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Statements of Changes in Equity Years ended February 28, 2015 and 2014 Feb 28, 2015 Class A preferred shares Class B preferred shares Class A common shares Retained earnings Total Shareholders' equity, beginning of year $ 25,363,855 $ 12,847,921 $ 1,000 - $ 38,212,776 Net income and comprehensive income for the year - - - 4,240,298 4,240,298 Dividends to shareholders - - - (4,240,298) (4,240,298) Net proceeds from issuance of shares 16,111,590 6,936,556 - - 23,048,146 Issued under share based compensation plan 8,634 - - - 8,634 Issuance of shares from dividend reinvestment plan 1,401,616 585,537 - - 1,987,153 Redemption of shares (2,774,200) (271,716) - - (3,045,916) Shareholders' equity, end of year $ 40,111,495 $ 20,098,298 $ 1,000 - $ 60,210,793 Feb 28, 2014 Class A preferred shares Class B preferred shares Class A common shares Retained earnings Total Shareholders' equity, beginning of year $ 11,933,257 $ 1,271,298 $ 1,000 - $ 13,205,555 Net income and comprehensive income for the year - - - 2,025,183 2,025,183 Dividends to shareholders - - - (2,025,183) (2,025,183) Net proceeds from issuance of shares 13,373,672 11,411,434 - - 24,785,106 Issued under share based compensation plan 5,000 - - - 5,000 Issuance of shares from dividend reinvestment plan 746,055 174,189 - - 920,244 Redemption of shares (694,129) (9,000) - - (703,129) Shareholders' equity, end of year $ 25,363,855 $ 12,847,921 $ 1,000 - $ 38,212,776 See accompanying notes to financial statements. 43

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