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					Income Fund Report


Westshore Terminals Income Fund                                                                                                                       Report Date:     August 15, 2006
                                                                                                                                                      Press Release:   August 15, 2006
RATING HISTORY                                                                                                                                        Previous Report:     May 5, 2005
Current                              2005                               2004                           2003                                                              416-593-5577
STA-4 (middle)                       STA-4 (middle)                     STA-4 (middle)                 NR                                                       incomefunds@dbrs.com
STABILITY RATING SUMMARY                                LEGEND:                    Superior                       Moderate                        Weak

      Operating                                                                                                          Size and Market               Sponsorship
    Characteristics              Asset Quality              Financial Profile               Diversification                  Position                and Governance                    Growth



STABILITY RATING RATIONALE
The STA-4 (middle) stability rating of Westshore Terminals                                                   distributions for 2006 in light of the modest cash needs at the
Income Fund (the Fund) recognizes the Fund’s average                                                         operating level. Westshore Terminals Ltd. (Westshore), the
rankings in the majority of the seven stability rating                                                       operator of a coal handling facility in the port of Vancouver,
characteristics. The Fund’s strong financial profile and asset                                               was recapitalized in early 2005 to enhance the cash flowing at
base are offset by the lack of diversification (by business                                                  the fund level (see the Recapitalization section on page 5). The
profile and customer), the cyclical exposure to international                                                Fund has no debt, but when considering Westshore’s operating
metallurgical coal markets, and sensitivity to the Canadian                                                  lease (about $12 million annually) with the Vancouver Port
dollar, which cause instability in earnings and distributions.                                               Authority as debt equivalent, leverage still remains low and
Record profitability for the Fund in 2005 was due to increased                                               other financial metrics are favourable. The near-term outlook
handling rates and shipping volumes, but was partially offset                                                remains positive for coal markets and hence the Fund’s results.
by a stronger Canadian dollar (from contracts tied to Canadian-                                              However, the Fund’s income will remain sensitive to coal
dollar realized prices). Growth in handling rates, partially                                                 prices and the volume of coal handled, along with the value of
offset by lower volumes, is expected over the near term as                                                   the Canadian dollar.
market conditions in coal remain tight (but some customers are                                               DBRS notes that Westshore’s ongoing success is dependent on
delaying shipments due to the high coal prices). Furthermore,                                                the ability of the Elk Valley Coal Partnership (Elk Valley) to
sustaining capex is very low, so minimal cash needs to be                                                    maintain its export volumes while competing with other
retained at the operating level. Therefore, Dominion Bond                                                    suppliers for sales worldwide (Elk Valley was responsible for
Rating Service (DBRS) expects stable or improved                                                             over 90% of Westshore’s throughput in 2005).
Strengths                                                                                              Challenges
•      Long-term contracts for handling Elk Valley’s coal                                                •   Over 90% of shipping revenue from one customer
•      Elk Valley’s long-life reserves                                                                   •   Revenue volatility from volumes, Cdn dollar and coal price
•      Strong balance sheet (no debt)                                                                    •   Elk Valley’s coal less cost competitive than Australian
•      Steady demand for Elk Valley’s coal                                                               •   No alternative products to ship besides coal
•      Modern, efficient deepwater port facilities                                                       •   Deferrable interest payments to the Fund
FINANCIAL INFORMATION
                                                                                    For the year ended December 31
                                                                        2005           2004          2003     2002                      2001
Gross cash distributions per unit ($)                                  1.02            0.85         0.70      0.67                     0.68
Cash income per unit ($)                                               1.21            0.60         0.51      0.62                     0.70
Cash available for distributions per unit ($)                          1.02            0.72         0.61      0.61                     0.70
% gross debt in capital structure                                       0.0%           0.0%         5.4%      0.0%                     0.0%
% gross debt in capital structure*                                    11.6%          12.3%         16.3%    12.1%                     12.0%
Cash flow/total debt*                                                    1.33           0.76          0.47     0.73                     0.82
EBITDA gross interest coverage (times)                                 25.13            8.69         4.18    12.15                     13.71
Return on average equity                                              21.9%            4.9%         4.9%      7.5%                     6.3%
Cash income return on average equity                                  16.5%            8.3%         7.1%      8.5%                     9.4%
Payout ratio based on cash income                                       84%           142%          137%     110%                       96%
Payout ratio based on cash avail. for dist.                            100%           118%          114%     111%                       96%
Market capitalization (CAD millions)                                  841.76         881.17       510.26    343.46                    397.65
* Operating leases as debt equivalent.

