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2011

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Global investments

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IndexCorporate data 6

Board of Directors 8

Chairman’s report 10

Director’s Report 12

Auditor’s Report 14

New Services Offered: 16

Super Fast Service 16

Customer Banking Services 16

Current Accounts 16

Adult Savings Accounts 16

Fixed Deposit Accounts 16

Junior Accounts 16

Golden Age Savings Accounts 16

Investment Accounts 16

Loan Facilities 16

Facts and Figures: 18

Portfolio of Investments 20

Profit and Loss Account 22

Statement of Cash Flows 23

Balance Sheet 24

Mission Statement 14

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Green ideas

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Registrar:Scottybank Canada Trust & Merchant Bank Limited, 30 Non Street, Victoria BC V8V 1LO.

Auditors:Pryce Dryhouse, Scotty Centre, Non Street, Victoria BC V8V 1LO.

Secretary:Chief Corporation, Scotty Centre, Non Street, Victoria BC V8V 1LO.

Bankers: Scottybank Canada Limited, Supersuperior Bank Canada Limited, Companies Bank LimitedAttorneys-At-Law: Dum, Cow, Ferrit and Oldenham, 11 Any Street, Victoria BC V8V 1LO

Real Estate AppraisersA.R. Alexis & Company Limited1 Sea Street, Victoria BC V8V 1LO.

C.D. Variance & Tinsel Company Ltd.2 Ding Dong Road, Victoria BC V8V 1LO.

Mickey, Masonary & Company Limited, 43 Lord Mess Road, Victoria BC V8V 1LO.

Advertising Agents:

Grinmost Advertising Limited, 80 Hunting Road, Victoria BC V8V 1LO.

Stockbrokers:BRT Investments Limited, 14 St. Hilda’s Road, Victoria BC V8V 1LO.

Bronco Investments Limited, 30 Micro Close, Victoria BC V8V 1LO.

Second Landmark Canada Stockbrokers Limited, 50 Dice Drive, Dice Court, Suite Z,

Victoria BC V8V 1LO.

Maybe Investments Limited123/4 Knotts Circle, Victoria BC V8V 1LO.

DTR Stockbrokers Limited20 Knotts Circle, Victoria BC V8V 1LO.

Denture Stockbrokers Limited, 67 Maddaxe

Drive, Victoria BC V8V 1LO.

Ritzy Stockbrokers Limited2 Hobourne Road, Victoria BC V8V 1LO.

CORPORATE DATA

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LEADING EDGE

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Lady Katherine Anil, Chairperson, Holme & Giffe Funds Limited

Sin Gin James, General Manager, Ginnal Investments Limited

Marian Dons, Group Finance Director, ACWO Group

James Doe, Vice President, Life Insurance Company

Hon. Marie Ruth, President, Resource Services International Lim-

JaneSmith, Chairman, National Security Bank Limited

Appointed in March 1998,is comprised of

Board of Directors

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Alternative Energy

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Ethical Wave is a new and innovative bank which has given 150 years of profitable service as an invest-ment bank to select companies.

In March of 1998 the bank was acquired by Seam Investments Limited and a new Board of Directors and Management Team appointed. In keeping with Seam’s people-oriented policy EW opened its doors to the general public and placed at their disposal years of investment and banking knowledge. We offer friendly service and investment advice through new and varied account options, and look forward to expanding our customer base through 2000 to the new millennium.

In the year under review, the Trust Funds that invest in stocks and shares were affected by the continued fluctuations in the values of Stocks at home and abroad.

On 4th November 1998, EW introduced daily pricing of Unit Trust Funds, a major change from the weekly pricing which had been in effect since 1966.

During the year, sales of new units amounted to $2,250 million. Encashments totalled $1,700 million.

In the year under review, the economy continued through a period of change.

Features of business activity during this period were concerns about the value of the dollar, high inter-est rates and high levels of inflation. The Canadian dollar remained stable during the period at C$ 1.66 to

US$1.00. Interest rates have continued to be high; deposit rates are in the 2% per annum range and lending rates are at 6% and above.

The Canadian Stock Market experienced a period of fluctuating activity as values and volumes rose and declined. The Stock Exchange Index moved from 13,100 points at the start of the period under review to 15,300 points at the end of April 1998. In January 1999 the Index was at 19,600 points. Activity on the Stock Market has continued in a declining mode. At the date of this Report, the Index was at 14,500 points.

At the end of February 1999 Dr J. Nite, Mrs. V. Audit and Mr. M. Mighty resigned from the Board of Directors. I must record our deep appreciation of the contributions made by the former Board over a period of many years.

Our present Board was elected on 1st March 1999, and we look forward to a long and profitable relationship with them.

I wish to record our thanks and appreciation to our Unit holders for their support. I must express my thanks to the Directors for their support and to the Management and Staff for their hard work and dedication.

John Smith, Chairman, 20th March, 1999.

Chairman’s Report

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On the leading edge

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The Directors of Ethical Wave Limited submit herewith their report for the year ended 30 April 1999 together with the Audited Accounts for the year ended on that date.

