Tri-White Corporation announces
third quarter 2006 results and
regular dividend of $0.06 per share.
Thursday November 9

Financial Highlights

(1) EBITDA is not a recognized performance measure under Canadian GAAP. EBITDA is defined as earnings before taxes, interest, depreciation, amortization and earnings from equity accounted investments. Management believes that in addition to net earnings, this measure is useful supplemental information to provide investors with an indication of income available prior to debt service, capital expenditures and income taxes. Investors should be cautioned, however, that this measure should not be construed as an alternative to net earnings determined in accordance with GAAP as an indicator of the Company’s financial performance.

TODAY, THE COMPANY ANNOUNCED THE REGULAR DIVIDEND OF $0.06 PER SHARE TO BE PAID ON DECEMBER 29TH TO SHAREHOLDERS OF RECORD AS AT DECEMBER 12TH.

Third Quarter Operating Highlights

The tourist operations at White Pass and the golf operations of the Company’s equity accounted investment in ClubLink Corporation (“ClubLink”) are highly seasonal. The majority of the revenue and earnings from these businesses occur during the third quarter of the year. Accordingly, the earnings of the Company will fluctuate with those of the underlying business units.

The operating season for the railway commenced in May. Accordingly, the revenue for the Company increases sharply during the summer versus the second quarter due to a full three months of operating activity. The rail system carried 276,453 passengers, which represents a slight increase in volume compared to the prior year.

Virtually all of the Company’s operating income originates from White Pass, based in Alaska. The results of this subsidiary, which are deemed self-sustaining, are translated into Canadian currency using average rates for the period. Changes in exchange rates can impact the net earnings of Tri-White.

EBITDA for the three months ended September 30, 2006 was $16,999 compared with $16,774 for the three months ended September 30, 2005. The EBITDA increased by $225 (1.3%) over the same period last year. Actual US dollar EBITDA at White Pass increased by 8% compared to Q3 2005. The decline in reported EBITDA (in Canadian currency) is due to strengthening of the Canadian dollar.

Tri-White has significant ownership in two public entities, for which it records income on an equity basis. ClubLink Corporation (“ClubLink”) is Canada’s largest owner, operator and developer of high-quality Member Golf Clubs, Daily Fee Golf Clubs and Golf Resorts, with 36 golf courses open for play in 2006. Like the White Pass port and tourist operations, ClubLink operates in a highly seasonal market. For the three months ended September 30, 2006 the Company recorded equity income of $2.5 million compared to equity income of $2.2 million during the three months ended September 30, 2005. These amounts are based on a weighted average ownership of 31.4% and 31.3% for the respective quarters. The Company received dividends of $0.3 million during the quarter in 2006 and $0.2 million in 2005.

The Company also accounts for its investment in Renasant Financial Partners Ltd. (“Renasant”, formerly Clearlink Capital Corporation) using the equity method. On March 8, 2006, Renasant completed the sale of its active leasing business and now maintains the bulk of its assets in cash and marketable securities. Since Renasant has a financial year-end of March 31, 2006, the Company has determined that it will record its equity interest in Renasant on a three-month trailing basis. The equity income recorded by Tri-White for the quarter ended September 30, 2006 was $410 (2005 -$519). This was based on the operating results of Renasant for the three months ended June 30, 2006. Dividends of $ 22,182 were received in the quarter ended September 30, 2006 (September 30, 2005 -$310). This dividend has been reflected as return of capital of $10,073 as part of investing activities and $12,109 as a distribution in operating cash flow.

During the quarter the Company purchased an additional 70,000 shares of Renasant at a cost of $762. The Company’s ownership interest in Renasant as at September 30, 2006 stands at 35.8%.

Long-term investments include 5.4 million shares of ClubLink carried at $22.5 million, 3.2 million shares of Renasant carried at $14.7 million. The market value of these securities exceeds their carrying cost by $29.8 million at September 30, 2006. During the quarter Renasant paid a special dividend of $7.00 per share payable on September 15, 2006 to shareholders on record as at August 31, 2006.

Outlook

The State of Alaska has recently announced a series of taxation initiatives directed at the cruise ship activities. The Company has not yet been able to determine the impact of this legislation on its tourism operations.

The Company’s main operating subsidiary, White Pass, remains focused on a series of programs aimed at improving margins through cost control and pricing initiatives. Currency fluctuations will continue to impact reported results.

The merchant banking activities will concentrate on the substantial investments in ClubLink and Renasant. The primary objective of the Company is to build the underlying value of these investments, and over the long term, deliver enhanced returns.

The Company has been approved by the Toronto Stock Exchange to make a normal course issuer bid to purchase up to 1,146,771 common shares. The program expires September 19, 2007. During the nine months ended September 30, 2006 the Company did not purchase or cancel any shares (September 30, 2005 - nil).

Dividend

The Company continued with its regular quarterly dividend program and paid a dividend of $0.06 per share, or $1.3 million, on September 29th, 2006.

Financial statements are attached.

Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continue," "estimate," "expects," and "will" and words of similar import, constitute "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, both nationally and in the regions in which the Company operates; changes in business strategy or development/acquisition plans; environmental exposures; financing risk; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; liability and other claims asserted against the Company; and other factors referenced in the Company's filings with Canadian securities regulators. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company does not assume the obligation to update or revise any forward-looking statements.

Management’s discussion and analysis, financial statements and other disclosure information relating to the Company is available through SEDAR at www.sedar.com and on the Company website at www.tri-white.com.

For further information please contact:
Mr. Donald Turple
Chief Financial Officer
One University Avenue, Suite 1400
Toronto, Ontario M5J 2P1
Phone: (416) 367-6877
Fax: (416) 367-6890
e-mail: dturple@morguard.com

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TRI-WHITE CORPORATION

CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

September 30, 2006

CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS
(UNAUDITED)

CONSOLIDATED STATEMENTS OF CASH FLOW
(UNAUDITED)