<PAGE>

                                UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON D.C. 20549
                                 FORM 10-Q SB

(MARK ONE)

/S/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE 
         SECURITIES EXCHANGE ACT OF 1934

    FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1998

                               OR

/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE 
         SECURITIES EXCHANGE ACT OF 1934

    FOR THE TRANSITION PERIOD FROM     TO

    COMMISSION FILE NO. 0-29280

                     HAWAIIAN NATURAL WATER COMPANY, INC.
      {Exact name of small business issuer as specified in its charter}

               HAWAII                                          99-0314848
(State or jurisdiction of incorporation                     I.R.S. Employer
            or organization)                             Identification Number)

                              248 Mokauea Street
                            Honolulu, Hawaii 96819
                   (Address of principal executive offices)

                               (808) 832-4550
                         (Issuer's telephone number)

     Check whether the issuer (1) filed all reports required to be filed by 
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for 
such shorter period that the registrant was required to file such reports), 
and (2) has been subject to such filing requirements for the past 90 days.

                                YES   X    NO
                                     ---        ---

     The issuer has issued and outstanding 3,899,212 shares of Common Stock 
on May 15, 1998

     Transitional Small Business Disclosure Format (check one):

                                YES        NO    X
                                     ---        ---

<PAGE>

                         Hawaiian Natural Water Company, Inc.

                                    Balance Sheet
                                    March 31, 1998
                                     (Unaudited)

                                        ASSETS

<TABLE>
<CAPTION>
                                                                           March 31,
                                                                             1998
                                                                         ------------
<S>                                                                      <C>
CURRENT ASSETS:
     Cash and cash equivalents                                           $ 1,778,261 
     Inventories                                                             316,508 
     Trade accounts receivable, net of allowance for doubtful
          accounts of $7,224                                                 257,281 
     Other current assets                                                    119,534 
                                                                         ------------
          Total Current Assets                                             2,471,584 

PROPERTY AND EQUIPMENT, net of accumulated depreciation
          and amortization of $252,231                                     1,863,528 
                                                                         ------------
          Total Assets                                                   $ 4,335,112 
                                                                         ------------
                                                                         ------------

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
     Accounts payable                                                    $   272,282 
     Accrued professional fees                                                27,667 
     Accrued vacation                                                         46,000 
     Accrued payroll and related taxes                                        44,447 
     Accrued commissions and billbacks                                        35,349 
     Accrued other                                                            25,776
     Notes payable - Current portion                                          84,753
     Capital lease obligation - Current portion                               42,230 
                                                                         ------------
          Total Current Liabilities                                          578,504 

NON-CURRENT LIABILITIES
     Capital lease obligations - net of current portion                       37,566 
     Notes payable - net of current portion                                  499,742 
                                                                         ------------
          Total Non-Current Liabilities                                      537,308 
                                                                         ------------
          Total Liabilities                                                1,115,812 

STOCKHOLDERS' EQUITY
     Preferred Stock, $1.00 par value; 5,000,000
       shares authorized; none issued and outstanding                             --

     Common stock, no par value; 20,000,000 shares authorized;
          3,899,212 shares issued and oustanding                           6,338,728
     Common stock warrants and options; 3,213,310
          issued and outstanding                                           2,053,916 

     Accumulated Deficit                                                  (5,173,344)
                                                                         ------------
     Total Stockholders' Equity                                            3,219,300 

     Total Liabilities and Stockholders' Equity                          $ 4,335,112 
                                                                         ------------
                                                                         ------------
</TABLE>

    The accompanying notes are an integral part of these financial statements.
<PAGE>

                        Hawaiian Natural Water Company, Inc. 

