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• Letter from the Chairman
• Letter from the Interim Co-CEOs
• Statement of Corporate Governance Practices
• Management's Discussion and Analysis
• Introduction
• Non-GAAP Financial Measures
• Executive Summary of Vision, Strategies and Key Current Initiatives
• Overview of the Business
• Year Ended December 31, 2007 Compared with Year Ended December 31, 2006
• Liquidity and Capital Resources
• Quarterly Information
• Critical Accounting Estimates
• Change in Accounting Policy
• Disclosure Controls and Procedures and Internal Controls over Financial Reporting
• Strategies and Outlook
• Forward-looking Information, Risks and Uncertainties
• Management Statement
• Auditors' Report to the Shareholders
• Consolidated Financial Statements
• Notes to the Consolidated Financial Statements
• Three-year Review: Financial Information
• Three-year Review: Market Statistics
• Corporate Information

Liquidity and Capital Resources

Cash and Marketable Securities

• The decrease was primarily due to the payment of four dividends of $0.38 per common share, or $103.5 million in aggregate and by payments totalling $107.6 million relating to the repurchase of 2,399,862 common shares under a normal course issuer bid (NCIB) in 2007. In addition, we invested $31.1 million of cash in acquisitions (including intangible assets) and capital expenditures during 2007. These decreases were offset by $221.7 million in cash generated from operations in 2007.

Total Assets

• Total assets decreased primarily due to lower energy contracts receivable of $745.4 million at December 31, 2007 related to the clearing operations of NGX, compared with $889.4 million at the end of 2006. The reduced level of receivables reflected lower natural gas prices at the end of December 2007 compared with the end of December 2006. As the clearing counterparty to every trade, NGX also carries offsetting liabilities in the form of energy contracts payable, which were $745.4 million at December 31, 2007 compared with $889.4 million at the end of 2006.
• The overall decrease was partially offset by an increase to current assets following a change in accounting policy adopted effective January 1, 2007. We recorded $74.9 million related to the fair value of open energy contracts as at December 31, 2007. NGX also carried offsetting liabilities related to the fair value of open energy contracts which were $74.9 million at December 31, 2007.