Executive Summary

1
Annual General Meeting May 22, 2008
2
Disclaimer

• Except for historical financial information
  contained herein, the matters discussed in this
  document may be considered forward-looking
  statements. Such statements include declarations
  regarding management's intent, belief or current
  expectations. Prospective investors are cautioned
  that any such forward-looking statements are not
  guarantees of future performance and involve a
  number of risks and uncertainties actual results
  could differ materially from those indicated by
  such forward-looking statements. Among the
  important factors that could cause actual results
  to differ materially from those indicated by such
  forward-looking statements are (i) that the
  information is of a preliminary nature and may be
  subject to further adjustment, (ii) the possible
  unavailability of financing, (iii) risks related
  to the exploration and development of oil and gas
  properties, (iv) the impact of price fluctuations
  and the demand and pricing for oil and natural
  gas, (v) the seasonal nature of the business,
  (vi) start-up risks, (vii) general operating
  risks, (viii) dependence on third parties, (ix)
  changes in government regulation, (x) the effects
  of competition, (xi) dependence on senior
  management, (xii) financial condition of real
  estate tenants and financial services
  counterparts, (xiii) impact of the Canadian
  economic conditions or the demand for real estate
  leasing opportunities, and (xiv) fluctuations in
  currency exchange rates and interest rates.
• Funds from continuing operations, funds from
  continuing operations per unit, funds from
  operations, funds from operations per unit, net
  back and working capital (net debt) are not
  recognized measures under Canadian generally
  accepted accounting principles (GAAP). Funds
  from operations is calculated by taking cash
  provided by operating activities on the statement
  of cash flows adjusted for the effect of changes
  in non-cash working capital and asset retirement
  costs incurred. Working capital (net debt) is
  calculated by taking current assets less current
  liabilities excluding balances relating to assets
  held for sale. Operating netbacks per BOE equal
  total petroleum and natural gas revenue net of
  transportation expenses and realized gains on
  commodity contracts per BOE less royalties per
  BOE and operating expenses per BOE. Operating
  netbacks as used in the MDA do not have any
  standardized meaning under GAAP and therefore may
  not be comparable with the calculation of similar
  measures of other entities. Operating netbacks
  are a useful measure to compare the Trusts
  operations with those of its peers). Management
  believes that these measures are useful
  supplemental measures to analyze operating
  performance as they demonstrate the Trusts
  ability to generate the funds from operations
  necessary to fund future distributions and
  capital investments. The Trusts method of
  calculating these measures may differ from other
  issuers, and accordingly, they may not be
  comparable to measures used by other issuers.
  Investors should be cautioned that these measures
  should not be construed as an alternative to net
  income, cash flow from operating activities or
  other measures of financial performance
  calculated in accordance with GAAP. Distribution
  Payout Ratio is calculated by dividing the
  Distributions by the Funds from Operations.

3
Avenir Trust Structure
Public Trust AVF.UN
Operating Trust
50
50
Target Allocation
Avenir Energy
Avenir Non- Energy
Oil and Gas
Financial Services
Real Estate
Q1 2008 Actual Cashflow Pre Enervest Sale
62
3
35
May 2008 Forecast Cashflow Post Enervest Sale
50
47
3
4
Avenir Quick Facts

• TSX Exchange
  AVF.UN
• Current Trust Units Outstanding
  41.9 mm
• Target Payout Ratio
  75 to 80
• Annual 2007 Payout Ratio
  78
• Q1 2008 Payout Ratio
  48
• Target Yield
  10 11.5
• Current trading price per unit
  8.15
• Current Yield
  12.2

5
Team

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

• Financial Services Business Unit
• Elbow River Marketing Limited Partnership
• Ed Malcolm, President
• Energy Business Unit
• Grant Leslie, P. Eng., COO, Energy
• Bob Guy, VP Production
• Debbie Carter, Controller, Energy
• Real Estate Business Unit
• Advisors MDC Property Services Ltd.

6
Strategic Review Committee

• Strategic Review Committee
• Established with the mandate to consider
  strategic alternatives and opportunities for the
  Trust in order to provide maximum value to
  unitholders.
• Established as a result of the previously
  announced
• Process to sell Avenir Trusts Real Estate
  Division
• Sale of the EnerVest Management assets and
• Pending taxation of income trusts in 2011
• The committee consists of
• All non-management and independent board
  members.
• Time frame
• Management and the Board will update unitholders
  by the end of the third quarter 2008, and as the
  review process progresses.