                              Statements of Operations 
                  For The Three Months Ended March 31, 1997 and 1998
                                     (Unaudited) 

<TABLE>
<CAPTION>
                                                   Three Months
                                                  Ended March 31,
                                         ------------------------------
                                             1997                1998
                                        ----------           ----------
<S>                                     <C>                  <C>       
NET SALES                               $  216,683           $  399,603
COST OF SALES                              208,360              393,049
                                        ----------           ----------
     Gross Margin                            8,323                6,554

EXPENSES:
     Selling and Marketing                  86,784              242,480
     General and Administrative            158,321              310,759
                                        ----------           ----------
                                           245,105              553,239
OTHER INCOME (EXPENSE)
     Interest income                         1,029               28,110
     Interest expense                     (236,195)             (25,484)
                                        ----------           ----------
                                          (235,166)               2,626

Net Loss                                $ (471,948)          $ (544,059)
                                        ----------           ----------
                                        ----------           ----------

Basic and Diluted
Net Loss Per Share                        $  (0.30)            $  (.14)
                                        ----------           ----------
                                        ----------           ----------

Weighted Average Common and
Common Equivalent Shares Outstanding     1,599,212            3,899,212
                                        ----------           ----------
                                        ----------           ----------
</TABLE>

    The accompanying notes are an integral part of these financial statements.

<PAGE>

                         Hawaiian Natural Water Company, Inc.

                          Statement of Stockholders' Equity
                      For The Three Months Ended March 31, 1998
                                     (Unaudited)

<TABLE>
<CAPTION>

                                                                        Common Stock Warrants
                                                                                and
                                              Common Stock                    Options                              
                                       --------------------------    ---------------------------                     Total
                                         Number of                    Number of                    Accumulated   Stockholders
                                          Shares         Amount        Shares          Amount        Deficit         Equity  
                                       -----------    -----------    -----------    -----------    -----------    -----------
<S>                                    <C>            <C>            <C>            <C>            <C>            <C>        
BALANCE AT
    DECEMBER 31, 1997                    3,899,212     $6,338,728      3,170,310     $2,000,546  $  (4,629,285)  $  3,709,989

Issuance of stock options
  to consultants and distributors               --             --         43,000         53,370            --          53,370

Net Loss                                        --             --             --             --       (544,059)      (544,059)
                                       -----------    -----------    -----------    -----------    -----------    -----------

BALANCE AT
    MARCH 31, 1998                       3,899,212     $6,338,728      3,213,310     $2,053,916   $ (5,173,344)   $ 3,219,300
                                       -----------    -----------    -----------    -----------    -----------    -----------
                                       -----------    -----------    -----------    -----------    -----------    -----------

</TABLE>


    The accompanying notes are an integral part of these financial statements.
<PAGE>

                         Hawaiian Natural Water Company, Inc.

                               Statements of Cash Flows
                  For The Three Months Ended March 31, 1977 and 1998
                                     (Unaudited)

<TABLE>
<CAPTION>

                                                                         Three Months Ended
                                                                              March 31,
                                                                        1997            1998
                                                                     -----------    -----------
<S>                                                                  <C>            <C>       
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net loss                                                        $ (471,948)   $  (544,059)

     Adjustments to reconcile net loss to net cash used
         in operating activities:
     Depreciation and amortization                                       17,378         44,182
     Issuance of stock options to consultants and distributors             --           53,370
     Amortization of loan discount and deferred costs                    46,875         23,238
     Net decrease (increase) in current assets                          154,401       (122,116)
     Net increase in current liabilities                                201,371         27,347
                                                                     -----------    -----------

     Net cash used in operating activities                              (51,923)      (518,038)

CASH FLOWS FROM INVESTING ACTIVITIES:
     Purchase of property and equipment                                  (4,549)      (121,634)

CASH FLOWS FROM FINANCING ACTIVITIES:
     Repayment of principal on capital leases                            (3,013)       (11,022)
     Repayment of notes payable                                         (13,394)       (42,408)
                                                                     -----------    -----------

     Net cash used in financing activities                              (16,407)       (53,430)
                                                                     -----------    -----------

NET DECREASE IN CASH AND CASH EQUIVALENTS                               (72,879)      (693,102)

CASH AND CASH EQUIVALENTS, beginning of period                           89,335      2,471,363
                                                                     -----------    -----------

CASH AND CASH EQUIVALENTS, end of period                              $  16,456     $1,778,261
                                                                     -----------    -----------
                                                                     -----------    -----------

</TABLE>


    The accompanying notes are an integral part of these financial statements.
<PAGE>