Accounts

Profit for the year $59,000,167

Add. Balance brought forward 203,666,234 262,666,401

Bonus Share Issue (55,200,000) 212,466,401 ----------------

Bonus Share IssueOn 28th March, 1998, the Authorized Share Capital

of the Company was increased by 100,000,000 Shares of 50 cents each. Shares totalling 90,750,000 were issued to existing shareholders as Bonus Shares by capitalization of $51,750,000 from retained earnings. The Bonus issue was in the proportion of eighteen Ordinary Shares for every on Share held at 28th March, 1998.

DividendsThe Directors do not recommend that a Dividend be

declared for the year ended 30th April, 1999.

Directors In accordance with the Company’s Articles of

Association, Dr J. Nite, Mrs. V. Audit and Mr. M. Mighty resigned from the Board of Directors.

The present Directors of the Company are Lady Katherine Anil, the Hon. Marie Ruth, Messrs.John Smith, James Doe, Martin Dons, and Sin Gin James.

AuditorsPryce Dryhouse, the retiring Auditors, have signified

that they are willing to continue office in accordance with the provisions of Section 153 of the Companies Act.

ON BEHALF OF THE BOARD OF DIRECTORS

John Smith, ChairmanDated this 20th day of March 1999.

Director’s Report

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A new wave of excellence

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Pryce Dryhouse

18 March 1996

To the members ofEthical Wave Bank LimitedVictoria

Auditors’ Report

We have examined the financial statements of Ethical Wave Limited and have obtained all the information and explanations which we required. Our examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the ac-counting records and such other auditing procedures as we considered necessary.

In our opinion proper accounting records have been maintained and the financial statements, which are in agreement therewith and have been prepared under the historical cost convention, comply with the provisions of the Companies Act and give a true and fair view of the state of the company’s affairs at 30 April 1999 and of the results of operations and cash flows for the year then ended.

ON BEHALF OF CANADA INVESTMENT TRUST SERVICES LIMITED

JOHN SMITH

JAMES DOE

Chartered Accountants

MISSION STATEMENT Our purpose is to provide Canadian investors with

a safe and innovative investment company. We want to encourage investing in green and ethical funds so that investors can feel good about where their money goes.

Auditor’s Report

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Innovative new companies

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Super Fast ServiceEW offers a numbered service system and plenty of

comfortable seating while you wait. A Special Care Teller is available for Golden Agers, expectant Mums and the injured.

CUSTOMER BANKING SERVICESCurrent Accounts

Free cheque books and 1.25% interest per annum come with accounts with balances over $2,000. Overdraft facilities are available on an individually-negotiated basis. You receive monthly balance sheets, a complimentary cash withdrawal card, and a chance to win an all expenses paid trip for two to Martinique!

Adult Savings AccountsWe offer 6.5% interest per annum on accounts which

maintain an annual balance of over $50,000.00, and 7% interest on accounts which maintain an annual average of over $100,000.00 per annum.

Fixed Deposit AccountsAt present we offer Fixed Deposit Accounts for

amounts over $1,000.00 with interest rates of 5%-6%.

Junior AccountsWe offer special Junior Accounts geared towards saving

towards further education; young people with a consistent monthly savings record will be eligible for student loans at .25% below the average interest rate at the time of application.

Golden Age Savings AccountsGolden Age Savings Accounts are available to our

senior citizens over the age of 60. All Golden Age Savings Accounts will receive a minimum of 5.5% annual interest - and are automatically Tax Free!

Investment AccountsWe can arrange individual investment accounts for

amounts over $10,000.00. Our knowledge of local and Foreign stock markets a helps us to advise you on the most profitable investment decisions to be implemented in any one of 5 international stock exchanges within minutes. We also offer mixed portfolio packages and a range of Blue Chip shares.

Loan FacilitiesWe offer excellent rates of interest on a variety of loans,

with special consideration and easy payback facilities to students and cases of emergency.

Our staff

New Services Offered

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Nurturing young companies

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0

5

10

15

20

1994 1995 1996 1997 1998Financial Income Year

Billions $

EW Limited income categories 1993 -1998

Financial Loans Local Local Foreign Total IncomeYear Investments Stocks & Stocks & Shares Shares

1994 1.00 billion 1.50 billion 0.50 billion 1.2 billion 4.2 billion1995 1.50 billion 1.80 billion 0.75 billion 1.15 billion 5.5 billion1996 2.80 billion 2.20 billion 1.00 billion 2.70 billion 8.7 billion1997 3.50 billion 3.20 billion 1.50 billion 4.00 billion 11.2 1998 7 00 billion 3.50 billion 1.10 billion 4.40 billion 16 billion 15.80 billion 12.20 billion 4.85 billion 13.45 billion 46.3 _________ _________ _ _ _________ ___________

Why should you invest with us? If our long term records of successful growth are not convincing enough, have a look at the facts and figures over the past 5 years.

The bank recorded revenue of $15.8 million in the 1997-98 financial year, reflecting a growth of

Facts and Figures18% over the previous year. Earnings from overseas investments continued to be the primary source of income, contributing 14% to total revenue; substantial contributions came from local investments, earnings from loans, and investment and service charges.

