<Page>
EXHIBIT 99.3
ADDITIONAL INFORMATION RELATING TO THE PROVINCE(1)
<Table>
<Caption>
INFORMATION RELATING TO PROVINCIAL DEBT PAGE
- --------------------------------------- --------
Debt of the Province........................................ 2-14
Consolidated Funded and Unfunded Debt of the Public
Sector.................................................... 15
Canadian Foreign Exchange Rate and International Reserves... 16
Recent General Election and Upcoming Budget Update.......... 17
</Table>
- ------------
(1) Any dollar amounts in Exhibit 99.3 are expressed in Canadian dollars ($)
unless otherwise specified or the context otherwise requires.
1
<Page>
DEBT OF THE PROVINCE
DIRECT AND GUARANTEED DEBT
The direct debt of the Province includes debt for government purposes, as
well as funds borrowed by the Province and loaned to its provincial government
bodies. Direct borrowing by the Province for lending to provincial government
bodies commenced in 1983.
With few exceptions, government bodies rely on the Province for fiscal
agency loans to meet their borrowing requirements. The terms and conditions that
apply to fiscal agency borrowings respecting payment of interest, principal and
premium, if any, generally match those in the Province's original borrowings.
Direct debt includes both funded and unfunded debt. Funded debt is defined
as all debt having a maturity of one year or more from date of issuance;
unfunded debt has a maturity within one year from date of issuance.
The final component of provincial debt relates to financial instruments that
have been unconditionally guaranteed by the Province. Most of this debt was
incurred by provincial government bodies prior to the introduction of fiscal
agency borrowing in 1983. It also includes financial instruments issued by
selected municipalities, improvement districts and local government entities, as
well as all loan guarantees extended by the Province, including those extended
to private entities and individuals.
The Warehouse Borrowing Program takes advantage of low interest rates to
borrow money in advance of actual requirements. The debt will eventually be
allocated to either the provincial government or provincial government bodies.
Non-guaranteed debt includes debt of the British Columbia Liquor
Distribution Branch, British Columbia Transit, British Columbia Railway Company,
British Columbia Securities Commission, Canadian Blood Services, (Province's
share), Columbia Basin Trust, Columbia River Power Projects (joint ventures of
Columbia Basin Trust and Columbia Power Corporation), Homeowner Protection
Office, Land and Water British Columbia Inc., Legal Services Society, Oil & Gas
Commission, and Provincial Rental Housing Corporation and School districts,
Universities, Colleges, Institutes and Health Authorities (SUCH). At March 31,
2005, $798 million of this debt is classified as taxpayer supported and
$263 million is classified as self-supporting.
Financial statements for 2004/05 show that the Province's total net debt
(excluding non-guaranteed debt of $1,061 million) decreased by $2,046 million,
debt for government purposes decreased by $1,081 million, and debt for
provincial government bodies decreased by $965 million.
2
<Page>
DIRECT FUNDED DEBT(1)
AS AT MARCH 31, 2005
<Table>
<Caption>
2003 2004 2005
-------- -------- --------
(millions of dollars)
GOVERNMENT PURPOSES(2)
Payable in:
Canadian Dollars.......................................... $24,530 $24,267 $23,418(3)
United States Dollars..................................... 3,892 4,362 3,825(4)
------- ------- -------
28,422 28,629 27,243
GOVERNMENT CORPORATION PURPOSES
Canadian Dollars............................................ 8,507 8,630 8,282(5)
United States Dollars....................................... 2,012 2,143 1,886(6)
------- ------- -------
10,519 10,773 10,168
WAREHOUSE BORROWING PROGRAM PURPOSES
Canadian Dollars............................................ -- -- --
United States Dollars....................................... -- -- --
------- ------- -------
-- -- --
Add/(Less) -- Unrealized Foreign Exchange Gains/(Losses).... (21) 84 279
------- ------- -------
38,920 39,486 37,690
Less -- Unamortized Discount................................ 119 111 111
------- ------- -------
38,801 39,375 37,579
Less -- Sinking Funds(2).................................... 4,409 4,022 3,816
------- ------- -------
34,392 35,353 33,763
Less -- Amounts Held in Consolidated Revenue Fund........... 9 11 8
------- ------- -------
Net Direct Funded Debt...................................... 34,383 35,342 33,755
======= ======= =======
Less -- Warehouse Borrowing Program Investments Available to
Paydown Warehouse Borrowing Program Debt.................. -- -- --
------- ------- -------
Direct Funded Debt (net of warehouse assets)................ $34,383 $35,342 $33,755
======= ======= =======
</Table>
- ------------
(1) Unhedged foreign currency liabilities are recorded in the currency in which
the debt obligations are payable, translated into Canadian dollar
equivalents at the exchange rate prevailing at the end of the respective
fiscal years.
