THE CORPORATION OF THE TOWN OF MONO

CONSOLIDATED FINANCIAL STATEMENTS

INDEX TO THE FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2015 Page INDEPENDENT AUDITOR'S REPORT 3 FINANCIAL STATEMENTS Consolidated Statement of Financial Position 4 Consolidated Statement of Operations 5 Consolidated Statement of Change in Net Financial Assets 6 Consolidated Statement of Cash Flow 7 Notes to the Consolidated Financial Statements 8-13 Schedule of Segmented Disclosure 14 Consolidated Schedule of Tangible Capital Assets 15 Consolidated Schedule of Accumulated Surplus 16 TRUST FUNDS INDEPENDENT AUDITOR'S REPORT 17 FINANCIAL STATEMENTS Statement of Financial Position 18 Notes to the Financial Statements 19

INDEPENDENT AUDITOR'S REPORT To the Members of Council, Inhabitants and Ratepayers of: The Corporation of the Town of Mono We have audited the accompanying consolidated financial statements of The Corporation of the Town of Mono, which comprise the consolidated statement of financial position as at December 31, 2015 and the consolidated statements of operations, change in net financial assets and cash flow for the year then ended, and a summary of significant accounting policies and other explanatory information. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Canadian public sector accounting standards and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in our audit is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, these financial statements present fairly, in all material respects, the financial position of The Corporation of the Town of Mono as at December 31, 2015 and the results of its operations and its cash flows for the year then ended in accordance with Canadian public sector accounting standards. Fergus, Ontario July 19, 2016 Chartered Professional Accountants Licensed Public Accountants Page 3

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2015 2015 2014 F I N A N C I A L A S S E T S Cash $ 3,445,163 $ 3,034,519 Trade and other receivables 781,150 816,437 Taxes receivable 2,055,763 1,913,916 Long term receivables 6,229 39,271 Investments 6,955,475 3,897,667 13,243,780 9,701,810 L I A B I L I T I E S Accounts payable and accrued liabilities 1,951,787 2,058,711 Deferred revenue (note 7) 3,988,396 2,866,544 Landfill closure and post closure liability (note 2) 449,177 427,787 6,389,360 5,353,042 NET FINANCIAL ASSETS 6,854,420 4,348,768 N O N - F I N A N C I A L A S S E T S Tangible capital assets (note 8) (schedule 2) 59,945,271 60,469,772 Inventory 18,671 26,809 Prepaid expenses 34,624 36,844 59,998,566 60,533,425 ACCUMULATED SURPLUS* (schedule 3) $ 66,852,986 $ 64,882,193 *Accumulated surplus represents the municipality's total equity which includes surpluses, internally restricted reserve funds and reserves. See notes to the consolidated financial statements Page 4

CONSOLIDATED STATEMENT OF OPERATIONS 2015 2015 2014 Budget Actual Actual REVENUE Taxation $ 6,788,960 $ 6,819,411 $ 6,321,980 Fees and user charges 1,159,719 1,735,083 1,269,303 Ontario grants 1,738,192 517,632 1,189,542 Other income (note 3) 398,694 1,766,579 1,320,065 Obligatory reserve fund revenue recognized (note 7) 0 404,861 1,310,238 (Loss) gain on disposal of tangible capital assets 0 (103,789) 328,695 10,085,565 11,139,777 11,739,823 EXPENSES (schedule 1) General government 1,270,870 1,250,142 1,240,502 Protection services 2,053,225 2,008,934 2,279,925 Transportation services 3,565,195 4,001,112 3,820,586 Environmental services 810,810 821,531 873,657 Health services 14,120 12,967 11,373 Recreation and cultural services 661,010 641,413 777,448 Planning and development 293,830 432,885 336,127 8,669,060 9,168,984 9,339,618 ANNUAL SURPLUS $ 1,416,505 $ 1,970,793 $ 2,400,205 ACCUMULATED SURPLUS, beginning of year (schedule 3) $ 64,882,193 $ 61,300,011 Net book value of tangible capital assets recorded 0 1,181,977 Annual surplus 1,970,793 2,400,205 ACCUMULATED SURPLUS, end of year $ 66,852,986 $ 64,882,193 See notes to the consolidated financial statements Page 5

