Notes to the Consolidated Financial Statements
(Years ended December 31, 2007 and 2006 (In thousands of dollars, except per share amounts)

22.  Contingent liabilities:

The Company may make additional payments of up to a maximum $19,200 contingent on the results of acquisition operations within the next three years and payments ranging from $40,000 to $95,000 in connection with the acquisition of NTP (note 3).

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. In 2005, TSX Venture Exchange was named as a defendant in an action for unspecified damages. The Company believes this claim is without merit and intends to vigorously defend the action. Accordingly, no provision has been set up in the accounts.