7
Financial Services

• EnerVest Limited Partnership Disposition
• The EnerVest Management LP was sold to Canoe
  Financial LP May 16, 2008, effective April 1,
  2008.
• Proceeds of Sale
• Sale Price 185.0 million
• Working Capital Debt (18.9) million
• Net Proceeds 166.1 million
• Vendor Take-Back Payable Dec 31/08 (25.0)
  million
• Proceeds at May 2008 141.1 million
• Return on Investment
• Original Equity 130.2 million
• Distributions (44.7) million
• 85.5 million
• Proposed Net Proceeds after Debt 166.1 million
• Transaction, closing change of control costs
  (6.5) million
• 159.6 million
• Total Return 74.1 million
  or 87

8
Financial Services Elbow River Marketing LP

• Elbow River is a wholesale marketer, transporter
  and supplier of butane to major refineries and
  propane to major retailers in the US, Canada and
  Mexico - markets ethanol, natural gas and
  biofuels.
• High revenue low margin business
• Facilitates the procurement, logistics,
  transport and sale of LPG and biofuel products
• Locks in profits and mitigates risk through
  hedging almost all parts of transaction
• i. LPG Business
• Represents approximately 65 of Elbows cash
  flow
• Base business purchased in 2005
• Butane continues strong with blending and
  diluent opportunities especially with oil sands
• Propane has been weaker the past two years due
  to mild winters and lower demand
• Natural gasoline (condensate) is a new product
  to Elbow with increasing demand as a diluent in
  heavy oil and oil sands

9
Elbow River Marketing LP

• ii. Biofuel Business
• Represents approx. 35 of cash flow
• Biodiesel
• Involved in both domestic North American market
  and export market
• In Q1 2008 one of the largest biodiesel exporters
  in North America
• Biodiesel imported from South American and Asia
  to US to be blended with US domestic products
• Bulk of exports to Europe
• European demand is robust due to high usage of
  diesel and government mandates
• Domestic US demand continues strong due to
  government mandates and increased usage of
  diesel. US mandates up in the air post US
  election.
• Requires higher capital, logistical and people
  resources
• Ethanol
• Narrower margins in latter 2007 and early 2008
• Excess supply in US and limited distribution
  network
• Used a lot for blending in gasoline
• Elbow well positioned for niche markets and for
  anticipated recovery in latter 2008 and 2009

10
Energy

• Oil Gas Grant Leslie, COO
• Average 2007 production rate of 3,348 boe/d
• Q1 2008 average production rate of 3,329 boe/d
• Balanced sales volume ratio of 48 oil / 52
  natural gas
• RLI approx. 7.0 years
• 2007 focus on capital programs resulted in FD
  costs of 17.70/boe including future capital
• Development and acquisition activity in 2007
  resulted in 107 reserve replacement at total
  combined cost of 15.73/boe

Actual price before hedges
11
Oil and Gas

• 2008 continued focus on internally generated
  development programs
• Expected to drill 17 gross (7.8 net) wells in
  2008
• Q2 2008 estimated production exit rate of 3,380
  boe/d
• Expect to spend approx. 14 million

12
Real Estate Portfolio
Property Manager MDC Property Services
Ltd. Property Leasable Sq Ft
Western Spirit Portfolio 422,423
Station Crossing 16,210 KFC
Portfolio 36,951 Landmark Portfolio
161,565 Cineplex Red Deer
40,000 677,149

• 100 leased
• Estimated Annual Net Operating Income of 6.4
  million
• Single purpose commercial real estate
• Alberta/British Columbia focus
• Financing 60 to 65 mortgage to asset value

13
Real Estate Update

• Sale Process
• National realtor engaged in Q4 2007
• Expect to sell all properties by mid to late
  summer on a property by property basis
• Currently have signed LOIs, subject to due
  diligence, on a number of properties
• Expect sale process to net 26 - 31 million
  after mortgage repayment

14
2007 Highlights
15
2008 First Quarter Highlights
16
Outlook

• Financial Services Elbow River
• Elbow River continues to benefit from the
  development and execution of its export biofuel
  strategy
• One of the leading biofuel exporters in North
  America
• Continued strength in butane and natural gasoline
• Based on initial presale levels, the second
  quarter for Elbow River should be solid in what
  has traditionally been their weakest quarter
• Oil Gas
• Production is in line with expectations,
  consistent with prior year at 3,329 BOE/d with a
  split of 52 natural gas and 48 oil and liquids
• Pricing for both natural gas and crude oil is up
  significantly boding well for a strong second
  quarter
• Improved pricing has increased the economics of a
  number of gas development drilling opportunities
  after break-up in the late second quarter 2008
• Real Estate
• Continues to be fully leased with a new KFC
  restaurant location completed in Wetaskiwin,
  Alberta and a new Cineplex theatre completed in
  Red Deer Alberta
• Progressing on the sale of the Division, with a
  number of offers
• for specific properties currently being
  evaluated
• Targeting this summer for the sale of the
  properties

17
Merchant Banking Trust Model
Valuations of Divisions Held for Sale or Sold
RETURNING VALUE TO UNITHOLDERS
18
Summary

• Strong performance in Elbow River Marketing LP
  and Oil Gas Division in Q1 2008
• Continued bullish outlook for oil gas pricing
  and strong presales in Elbow River for Q2 2008
  and remainder of year
• Q2 2008 will see a gain on the sale of EnerVest
• A Strategic Review Committee has been established
  to work through the review process with an update
  expected at Q3 2008
• The Trust will maintain distributions at current
  levels and
• Continue to develop opportunities in its Elbow
  River and Oil Gas Divisions.
• RETURNING VALUE TO
  UNITHOLDERS

19
(No Transcript)