CONSOLIDATED STATEMENT OF CHANGE IN NET FINANCIAL ASSETS 2015 2015 2014 Budget Actual Actual Annual surplus $ 1,416,505 $ 1,970,793 $ 2,400,205 Acquisition of tangible capital assets (2,538,010) (1,327,889) (4,262,809) Amortization of tangible capital assets 1,288,000 1,748,599 1,709,398 Loss (gain) on disposal of capital assets 0 103,791 (328,695) Proceeds on sale of tangible capital assets 0 0 363,241 Assumed tangible capital assets 0 0 1,181,977 (1,250,010) 524,501 (1,336,888) Consumption of supplies inventories 0 8,138 2,315 Use of (additions to) prepaid expense 0 2,220 (28,090) 0 10,358 (25,775) INCREASE IN NET FINANCIAL ASSETS $ 166,495 2,505,652 1,037,542 NET FINANCIAL ASSETS, beginning of year 4,348,768 3,311,226 NET FINANCIAL ASSETS, end of year $ 6,854,420 $ 4,348,768 See notes to the consolidated financial statements Page 6

CONSOLIDATED STATEMENT OF CASH FLOW 2015 2014 CASH PROVIDED BY OPERATING ACTIVITIES Annual surplus $ 1,970,793 $ 2,400,205 Items not requiring an outlay of cash Amortization 1,748,599 1,709,398 Loss (gain) on disposal of tangible capital assets 103,791 (328,695) 3,823,183 3,780,908 Net changes in non-cash working capital Taxes receivable (141,847) (61,461) Accounts receivable 35,287 (200,959) Inventory 8,138 2,315 Prepaid expenses 2,220 (28,091) Accounts payable and accrued liabilities (106,924) 588,836 Deferred revenue 1,121,852 639,653 Landfill closure and post-closure liability 21,390 20,370 940,116 960,663 4,763,299 4,741,571 CASH USED IN CAPITAL ACTIVITIES Acquisition of tangible capital assets (1,327,889) (4,262,809) Assumed tangible capital assets 0 1,181,977 Proceeds on disposal of tangible capital assets 0 363,241 (1,327,889) (2,717,591) CASH USED IN INVESTING ACTIVITIES Purchase of investments (3,024,766) (209,245) NET INCREASE IN CASH 410,644 1,814,735 CASH, beginning of year 3,034,519 1,219,784 CASH, end of year $ 3,445,163 $ 3,034,519 See notes to the consolidated financial statements Page 7

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements of The Corporation of the Town of Mono are the representation of management prepared in accordance with Canadian generally accepted accounting principles for governments as established by the Public Sector Accounting Board of CPA Canada. Significant accounting policies adopted by The Corporation of the Town of Mono are as follows: (a) BASIS OF CONSOLIDATION (i) These consolidated financial statements reflect the assets, liabilities, sources of financing and expenditures for the current fund, reserve funds and reserves and include the activities of all committees of Council and the boards and municipal enterprises, which are under the control of Council. All interfund assets and liabilities and sources of financing and expenditures have been eliminated with the exception of loans or advances between reserve funds and any other fund of the municipality and the resulting interest income and expenditures. The following joint boards owned or controlled by Council in partnership with other municipalities have been consolidated on a proportionate basis as indicated: Rosemont & District Fire Board of Adjala-Tosorontio, Mono and Mulmur Townships - 27.93% (operating); 33.33% (capital) Shelburne and District Fire Board - 12.21% (ii) (iii) The taxation, other revenues, expenditures, assets and liabilities with respect to the operations of the school boards and the County of Dufferin are not reflected in the municipal fund balances of these financial statements. Trust funds and their related operations administered by the municipality are not consolidated, but are reported separately on the Trust Funds' Statement of Financial Position. (b) BASIS OF ACCOUNTING (i) (ii) Sources of financing and expenditures are reported on the accrual basis of accounting. The accrual basis of accounting recognizes revenues as they become available and measurable. Expenditures are recognized as they are incurred and measurable as a result of receipt of goods or services and the creation of a legal obligation to pay. Capital outlay to be recovered in future years, which represents the outstanding principal portion of unmatured long term liabilities for municipal expenditures or capital funds transferred to other organizations, is reported on the Consolidated Statement of Financial Position. (c) INVESTMENTS The investments held by the municipality are recorded at cost. Page 8