THE FUND
The Fund owns operator Westshore Terminals Ltd. (Westshore), which annually ships between 19 million and 24 million tonnes of
metallurgical coal from its facilities in Vancouver. The Fund and Westshore are administered and managed by Westar Group Ltd.
(Westar), which is part of the Jim Pattison Group of companies.

Notes: Issuer ratings apply to all general senior unsecured obligations of the issuer in question. This rating is based on public information.
All figures are in Canadian dollars unless otherwise noted.
Income Fund                                                                                                                    DOMINION BOND RATING SERVICE
Information comes from sources believed to be reliable, but we cannot guarantee that it, or opinions in this Report, are complete or accurate. This Report is not to be construed as an offering of any
securities, and it may not be reproduced without our consent. DBRS ratings are not a recommendation to buy, sell or hold fund units.
                                                                                           Westshore Terminals Income Fund – Page 2




OPERATING CHARACTERISTICS                          Moderate
Westshore’s Contracts                                             Strengths
Generally, more than three-quarters of Westshore’s revenue        • Westshore has long-term contracts for handling Elk
comes from the Elk Valley’s – owned by Fording Canadian               Valley’s coal, as described previously.
Coal Trust (Fording) and Teck Cominco Limited – Fording           • Elk Valley’s high-quality metallurgical coal reserves
River, Greenhills, Elk Valley and Coal Mountain mines,                have a long life of over 20 years, and Westshore is the
with the remainder from the Line Creek and Luscar mines               lowest cost option for shipping.
and, more recently, from the Grande Cache mine. The               • Due to low capex requirements and limited expansion
contracts other than Luscar and Line Creek state that all             or acquisition opportunities, the Fund will remain debt
coal shipped from the mines through west coast ports must             free for the foreseeable future. Any leverage in the
be shipped through Westshore, to the extent that Westshore            future is expected to be at low levels.
operates at full capacity.                                        • Many coking coal buyers prefer to include an amount
                                                                      of Canadian coal in the steelmaking process because of
Elk Valley’s metallurgical coal mines (five of six mines              certain chemical characteristics. Buyers also keep the
under contract) are governed by three contracts:                      threat of Canadian coal as an alternative supply, albeit
(1) Fording River, Greenhills and Coal Mountain are under             at a higher cost than Australian coal.
    contract to February 29, 2012.                                • Rationalization of the Canadian metallurgical coal
    • A portion of the Fording River and Greenhills fee               industry (currently, there is only one producer of
         is based on the Canadian-dollar realized price of            significance) improves Elk Valley’s long-term business
         coal, subject to a floor rate. Therefore, the strength       outlook.
         of the Canadian dollar hurts profitability.              • Westshore has excellent deep port facilities with
    • The remaining tonnage of Fording River and                      modern equipment and has been in operation for over
         Greenhills, and the tonnage from Coal Mountain,              30 years.
         are priced at a fixed rate, but are subject to minor     • Westshore has a ten-year track record as an income
         adjustments for changes in Westshore’s average               trust (one of the oldest in Canada).
         cost per tonne loaded.
(2) Elkview’s contract runs to 2010.                              Challenges
    • Elkview’s contract fee is based on a formula tied to        • In recent years, over 90% of shipped coal comes from
         the average received Canadian-dollar coal price,            Elk Valley. This concentration could create volatility in
         subject to a floor rate.                                    volumes. Loading rates were impacted by low
(3) Line Creek’s contract runs until 2007. Like the Luscar           inventory levels at the port in early 2004, largely due to
    mine, the Line Creek contract provides for a portion of          rail problems from severe winter weather.
    the rates to escalate with changes in the consumer price      • The final toll by Westshore depends on the value of
    index (CPI). The majority of the coal from Line Creek            coal in Canadian-dollar terms and the total tonnage of
    is directed to Neptune Terminals, with the balance sent          shipments, which lead to instabilities in revenue.
    to Westshore.                                                    Westshore also may be required to share in demurrage
                                                                     and train detention penalties.
Luscar’s Coal Valley thermal coal mine contract with              • Canadian coal is less cost competitive than Australian
Westshore provides for a portion of the rates to escalate
                                                                     coal (Australian coal generally has lower mining and
with changes in inflation (CPI).
                                                                     transportation costs), so if steelmakers’ recipes change,
                                                                     Elk Valley could come under financial pressure.
The contract with Grand Cache Coal Corporation (signed
                                                                  • The port facilities are set up to ship only coal and a
in September 2004) extends to March 31, 2013, and has
                                                                     limited amount of fertilizer products, and generally
contract pricing based on fixed rates with yearly escalation
                                                                     operate under long-term contracts. As a result,
clauses.
                                                                     Westshore cannot easily change its customer mix in
In addition, all the contracts provide for sharing by                response to market conditions.
Westshore in train detention penalties and demurrage.             • Labour unions are strong and entrenched, although a
Westshore has a lease with the Vancouver Port Authority              recent settlement is in force through January 2007.
that requires an annual base land and waterlot rental based          DBRS notes that only one strike has occurred in over
on coal shipped, with a minimum volume of 17.6 million               30 years.
tonnes. The lease extends to March 1, 2012, with Westshore        • Interest payments to the Fund are deferrable under the
having the option to renew for ten additional years.                 terms of the loan to Westshore. While deferral is
                                                                     unlikely to recur, this introduces a degree of uncertainty
                                                                     of cash flows and therefore distributions by the Fund.
Westshore Terminals Income Fund – Page 3