                         HAWAIIAN NATURAL WATER COMPANY, INC.
                            NOTES TO FINANCIAL STATEMENTS
                                    MARCH 31, 1998
                                     (UNAUDITED)


1.   GENERAL

The accompanying unaudited financial statements of Hawaiian Natural Water 
Company, Inc. (the "Company") should be read in conjunction with the audited 
financial statements for the year ended December 31, 1997 and notes thereto 
filed with the Securities and Exchange Commission in the the Company's Annual 
Report on Form 10-KSB.  In the opinion of management, the accompanying 
financial statements reflect all adjustments considered necessary to fairly 
present the financial position of the Company at March 31, 1998, and the 
results of its operations and cash flows for the three month periods ended 
March 31, 1997 and 1998, in accordance with generally accepted accounting 
principles and the rules and regulations of the Securities and Exchange 
Commission.  The results of operations for interim periods are not 
necessarily indicative of results to be achieved for full fiscal years.

As shown in the accompanying financial statements, the Company has incurred 
significant losses since inception.  Management expects that the Company will 
continue to incur additional losses until the Company achieves significantly 
higher levels of sales.  The Company is continuing to develop its strategic 
plan and related marketing strategies, which would allow for the improvement 
of sales and cash flow.  However, in order for the Company to achieve 
profitability, it will need to improve revenues and/or obtain additional 
financing.

ESTIMATES.  The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of revenue and
expenses during the reporting period.  Actual results could differ from those
estimates.

REVENUE RECOGNITION.  The Company recognizes revenue on the accrual method of 
accounting when title to product transfers to the buyer (generally upon 
shipment).  The Company's policy is to provide a reserve for estimated 
uncollectible accounts receivable, if any.

RESERVE FOR RETURNS.  The Company grants customers the right to return goods
which are defective or otherwise unsuitable for sale.  The Company replaces
returned goods or issues a refund to the customer.  The Company's policy is to
provide a reserve for estimated returns and related disposal costs.

<PAGE>

2.   LOSS PER SHARE

Loss Per Share is computed by dividing the Net Loss by the Weighted Average 
Common and Common Equivalent Shares Outstanding during the period.  The 
Weighted Average Common and Common Equivalent Shares Outstanding during the 
three month period ended March 31, 1998 was 3,899,212 compared to 1,599,212 
during the three month period ended March 31, 1997.

The Company's basic and diluted loss per share are the same for the first 
quarter of both 1997 and 1998 in that any exercise of stock options or 
warrants would have been anti-dilutive.

3.   CASH AND CASH EQUIVALENTS

Cash and cash equivalents include savings accounts and investments in a money
market account with original maturities less than 90 days.

4.   INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out method) or
market.  As of March 31, 1998, inventories were comprised of the following:

<TABLE>
               <S>                           <C>
               Raw materials                 $223,779
               Finished goods                  92,729
                                             --------
                                             $316,508
                                             --------

</TABLE>

5.   NOTES PAYABLE

As discussed in Note 3 to the audited financial statements for the year ended 
December 31, 1997, contained in the Company's Annual Report on Form 10-KSB, 
in September 1997, the Company acquired certain bottle making equipment used 
in its bottling operations from Bottles Packaging, Inc. ("BPI").  The 
consideration for the equipment was an aggregate of $1.2 million, a portion 
of which was 

<PAGE>

paid through the issuance of a promissory note in the original principal 
amount of $825,000, payable in installments, as defined. The Company has 
discounted this note payable using an estimated weighted average cost of 
capital of 12%, and amortizes the resulting discount to interest expense 
using the effective interest method over the term of the loan.

The following summarizes the Company's notes payable as of March 31, 1998:

<TABLE>
     <S>                               <C>
     Notes payable                       $760,315
     Less:  Unamortized discount         (175,820)
                                      -----------
     Notes payable                        584,495
     Less:  Current portion               (84,753)
                                      -----------
     Non-current portion                 $499,742
                                      -----------

</TABLE>

On March 11, 1998, an officer of BPI resigned as a director of the Company.

