Annual General Meeting

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• Annual General Meeting
• May 25, 2005

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Avenir Trust Structure
Public Trust AVF.UN
Operating Trust
Avenir Financial Services
Avenir Energy
Avenir Real Estate
Target Equity Allocation
50
25
25
Current Est. Equity Allocation
61
34
5
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Avenir Quick Facts

• TSX Exchange AVF.UN
• Current Trust Units Outstanding 25.0 mm
• Management, Directors Officers ownership 4
• Payout Ratio (2004) 63
• Taxable portion of 2004 Distributions 75
• Est. taxable portion of 2005 distribution 80
• Target Yield 10 - 12
• Current trading price per unit 11.00

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Corporate Philosophy

• Integration of Merchant Banking with the Trust
  sector.
• Combine the cash flow streams from three business
  segments of Energy, 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 the next 3 years, build each business unit
  to a size of independence for possible divestment.

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The Avenir Team

• Management
• 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
• Energy
• James Burns, P. Geol., MBA, COO, Energy
• Ken Wagner, President Cascade Partnership
• Grant Leslie, P. Eng., VP Operations, Energy
• Debbie Carter, Controller
• Financial Services - Elbow River Marketing
  Limited Partnership
• Ed Malcolm, President
• Advisors
• Real Estate Tonko Realty Advisors, Peter Cohos
• Financial Services - Cash Advance Card Capital
  Inc., Jeff Smith
• Directors
• Stuart Chow (Outside) ? Jeff Kohn (Outside)
• Alan Moon (Outside) ? Gary Dundas (Avenir)

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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 Portfolio
1. Oil Gas Assets

• Current production approx. 3,377 boe/d (incl.
  acquisition)
• 48 Oil / 52 Gas
• RLI approx. 7.5 years
• Approximately 80 total proved and
• 2005 Q1 average production of 2,832 boe/d
• Val Vista Energy Ltd. Acquisition in late First
  Quarter 2005
• 700 boe/d (post break-up) acquisition for
  25,300,000 net debt
• Consideration was 50 cash and 50 Trust units
• Low risk development opportunities should add up
  to 300 boepd
• Acquired 91 of shares as of March 24, 2005 and
  completed acquisition April 29, 2005
• Estimated cashflow of 6.5 million

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Principal Oil Gas Properties
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Energy Business Unit Portfolio contd
2. Essential Production Services

• i. Cascade Services Limited Partnership
• Business vacuum truck, hydro-vac steam pressure
  trucks (30 trucks in operation)
• President of Partnership Ken Wagner
• Office Fort St. John, B.C., servicing Northeast
  B.C. and Northwest Alberta
• ii. 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.
• Business 9 rod rig flush-by units
• President of Partnership Troy Fisher
• Office Brooks, Alberta

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Financial Services Business Unit Portfolio

• 1. Cash Advance Financing (16.9mm)
• 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. Subordinated Debentures
• Rentcash Inc. (3.0 million)
• Three-year terms and
• Monthly coupon of 12 plus 4 per year
  administration fee paid monthly.
• Pacrim Hospitality Services (0.5mm)
• Four-year term and
• Monthly coupon of 14 plus 20 net profit
  interest in four properties.

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Financial Services Portfolio contd

• 3. Elbow River Marketing Partnership (closed
  April 1, 2005)
• 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
• Existing Elbow management to remain with Avenir
  to grow brokerage business
• The Company brokers approximately 12,000 bbls of
  liquids per day
• Leases up to 480 rail cars at any one time and a
  
• Third party evaluation confirms value.
• Benefits
• Expands financial services, diversifies and is
  accretive to cashflow
• Four-year cashflow (before taxes and shareholder
  bonuses) averaged approximately 9.5 million

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Real Estate Business Unit Portfolio

• 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
6732 - 8th St NE, Calgary, AB
2305 - 84th Ave, Edmonton, AB
Station Crossing, Fort Saskatchewan, AB
222 Snidercroft Road, Vaughan, ON
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2004 Year Highlights
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First Quarter 2005 Highlights
2005 Q1 Net Income excluding the tax affected
unrealized mark-to-market loss on the Trusts
hedging contracts, the Trust had a net income of
3,072,776
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Trust Unit Performance
Graph provided by First Associates Investments
Inc., May 2005 (includes distributions but
assumes no reinvestment)
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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 to fund additional
  contracts and debentures where risk/return
  profile targets yield 14.
• 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 four times in the past
  two years
• Strong, Multi-Disciplinary Management Team
• No Management Fees
• Management Interests Aligned with Unitholders