Executive Summary

1
Annual General Meeting May 23, 2007
2
Disclaimer

• Except for historical financial information
  contained herein, the matters discussed in this
  presentation 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 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. See page 8 for the quantitative
  reconciliation of funds from operations. Working
  capital (net debt) is calculated by taking
  current assets less current liabilities including
  mortgages. 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 Funds from
  operations and Funds from operations per unit
  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
37
Cashflow
57
6
4
Avenir Quick Facts

• TSX Exchange
  AVF.UN
• Current Trust Units Outstanding
  41.8 mm
• Management, Directors Officers ownership
  3
• Target Payout Ratio
  75 to 80
• Annual 2006 Payout Ratio
  75
• Q1 2007 Payout Ratio
  59
• Target Yield
  10 11.5
• Current trading price per unit
  8.65
• Current Yield
  11.5
• Distribution increases to date
  7

5
Strategy

• Prudent cash flow payout strategy allows for the
  management of sustainable distributions
• Through diversification, AVF.UN is able to
  allocate resources and take advantage of
  opportunities in each segment
• Target quality trustable assets for acquisition
  (too small to become trusts independently)
• Accretively grow each segment to generate steady
  income and capital appreciation
• Build each business unit to a size of
  independence for possible divestment
• Each business unit operates independently like a
  trust on their own with significant input at the
  Trust level

6
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
• EnerVest Limited Partnership
• Kevin Wolfe, 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.

7
Financial Services

• EnerVest Limited Partnership
• President of Partnership - Kevin Wolfe
• The sole Manager of the EnerVest Group of Funds
  (approx. 2.1 billion in assets)
• Revenues are directly correlated to assets under
  management
• 2006 annual cash flow of approximately 17.6
  million
• In 2006 EnerVest Group increased assets under
  management by over 350 million despite the trust
  sector correction
• Organic growth potential in both existing and new
  funds by increasing assets under management
• Cypress Capital Management Ltd. is the investment
  manager for the EnerVest Group of Funds

8
Financial Services

• Elbow River Marketing Limited Partnership
• President of Partnership - Ed Malcolm
• 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 bio-diesel
• Trades approximately 16,500 bbls of liquids per
  day
• Leases up to 550 rail cars at any one time
• 2006 annual cash flow of approximately 14.6
  million
• Exceptional Q1 2007 with cash flow of
  approximately 7.1 million
• Maintain core natural gas liquids business and
  look to expand oil sands and bio-fuels markets

9
Energy

• Oil Gas Grant Leslie, COO
• Average 2006 production rate of 3,346 boe/d up
  5 from 2005
• Q1 2007 average production rate of 3,329 boe/d
  with 147 boe/d restricted
• Balanced sales volume ratio of 48 oil / 52
  natural gas
• RLI approx. 6.9 years
• 2006 focus on capital programs resulted in FD
  costs of 16.29/boe including future capital
• Development and acquisition activity in 2006
  resulted in 109 reserve replacement at total
  combined cost of 17.54/boe
• 2007 continued focus on internally generated
  development programs
• Q2 2007 estimated production exit rate of 3,575
  boe/d

10
Oil and Gas Properties
11
Real Estate
Property Manager MDC Property Services
Ltd. Property Leasable SF Estimate
NOI Western Spirit Portfolio 422,694
Station Crossing 16,210 KFC Portfolio
32,251 Landmark Portfolio
154,489 Landmark Red Deer Dev.
40,000 665,644
5,800,000

• Investment Criteria
• Single purpose commercial real estate
• Alberta/British Columbia focus
• Financing 60 to 65 mortgage to asset value

Completion Nov 2007
12
2006 Highlights
13
2007 First Quarter Highlights
14
Outlook

• Financial Services
• EnerVest
• Add to current funds through new offerings
• Clarify investment mandate for income trust funds
  post 2011
• Elbow River
• Continue to focus on base natural gas liquids
  product lines while adding resources for growth
  potential in specialty products such as ethanol,
  bio-diesel, bitumen etc.
• Oil Gas
• Maintain base production at 3,400 to 3,500 boe/d
  through development
• 40 million development portfolio with additions
  at 20,000/boe/d
• Farm-out a portion of undeveloped land
• Real Estate
• Single purpose commercial real estate
• Alberta/British Columbia focus
• Financing 60 to 65 mortgage to asset
• Additional development of three projects in
  Alberta

15
Merchant Banking Trust Model
RETURNING VALUE TO UNITHOLDERS
16
Why Avenir?

• History of value add acquisitions
• Historic Strong Returns to Unitholders
• Attractive Cash-on-Cash Yield Based on Current
  Distributions
• Stability of Distributions Due To Unique
  Diversification Strategy
• Increased Distributions 7 times in the past 4
  years
• Strong, Multi-Disciplinary Management Team
• No Management Fees
• Management Interests Aligned with Unitholders
• RETURNING VALUE TO
  UNITHOLDERS