ASSET QUALITY                                            Superior
•    The port facilities are of high quality and utilize modern                                •   Insurance is in place for the terminals and equipment,
     equipment.                                                                                    including business interruption insurance, which was
•    Maintenance capex has been very low over the past few                                         used in early 2003 when Berth 2 was knocked out by a
     years (at less than 5% of EBITDA: $5.0 million in 2005                                        high-wind storm. Westshore’s insurance proceeds
     and $0.7 million in 2004).                                                                    covered the repair of Berth 2 and the lost earnings from
                                                                                                   the disruption.

FINANCIAL PROFILE                                                          Superior
                                                                                For the year ended December 31
(CAD thousands)                                                        2005          2004          2003        2002           2001
Operating cash flow                                                   85,131       45,506         39,091      43,354         49,441
Gross cash distributions                                              71,788       59,632         49,337      47,475         47,614
Free cash flow before working capital                                 13,343     (14,126)       (10,246)     (4,121)          1,827
% gross debt in the capital structure*                                 11.6%          12.3%        16.3%         12.1%       12.0%
Cash flow/total debt*                                                    1.33           0.76         0.47          0.73        0.82
EBITDA gross interest coverage*                                          25.1            8.7          4.2          12.1        13.7
* The Fund has no debt, but operating leases are treated as debt equivalents.


•    Financial flexibility is good as adjusted leverage is                                     •   Sustaining capex is modest, and there is excess capacity
     modest and coverage metrics are favourable for the                                            to take on additional volume. (Growth capex is
     rating.                                                                                       addressed in the Growth section on page 4.)
•    Free cash flow was positive in 2005 after two years of                                    •   The outlook for operating cash flow over the near term
     deficits (which were financed with proceeds from the                                          is favourable due to a good earnings environment (tight
     sale of Fording units and Fording special distributions).                                     market conditions in international metallurgical coal
                                                                                                   markets).