(2) In compliance with generally accepted accounting principles (GAAP), defeased
debt is added to debt for governement purposes and the related defeased
trust funds are added to sinking fund investments. Figures for earlier years
have been restated to conform with the presentation used in 2004/2005.
(3) Canadian dollar obligations include notes payable in Japanese yen totalling
22 billion yen which have been fully hedged to $263 million Canadian through
currency exchange agreements, Swiss franc notes totalling 400 million Swiss
Francs which have been fully hedged to $418 million Canadian through
currency exchange agreements, and Euro notes totalling 805 million Euros
which have been fully hedged to $1,394 million Canadian through currency
exchange agreements.
(4) Includes U.S. dollar notes totalling $1,777 million which have been fully
hedged to $2,728 million Canadian through currency exchange agreements,
U.S. dollar notes totalling $800 million which have been fully hedged to
97 billion yen which have been translated at the exchange rate prevailing at
the end of the fiscal year.
(5) Canadian dollar obligations include notes payable in Euro notes totalling
112 million Euros which have been fully hedged to $187 million Canadian
through currency exchange agreements.
(6) Includes U.S. dollar notes totalling $473 million which have been fully
hedged to $676 million Canadian through currency exchange agreements and
unhedged U.S. dollar notes totalling $1,000 million which have been
translated at the exchange rate prevailing at the end of the fiscal year.
3
<Page>
CONSOLIDATION OF DIRECT AND GUARANTEED FUNDED AND UNFUNDED DEBT
AS AT MARCH 31, 2005
<Table>
<Caption>
SINKING FUND
OUTSTANDING INVESTMENTS OUTSTANDING
----------- ------------ -----------
(Gross) (Net)
(in millions)
DIRECT DEBT
Government Purposes(1)................................... $27,771 $2,915 $24,856
Government Corporation Purposes(2)....................... 11,162 1,551 9,611
Warehouse Program Purposes............................... -- -- --
------- ------ -------
38,933 4,466 34,467
Add -- Unrealized Foreign Exchange Gains................. 279 -- 279
Less -- Unamortized Discounts............................ 117 -- 117
Less -- Amounts held in the Consolidate Revenue Fund..... 8 -- 8
------- ------ -------
Total Direct Debt........................................ 39,087 4,466 34,621
======= ====== =======
GUARANTEED DEBT
Government Corporations.................................. 60 50 10
Municipalities, Improvement Districts and Other local
government............................................. 2 1 1
Other.................................................... 133 -- 133
------- ------ -------
Total Guaranteed Debt.................................... 195 51 144
Less -- Guaranteed Debt held in the General Fund and
Special Funds.................................... -- -- --
-- Provision for Probable Payout..................... 16 -- 16
------- ------ -------
179 51 128
------- ------ -------
Non-Guaranteed Debt...................................... 1,073 -- 1,073
Less -- Unamortized Discounts............................ 12 12
------- ------ -------
Total Non-Guaranteed Debt................................ 1,061 -- 1,061
------- ------ -------
Total Direct, Guaranteed Funded and Unfunded, and
Non-Guaranteed Debt of the Province, Net of Provincial
Holdings of such Debt in the General Fund and Special
Funds.................................................. 40,327 4,517 35,810
======= ====== =======
Less -- Warehouse Borrowing Program Investments Available
to Paydown Warehouse Borrowing Program Debt...... -- -- --
------- ------ -------
Total Direct, Guaranteed Funded and Unfunded Debt, and
Non-Guaranteed Debt of the Province (Net of Warehouse
investments)........................................... $40,327 $4,517 $35,810
======= ====== =======
</Table>
- ------------
(1) In compliance with generally accepted accounting principles (GAAP), defeased
debt is added to government purposes debt and the related defeased trust
funds are added to sinking fund investments.
(2) Represents direct borrowing by the Province for relending to government
corporations on identical terms.
Note: Debt payable in foreign currencies is recorded at the relevant March 31,
2005 exchange rates after giving effect to any currency exchange
agreements.
Direct unfunded debt of the Province (Promissory Notes) totalled
$866 million as at March 31, 2005 (maturity value less unamortized discount
and sinking funds). This debt component comprised of $571 million in fiscal
agency loans to government corporations and $295 million in loans for
government purposes. Further, the direct unfunded debt was comprised of Cdn
$592 million and US $115 million (Cdn $274 million) dollars.
