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Dividend Considerations

CIBC W.I. – Final Dividend

It has been resolved that a final dividend of four cents ($Bds.)per share for the year ended October 31, 1997 be declared on the common shares of the company and

TOJ – Interim Dividend

The annual general meeting agreed that upon the recommendation of the Directors, a final dividend of five cents per stock unit in respect of the year ended March 31, 1997,

CIBC Ja. – Cash Dividend

At a Board of Directors meeting it was resolved that an interim dividend in respect of 1997 of fifteen cents per stock unit be paid on January 12, 1998 to

Carreras Ltd. (CAR) – Interim Dividend

The Directors have declared an Interim Dividend of 25 cents per stock unit to be paid on February 5, 1998 to stockholders of record at the close of business on