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
1 2 

THREE-YEAR REVIEW – FINANCIAL INFORMATION*

(in thousands of dollars)



20061
2005
20042
Revenue:



     Listing 
$   108,483
$     87,724
$   75,022
     Trading and related 
146,253
125,532
99,629
     Market data 
86,941
67,430
58,793
     Business services
9,395
             7,910
8,367
     Other 
1,775
1,368
1,619

$   352,847
$   289,964
$ 243,430



Expenses
148,296
139,192
144,531



Income from operations 
$   204,551
$   150,772
$   98,899
Loss from investment in affiliate
          (82)
           (693)
       (1,210)
Investment income
14,425
6,876
4,772
Income taxes
    (87,370)
         (53,602)
     (33,971)
Net Income
 $   131,524
     $  103,353 
$  68,490 



Operating cash flow
$   189,528
$   167,126
$ 127,021
Working capital
267,065
212,901
120,631
Total Assets
1,572,838
1,557,225
1,036,294
Shareholders' Equity
226,955
177,795
129,516

* Certain comparative figures have been reclassified to conform with the financial presentation adopted in the current year.
1 The financial results of Oxen Inc., which owns Alberta Watt Exchange Limited, (acquired October 2, 2006), Scotia Capital Inc.’s** Fixed Income Indices, PC-Bond® and related assets (acquired October 25, 2006) and Shorcan (acquired December 1, 2006), have been included in these results from and after acquisition.
** Registered trade-mark of The Bank of Nova Scotia. Used under license.
2 The financial results of Natural Gas Exchange have been included in these results from and after acquisition March 1, 2004.

1 2