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
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THREE-YEAR REVIEW – MARKET STATISTICS*

(Unaudited)


2006

2005

2004

Toronto Stock Exchange:




Volume (millions)

82,049.9

64,167.3

61,278.0

Value ($ billions)

1,416.1

1,075.2

833.9

Transactions (000s)

85,651.9

55,158.3

40,267.0

Issuers Listed

1,598

1,537

1,421




New Issuers Listed:

197

223

204

Number of Initial Public Offerings

108

137

115

Number of graduates from TSX Venture/NEX

67

46

58

New Equity Financing: ($ millions)

41,793.4

46,162.8

46,515.6

Initial Public Offering Financing ($ millions)

9,927.2

15,226.0

15,633.2

Secondary Offering Financings1 ($ millions)

 19,513.4

14,956.6

 22,201.0
Supplementary Financings ($ millions)
12,352.8
15,980.2
8,681.4

Market Cap of Listed Issuers ($ billions)

2,061.3

1,830.7

1,546.9

S&P/TSX Composite Index Close

12,908.4

11,272.3

9,246.7




TSX Venture Exchange2:



Volume (millions)

37,674.5

21,545.7

17,087.2

Value ($ billions)

33,277.9

15,696.3

10,940.2

Transactions (000s)

6,487.2

3,477.0

2,877.1

Issuers Listed

2,244

2,221

2,209




New Issuers Listed:

186

165

142

New Equity Financing: ($ millions)

8,047.8

6,163.9

4,205.6

Initial Public Offering Financing ($ millions)

369.7

257.5

194.2

Secondary Offering Financings1 ($ millions)

7,678.1

5,906.4

4,011.4

Market Cap of Listed Issuers ($ billions)

55.3

34.0

25.3

S&P/TSX Venture Composite Index Close

2,987.1

2,236.6

1,825.5



1 Secondary Offering Financings includes prospectus offerings on both a treasury and secondary basis.
2 TSX Venture Exchange market statistics do not include data for debt securities. ‘New Issuers Listed’ and ‘S&P/TSX Venture Composite Index Close’ statistics exclude data for issuers on NEX. All other TSX Venture Exchange market statistics include data for issuers on NEX, which is a board that was established on August 18, 2003 for issuers that have fallen below TSX Venture’s listing standards (164 issuers at December 31, 2006, 201 issuers at December 31, 2005).

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