Date Closed

October 4, 2005

Lead Office

Calgary

Value

196.00 Million USD

On October 4, 2005, Avenir Diversified Income Trust (the Trust) completed its public offering by way of short form prospectus of 11,857,750 trust units at C$12.65 per unit (plus an underwriter's option to acquire an additional 3,652,550 trust units) for total gross proceeds of approximately C$196 million. A portion of the proceeds of the offering (C$125 million) were used to complete the acquisition of all the privately held joint venture that is the sole shareholder of the manager of the EnerVest Diversified Income Trust, EnerVest Diversified Management Inc. The Trust is a diversified royalty and business trust based in Calgary, Alberta.

The underwriters were represented by McCarthy Tétrault LLP with a team that included John Osler, Sony Gill and Andrea Hatzinikolas (securities) and Ian Bock and TJ Kang (tax).