Statement of Changes in Net Assets

Year ended April 30, 2022, with comparative information for 2021 (in thousands of dollars)

Net assets, beginning of year $(29,700) $123,810 $86,920 $76,763 $102 $257,895 Excess of revenues over expenses (expenses over revenues) - - (20,210) - 22,969 2,759 Change in internally restricted net assets - - - 7,274 (7,274) - Net change in investment in capital assets (note 11(b)) - - 15,960 - (15,960) - Actuarial loss in employee future benefits (3,753) - - - - (3,753)

Net current service charge in employee future benefits (266) - - - 266 -

Change in endowment net assets (note 10(a)) - (4,785) - (15) - (4,800)

Net assets, end of year $(33,719) $119,025 $82,670 $84,022 $103 $252,101

Net assets, beginning of year $(29,576) $103,896 $115,441 $41,438 $93 $231,292 Excess of revenues over expenses (expenses over revenues) - - (9,672) - 16,717 7,045 Change in internally restricted net assets - - - 35,325 (35,325) - Net change in investment in capital assets (note 11(b)) - - (18,849) - 18,849 - Actuarial loss in employee future benefits (356) - - - - (356)

Net current service charge in employee future benefits 232 - - - (232) -

Change in endowment net assets (note 10(a)) - 19,914 - - - 19,914

Net assets, end of year $(29,700) $123,810 $86,920 $76,763 $102 $257,895