Adjusted Cost Base

Applicable for original December 2003 IPO investors only. Subsequent to the Partnership's public listing in July 2005, investors should refer to the Tax Information page for further information that may affect the Cost Base of your investment.

ACB of a Partnership Unit 2003 2004 July 2005
ACB at Beginning of Period - $1.7187 $1.2109
Investment 10.0000 - -
Issue costs (Note 1) (0.2819) (0.2863) (0.1670)
Interest income 0.0004 0.0033 0.2503
Business loss (0.0202) (0.2248) (0.4818)
Renounced CEE (7.9795) -  
Capital gain - -  
ACB at End of Period $1.7187 $1.2109 $0.8123

Note 1: Issue costs are deductible for tax purposes over 5 years, and will be included in the Business Income (Loss) reported on an investor's T5013 tax slip.

Letter to Unitholders