DIVERSIFICATION                                      Weak
•    Over 90% of revenue (91% in 2005 and 92% in 2004)                                         •   However, the Fund is largely a single-asset, one-
     comes from one customer, Elk Valley Coal, and its four                                        product, one-customer company, with sensitivity to
     key metallurgical coal mines, which produce one                                               these characteristics, and also sensitivity to the external
     product.                                                                                      value of the Canadian dollar.
•    Diversification of sales by geographic area is better,
     with major sales going to Japan, Europe and South
     Korea. Shipments to China have increased rapidly over
     the past three years to supply steelmaking customers.

SIZE & MARKET POSITION                                 Moderate
•    The Fund’s market capitalization was near $700 million                                    •   DBRS considers market capitalization of $400 million
     at the beginning of June 2006, but fluctuated between                                         to $800 million to be moderate, providing sufficient
     $600 million and $1.0 billion during 2005.                                                    market clout, economies of scale, diversification and
•    The lowest market capitalization was reached at the end                                       access to capital markets.
     of 2000 ($285 million), when coal prices were at a low.                                   •   Benefiting factors include high barriers to entry (it is
     Once coal prices rose, market capitalization rebounded                                        very difficult to get new building permits on the west
     sharply, showing the sensitivity of unit price to coal. In                                    coast) and little competition.
     fact, market capitalization reached over $1.0 billion                                     •   Improvements in the railway system to Prince Rupert
     early in 2005, around the time 2005 contract                                                  may attract volumes to Ridley Terminals.
     negotiations were being announced.
                                                                                                       Westshore Terminals Income Fund – Page 4




SPONSORSHIP & GOVERNANCE                           Moderate
•    Westar, which is controlled by the Pattison Group of                    •   The fee earned by Westar for managing Westshore is
     British Columbia, designates three of Westshore’s five                      $750,000 plus reimbursement for out-of-pocket
     directors, effectively controlling the Fund. This is                        expenses.
     positive for sponsorship, but negative in terms of                      •   Incentive payments come into effect when distributable
     independent governance.                                                     cash per unit reaches $1.035.
•    Westar is responsible for administering and managing                    •   The initial term for the Westar management agreements
     the Fund for an annual fee of $250,000 plus                                 is 15 years, and is renewable for successive five-year
     out-of-pocket costs.                                                        terms.


GROWTH                                                 Moderate
                                                               For the year ended December 31
(CAD thousands)                                       2005          2004          2003        2002                2001
Free cash flow before working capital                13,343     (14,126)       (10,246)     (4,121)               1,827
Maint. capex and working capital                   (13,318)         4,970         4,177       (709)                  42
Free cash flow from operations                           25      (9,156)        (6,069)     (4,830)               1,869
Acquisitions (net)                                       0          41,234       (24,839)            0                0
Share issue (net)                                        0               0              0            0                0
Debt issue (net)                                         0        (29,374)         29,374            0                0
Extraordinary/other                                  3,879           5,651         14,028            0                0
Net change in cash                                   3,904           8,355         12,494      (4,830)            1,869
Net income (before extras.) per unit ($)              1.61           0.35           0.36            0.54          0.47
Cash income per unit ($)                              1.21           0.60           0.51            0.62          0.70
Cash available for distribution per unit ($)          1.02           0.72           0.61            0.61          0.70
Gross cash distributions per unit ($)                 1.02           0.85           0.70            0.67          0.68
Payout ratio based on cash income                     84%           142%           137%            110%           96%
Payout ratio based on cash avail. for distr.         100%           118%           114%            111%           96%

