Garth Jestley

Acquiring Esprit Energy (EEE.UN-T), which will be positive for them. He tends to favour the more “new generation” trusts. They have taken some steps to strengthen their team and are moving in the right direction and he is watching them.

(A Top Pick Dec 2/05. Down 16.6 %.) Still likes. Dropped along with natural gas prices. Fundamentals are still good.

(A Top Pick Dec 2/05. Down 7.5%.) Still likes. Good entry point.

(A Top Pick Dec 2/05. Down 4%.) In an economy where there may be some de-acceleration of earnings, this is a defensive holding. Is good at making acquisitions. Good landfill holdings.

Electronic land Registries. Has a contractual monopoly. Continues to bring on old paper-based records into its registry.

He has lightened up on the gas-oriented trusts recently because of near-term weakness in gas. However, feels that gas will be going up and this is one of the better names. Recently made a large acquisition giving them good diversification.

The largest oil/gas producer. The challenge for it will be replacing its production. A core holding for all portfolios. Has a very large land holding to develop or lease. Well-managed.

Basically distributes products to the long care sector. A play on the ageing population. 70/75% of its business is very stable. Has performed quite well. Also sells diagnostic equipment, which tends to be volatile. Expensive at the current level.

Paying a very high price in acquiring Find Energy. It will be a good fit. Good management team. Looking at their high payout ratio and increasing debt ratio, he would stay on the sidelines.

A recent negative research report created a drop in price. Good entry point. Likes management.

Not enthusiastic about the restaurant sector.

In the equipment rental business in the Toronto area. A highly seasonal/cyclical business. High payout ratio. High debt.

Had shorted this trust earlier this year because of its high payout ratio and gas prices were weakening. There are better ways to play natural gas.

Just made a management change. A large player in coal bed methane.

Has concerns about input costs. High yield is a reflection of the markets concerns of its high payout ratio. There is danger of further distribution cuts. High debt.