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Consolidated Statements of Cash Flows
(In thousands of US dollars)
Unaudited
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Twelve-month Twelve-month
period ended period ended
February 29, February 28,
2008 2007
-------------------------------------------------------------------------

Cash flows related to operating activities :
Net loss $ (176,500) $ (115,199)
Items not affecting cash :
Discontinued operations 6,198 30,781
Impairment of goodwill and long-lived
assets (note 9) 99,437 60,726
Depreciation and amortization 21,647 19,535
Amortization of financial expenses (note 6) 16,122 6,877
Accreted interest on Senior Discount notes 16,236 14,552
Loss on translation of foreign currency
long-term debt 280 -
Loss (gain) on disposal of property, plant
and equipment and other assets 162 (391)
Loss on investment 503 -
Stock-based compensation (20) (224)
Deferred income taxes (10,214) (10,170)
Net change in non-cash balances related
to operations
Accounts receivable (24) 6,481
Income taxes receivable 1,207 (434)
Inventories 7,125 4,178
Prepaid expenses 1,493 1,299
Assets held for sale - 1,296
Accounts payable (6,082) (1,518)
-------------------------------------------------------------------------
Net cash from operating activities of
continuing operations (22,430) 17,789
Net cash from operating activities of
discontinued operations 2,952 (17,198)
-------------------------------------------------------------------------
(19,478) 591

Cash flows related to financing activities :
Net increase in revolving credit 25,547 219,842
Repayment of long-term debt (1,214) (211,864)
Proceeds from issuance of shares - 7,000
Debt issuance cost (284) (6,303)
-------------------------------------------------------------------------
Net cash from financing activities of
continuing operations 24,049 8,675

Cash flows related to investing activities :
Reclassification of investment from cash
equivalents to other investment in other
assets (2,031) -
Reclassification of investment from cash
equivalents to restictive cash (2,792) -
Additions to property, plant and equipment (3,989) (6,175)
Additions to intangibles assets (212) (652)
Proceeds from disposal of property, plant
and equipment 95 1,932
Other assets (2,159) (4,995)
-------------------------------------------------------------------------
Net cash from investing activities of
continuing operations (11,088) (9,890)
Net cash from investing activities of
discontinued operations (304) 5,531
-------------------------------------------------------------------------
(11,392) (4,359)
-------------------------------------------------------------------------
Net increase (decrease) in cash and cash
equivalents (6,821) 4,907

Translation adjustement on cash denominated
in foreign currencies (227) 84

Cash and cash equivalents (bank overdraft),
beginning of period 4,818 (173)
-------------------------------------------------------------------------
Cash and cash equivalents (bank overdraft),
end of period $ (2,230) $ 4,818
-------------------------------------------------------------------------
-------------------------------------------------------------------------

BEAUCELAND CORPORATION
Consolidated Statements of Cash Flows
(In thousands of US dollars)
Unaudited
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Three-month Three-month
period ended period ended
February 29, February 28,
2008 2007
-------------------------------------------------------------------------

Cash flows related to operating activities :
Net loss $ (73,326) $ (77,124)
Items not affecting cash :
Discontinued operations 2,204 5,777
Impairment of goodwill (note 9) 49,651 60,726
Depreciation and amortization 5,464 5,078
Amortization of financial expenses (note 6) 94 4,931
Accreted interest on Senior Discount notes 4,266 3,823
Loss on translation of foreign currency
long-term debt 55 -
Loss on disposal of property, plant
and equipment 30 100
Loss on investment 203 -
Stock-based compensation (50) (294)
Deferred income taxes (10,429) (6,094)
Net change in non-cash balances related
to operations
Accounts receivable 812 7,957
Income taxes receivable 1,027 (1,014)
Inventories 758 2,217
Prepaid expenses 1,849 1,305
Assets held for sale - -
Accounts payable (4,628) (4,274)
-------------------------------------------------------------------------
Net cash from operating activities of
continuing operations (22,020) 3,114
Net cash from operating activities of
discontinued operations (1,579) (4,505)
-------------------------------------------------------------------------
(23,599) (1,391)

Cash flows related to financing activities :
Net increase in revolving credit 26,772 194,658
Repayment of long-term debt (277) (185,031)
Proceeds from issurance of shares - -
Debt issuance cost (82) (6,004)
-------------------------------------------------------------------------
Net cash from financing activities of
continuing operations 26,413 3,623

Cash flows related to investing activities :
Reclassification of investment from cash
equivalents to other investment in other
assets (31) -
Restricted cash (2,792) -
Additions to property, plant and equipment (1,353) (1,165)
Additions to intangibles assets (2) (636)
Proceeds from disposal of property, plant
and equipment 60 104
Other assets (327) (1,015)
-------------------------------------------------------------------------
Net cash from investing activities of
continuing operations (4,445) (2,712)
Net cash from investing activities of
discontinued operations (127) 699
-------------------------------------------------------------------------
(4,572) (2,013)
-------------------------------------------------------------------------
Net increase (decrease) in cash and cash
equivalents (1,758) 219

Translation adjustement on cash denominated
in foreign currencies 29 24

Cash and cash equivalents (bank overdraft),
beginning of period (501) 4,575
-------------------------------------------------------------------------
Cash and cash equivalents (bank overdraft),
end of period $ (2,230) $ 4,818
-------------------------------------------------------------------------
-------------------------------------------------------------------------.