SELECTED ANNUAL INFORMATION 

^{++ Includes a special dividend of $2.50 per common share paid December 31, 2003.}

Revenue, net income and earnings per share 

2005

• For the year ended December 31, 2005, net income was $103.4 million, or $1.52 per common share ($1.51 on a diluted basis) on total revenue of $290.0 million, representing an increase of $34.9 million, or 51%, compared with $68.5 million, or $1.01 per common share ($1.00 on a diluted basis) for the year ended December 31, 2004. 
  
• The 2005 results reflect significantly higher revenue across all of the primary revenue streams and lower general and administrative expenses, partially offset by an increase in income taxes. 
  

2004

• For the year ended December 31, 2004, net income was $68.5 million, or $1.01 per common share ($1.00 on a diluted basis), on total revenue of $243.4 million, representing an increase of $8.6 million, or 14%, compared with $59.9 million, or $0.89 per common share ($0.88 on a diluted basis) for the year ended December 31, 2003. 
  
• The 2004 results reflect significantly higher revenue across all of the primary revenue streams, partially offset by an increase in expenses and income taxes and lower investment income. 
  
  

Total Assets 

2005

• During 2005, total assets of $1,557.2 million increased by $520.9 million over $1,036.3 million in 2004 primarily as a result of higher energy contracts receivables of $1,004.3 million related to the clearing operations of NGX ($608.4 million in 2004). As the clearing counterparty to every trade, NGX also carries offsetting liabilities in the form of energy contracts payables, which were $1,004.3 million at the end of 2005 ($607.5 million at the end of 2004). The increase in total assets also reflects an increase in marketable securities, accounts receivable and the long-term portion of the future tax asset.
  

2004

• During 2004, total assets of $1,036.3 million increased by $715.1 million over $321.2 million in 2003 primarily as a result of the inclusion of energy contracts receivables of $608.4 million related to the clearing operations of NGX. Offsetting liabilities in the form of energy contract payables were $607.5 million at December 31, 2004. In addition, $31.6 million was recorded in 2004 to reflect the goodwill and intangible asset associated with the purchase of NGX. As well, cash and marketable securities at the end of 2004 increased by $54.0 million over the total at the end of 2003. 
  
  

Deferred revenue-initial and additional listing fees 

• Deferred revenue-initial and additional listing fees increased from 2003 through 2005 as the fees received from initial and additional listings during this period were higher than the amount of revenue recognized for these fees related to prior periods.