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) (d) AMOUNTS TO BE RECOVERED Amounts to be recovered are reported in the municipal position on the Consolidated Statement of Financial Position. The balance represents the outstanding principal portion of unmatured long term liabilities, liabilities not yet due, and other future expenditures not yet levied on the ratepayers. (e) NON-FINANCIAL ASSETS Non-financial assets are not available to discharge existing liabilities and are held for use in the provision of services. They have useful lives extending beyond the current year and are not intended for sale in the ordinary course of operations. The change in nonfinancial assets during the year, together with the excess of revenues over expenses, provides the Change in Net Financial Assets for the year. (i) Tangible capital assets Tangible capital assets are recorded at cost which includes all amounts that are directly attributed to acquisition, construction, development or betterment of the asset. The cost, less residual value, of the tangible capital asset is amortized on a straight-line basis over their estimated useful life as follows: Land improvements 15 to 100 years Facilities 15 to 100 years Vehicles 8 to 15 years Equipment 5 to 40 years Infrastructure: Transportation 3 to 75 years Environmental 15 to 100 years No amortization is charged in the year of acquisition and a full year of amortization is charged in the year of disposal. Assets under construction are not amortized until the asset is available for productive use. (ii) (iii) (iv) Contributions of tangible capital assets Tangible capital assets received as contributions are recorded at their fair value at the date of receipt and also are recorded as revenue. Leases Leases are classified as capital or operating leases. Leases which transfer substantially all of the benefits and risks incidental to ownership of property are accounted for as capital leases. All other leases are accounted for as operating leases and the related lease payments are charged to expenses as incurred. Inventories Inventories held for consumption are recorded at the lower of cost and replacement cost. Page 9

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) (f) REVENUE RECOGNITION Revenues are recognized as follows: (i) (ii) (iii) (iv) (v) Tax levies are recognized as revenue when the amounts are levied on the municipality's ratepayers. Fines and donations are recognized when collected. Other revenues are recorded upon sale of goods or provision of service when collection is reasonably assured. Government transfers are recognized in the financial statements as revenues in the period in which events giving rise to the transfer occur, providing the transfers are authorized, and eligibility criteria have been met and reasonable estimates of the amounts can be made. Revenue restricted by legislation, regulation or agreement and not available for general municipal purposes is reported as deferred revenue on the consolidated statement of financial position. The revenue is reported on the consolidated statement of operations in the year in which it is used for a specific purpose. (g) FINANCIAL INSTRUMENTS Credit risk management The municipality's financial instruments consist of cash, taxes receivable, trade and other receivables, long term receivables, investments, and accounts payable and accrued liabilities. Unless otherwise noted, it is management's opinion that the municipality is not exposed to significant interest, currency or credit risks arising from these financial instruments. (h) USE OF ESTIMATES The preparation of financial statements in conformity with Canadian generally accepted accounting principles requires management to make estimates that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. By their nature, these estimates are subject to measurement uncertainty and actual results could differ from management's best estimates as additional information becomes available in the future. Page 10

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2. AMOUNTS TO BE RECOVERED Landfill closure and post-closure care requirements have been defined in accordance with industry standards and include final covering and landscaping of the landfill, removal of ground water and leachates, and ongoing environmental monitoring, site inspection and maintenance. Effective June 1, 2013, the County of Dufferin assumed waste management from the municipality and the landfill site ceased active operations and stopped accepting solid waste from ratepayers. No estimate of the existing liability based on the landfill capacity used up until the assumption date is available. Therefore, the estimates from the most recent report will be used until an updated report is available. The Corporation of the Town of Mono has estimated the closure and post-closure liability of $449,177 (2014 - $427,787) for the landfill site. The liability was based on an anticipated closure in 20 years with closure costs of $1,150,000. Current engineering studies suggest that monitoring would be required for another 30 years with annual costs of $30,000. The liability was based on an annual real interest rate of 5% with consideration for the cost of inflation. The liability is expected to be funded through budget allocations over the remaining life of the landfill. 3. OTHER INCOME 2015 2015 2014 Budget Actual Actual (note 4) Penalties and interest on taxation $ 260,000 $ 219,939 $ 254,782 Investment income 90,000 51,577 126,639 Water system upgrade charges 58,694 1,495,063 938,644 $ 408,694 $ 1,766,579 $ 1,320,065 4. OPERATIONS OF THE SCHOOL BOARDS AND THE COUNTY OF DUFFERIN During the year, the following taxation revenue was raised and remitted to the school boards and the County of Dufferin: 2015 2014 5. TRUST FUNDS School boards $ 4,058,063 $ 3,940,670 County of Dufferin 6,379,885 6,059,644 $ 10,437,948 $ 10,000,314 The trust funds administered by the municipality amounting to $1,600 (2014 - $1,600) have not been included in the Consolidated Statement of Financial Position, nor have the operations been included in the Consolidated Statement of Operations. 6. PENSION AGREEMENT The municipality makes contributions to the Ontario Municipal Employees' Retirement Fund (OMERS), which is a multi-employer plan. This plan is a defined benefit plan which specifies the amount of the retirement benefits to be received by the employees based on the length of service and rates of pay. Employees and employers contribute jointly to the plan. The amount contributed to OMERS for 2015 was $150,446 (2014 - $141,650), and the contribution rates for 2015 ranged from 9.0% to 14.6%. Page 11