4
<Page>
FINANCING
The financing requirements of the Province are met through short, medium and
long term borrowing in public and private markets in Canada and abroad,
including from the federal Canada Pension Plan (the "Plan"). Under the Plan, the
monthly contributions made by residents of British Columbia, net of current Plan
disbursements, are available for borrowing by the Province and other provincial
government bodies. At March 31, 2005, gross provincial direct and guaranteed
funded debt owing to the Plan's Investment Fund totalled $3.8 billion.
The debentures issued to the Plan's Investment Fund have a 5 to 30-year
maturity, are not negotiable, transferable or assignable. These debentures are
also redeemable in whole or in part before maturity, on 30 days' prior notice,
at the option of the Province.
During the 2004/05 fiscal year, $234 million dollars in Canadian Pension
Plan debentures were issued.
SINKING FUND MANAGEMENT
On June 1, 1999, the Provincial government revised its sinking fund policy
and discontinued sinking fund contributions on existing and new debt issued for
government operating and capital financing purposes. Under the revised policy,
the Province does not establish sinking funds on new debt but continues to
manage sinking fund contributions made prior to June 1, 1999 (and the earnings
attributable to those contributions) for the purpose of repayment of the
applicable debt issues.
This revised policy does not apply to sinking funds relating to new or
existing debt of the Province incurred to make loans to provincial government
bodies. Consequently, Provincial government bodies who have received or are to
receive fiscal agency loans from the Province with a term of five years or more
will continue to be expected to make sinking fund contributions for the purpose
of repayment of some or all the corresponding Provincial debt issues.
Given that the province borrowed money to make sinking fund payments, the
policy change did not impact the amount of net debt outstanding. The Province
continues to follow one of the most conservative sinking fund policies among
provinces for its provincial government bodies.
At March 31, 2005, the Province had $4.5 billion in sinking fund investments
related to direct and guaranteed funded debt, including those held in trust on
behalf of provincial government bodies. Assuming an earnings rate of 5% on
existing sinking fund investments and without contributing additional sinking
fund installments, the Province's funded debt at maturity will be 15% funded by
available sinking funds (see following table) and would be 22% funded based on
assumed earnings of 5% on existing sinking fund balances and future sinking fund
installments.
5
<Page>
MATURITY SCHEDULE OF DIRECT FUNDED DEBT
AS AT MARCH 31, 2005
(UNAUDITED)
<Table>
<Caption>
CANADIAN DOLLARS U.S. DOLLARS(1)
---------------------------------------- ----------------------------------------
PROJECTED PROJECTED
GROSS DEBT SINKING NET DEBT GROSS DEBT SINKING NET DEBT
FISCAL YEAR MATURITIES FUND VALUES MATURITIES(2) MATURITIES FUND VALUES MATURITIES(2)
----------- ---------- ----------- ------------- ---------- ----------- -------------
(millions of dollars) (millions of dollars)
2006................... $ 2,811 $ 384 $ 2,427 $-- -$- $--
2007................... 2,176 381 1,795 750 -- 750
2008................... 1,409 206 1,203 900 71 829
2009................... 2,281 299 1,982 750 -- 750
2010................... 2,513 324 2,189 250 1 249
------- ------ ------- ------ ---- ------
11,190 1,594 9,596 2,650 72 2,578
2011 - 15.............. 8,920 1,982 6,938 600 33 567
2016 - 20.............. 1,078 30 1,048 -- -- --
2021 - 25.............. 4,877 928 3,949 -- -- --
2026 - 30.............. 3,070 306 2,764 500 158 342
2031 - 35.............. 1,400 182 1,218 -- -- --
2036 - 40.............. 915 70 845 300 57 243
2041 - 45.............. 250 8 242 -- -- --
------- ------ ------- ------ ---- ------
$31,700 $5,100 $26,600 $4,050 $320 $3,730
======= ====== ======= ====== ==== ======
</Table>
- ------------
(1) Debt payable in U.S. dollars is not translated into Canadian dollars. Debt
payable in other foreign currencies is recorded after giving effect to any
currency exchange agreements.
(2) Net debt maturities represent gross debt maturities minus projected sinking
fund values at maturity, based on earnings of 5% on existing sinking fund
balances as of March 31, 2005. The calculations exclude sinking fund
installments which are scheduled to be made in the future and unamortized
discount.
