Presentation December 1, 2005

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• Presentation December 1, 2005

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Avenir Trust Structure
Public Trust AVF.UN
Operating Trust
50
50
Target Equity Allocation
Avenir Energy
Avenir Non- Energy
Financial Services
Energy Services
Oil and Gas
Real Estate
55.5
10
32.5
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Avenir Quick Facts

• TSX Exchange AVF.UN
• Current Trust Units Outstanding 40.7 mm
• Management, Directors Officers ownership 3
• Q3 2005 YTD Payout Ratio 62
• Est. taxable portion of 2005 distribution 80
• Target Yield 9 - 10
• Current trading price per unit 11.90
• Current Yield 12.1

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Corporate Philosophy

• Integration of Merchant Banking with the Trust
  sector
• Combine the cash flow streams from the business
  segments of Oil Gas Production, Energy
  Services, Real Estate and Financial Services to
  diversify risk
• Maintain attractive yields with sustainable
  distributions
• Target quality trustable assets for acquisition
  which are too small to become trusts
  independently
• Accretively grow each segment to generate steady
  income and capital appreciation
• Over a 3 year period, build each business unit to
  a size of independence for possible divestment.

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The Avenir Team

• Corporate
• Bill Gallacher, P. Eng., President CEO
• Gary Dundas, CMA, MBA, VP Finance CFO
• Jill Koskimaki, BBA, Manager of Bus. Dev.
• Michelle OGrady , CA, Controller
• Directors
• Bill Gallacher (Avenir)
• Gary Dundas (Avenir)
• Stuart Chow, Chair. Reserves (Outside)
• Jeff Kohn (Outside)
• Alan Moon, Chair. Corp. Governance (Outside)
• David Butler (Outside)
• William Patterson, Chair. Audit (Outside)

• Energy
• James Burns, P. Geol., MBA, COO, Energy
• Grant Leslie, P. Eng., VP Operations, Energy
• Debbie Carter, Controller, Energy
• Stuart King, Controller, Energy Services
• Ken Wagner, President Cascade Partnership
• Clyde Moch, President Millard Partnership
• Troy Fisher, President Cardinal Partnership
• Steve Sykes, Gen Mgr. Endless Partnership
• Rod MacDonald, President Westvac Partnership
• Financial Services
• Elbow River Marketing Limited Partnership
• Ed Malcolm, President
• Cash Advance Rentcash Inc.
• Advisor Card Capital, Jeff Smith
• Real Estate
• Advisors Tonko Realty Advisors, Peter Cohos

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Business Unit Operations

• The three business units are organized to
• Possess their own trust-like characteristics
• Operate independently and
• Be managed by experienced industry individuals
  with significant input at the Trust level.
• Potential investments go through extensive due
  diligence, i.e., title review, environment
  assessment, financial review and operational
  inspections.
• Through diversification, AVF.UN is able to
  allocate resources and take advantage of
  opportunities in each segment.
• Prudent cash flow payout strategy allows for
• Accretive growth through acquisitions and
• Management of sustainable, level distributions.

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Energy Business Unit - Oil Gas

• Oil Gas Assets
• Current production approx. 3,650 boe/d
• 60 Gas / 40 Oil
• RLI approx. 7.5 years
• Approx. 80 total proved
• 2005 Q3 average production of 3,495 boe per day
• Begin internally generated drilling program in Q4
  2005 with production additions in the 15,000 to
  20,000 per producing boe range

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Energy Business Unit - Energy Services

• Essential Production Services
• i. Cascade Services Limited Partnership
• Business vacuum truck, hydro-vac, steam
  pressure trucks (50 trucks in operation)
• President of Partnership Ken Wagner
• Office Fort St. John, B.C., servicing Northeast
  B.C. and Northwest Alberta
• ii. Westvac Energy Services Partnership
• Business vacuum truck, hydro-vac, steam
  pressure trucks (30 trucks in operation)
• President of Partnership Rod MacDonald
• Office Edmonton, Alberta, servicing Central and
  Northern Alberta
• iii. Avenir Production Services Limited
  Partnership
• a. Millard Oilfield Services Limited
  Partnership
• Business 5 service rigs providing well
  servicing in Southern Alberta
• President of Partnership Clyde Moch
• Office Medicine Hat, Alberta
• b. Endless Tubing Limited Partnership
• Business 9 coiled tubing service units in
  Southern Alberta
• General Manager Steve Sykes
• Office Medicine Hat, Alberta
• c. Cardinal Well Services Ltd.

