Investments in Non-Public Companies
-------------------------------------

The Company has certain  investments in non-publicly  traded companies which are
generally  recorded at cost. In 1999,  the Company made  investments  in various
non-publicly traded companies for total cash consideration of $9.1 million (1998
- - nil; 1997 - $3 million).

During the second quarter of 1999, the Company  recognized a gain related to the
disposition of its investment in IC Works,  Inc.  ("ICW").  ICW was purchased by
Cypress Semiconductor,  Inc. ("Cypress"),  a publicly traded company. As part of
the purchase agreement between ICW and Cypress,  the Company's  preferred shares
in ICW, with a nominal book value,  were  exchanged for 923,600 common shares of
Cypress which had a fair market value of approximately $8.6 million.  During the
same quarter, the Company sold 831,240 of the Cypress common shares resulting in
a total pre-tax gain of $ 12.3  million.  The remaining  92,360  Cypress  common
shares are subject to certain  escrow  restrictions,  are not available for sale
until first  quarter of 2000 and are  carried at the  nominal  book value of the
Company's original investment in ICW.

Investments in Equity Accounted Investee
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During the second quarter of 1999, the Company's investee,  Sierra Wireless Inc.
("Sierra Wireless"), which was accounted for under the cost method, completed an
initial public  offering  ("IPO") in Canada.  As part of this IPO, the Company's
investment in non-voting  preferred shares of Sierra Wireless were exchanged for
5.1 million common shares of Sierra  Wireless,  of which 1.7 million shares were
sold as part of the IPO for a pre-tax gain of approximately $14.5 million.

As a result of these  transactions,  at December  31,  1999,  the Company  owned
approximately  24% of the common shares of Sierra  Wireless and accounts for its
investment under the equity method. The difference between the carrying value of
the investment and the underlying  equity in net assets,  representing  negative
goodwill in the amount of $7.4 million,  is being  amortized to equity in income
of investee over a five year period.  Included in Interest and other income, net
for the year ended December 31, 1999, is equity in income of Sierra  Wireless of
$792,000.

As at December 31, 1999, the quoted market value of the Company's  investment in
Sierra Wireless was  approximately  $152.3 million.  The common shares of Sierra
Wireless held by the Company are subject to certain resale  provisions.