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Seeing the complete picture

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Portfolio of Investments:Holdings Equities Valuation at

asking price% of Fund

800,000 Scotty Bank Canada Limited

13,600.400

1,000,002 Cappy Finance Group 2,000,000

1,400,000 Tropicana Cement Company Limited

5,000,000

3,800,002 Careers Group Limited 12,600,000

500,400 COTS Limited 7,500,000

30,000 COTS Carib Limited 630,000

205,400 Peoples Bank Limited 1,250,500

900,000 Dail Group Limited 9,500,000

1,400,000 Cleaner Company Limited

6,420,000

3,500,000 Goodys Canada Limited 3,200,500

3,080 Boilers Group limited 21,600

612,700 Flower Power Limited 5,200,200

113,200 Mercury Limited 4,500,555

1,300,200 Jamhappy Limited 4,800,200

3,500,000 NSB Limited 2,500,200

10,000 Radio Uplift Canada Limited

47,000

2,500 Prods Limited 24,500

780,900 Photocomms USA 5,700,000

810,000 Pymco Development Bank Limited

4,200,000

Fixed Interest

12,000 111/2% Government Stock 2001

7,755

6,000 12% Registered Stock 2010

39,000 _

46,800 0.03

Carried forward 110,700,003 100.55

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VALUATION OF ASKING PRICE

Brought forward 110,700,003 100%

CORPORATE DEBENTURES AND PREFERENCE SHARES

100,000 - 71/2% The Canada Sleeperstock Association Limited, cumulative preference shares 300,000 135,053 - 113/5% National Investments Company Limited, variable rate, 1997 137,000 350 - 5% Canada Light Limited 130 11,7500 - 5% Canada Light Limited, preference “D”shares 5,000 44,700 - 6% Canada Light Limited, preference “E”shares 17,900 13,700 - 7% Canada Light Limited, preference “B”shares 5,500 200 - 51/2% Canada Phones Limited, cumulative preference shares 75 300 - 6% Canada Phones Limited, cumulative preference shares 115 63,500 - 25% People’s Bank Limited, cumulative preference shares 63,500 27,000 - 20% People’s Bank Limited, cumulative preference shares 32,000 _ ____

580,000 0.54 111,190,500 101.14

CASH AND SUNDRIES

Deposits, receivables and other assets less income available fordistribution, payables and other liabilities (1,296,058) 1.15

TOTAL VALUE OF DEPOSITED PROPERTY 109,900,500 100.0

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PROFIT AND LOSS

Year ended 30 April, 1999

GROSS INCOME 116,000,200 45,870

EXPENSES 50,281,500 30,670,050

PROFIT BEFORE TAXATION 607,500,600 15,000,600 Taxation 900,500,400 4,600,800

NET PROFIT 45,000,200 9,600,400

retained earnings at beginning of 102,800,500 98,000,900 150,600,234 107,800,000

APPROPRIATIONS

Bonus issue 44,900,000Dividend - gross 4,998,200 44,900,000 4,998,200

RETAINED EARNINGS 104,700,778 100,888,546

Statement of Cash FlowsYear ended 30 April 1999

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Balance Sheet 30 April ,19981998 1997 $ $

INVESTMENT OF CAPITAL INVESTMENTS

(cost $70.300,500: 1997 - $,200,000)

110,200,000 104,200,100

CURRENT ASSETS:

Receivables 6,300,100 6,600,150

Deposits 53,000,303 25,500,450

Cash 32,900.800 89,250

85,000,280 33,200,800

CURRENT LIABILITIES Ethical Wave

Investment Trust Services Limited

59,100,200 51,700,400

Payables

215,200 194,100

Dividend payable 26,350,010 19,100,900

84,002,343 70,900,517

NET CURRENT LIABILITIES

( 1,250,000) ( 38,700,600)

110,920,580 65,200,900

CAPITAL INVESTED

CAPITAL ACCOUNT

75,300,600 59,450,000

The number of units in issue at 30 April 1995 was:-

(a) Income 41,999,800 (1997 - 20,470,900 (b) Accumulation 31,500,135 (1997 - 29,700,000)

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1998 1997FINANCIAL RESOURCE WERE PROVIDED BY.

USED IN OPERATING INSTRUCTIONS

Net profit 47,700,150 9,500,600

Items not affecting cash resources -

Depreciation 1,700,250 1,106,500

Gain on sale of fixed investment

____-___ ( 380,800)

50,500,250 10,350,000

Changes in non-cash working capital components -

Taxation 8,095,400 1,500,800

Other receivables ( 7,600,200) 400,100

Payables 3,900,800 ( 5,048,100)

Canada Investment Fund 15,300,200 30,400,500

70,200,100 37,700,600

INVESTMENT ACTIVITIESACQUISITION OF

FIXED ASSETS ( 190,500) (4,000,000)

Proceeds from sale of investments

- 490,000

Purchase of investments (3,200,900) ( 200,000)

Cash used in investments activities

(3,500,700) (3,800,250)

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The way of the future

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