Canlan Reports Year End Results.

VANCOUVER, British Columbia--(BUSINESS WIRE)--March 15, 1996-- CANLAN INVESTMENT CORP (TSE:CAI) Canlan Investment Corporation today reported results for the fourth quarter and the year ending December 31, 1995. -0-

Fourth Quarter Results: (Three months ended December 31, 1995 compared with three months ended December 31, 1994)

- Revenues were $13.0 million compared with $14.2 million. - Net earnings were $1.4 million compared with $1.3 million. - Net earnings per share were $0.14 compared with $0.17.

1995 Results: (Year ended December 31, 1995 compared with year ended December 31, 1994)

- Revenues were $43.0 million compared with $47.8 million. - Net earnings were $2.4 million compared with $4.1 million. - Net earnings per share were $0.23 basic and $0.17 fully diluted compared with $0.62 basic and $0.54 fully diluted.

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John B. Ross, President and Chief Executive Officer, said that 1995 results fell short of management's expectations, largely because substantial Development Division revenues originally anticipated in 1995 will not be booked until 1996. In addition, the Revenue Property Division achieved a significant 65% increase in revenues, but did not generate commensurate earnings because of investigative and start up costs associated with the expansion of ice rink facilities and the disruption of operations at two facilities where expansion included major renovations. Mr. Ross said that Canlan achieved improved earnings in the fourth quarter, as the Company's expansion plan began to produce results.

The expansion program in 1995 included: (i) the opening of a 4-pad facility in Scarborough, Ontario; (ii) the expansion of 4-Rinks in Burnaby, B.C. to 8-Rinks; (iii) the expansion of the Highlander arena in Winnipeg, Manitoba from two pads to four; and (iv) the opening of a new 2-pad arena in Candiac, near Montreal, Quebec. By year end, Mr. Ross noted, Canlan owned or controlled 30 ice pads in eight arenas and leased two additional pads in a ninth arena.

The Company has additional expansion underway in the U.S. Currently, facilities are under construction in Wichita, Kansas and Stamford, Connecticut. These facilities are scheduled for completion in September, 1996. Other expansion is anticipated in both the U.S. and Canada in 1996.

Canlan's Morgan Creek Development in Surrey, B.C. is proceeding very satisfactorily. To date, 175 single family lots have been sold. Including the phases which have yet to come on stream, the development will incorporate 500 single family lots and 400 townhouses. One of Morgan Creek's most attractive features, the 18-hole championship golf course, was opened for play in mid-fall, 1995 and has received a very favorable response.

Portland operations performed well in 1995, and 1996 is expected to be an even stronger year for this division, with three projects on stream for sales beginning in the second quarter of 1996.

The outlook for 1996 is for significant improvement in profitability.

Canlan Investment Corporation is an innovative and successful real estate investment and development company. It is the largest private sector operator of recreational ice facilities in North America with 32 ice surfaces at nine locations, with future expansion planned throughout the continent. Its real estate development operations are principally in British Columbia, Alberta, Oregon and Washington State.

Canlan Investment Corporation is listed on the Toronto Stock Exchange (CAI).

CONTACT: Canlan Investment Corporation

Ray Dixon, 604/736-9152

or

Hume, Kieran Inc.

Jon W. Kieran or Cathy Hume, 416/868-1079