6.   STOCK OPTIONS

The total number of Common Stock warrants and options shown at March 31, 1998 
excludes an aggregate of 502,034 options outstanding at such date held by 
officers and employees of the Company. 

The Company accounts for stock options granted to non-employees in accordance 
with Statement of Financial Accounting Standards No. 123 (SFAS 123) 
"Accounting for Stock-Based Compensation," which requires that these 
transactions be accounted for based upon the fair value of consideration 
received or the fair value of the equity instruments issued, whichever is 
more reliably determinable. In the first quarter of 1998, the Company 
recorded approximately $53,000 for options granted to certain consultants and 
distributors.

In February 1998, the Company granted an aggregate of 202,500 5-year options 
to certain officers and employees at an exercise price of $4 per share, 
(subject to adjustment under certain circumstances). These options vest over 
a three-year period. Stock options granted to employees are accounted for 
under APB Opinion No. 25, under which compensation expense is recognized only 
if the exercise price is less than the market price at the date of grant. If 
compensation cost for stock options granted to employees had been accounted 
for under SFAS 123, the Company's basic and diluted net loss per share for 
the first quarter of 1998 and 1997 would have been (0.16) and (0.31), 
respectively.

7.   SALES BY GEOGRAPHIC REGION

For the three month periods ended March 31, 1997 and 1998, the Company had 
the following sales by geographic region. All sales are made in U.S. dollars:

<TABLE>
<CAPTION>
               <S>                      <C>          <C>     <C>          <C>
                                         1997        %         1998        % 
                                       --------     ---      --------     ---
               Hawaii                  $159,252      73      $275,417      69
               United States Mainland    41,804      19        87,622      22
               International             15,627       8        36,564       9
                                       --------     ---      --------     ---
                                       $216,683     100      $399,603     100
                                       --------     ---      --------     ---

</TABLE>

<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

GENERAL

     THE FOLLOWING DISCUSSION MAY BE DEEMED TO CONTAIN CERTAIN 
"FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE PRIVATE SECURITIES 
LITIGATION REFORM ACT OF 1995, AS INDICATED BY THE USE OF SUCH TERMS AS 
"MAY," "WILL," "EXPECT," "BELIEVE," "ESTIMATE," "ANTICIPATE," "INTEND" OR 
OTHER SIMILAR TERMS OR THE NEGATIVE OF SUCH TERMS.  FORWARD-LOOKING 
STATEMENTS CONTAINED HEREIN MAY INCLUDE, WITHOUT LIMITATION, STATEMENTS 
CONCERNING:  (I)  ANTICIPATED CHANGES IN REVENUE, COST OF MATERIALS, EXPENSE 
ITEMS, INCOME OR LOSS, EARNINGS OR LOSS PER SHARE, CAPITAL EXPENDITURES, 
CAPITAL STRUCTURE AND OTHER FINANCIAL ITEMS;  (II) PLANS OR PROPOSALS OF THE 
COMPANY OR ITS MANAGEMENT WITH RESPECT TO THE COMPANY'S GROWTH STRATEGY, 
INTRODUCTION OF NEW PRODUCTS, AND POSSIBLE ACQUISITIONS OF ASSETS OR 
BUSINESSES; (III) POSSIBLE ACTIONS BY CUSTOMERS, SUPPLIERS, COMPETITORS OR 
REGULATORY AUTHORITIES; AND  (IV) ASSUMPTIONS UNDERLYING THE FOREGOING.  
THESE FORWARD-LOOKING STATEMENTS ARE BASED UPON THE COMPANY'S CURRENT 
EXPECTATIONS AND ARE SUBJECT TO A NUMBER OF RISKS AND UNCERTAINTIES, 
INCLUDING WITHOUT LIMITATION, RISKS AND UNCERTAINTIES RELATING TO:  (I) THE 
MARKET FOR THE COMPANY'S PRODUCTS; (II) THE MAINTENANCE AND DEVELOPMENT OF 
THE COMPANY'S DISTRIBUTOR NETWORK;  (III) POSSIBLE CHANGES IN THE COMPANY'S 
BUSINESS STRATEGY OR THE EXECUTION OF ITS EXISTING STRATEGY;  (IV) THE 
COMPANY'S COST OF MATERIALS OR SOURCES OF SUPPLY;  (V) THE COMPANY'S NEED FOR 
ADDITIONAL CAPITAL OR, IF NEEDED, THE AVAILABILITY OF ADDITIONAL CAPITAL ON 
ACCEPTABLE TERMS AND CONDITIONS; (VI) THE COMPANY'S ABILITY TO ATTRACT AND 
RETAIN KEY PERSONNEL;  (VII) REGULATORY ISSUES IN THE U.S. OR ABROAD; AND 
(VIII) THE COMPETITIVE ENVIRONMENT IN THE COMPANY'S INDUSTRY.  MANY OF THESE 
RISKS AND UNCERTAINTIES ARE BEYOND THE COMPANY'S ABILITY TO PREDICT OR 
CONTROL.  SHOULD MANAGEMENT'S OPERATING ASSUMPTIONS PROVE INCORRECT, THE 
COMPANY'S ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE CONTEMPLATED BY 
THESE FORWARD-LOOKING STATEMENTS.

