd. (note 3) 510,136 515,153 521,229 530,841 Liabilities and Unitholders’ Equity Current liabilities Accounts payable and accrued liabilittes (note 6) 114 588 Distribution payable to unitholders (note 5) 10,979 15,100 11,093 15,688 Unitholders’ equity 510,136 515,153 521,229 530,841 Subsequent events (note 7) APPROVED BY THE TRUSTEES: M. Dallas H. Ross Trustee William W. Stinson Trustee