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

24. CONTINGENT LIABILITY:

From time to time in connection with its operations, the Company or its subsidiaries are named as a defendant in actions for damages and costs sustained by plaintiffs, or as a respondent in court proceedings challenging the Company’s or its subsidiaries’ regulatory actions, decisions or jurisdiction.

During the first quarter of 2005, TSX Venture Inc. was named as a defendant in an action for unspecified damages. The Company believes the claim is without merit and intends to vigorously defend the action. Accordingly, no provision has been made in the accounts.

During the last quarter of 2005, TSX Inc. was named as a respondent in an application for an injunction and other declaratory relief regarding certain regulatory proceedings proposed to be taken against the applicants by TSX Inc.’s regulation services provider. The Company does not believe that this application will have a material impact on the Company.