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Consolidated revenue for the year ended December 31, 2020 was $545,660, a decrease of 4% compared to $567,908 reported for the prior year. Domestic Dry-Bulk revenues increased 2% compared to 2019, as volumes increased in the agriculture and salt sectors which, combined with the generally higher rates of earnings in those sectors, offset the impact of pandemic-related decreased volumes in the iron and steel and construction materials sectors. Revenues for Product Tankers decreased 19% compared to 2019, entirely due to an 83% decrease in outside charter activity. Revenues for Ocean SelfUnloaders increased 2%, although the impact of decreased volumes in all markets served by the Ocean Pool mostly offset the impact of the three vessels acquired in 2019 being included in our results for the full year versus seven months in 2019. The Global Short Sea Shipping businesses generated revenues of $247,881 compared to $255,559 for the same period in 2019. The Company has a 50% interest in these businesses and does not include these revenues in its consolidated revenue figure. Net earnings for 2020 were $45,850, an increase of 90% compared to 2019. Increased earnings were driven by higher earnings from our three core marine segments, improved results from our joint ventures, and a gain on the sale of a real estate property. Earnings for both years were impacted by impairment provisions included in joint venture earnings. The strong net earnings resulted in a return on equity of 7.5% compared to 3.5% for the prior year. For the years ended December 31 2020 2019 Revenue $ 545,660 $ 567,908 Operating earnings $ 74,086 $ 58,370 Net earnings $ 45,850 $ 24,159 Basic earnings per common share $ 1.21 $ 0.63 Return on Equity 7.5 % 3.5 % As at December 31 Common shares outstanding 37,800,943 37,824,543 Total assets $ 1,223,096 $ 1,147,377 Total long-term financial liabilities $ 390,633 $ 334,853 The Company uses EBITDA as a measure of the cash generating capacity of its businesses. The following table reconciles EBITDA to Net Earnings, the most comparable IFRS measure. EBITDA is determined as follows: For the years ended December 31 2020 2019 Net earnings $ 45,850 $ 24,159 Adjustments to net earnings: Depreciation and amortization 75,154 70,015 Interest, net 19,500 18,693 Foreign currency (gain) loss (351) 886 Income tax expense 9,503 5,109 Gain on disposal of assets (5,556) (2,491) Joint ventures Interest expense 3,575 6,167 Foreign exchange (gain) loss (183) 884 Depreciation 16,844 15,608 Impairment 9,746 15,970 Income tax expense (recovery) 296 (64) Gain on disposal of assets (315) (4,416) EBITDA $ 174,063 $ 150,520

prepare the statement of earnings and financial position for both the years .

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