6
<Page>
MATURITY SCHEDULE OF GUARANTEED FUNDED DEBT
AS AT MARCH 31, 2005
(UNAUDITED)
<Table>
<Caption>
CANADIAN DOLLARS U.S. DOLLARS(1)
---------------------------------------- ----------------------------------------
PROJECTED PROJECTED
GROSS DEBT SINKING NET DEBT GROSS DEBT SINKING NET DEBT
FISCAL YEAR MATURITIES FUND VALUES MATURITIES(2) MATURITIES FUND VALUES MATURITIES(2)
----------- ---------- ----------- ------------- ---------- ----------- -------------
(millions of dollars) (millions of dollars)
2006................... $ 51 $ 50 $ 1 -$- -$- --$
2007................... -- -- -- -- -- --
2008................... 1 1 -- -- -- --
2009................... -- -- -- -- -- --
2010................... -- -- -- -- -- --
---- ---- ---- ---- ---- ----
52 51 1 -- -- --
2011 - 2015............ -- -- -- -- -- --
2016 - 2020............ -- -- -- -- -- --
2021 - 2025............ 10 -- 10 -- -- --
2026 - 2030............ -- -- -- -- -- --
Other(3)............... 133 -- 133 -- -- --
---- ---- ---- ---- ---- ----
$195 $ 51 $144 -$- -$- --$
==== ==== ==== ==== ==== ====
</Table>
- ------------
(1) Debt payable in U.S. dollars was called during the 98/99 fiscal year.
(2) Net debt maturities represent gross debt maturites minus projected sinking
fund values at maturity, based on earnings of 5% on sinking fund balances as
of March 31, 2005. There is no provision made for future sinking fund
installments or unamortized discount.
(3) Includes Province miscellaneous guarantees.
7
<Page>
STATEMENT OF DIRECT FUNDED AND UNFUNDED DEBT
AT MARCH 31, 2005
<Table>
<Caption>
OUTSTANDING
YEAR OF INTEREST MARCH 31,
SERIES DATE OF MATURITY ISSUE RATE 2005 REFERENCES
- ------ ------------------ --------- ---------- ------------ ----------
(percent) ($ millions)
Long-Term and
Medium-Term Debt
Issued by
Province of British
Columbia:
BCCMTN-45.................... June 9, 2005 1995 9.50 $ 50 (2)
BCCD-U....................... August 23, 2005 1995 8.00 650 (2)
BCCMTN-55.................... August 23, 2005 1995/00 8.00 100 (2)
BCCMTN-87.................... August 23, 2005 1999 6.15 75 (2)
BCEC-12...................... September 21, 2005 1993 7.25 400 (1)(7)
BCEC-16...................... September 21, 2005 2001 5.25 200 (1)(7)
BCSBR-G...................... October 15, 2005 1998 2.25 96 (1)(5)(9)
BCEC-17...................... December 1, 2005 2001/02 4.25 600 (1)(7)
BCMTN-93..................... December 1, 2005 2003 Floating 150 (4)
BCCMTN-49.................... February 24, 2006 1995 9.00 50 (2)
BCSBR-H...................... October 15, 2006 1999 2.25 17 (1)(5)(9)
BCCG-2....................... December 1, 2006 1999/01 5.25 1,250 (1)(7)
BCCMTN-92.................... June 12, 2007 2002 Floating 150 (4)
BCSBR-I...................... October 15, 2007 2000 2.25 22 (1)(5)(9)
PRW.......................... December 10, 2007 1987 10.14 1 (2)(17)
BCCMTN-91.................... January 9, 2008 2001 5.25 110 (2)
BCEC-18...................... March 20, 2008 2002 5.30 300 (1)(7)
PRP-1........................ March 31, 2008 1996 8.18 16 (2)(16)
BCCD-V....................... June 9, 2008 1997 6.00 1,700 (2)
BCCD-6....................... December 18, 2008 2003 4.30 280 (2)
BCJC-2....................... January 15, 2009 1984 8.75 25 (1)(7)
BCCG-3....................... June 1, 2009 2002 5.70 750 (2)(7)
BCCD-Y....................... December 1, 2009 1999/01 6.25 750 (2)
BCCD-AA...................... August 23, 2010 2000 6.375 1,400 (2)
BCCD-D....................... February 21, 2011 1991 10.75 250 (2)
BCCD-K....................... January 9, 2012 1992 9.50 1,150 (2)
BCCMTN-85.................... January 9, 2012 1999/00 9.50 400 (2)
