108 The consolidated statements of cash flows exclude the following non-cash transactions: 2000 Common shares issued on acquisition (note 3) 199,856 (iii) Non-cash transactions The consolidated financial statements of the Company are prepared in Canadian dol- lars in accordance with accounting principles generally accepted in Canada (“Canadian GAAP”). The following adjustments and disclosures would be required in order to present these consolidated financial statements in accordance with account- ing principles generally accepted in the United States (“U.S. GAAP”). (a) Reconciliation to accounting principles generally accepted in the United States 16. RECONCILIATION OF CANADIAN GAAP TO U.S. GAAP  (thousands of Canadian dollars) 2000 1999 1998 Net income (loss) using Canadian GAAP 155,984 7,375 (4,284) Add (deduct) adjustments for Deferred charges (1) 431 (957) (2,465) Foreign exchange gains (2) 4,066 – – Equity in earnings of WIC (3) 7,692 – – Income tax effect of adjustments (6,828) 431 1,109 Net income (loss) using U.S. GAAP 161,345 6,849 (5,640) Unrealized gains on investments classified as available for sale, net of tax (4) 4,040 18,945 12,030 Realized losses on investments classified as available for sale, net of tax (19,781) – – Comprehensive income using U.S. GAAP 145,604 25,794 6,390 Net income per share using U.S. GAAP  Basic 4.83 – – Fully diluted 4.73 – – Comprehensive income per share using U.S. GAAP Basic 4.36 – – Fully diluted 4.27 – –