2006 ANNUAL REPORT
CHAIR’S LETTER
TO SHAREHOLDERS
CEO’S LETTER
TO SHAREHOLDERS
STATEMENT OF CORPORATE
GOVERNANCE PRACTICES
2006 MANAGEMENT’S
DISCUSSION AND ANALYSIS
FINANCIALS
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
Three-Year Review
CORPORATE INFORMATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

Years ended December 31, 2006 and 2005
(in thousands of dollars)
2006
2005
Common shares:
Balance, beginning of year
$ 380,925
$ 375,765
Proceeds on options exercised
5,296
4,144
Cost of exercised options
1,280
1,016
Balance, end of year
387,501
380,925

Share option plan:
Balance, beginning of year
2,669
1,662
Cost of exercised options
(1,280)
(1,016)
Cost of share option plan
2,553
2,023
Balance, end of year
3,942
2,669

Deficit:
Balance, beginning of year
(205,799)
(247,911)
Net income
131,524
103,353
Dividends on common shares
(90,213)
(61,241)
Balance, end of year
(164,488)
(205,799)
Shareholders' equity, end of year
$ 226,955
$ 177,795

See accompanying notes to consolidated financial statements.