BCCD-AB...................... January 9, 2012 2001/02 5.75 1,000 (2)
BCEC-19...................... April 24, 2013 2003 5.50 350 (1)(7)
BCCD-N....................... August 23, 2013 1993 8.50 1,100 (2)
BCCMTN-44.................... August 23, 2013 1995 9.60 60 (2)
BCCMTN-50.................... August 23, 2013 1995 9.25 65 (2)
BCCMTN-53.................... August 23, 2013 1995 8.50 360 (2)
BCCMTN-80.................... August 23, 2013 1999 5.75 100 (2)
BCCD-Q....................... June 9, 2014 1994 7.50 400 (2)
BCCMTN-33.................... June 9, 2014 1994 9.625 25 (2)
BCCMTN-34.................... June 9, 2014 1994 9.625 50 (2)
BCCMTN-38.................... June 9, 2014 1994 9.60 90 (2)
BCCD-9....................... June 18, 2014 2004 5.30 500 (2)
BCCMTN-27.................... June 20, 2014 1994 8.50 50 (2)
BCCD-4....................... October 20, 2015 2003 4.20 50 (13)
BCCD-5....................... October 31, 2015 2003 4.30 100 (14)
</Table>
8
<Page>
<Table>
<Caption>
OUTSTANDING
YEAR OF INTEREST MARCH 31,
SERIES DATE OF MATURITY ISSUE RATE 2005 REFERENCES
- ------ ------------------ --------- ---------- ------------ ----------
(percent) ($ millions)
BCCD-3....................... December 18, 2015 2003 5.15 150 (2)
BCCMTN-25.................... October 3, 2016 1994 9.125 45 (2)
BCCD-2....................... June 1, 2018 2003 5.60 200 (2)
BCCMTN-26.................... June 17, 2019 1994 9.00 50 (2)
BCCD-8....................... June 17, 2019 2004 5.30 225 (2)
BCCD-C....................... September 5, 2020 1990 10.60 600 (2)
BCCMTN-46.................... September 5, 2020 1995 10.60 20 (2)
BCCD-G....................... May 15, 2021 1996 9.95 296 (2)
BCCMTN-76.................... February 23, 2022 1999 6.00 25 (2)
BCCD-L....................... June 9, 2022 1992 9.50 450 (2)
BCCD-M....................... August 19, 2022 1992 8.75 300 (2)
BCCMTN-77.................... February 23, 2023 1999 6.00 25 (2)
BCCD-P....................... September 8, 2023 1993 8.00 400 (2)
BCCMTN-60.................... September 8, 2023 1995 8.00 35 (2)
BCCMTN-79.................... September 8, 2023 1999 6.40 50 (2)
BCEC-13...................... November 30, 2023 1993 7.875 350 (1)(7)
BCCMTN-78.................... February 23, 2024 1999 6.00 100 (1)
BCCD-T....................... August 23, 2024 1994 9.00 400 (2)
BCCMTN-40.................... August 23, 2024 1995 9.00 35 (2)
BCCMTN-52.................... August 23, 2024 1995 9.00 200 (2)
BCCMTN-56.................... August 23, 2024 1995 8.50 30 (2)
BCCMTN-62.................... August 23, 2024 1996 7.875 200 (2)
BCCMTN-82.................... August 23, 2024 1999 7.00 55 (2)
BCCMTN-63.................... June 9, 2024 1996 8.00 110 (2)
BCCMTN-64.................... December 4, 2026 1996 7.00 40 (2)(10)
BCCMTN-74.................... December 4, 2026 1999 7.00 60 (2)(10)
BCCMTN-65.................... June 9, 2027 1997 7.50 50 (2)
BCCD-W....................... November 19, 2027 1997 6.15 500 (2)
BCCMTN-70.................... August 17, 2028 1998 5.45 200 (2)(8)
BCCD-X....................... June 18, 2029 1998/99 5.70 2,285 (2)
BCCMTN-83.................... June 18, 2029 1999 5.86 250 (2)(15)
BCCD-Z....................... June 18, 2031 2000/01 6.35 1,400 (2)
BCCD-7....................... June 18, 2035 2004 5.15 500 (2)
BCCMTN-69.................... January 9, 2039 1998 5.75 150 (2)
BCCMTN-73.................... January 9, 2039 1998 6.00 65 (2)
BCCMTN-84.................... August 23, 2039 1999 6.30 200 (2)
BCCD-1....................... June 18, 2043 2003 5.25 150 (2)
BCCD-10...................... August 23, 2044 2004 5.75 100 (2)