THE FOLLOWING DISCUSSION SHOULD BE READ IN CONJUNCTION WITH THE COMPANY'S 
FINANCIAL STATEMENTS INCLUDED HEREWITH AND THE NOTES THERETO

RESULTS OF OPERATIONS

     THREE MONTHS ENDED MARCH 31, 1998 COMPARED TO THREE MONTHS ENDED MARCH 
31, 1997

     Net Sales.  Net Sales increased 84% to approximately $400,000 for the 
three months ended March 31, 1998 (the "1998 Quarter") from approximately 
$217,000 for the three months ended March 31, 1997 (the "1997 Quarter").  The 
increase in net revenues in the 1998 Quarter was due primarily to unit sales 
growth from approximately 28,000 

<PAGE>

cases in the 1997 Quarter to approximately 61,000 cases in the 1998 Quarter, 
a 118% increase. The average sales price per case decreased approximately 15% 
in the 1998 Quarter compared to the 1997 Quarter due to discounts and 
promotional allowances granted to promote sales.  Sales in Hawaii accounted 
for approximately 69% of sales in the 1998 Quarter compared to 73% in the 
1997 Quarter.  Sales in the US Mainland and International markets accounted 
for approximately 22% and 9% of sales, respectively, in the 1998 Quarter 
compared to 19% and 8% of sales, respectively, in the 1997 Quarter.

     Cost of Sales.  Cost of Sales increased 89% to approximately $393,000 in 
the 1998 Quarter from approximately $208,000 in the 1997 Quarter, primarily 
due to unit sales growth.  However, the average cost per case sold decreased 
approximately 13% in the 1998 Quarter compared to the 1997 Quarter.  The 
primary cost component in Cost of Sales is the cost of finished bottles. This 
cost was substantially reduced in the 1998 Quarter as a result of the 
Company's September 1997 purchase of the bottle making equipment installed at 
its bottling facility (see Note 5 to the Financial Statements).

     Expenses.  Selling and marketing expenses increased to approximately 
$242,000 in the 1998 Quarter from approximately $87,000 in the 1997 Quarter. 
The majority of this increase is attributable to an expanded sales staff, 
increased advertising and promotional events, and distributor incentives.  
General and administrative expenses increased to approximately $311,000 in 
the 1998 Quarter from approximately $158,000 in the 1997 Quarter.  The 
majority of this change resulted from increased administrative personnel, 
increased legal and accounting services, D&O insurance, investor relations 
expenses, and other expenses related to being a public company, which were 
not incurred in the 1997 Quarter since the Company did not complete its 
initial public offering (the "IPO") until May 1997.

     Other Income (Expense).  Other Income increased to approximately $3,000 
in the 1998 Quarter from approximately $(235,000) in the 1997 Quarter. This 
increase is primarily due to the reduction in interest expense, resulting 
from the repayment of indebtedness outstanding at March 31, 1997 and interest 
income from the proceeds of the IPO.

