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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)

2. PURCHASE OF NGX CANADA INC.:

On March 1, 2004, the Company acquired 100% of the outstanding common shares of a predecessor of NGX. NGX is a Canadian exchange that trades and clears natural gas and electricity contracts. The acquisition of NGX was accounted for using the purchase method.

The purchase price was $39,338 in cash plus closing costs of $834. In addition, a payment that considers the memorandum of agreement signed in 1999 was made to the Bourse de Montreal totalling $5,000.  The allocation of the purchase price, including the valuation of goodwill and intangible asset, was completed at the end of April 2004. 

The following table summarizes the estimated fair value of assets acquired and liabilities assumed at the date of acquisition:
As at March 1, 2004:
Cash
$   12,989
Current assets
396,794
Premises and equipment
1,116
Future tax asset
386
Intangible asset
12,620
Goodwill
18,978

442,883
Current liabilities
398,153
Income taxes payable
4,558
Purchase price
$   40,172

The results of NGX are included from the date of acquisition.