Canada Pension Plan issues........................ 1983-2004 5.28-14.06 3,768 (2)(6)
Redemption premium re MTN-74/MTN64................ 1982 25
Other...................................................................... 103 (11)
Short-term Promissory Notes................................................ 824
--------
Total Issues in Canadian Dollars........................................... $ 30,263
</Table>
9
<Page>
<Table>
<Caption>
OUTSTANDING
YEAR OF INTEREST MARCH 31,
SERIES DATE OF MATURITY ISSUE RATE 2005 REFERENCES
- ------ ------------------ --------- ---------- ------------ ----------
(percent) ($ millions)
BCUSG-2...................... October 3, 2006 2001 4.625 750 (2)(7)
BCEUS-4...................... June 11, 2007 1997 7.125 460 (1)(7)(17)
BCUSD-4...................... June 20, 2007 2002 Floating 150 (4)(7)
BCEUS-6...................... December 20, 2007 2002 5.250 250 (1)(7)
BCUSG-1...................... October 29, 2008 1998/01 5.375 750 (2)(7)
BCEUS-7...................... June 25, 2009 2002 5.00 250 (1)(7)
BCUSG-3...................... May 30, 2013 2003 4.30 500 (2)(7)
BCEMTN-22.................... October 28,2013 1998 Floating 100 (4)
BCUSD-2...................... January 15, 2026 1996 6.50 500 (2)(7)
BCUSD-3...................... September 1, 2036 1996 7.25 300 (2)(7)
Short-term Promissory Notes................................................ 465
--------
Total Issues in U.S. Dollars*.............................................. US $ 4,515
Exchange Premium (Including Hedge)......................................... 1,893
--------
U.S. Issues at Cdn. Dollar Equivalent...................................... C $ 6,408
--------
BCEMTN-16.................... June 19, 2007 1997 3.50 5,000 (1)(12)
BCEMTN-23.................... March 1, 2010 2000 1.855 7,000 (1)
BCEMTN-21.................... September 16, 2010 1998 2.07 10,000 (1)(12)
--------
Total Issues In Japanese Yen............................................... Y 21,000
Exchange Premium (Including Hedge)......................................... (21,737)
--------
Japanese Issues at Canadian Dollar Equivalent**............................ C $ 263
--------
BCSFR-4...................... March 26, 2008 2002 2.125 400 (1)(7)
--------
Total Issues in Swiss Francs............................................... SF 400
Exchange Premium (Including Hedge)......................................... 18
--------
Swiss Franc Issues at Canadian Dollar Equivalent **........................ C $ 418
--------
BCEFF-1...................... January 30, 2007 1996 6.25 EURO 229 (1)(7)(17)
BCEFF-2...................... July 15, 2009 1997 5.875 305 (1)(7)(17)
BCEDM-1...................... July 21, 2010 1998 5.125 383 (1)(7)(17)
--------
Total Issues in Euro***.................................................... EURO 917
Exchange Premium (Including Hedge)......................................... 664
--------
Euro Issues at Canadian Dollar Equivalent **............................... C $ 1,581
--------
Gross Direct Debt Issued by the Province
(In Canadian Dollar Equivalents)......................................... C $ 38,933
========
</Table>
- -------------
* Payable and expressed in U.S. dollars. Debt payable in US $2,373 million has
been hedged to Cdn $3,642 million. Debt payable in U.S.$800 million has been
hedged to JPY97,103.8 million. This balance was translated at the exchange
rate prevailing at year-end.
** Foreign currency debt other than U.S. has been fully hedged to Canadian
dollars.
*** On January 1, 2002, French Franc was converted into Euro at 1 Euro =
6.55957 FRF and Deutschemark was converted into Euro at 1 Euro = 1.95583
DEM.
