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<br /> IBIINCOME FUND
<br /> Interim Consolidated Statements of Earnings
<br /> (In thousands of dollars, except per unit amounts)
<br />. (Unaudited)
<br /> Three months Three months Six months Six months
<br /> ended ended ended ended
<br /> June 30, June 30, June 30, June 30,
<br /> 2007 2006 2007 2006
<br /> Revenue:
<br /> Fees $ 43,253 $ 37,161 $ 84,809 $ 72,559
<br /> Expenses:
<br /> Salaries, fees and employee benefits
<br /> (note 8) 27,552 22,862 53,913 45,264
<br /> Rent (note 8) 2,108 1,894 4,365 3,798
<br /> Other operating 5,848 5,643 11,172 10,856
<br /> Amortization of property and equipment 628 647 1,164 1,023
<br /> Amortization of intangible assets 730 878 1 ,431 1,755
<br /> Amortization of deferred credit - leases (72) (90) (145) (180)
<br /> Interest, net 646 481 1,228 829
<br /> 37,440 32,315 73,128 63,345
<br /> Earnings before income taxes 5,813 4,846 11,681 9,214
<br /> Income taxes
<br /> Current 133 342 451 515
<br /> Future (note 6) (3,150) (3,150)
<br /> Earnings before non-controlling interest 8,830 4,504 14,380 8,699
<br /> Non-controlling interest 3,264 1,665 5,316 3,540
<br /> Net earnings 5,566 2,839 9,064 5,159
<br /> Earnings per unit $ 0.6496 $ 0.3313 $ 1.0579 $ 0.7069
<br /> Weighted average number of
<br /> units outstanding 8,567,778 8,567,778 8,567,778 7,297,922
<br />
<br />
<br />See accompanying notes to the unaudited interim consolidated financial statements.
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