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<br />I <br /> <br />~ IBIINCOME FUND <br /> Consolidated Statements of Earnings and Deficit <br />~ (In thousands of dollars, except per unit amounts) <br />For the years ended December 31,2006 and 2005 <br /> 2006 2005 <br /> Revenue: <br /> Fees $ 151,912 $ 98,329 <br /> Expenses: <br /> Salaries, fees and employee benefits (note 14) 96,413 65,574 <br /> Rent (note 14) 7,990 5,843 <br /> Other operating 20,752 11,986 <br /> Amortization of property and equipment 2,198 1,233 <br /> Amortization of intangible assets 4,853 5,325 <br /> Amortization of deferred credit - leases (360) (400) <br /> Interest 2,180 907 <br /> 134,026 90,468 <br /> Earnings before income taxes 17,886 7,861 <br /> Income tax expense (recoverable) (note 9) <br /> Current 1,046 489 <br /> Future (298) (200) <br /> Earnings before non-controlling interest (note 11) 17,138 7,572 <br /> Non-controlling interest (6,660) (3,786) <br /> Net earnings 10,478 3,786 <br /> Deficit, beginning of year (9,580) (7,712) <br /> Distributions declared to Unitholders (9,713) (5,654) <br /> Issue costs (1,844) <br /> Deficit, end of year $ (10,659) $ (9,580) <br /> Earnings per unit $ 1.3208 $ 0.7533 <br /> Weighted average number of units outstanding 7,932,850 5,025,778 <br /> <br /> <br /> <br />See accompanying notes to consolidated financial statements. <br /> <br />2 <br />