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Financial Services Business Unit

• 1. Cash Advance Financing (19.9mm)
• Terms
• Thirteen contracts with identical ten-year terms
• Fee-based lending of 0.07 per 100 loaned per
  day
• Fully-collateralized credit risk and
• The ability to capitalize on market trend
  developing in the U.S.
• 2. Elbow River Marketing Partnership
• Business
• A wholesale broker, transporter and supplier of
  butane to major refineries and propane to major
  retailer in the United States, Canada and Mexico.
  
• Also a broker of ethanol gasoline and looking
  to expand to other specialty products.
• Mechanics
• Elbow takes title of product, contracts a sale,
  arranges transportation and delivery (rail cars)
• They pay for the product and transportation,
  conclude delivery and receive payment
• The product prices are normally determined by the
  spot market price and Elbow typically has no
  product risk - delivery price is generally fixed
  at the time of title.
• Very stable high volume, low margin business not
  dependent on product prices
• The Company brokers approximately 12,000 bbls of
  liquids per day
• Leases up to 480 rail cars at any one time and a
  
• Four-year cashflow (before taxes and shareholder
  bonuses) averaged approximately 9.5 million.

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EnerVest Acquisition October 2005

• Acquisition of the privately held joint venture
  Management Company, that is the sole Manager of
  the EnerVest Group of Funds
• Aggregate purchase price of 125.5 million
• Expected to add 14.0 million of stable
  distributable cash flow
• Further diversifies the financial services
  division
• The transaction will allow for organic growth
  both in existing and new funds
• Cypress Capital Management Ltd. will remain as
  the investment manager of EnerVest
• EnerVest
• an actively managed, closed-end trust which
  invests in a diversified portfolio of income,
  royalty and real estate investment trusts, and
  limited partnerships, all of which trade on the
  Toronto Stock Exchange. EnerVests objectives are
  to maximize monthly distributions, reduce
  investment risk and maximize net asset value over
  its life
• Closed on October 4, 2005 in conjunction with a
  196.2 equity financing

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Real Estate Business Unit

• Real Estate Assets
• Five small industrial commercial buildings
• Book value of over 22 million
• Located in Toronto and London, ON in Calgary
  and Edmonton, AB
• Properties have over 400,000 sq ft of leasable
  area and
• Long-life leases which include triple net fees,
  whereby all costs are paid by the leasee,
  including property management fees.

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Real Estate Properties
1800 Huron St, London, ON Manufacturing
Warehouse Facility 100 leased 12.65 acres
141,343 square feet
2305 - 84th Ave, Edmonton, AB Warehouse Office
Facility 100 leased 4.57 acres 90,800
square feet
Station Crossing, Fort Saskatchewan, AB Shopping
Plaza 100 leased n/a acres 16,000 square
feet
6732 - 8th St NE, Calgary, AB Research
Manufacturing Facility 80 leased 9.65 acres
117,147 square feet
222 Snidercroft Road, Vaughan, ON Manufacturing
Office Facility 100 leased 4.00 acres
35,500 square feet
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Q3 2005 Three Nine Month Highlights
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Historical Financial Results
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Estimated Net Asset Value
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Growth Strategy

• Energy
• Target opportunities of less than 1,000 boe/d
  which are too small for pure-play energy trusts
• Maintain the Trusts reserve life index at 6 to 8
  years
• Hedge commodity price exposure
• Pursue diversification opportunities which are
  economic and accretive and
• Target essential production energy services with
  management in place.
• Financial Services
• Focus on providing high-yield financial services
  contracts to businesses outside energy and real
  estate industries and
• Identify opportunities in financial services,
  financial management and business services where
  contracts or business relationships provide
  stable cashflow streams at a 10-14 yield
• Further diversify portfolio across multiple
  business lines.
• Real Estate
• Target and acquire real estate properties that
  will yield a 9-12 return, using 65 leverage
  and
• Identify properties that are too large for
  individual investors yet too small for REITs.

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Why Avenir?

• Attractive Cash-on-Cash Yield Based on Current
  Distributions
• Tax-Advantaged Distribution Profile
• Stability of Distributions Due To Unique
  Diversification Strategy
• Tremendous Upside Potential Due to Trusts
  Acquisition Strategy
• Historic Strong Returns to Unitholders
• Increased Distributions 5 times in the past 2 1/2
  years
• Strong, Multi-Disciplinary Management Team
• No Management Fees
• Management Interests Aligned with Unitholders