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 7. DEFERRED REVENUE Contri- Investbutions ment Revenue Opening Received Income Recognized Ending Obligatory Reserve Funds Development charges $ 1,774,188 $ 1,246,603 $ 33,984 $ (110,610) $ 2,944,165 Watermark sewage fund 224,965 0 3,771 0 228,736 Recreational land 363,865 0 859 (25,000) 339,724 Federal gas tax 402,338 218,498 10,214 (269,251) 361,799 2,765,356 1,465,101 48,828 (404,861) 3,874,424 Other Hall deposits 90,386 44,997 0 (40,645) 94,738 Grants 10,802 39,092 0 (30,660) 19,234 101,188 84,089 0 (71,305) 113,972 $ 2,866,544 $ 1,549,190 $ 48,828 $ (476,166) $ 3,988,396 8. TANGIBLE CAPITAL ASSETS Net Net 2015 2014 General Land $ 9,756,767 $ 9,756,767 Land improvements 2,656,974 2,576,544 Facilities 4,772,124 4,766,857 Vehicles 1,047,424 1,140,538 Equipment 1,098,987 1,047,895 Infrastructure Transportation 23,675,535 24,123,099 Environmental 16,937,460 17,058,072 $ 59,945,271 $ 60,469,772 Page 12

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 9. SEGMENTED INFORMATION The Corporation of the Town of Mono is a diversified municipal government institution that provides a wide range of services to its citizens, such as fire, water, recreation, planning and roadway services. Distinguishable functional segments have been separately disclosed in the segmented information. The nature of the segments and the activities they encompass are as follows: General Government This item related to the revenues and expenses that relate to the operations of the municipality itself and cannot be directly attributed to a specific segment. Protection to Persons and Property Protection is comprised of police services and fire protection. The police service, which is provided by the OPP, work to ensure the safety and protection of the citizens and their property. The fire departments are responsible for providing fire suppression services, fire prevention programs, training and education. The members of the fire departments consist of volunteers. Transportation Services Transportation is responsible for maintaining the municipality's roads. Environmental Services Environmental services administer waste management. The department oversees management of the Town's water system, which provides the municipality's drinking water to the residents on town water systems. Health Services Health services include the operations of the local cemeteries. Recreation and Cultural Services This service area provides services, parks and facilities meant to improve the health and development of the municipality's citizens. Planning and Development This department provides a number of services including planning and review of all property development plans through its application process. Page 13

SCHEDULE OF SEGMENTED DISCLOSURE Schedule 1 Transpor- Environ- Recreation Planning General Protection tation mental Health and Cultural and Government Services Services Services Services Services Development 2015 2014 EXPENSES Salaries and benefits $ 642,865 $ 70,246 $ 1,270,568 $ 56,580 $ 90 $ 236,202 $ 206,427 $ 2,482,978 $ 2,380,514 Materials 222,987 168,563 1,365,657 234,414 3,444 241,411 213,960 2,450,436 2,556,599 Contracted services 192,251 1,645,985 40,962 277,190 9,433 84,063 12,498 2,262,382 2,507,849 Rents and financial expenses 73,959 0 0 0 0 3,012 0 76,971 47,048 Amortization 93,442 36,014 1,323,925 231,957 0 63,261 0 1,748,599 1,709,398 Other 24,638 88,126 0 21,390 0 13,464 0 147,618 138,210 $ 1,250,142 $ 2,008,934 $ 4,001,112 $ 821,531 $ 12,967 $ 641,413 $ 432,885 $ 9,168,984 $ 9,339,618 See notes to the consolidated financial statements Page 14