     Net Loss and Net Loss Per Share.  Due to the foregoing, the Company 
incurred a net loss of $544,059, or $(.14) per share, in the 1998 Quarter 
compared to a net loss of $471,948, or $(.30) per share, in the 1997 Quarter. 
Weighted average shares outstanding were 3,899,212 in the 1998 Quarter 
compared to 1,599,212 in the 1997 Quarter.  The Company expects to continue 
to generate losses until such time, if any, as it achieves significantly 
higher sales levels.

LIQUIDITY AND CAPITAL RESOURCES

     Cash and cash equivalents declined from approximately $2,471,000 at 
December 31, 1997 to approximately $1,778,000 at March 31, 1998, primarily 
due to continuing losses from operations, capital expenditures and debt 
repayment.

     In connection with the purchase of its bottling equipment in September 
1997, the Company issued to the seller a promissory note in the original 
principal amount of $825,000. This note is payable in monthly installments of 
$13,750 (including principal and interest) during the first two years 
following the issuance thereof, and thereafter in three annual installments 
of $165,000, plus interest at the annual rate of 5% on the unpaid principal 
balance.

     The Company had capital expenditures of approximately $122,000 in the 
1998 Quarter, compared to approximately $5,000 in the 1997 Quarter, primarily 
related to improvements to its bottling facility. The Company anticipates 
additional capital expenditures of up to $170,000 during the second quarter 
of 1998, to complete the automation of its bottling line, refurbish the 
pumping equipment at its water source and for other possible improvements to 
its facilities. Other improvements or additions may be implemented if 
and when sufficient funds become available. The Company is currently 
considering extending its product line by entering the home/office market, 
either independently or through the acquisition of an existing bottler. Any 
such extension would require substantial additional capital.

     Based upon current expectations, the Company does not believe that cash 
on hand will be adequate to fund its operations until such time as the 
Company is able to generate positive cash flow from operations. Therefore, 
the Company will need to raise additional capital or improve its performance 
more rapidly than expected in order to sustain its operations. Additional 
capital would also be required in connection with the possible acquisition of 
other businesses or assets. The Company is currently negotiating with certain 
sources concerning the investment of additional capital. However, there can 
be no assurance that such capital will become available on acceptable terms. 
The Company does not anticipate obtaining bank financing at this time.

SEASONALITY

     The Company believes that its business is subject to seasonal 
variations. For obvious reasons, demand for bottled water in any given market 
tends to be higher during the summer months than during the winter.  However, 
the Company expects these seasonal effects to be moderated by concurrent 
sales into a variety of different markets 

<PAGE>

worldwide, all of which may not have the same summer season.  Moreover, 
several of the Company's target markets, such as California and the Middle 
East, have hot or mild temperatures throughout the year.

CURRENCY FLUCTUATION


     The Company is not directly affected by currency fluctuations in 
overseas markets, since all of the Company's sales are quoted in U.S. 
dollars.  However, currency fluctuations can adversely affect the demand for 
the Company's product in foreign markets by increasing the price of the 
product in local currency.

                             PART II:  OTHER INFORMATION

ITEM 2.  CHANGES IN SECURITIES

     (c)  During the three months ended March 31, 1998, the Company granted 
to certain employees, consultants and distributors stock options to purchase 
an aggregate of  245,500 shares of Common Stock at an exercise price of $4.00 
per share.

All of the foregoing transactions were exempt from registration under the 
Securities Act of 1933, as amended, pursuant to Section 4(2) thereof and the 
rules and regulations thereunder.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     (a) Exhibits

     Exhibit
     Number    Description
     ------    -----------

     27.1 Financial Data Schedule

     (b) Reports on Form 8-K

         None

<PAGE>

                                  SIGNATURES

     In accordance with the requirements of the Exchange Act, the registrant 
caused this report to be signed on its behalf by the undersigned, thereunto 
duly authorized.


                                           HAWAIIAN NATURAL WATER COMPANY, INC.
                                           (Registrant)



May 15, 1998                               By: /S/ MARCUS BENDER
                                           ----------------------
                                           Marcus Bender
                                           President & Chief Executive Officer


May 15, 1998                               By: /S/ DAVID K. LAEHA
                                           -----------------------
                                           David K. Laeha
                                           Chief Financial Officer