ENERGY TRUSTS

The long depressed TSX Energy Trust Index is displaying signs of early out-performance vs. the TSX Composite Index

At this time there is no ETF and so stock selection is required – below are the 29 components

See GT letter GT1255 for relative performance ranking – some preferred names are BOLD

S&P/TSX Capped Energy Trust Index 11-Jan-08
Company Name Symbol

Harvest Energy Trust HTE.UN
Advantage Energy Income Fund AVN.UN

Inter Pipeline fund Trust IPL.UN
AltaGas Income Trust ALA.UN

Keyera Facilities Income Fund KEY.UN
ARC Energy Trust AET.UN

Mullen Group Income Fund MTL.UN
Baytex Energy Trust BTE.UN

NAL Oil & Gas Trust NAE.UN
Bonavista Energy Trust BNP.UN

Paramount Energy Trust PMT.UN
Canadian Oil Sands Trust COS.UN

Pembina Pipeline Income Fund PPF.UN
Canetic Resources Trust CNE.UN

Pengrowth Energy Trust PGF.UN
Crescent Point Energy Trust CPG.UN

Penn West Energy Trust PWT.UN
Daylight Resources Trust DAY.UN

Peyto Energy Trust PEY.UN
Enerflex Systems Income Fund EFX.UN

Precision Drilling Trust PD.UN
Enerplus Resources Fund ERP.UN

Progress Energy Trust PGX.UN
Focus Energy Trust FET.UN

Provident Energy Trust PVE.UN
Fort Chicago Energy Partners L.P. FCE.UN

Trinidad Energy Services Trust TDG.UN
Freehold Royalty Trust FRU.UN

Vermilion Energy Trust VET.UN