CONSOLIDATED SCHEDULE OF TANGIBLE CAPITAL ASSETS Schedule 2 Land Infrastructure: Land Improvements Facilities Vehicles Equipment Transpor- Environtation mental 2015 2014 COST Balance, beginning of year $ 9,756,767 $ 4,210,100 $ 5,778,449 $ 2,696,184 $ 1,642,180 $34,353,234 $22,189,962 $80,626,876 $77,075,169 Additions during the year 0 136,121 89,096 49,987 134,608 710,190 77,711 1,197,713 4,202,626 Disposals during the year 0 (46,511) (12,957) 0 (216) (552,832) 0 (612,516) (711,102) Work in progress 0 0 0 0 0 97,074 33,102 130,176 60,183 Balance, end of year 9,756,767 4,299,710 5,854,588 2,746,171 1,776,572 34,607,666 22,300,775 81,342,249 80,626,876 ACCUMULATED AMORTIZATION Balance, beginning of year 0 1,633,556 1,011,592 1,555,646 594,285 10,230,135 5,131,890 20,157,104 19,124,261 Amortization 0 49,103 78,215 143,101 83,516 1,163,239 231,425 1,748,599 1,709,398 Accumulated amortization on disposals 0 (39,923) (7,343) 0 (216) (461,243) 0 (508,725) (676,555) Balance, end of year 0 1,642,736 1,082,464 1,698,747 677,585 10,932,131 5,363,315 21,396,978 20,157,104 NET BOOK VALUE OF TANGIBLE CAPITAL ASSETS $ 9,756,767 $ 2,656,974 $ 4,772,124 $ 1,047,424 $ 1,098,987 $23,675,535 $16,937,460 $59,945,271 $60,469,772 See notes to the consolidated financial statements Page 15

CONSOLIDATED SCHEDULE OF ACCUMULATED SURPLUS Schedule 3 AS AT DECEMBER 31, 2015 2015 2014 SURPLUSES Invested in tangible capital assets $ 59,945,271 $ 60,469,772 Current fund 355,008 212,288 Capital fund - recreation (10,800) (10,800) Landfill closure and post-closure (449,177) (427,787) 59,840,302 60,243,473 RESERVE FUNDS Lot levy fund 588 583 Roads construction fund 272 270 Baseball fund 2,377 2,357 Godfrey sidewalk fund 4,940 4,899 Gravel pit fund 31,708 31,444 Solid waste capital fund 18,961 18,802 Shelburne fire board 53,496 46,647 Rosemont fire board 63,875 35,558 176,217 140,560 RESERVES Capital Reserves 4,999,671 3,958,189 Special Purpose Reserves Working capital reserve 136,449 136,449 Water capital reserve 1,700,347 403,522 6,836,467 4,498,160 $ 66,852,986 $ 64,882,193 See notes to the consolidated financial statements Page 16

INDEPENDENT AUDITOR'S REPORT To the Members of Council, Inhabitants and Ratepayers of: The Corporation of the Town of Mono We have audited the accompanying statement of financial position of the trust funds of The Corporation of the Town of Mono as at December 31, 2015 and a summary of significant accounting policies and other explanatory information. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian public sector accounting standards and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in our audit is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, these financial statements present fairly, in all material respects, the financial position of the trust funds of The Corporation of the Town of Mono as at December 31, 2015 in accordance with Canadian public sector accounting standards. Fergus, Ontario July 19, 2016 Chartered Professional Accountants Licensed Public Accountants Page 17

- TRUST FUNDS STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2015 2015 2014 A S S E T S Investment $ 1,500 $ 1,500 Due from The Corporation of the Town of Mono 100 100 $ 1,600 $ 1,600 F U N D B A L A N C E Fund balance $ 1,600 $ 1,600 Note: No income or expense items were recorded in the current fiscal year. See notes to the financial statements Page 18

- TRUST FUNDS NOTES TO THE FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the trust funds of The Corporation of the Town of Mono are the representation of management prepared in accordance Canadian generally accepted accounting principles for governments as established by the Public Sector Accounting Board of CPA Canada. Since precise determination of many assets and liabilities is dependent upon future events, the preparation of periodic financial statements necessarily involves the use of estimates and approximations. These have been made using careful judgments. (a) BASIS OF ACCOUNTING (i) (ii) Sources of income and expenditures are reported on the accrual basis of accounting. The accrual basis of accounting recognizes revenues as they become available and measurable. Expenditures are recognized as they are incurred and measurable as a result of receipt of goods or services and the creation of a legal obligation to pay. Page 19