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Three-Year Review

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Years ended December 31, 2005 and 2004 (in thousands of dollars, except per share amounts)

11. GOODWILL AND INTANGIBLE ASSETS:

Goodwill is tested for impairment annually.  The impairment test is carried out in two steps.  In the first step, the Company compared the carrying amounts of its reporting units with their fair values.  The tests were performed in the fourth quarter.  The measurement methodology used to determine whether impairment exists was recoverability based on discounted future cash flows.  The Company found that the fair values of its reporting units were not impaired.  Therefore, the second step of the impairment test was not required.

At the time of the respective purchases, the Company recorded an intangible asset related to the listed issuer base of TSX Venture Exchange Inc. and of the customer base of NGX.
2005
2004
Intangible assets, beginning of year
$ 33,208
$ 23,108
Acquisition of intangible asset (note 2)
–
12,620
Less amortization of intangible assets
(2,508)
(2,520)
Intangible assets, end of year
$ 30,700
$ 33,208