10
<Page>
STATEMENT OF DIRECT FUNDED AND UNFUNDED DEBT
AT MARCH 31, 2005
<Table>
<Caption>
AMOUNT
OUTSTANDING
MARCH 31, 2005
-------------------
($ millions)
Gross Direct Debt issued by the Province(1) (in Canadian
Dollar Equivalents)....................................... 38,933
Less -- Fiscal Agency Borrowings on behalf of:
Warehouse Borrowing Program............................. --
------
BC Transportation Financing Authority................... 2,757
British Columbia Buildings Corporation.................. 405
British Columbia Housing Management Commission.......... 7
British Columbia Hydro and Power Authority.............. 7,698
British Columbia Institute of Technology................ 24
British Columbia Railway Company........................ --
British Columbia Transit................................ 99
College of New Caledonia................................ 3
College of the Rockies.................................. 3
Douglas College......................................... 1
Home Owner Protection Office............................ 28
Improvement Districts................................... 8
Land and Water British Columbia Inc..................... 8
Malaspina University College............................ 1
Okanagan University College............................. 11
Partnerships British Columbia........................... --
Selkirk College......................................... 2
Simon Fraser University................................. 17
University College of the Cariboo....................... 3
University of British Columbia.......................... 62
University of Northern British Columbia................. 15
University of Victoria.................................. 10
------
11,162 11,162
------
Gross Direct Debt....................................... 27,771
Add -- Unrealized Foreign Exchange Gains................ 95
Less -- Unamortized Discount............................ 140
-- Government Sinking Funds(1)..................... 2,915
-- Bonds held in the Consolidated Revenue Fund..... 8 2,968
------ ------
Total Net Direct Debt..................................... 24,803
======
Gross Fiscal Agency Reloaned Debt....................... 11,162
Less -- Gross Fiscal Agency Debt........................ 11,162
Gross Fiscal Agency Debt for Warehouse Borrowing Program
Purposes............................................... --
Less -- Unamortized Discount/(Premium).................. -- --
------ ------
Total Net Fiscal Agency Debt for Warehouse Borrowing
Program Purposes........................................ --
======
Gross Fiscal Agency Debt................................ 11,162
Add -- Unamortized Premium.............................. 23
-- Unrealized Foreign Exchange Gains............... 184
Less -- Government Sinking Funds........................ 1,551 1,344
------ ------
Total Net Fiscal Agency Debt.............................. 9,818
======
Total Net Direct and Fiscal Agency Debt, Warehouse
Borrowing Program Debt................................. 34,621
Less -- Warehouse Borrowing Program Investments
Available to Paydown Warehouse Borrowing
Program Debt........................................... --
------
Total Net Direct and Fiscal Agency Debt..................... 34,621
======
</Table>
- ---------------
(1) In compliance with generally accepted accounting principles (GAAP), defeased
debt is added to Direct debt and the related defeased trust funds are added
to sinking fund investments.
11
<Page>
NET GUARANTEED DEBT
AT MARCH 31, 2005
<Table>
<Caption>
YEAR OF YEAR OF OUTSTANDING(1)
ISSUER & SERIES MATURITY ISSUE INTEREST RATE MARCH 31, 2005
- --------------- --------- --------- ------------- ---------------
(percent) (millions of
Cdn. dollars)
British Columbia Hydro and Power
Authority................................. 2024 2004 5.54 10
---
Municipalities, Improvement Districts and
Other Local Government Entities........... 2005-2007 1980-1986 10.12-15.75 1
Plus -- Other Guaranteed Debt(2)............ 133
---
144
Less -- Provisions for Probable Payout...... 16
---
Total Net Guaranteed Debt................... 128
===
</Table>
- ------------
(1) Total net of sinking funds.
(2) Includes outstanding loan guarantees of student assistance loans, loans to
agricultural producers and guarantees issued under economic development
assistance programs.
12
<Page>
NON-GUARANTEED DEBT
AS AT MARCH 31, 2005
<Table>
<Caption>
(MILLIONS OF
CDN. DOLLARS)
-------------
Taxpayer-Supported Debt
Canadian Blood Services................................. 3
Columbia Basin Trust.................................... 7
Homeowner Protection Office............................. 102
Provincial Rental Housing............................... 126
Schools................................................. 17
Post-Secondary.......................................... 374
Health facilities....................................... 168
Other(1)................................................ 1
-----
Total Taxpayer-Supported Non-Guaranteed Debt................ 798
-----
Self-Supported Debt
Commercial Crown Corporations and Agencies
British Columbia Liquor Distribution.................... 6
Columbia River Power Projects(2)........................ 257
-----
Total Self-Supported Non-Guaranteed Debt.................... 263
-----
Total Non-Guaranteed Debt................................... 1,061
=====
</Table>
- ------------
(1) Includes debt of the British Columbia Transit, Land and Water British
Columbia Inc., and Oil & Gas Commission.
(2) Joint ventures of Columbia Power Corporation and Columbia Basin Trust.
13
<Page>
REFERENCES TO STATEMENTS OF DEBT
1) Interest payable annually.
2) Interest payable semi-annually.
3) Interest payable monthly.
4) Interest payable quarterly.
5) Interest rate reset semi-annually.
6) Pursuant to provisions for investment of Canada Pension Plan Funds, this
issue is redeemable as a whole or in part on 30 days notice at the option of
the Minister of Finance for British Columbia, subject to certain
restrictions (CPP issues).
