Management Statement
Auditors’ Report to Shareholders
Consolidated Balance Sheets
Consolidated Statements
of Income
Consolidated Statements of Changes in Shareholders’ Equity
Consolidated Statements
of Cash Flows
Notes to Consolidated
Financial Statements
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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)

15. DEFERRED REVENUE-INITIAL AND ADDITIONAL LISTING FEES:

Deferred revenue-initial and additional listing fees represents non-refundable fees received from listed issuers. This deferred revenue will be recognized on a straight line basis over an estimated service period of ten years.