Blair Wilson

Unit price has dropped about 10% because a perceived US competitor wanted to increase their production of sodium sulphate from 0 to 11% of North American production. Should they be successful, it could be a potential risk. No impact on product price yet. Pull back was too much.

Great track record. Good management. Believes that royalty trusts are discounting long term oil prices. Fully valued. Bonavista would be a better choice.

A top pick in the oil/gas royalty trust sector. Made a significant acquisition that adds to their reserve life.

A sector outperform. Has a lot of trading liquidity. High operating margins of 55/58%. Expects an increase in to yield of 7.3% in 2005 and even higher in 2006.

Management has done an extremely good job in growing cash distributions. Have also diversified away from just propane and into propane, pulp chemicals and gyprock and have been able to lock in profit margins. About an 8% yield. Fairly valued.

As a result of weaker sales because of weaker tourism they cut their distributions in order to maintain their operations. Now turning around. Has a sector outperform with a high risk caveat.

Sector outperform recommendation at a target price of $8.75. This is lower than current price, but it offers a level of income that gives a positive rate of return over the next year which may not happen with the rest of the group. Very strong management team.

Have been very successful in raising distribution in the past and expects a jump to $1.57 in 2005. Has a 3 sector underperform.

Offers a higher than average yield. Also has an element of growth. Expects distributions to go from $1.14 to $1.18. Has been very effective in growing its portfolio of office space properties. Focused in Toronto, but moving into Montreal as well.

70% of their development capital expenses come from their operating cash flows which is good. Above average yield.

Neutral towards this trust at this time. Have a 2-sector perform recommendation. A mid to high cap in the oil/gas trusts. A solid hold at this point.

Distributions should be stable. Comfortable with the long term contracts that they have.

The majority of its production comes from natural gas. A larger cap fund. Has a 3-sector underperfom with an $18.75 target price which would give you a flat return over the next year or so.

A smaller cap trust, so doesn't trade a lot. Would like to see more yield for something this size. Neutral to this one at this time.

Canada's largest trucking company and known for its success in integrating acquisitions. Solid balance sheet. Has a sector outperform on this trust. Would buy on a lower level.