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87GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 201519. Taxation2015 2014$ $(a) Taxation expense 11,148 8,162Green fund levy 229 227Deferred taxation 1,498 2,315 12,875 10,704(b) Reconciliation of tax expense and product of accounting proft multiplied by the applicable tax rate:Income before taxation 48,917 44,554Income taxes calculated at statutory rates %u2013 25% 12,229 11,139Tax exempt income (528) (598)Other permanent differences 303 (173)Non allowable expenses and other deductions 642 109Green fund levy 229 227 12,875 10,70420. Dividends2015 2014$ $6% cumulative participating preference shares%u2013 fnal 2014 %u2013 4% (2013: 4%) 58 58%u2013 interim 2015 %u2013 4% (2014: 4%) 59 59Ordinary shares%u2013 fnal 2014 %u2013 42%u00a2 (2013: 42%u00a2) 16,758 16,758%u2013 interim 2015 %u2013 18%u00a2 (2014: 18%u00a2) 7,182 7,182 24,057 24,057(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)