Distributions

Distributions to Unitholders

The Fund distributes a portion of its cash flow after adjusting for any amounts that the Trustees may reasonably consider to be necessary to provide for the payment of any costs or expenses, including any tax liability of the Fund, that have been or are reasonably expected to be incurred in the activities and operations of the Fund (to the extent that such costs or expenses have not otherwise been taken into account in the calculation of the cash flow of the Fund) and for reasonable reserves.

The cash flow of the Fund is computed as the sum of all cash amounts received by the fund in or in respect of such Distribution Period, including all income, interest, distributions, dividends, proceeds from the disposition of securities, returns of capital and repayments of indebtedness, as well as all amounts received by the Fund in any prior Distribution Period to the extent not previously distributed adjusted by a) all costs and expenses of the Fund that, in the opinion of the Trustees, may reasonably be considered to have accrued and become owing in respect of, or which relate to, such Distribution Period or a prior Distribution Period if not accrued in such prior period; (b) all amounts payable in cash that relate to the redemption or repurchase of Units and that have become payable by the Fund in such Distribution Period; (c) any interest expense incurred by the Fund between distributions; and (d) all amounts that relate to the repayment of the principal amount of any indebtedness of the Fund during such Distribution Period (net of any such amounts that have been refinanced during such Distribution Period). Distribution Period means each calendar month from and including the first day thereof and to and including the last day thereof.

Monthly distributions are to be paid to Unitholders of record on the last Business Day of each calendar month or such other date as may be determined from time to time by the Trustees (provided that December 31 in each calendar year shall be a distribution record date) and are to be paid generally on the 20th day of the following month (or if that day is not a Business Day, on the next following Business Day or such earlier date determined from time to time by the Trustees).

On March 17, 2008 the Fund announced that the monthly cash distribution of $0.10 per unit ($1.20 per unit on an annualized basis) will be restructured into distributions consisting of $0.05 per unit in cash and an “in-kind” distribution of $0.05 per unit in equity, to be settled with additional units issued to unitholders, subject to regulatory approval. In-kind units will be issued at a deemed price equal to the volume-weighted average price of all units traded on the Toronto Stock Exchange on the 10 trading days preceding the applicable record date. Unitholders will receive cash in lieu of the issuance of fractional units.

The following table sets forth the per Unit amount of monthly cash distributions declared and paid by the Fund for 2008:

Period Record Date Payment Date $ Per Unit $ Per Unit $ Per Unit
      in Cash in Equity Volume Weighted
          Average Price
December 2008         
November 2008         
October 2008         
September 2008         
August 2008         
July 2008         
June 2008         
May 2008         
April 2008 April 30, 2008 May 20, 2008 0.05 0.05 6.007460
March 2008 March 31, 2008 April 21, 2008 0.05 0.05 5.462079
February 2008February 29, 2008March 20, 2008 0.10    
January 2008January 31, 2008February 20, 2008 0.10    

On March 14, 2007, the Fund announced that the monthly cash distributions to Unitholders will be decreased from $0.18 per unit to $0.10 per unit commencing with the distribution in respect of the month ended March 31, 2007.

From January 1, 2007 to December 31, 2007, the Fund made cash contributions to Unitholders totaling $1.36 per unit.

The following table sets forth the per Unit amount of monthly cash distributions declared and paid by the Fund for 2007:

Period Record Date Payment Date $ Per Unit
December 2007December 31, 2007January 18, 20080.10
November 2007November 30, 2007December 20, 20070.10
October 2007October 31, 2007November 20, 20070.10
September 2007September 28, 2007October 19, 20070.10
August 2007August 31, 2007September 20, 20070.10
July 2007July 31, 2007August 20, 20070.10
June 2007June 29, 2007July 20, 20070.10
May 2007May 31, 2007June 20, 20070.10
April 2007April 30, 2007May 21, 20070.10
March 2007March 30, 2007April 20, 20070.10
February 2007February 28, 2007March 20, 20070.18
January 2007January 31, 2007February 20, 20070.18

From January 1, 2006 to December 31, 2006, the Fund made cash distributions to Unitholders totaling $2.00 per Unit. The following table sets forth the per Unit amount of monthly cash distributions declared and paid by the Fund for 2006:

Period Record Date Payment Date $ Per Unit
December 2006December 29, 2006January 19, 20070.18
November 2006November 30, 2006December 20, 20060.18
October 2006October 31, 2006November 20, 20060.18
September 2006September 29, 2006October 20, 20060.18
August 2006August 31, 2006September 20, 20060.17
July 2006July 31, 2006August 21, 20060.17
June 2006June 30, 2006July 20, 20060.17
May 2006May 31, 2006June 20, 20060.17
April 2006April 28, 2006May 19, 20060.15
March 2006March 31, 2006April 20, 20060.15
February 2006February 28, 2006March 20, 20060.15
January 2006January 31, 2006February 20, 20060.15

From May 6, 2005 to December 31, 2005, the Fund made cash distributions to Unitholders totaling $1.25 per Unit. The following table sets forth the per Unit amount of monthly cash distributions declared and paid by the Fund during 2005:

Period Record Date Payment Date $ Per Unit
December 2005December 31, 2005January 20,20060.15
November 2005November 30, 2005December 20, 20050.15
Special DistributionNovember 30, 2005December 20, 20050.05
October 2005October 31, 2005November 21, 20050.15
September 2005September 30, 2005October 20, 20050.15
August 2005August 31, 2005September 20, 20050.15
July 2005July 29, 2005August 19, 20050.15
June 2005June 30, 2005July 20, 20050.15
May 6, 2005 to
May 31, 2005		May 31, 2005June 20, 20050.15