7) Callable by the issuer if taxation laws requiring additional payments are
imposed or levied.
8) Puttable at the option of the holder on August 17, 2005 on ten business
days' notice (BCCMTN-70).
9) Redeemable on October 15 or April 15 prior to maturity at par upon
presentation of the bond.
10) Coupon will be 5.4% to December 4, 2002 and 7% thereafter to maturity
(BCCMTN-64/MTN74).
11) Including the Province's direct capital leases and the assumption by the
Province of debt obligations of David Thompson University Centre.
12) Coupon is payable in US dollars. (EMTN-16 & EMTN-21).
13) Callable at par by the Province on October 20, 2005 and every semi-annual
coupon date thereafter, on 10 days' notice. If not called, coupon steps up.
(BCCD-4)
14) Callable at par October 31, 2005 and every semi-annual coupon date
thereafter, on 10 days' notice. If not called, coupon steps up. (BCCD-5)
15) Puttable by the investor June 19, 2006 at a price of $98.910 plus one day
of accrued interest. (BCCMTN-83)
16) Redeemable at option of the issuer on January 1, 2007 on 90 days' notice.
(PRP-1)
14
<Page>
CONSOLIDATED FUNDED AND UNFUNDED DEBT OF THE PUBLIC SECTOR
The financial statements of the Province include funded and unfunded debt of
public entities within British Columbia which is either guaranteed or reloaned
by the Province, and include the funded debt of such entities which is not
guaranteed by the Province.
<Table>
<Caption>
OUTSTANDING UNAMORTIZED UNREALIZED FOREIGN SINKING FUND OUSTANDING
GROSS(1),(2) DISCOUNT EXCHANGE GAINS INVESTMENTS(2) NET
------------ ------------ ------------------ -------------- -----------
(in Millions of Cdn dollars)
Direct and Guaranteed Funded and
Unfunded Debt of the Province...... $39,120 $117 $(279) $4,517 $34,765
Plus: Non-Guaranteed Debt........ 1,073 12 -- -- 1,061
------- ---- ----- ------ -------
Total Consolidated Funded Debt of the
Public Sector of British
Columbia........................... $40,193 $129 $(279) $4,517 $35,826
======= ==== ===== ====== =======
</Table>
- ---------------
(1) Balance does not include the Provision for Probable Payout ($16 million).
(2) In compliance with generally accepted accounting principles (GAAP), defeased
debt is added to Direct debt and the related defeased trust funds are added
to sinking fund investments.
15
<Page>
CANADIAN FOREIGN EXCHANGE RATE AND
INTERNATIONAL RESERVES
Recent high and low exchange rates for the Canadian dollar in terms of
United States cents are as follows for the calendar year ended December 31:
<Table>
<Caption>
2000 2001 2002 2003 2004
-------- -------- -------- -------- --------
High..................................................... 69.84 67.11 66.13 77.38 84.69
Low...................................................... 64.28 62.53 61.99 63.50 71.41
</Table>
On March 31, 2005, the noon spot rate for the U.S. dollar was 82.67
Source: Bank of Canada
The total of Canada's official international reserves on December 31, 2000
to 2004 are as follows:
<Table>
<Caption>
DECEMBER 31
-----------------------------------------------------------------
2000 2001 2002 2003 2004
--------------------- -------- -------- -------- --------
(US$ Millions)
$32,424 $34,248 $37,169 $36,268 $34.467(1)
</Table>
Source: Bank of Canada
- ---------------
(1) US$14,427 million, US$48 million in gold, US$3,327 million in the
International Monetary Fund Reserve, US$925 million in Special Drawing
Rights and US$15,740 million in other foreign currencies.
16
<Page>
RECENT GENERAL ELECTION AND UPCOMING BUDGET UPDATE
The most recent Provincial general election was held on May 17, 2005. There
are 79 seats in the Legislative Assembly, of which 46 are held by the Liberal
Party, and 33 seats are held by the New Democratic Party as a result of the
election. Prior to the election, the Liberal Party held 72 seats, the
New Democratic Party held 3 seats, and 4 seats were held by Independent
Liberals.
The Estimates (containing the government's detailed spending plans)
presented to the Legislative Assembly on February 15, 2005 as part of the 2005
Budget were not approved by the Legislative Assembly prior to its dissolution
for the election. As a result and in accordance with Provincial law, the
government plans to present new Estimates to the Legislative Assembly as part of
a Budget Update scheduled for September 14, 2005. After the Budget Update, the
new Estimates will be filed as an exhibit to this annual report by way of an
amendment on Form 18-K/A.
17