QUEBEC MONTREAL TORONTO HAMILTON
KITCHENER LONDON WINDSOR WINNIPEG
REGINA CALGARY EDMONTON VANCOUVER

ARTHUR YOUNG, CLARKSON, GORDON & CO.
UNITED STATES - BRAZIL

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15 WELLINGTON STREET WEST

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CANADA

AUDITORS' REPORT

To the Shareholders of
Cassiar Asbestos Corporation Limited:

We have examined the consolidated balance sheet of Cassiar Asbestos
Corporation Limited and its subsidiary as at December 31, 1964 and the statements
of consolidated operations and earned surplus for the year ended on that date and
have obtained all the information and explanations we have required. Our exami-
nation included a general review of the accounting procedures and such tests of
accounting records and other supporting evidence as we considered necessary in
the circumstances.

In our opinion and according to the best of our information and
the explanations given to us, and as shown by the books of the companies, the
accompanying consolidated balance sheet and statements of consolidated operations
and earned surplus are properly drawn up so as to exhibit a true and correct view
of the state of the affairs of the companies as at December 31, 1964 and the
results of their operations for the year then ended, in accordance with generally
accepted accounting principles applied on a basis consistent with that of the

preceding year.

Gos eg a = e
Toronto, Canada, :

February 16, 1965. Chartered Accountants