•    With the recapitalization of Westshore ($175 million in                 •   With a favourable near-term outlook for pricing, cash
     new intercompany debt between the Fund and                                  available for distribution should also remain favourable
     operating level) in early 2005, interest payable to the                     into 2006.
     Fund level increased. This led to less unsheltered                      •   Westshore recently negotiated a conditional lease
     income at the operating level and the potential for                         extension with the Vancouver Port Authority, which
     higher distributions by the Fund. Westshore’s modest                        would extend the lease term to December 31, 2026 and
     sustaining capex and minimal funding needs allowed                          give Westshore the right to further extend the lease
     for the higher interest payments to the Fund.                               term to December 31, 2046. The outstanding condition
•    Annual cash income has been volatile, and determined                        to be satisfied is project permit approvals from the
     according to coal prices, volume of coal delivered, and                     Vancouver Port Authority for a capital upgrade to
     the U.S./Canadian dollar relationship. This instability is                  Westshore’s existing equipment. The cost of the
     an important rating factor.                                                 upgrade is anticipated to be approximately $42 million.
•    Sustainable growth would depend on permanent                                The upgrade would take about two years from the
     increases in coal prices, devaluation of the Canadian                       permit date to complete and would increase
     dollar or higher volumes.                                                   Westshore’s      annual     throughput    capacity    to
                                                                                 approximately 29 million tonnes.
OPERATING COMPANY DATA
Shipments by Destination                                      For the year ended December 31
(tonnes, thousands)                                 2005          2004         2003    2002            2001
Asia                                              12,631       11,743        11,214   11,492          13,239
Europe                                             7,135         6,371        5,669    5,469           7,087
South America                                      1,651         2,464        1,696    2,064           2,775
Other                                                457           667          745      409             191
Total                                             21,874       21,245        19,324   19,434          23,292

Metallurgical coal (% of shipments)                 91%           92%            91%        92%            88%
International met coal prices/tonne (USD)             58            52             43         45             43
Westshore Terminals Income Fund – Page 5



•   The terminal has shipping capacity of approximately                     •   Coal prices have been generally rising since 2000.
    24 million tonnes of coal, compared with 22 million                         Beginning in April 2006, Fording (Westshore’s largest
    tonnes shipped in 2005. In 1997, Westshore’s record                         customer) expects to receive about US$107 per tonne
    year to date, the terminal handled 23.5 million tonnes.                     for its metallurgical coal in the 2006 coal year, less than
•   A coal handling contract signed in September 2004                           the record US$120 per tonne in the 2005 coal year.
    with Grand Cache Coal Corporation, a new Alberta-                       •   Fording and Canadian Pacific Railway Company
    based metallurgical coal producer, is expected to                           signed a new five-year agreement in April 2005 for the
    represent over one million tonnes of volume in 2005.                        transportation of coal from Fording’s mines in the Elk
•   Higher coal revenue per tonne in 2005 resulted from a                       Valley of British Columbia to Vancouver-area ports,
    combination of higher volumes and coal prices, but was                      including Westshore’s facilities.
    partly offset by a stronger Canadian dollar.                            •   The Fund’s future income will be sensitive to
•   The Fund has remained profitable through the                                (1) metallurgical coal prices, (2) the volumes of coal
    commodity price cycle. as Westshore is not as sensitive                     handled, and (3) the value of the Canadian dollar.
    to fluctuating coal prices as coal producers, which feel
    the full extent of coal price volatility.
RECAPITALIZATION

•   In early 2005, Westshore completed a $175 million                       •   From the transaction, the Fund potentially has more
    return of capital to the Fund concurrent with an                            cash available to distribute to unitholders, while the tax
    intercompany loan of the same amount to Westshore                           efficiency of the Fund is maximized.
    from the Fund.
•   The effect of the transaction was to minimize taxable
    income at the operating level and enhance the cash
    flowing through to the Fund level.

FUND STRUCTURE
                                                         Unitholders
                                                         Unitholders
                                                          Trust units
                                                      (70,381,111 trust
                                                       70,381,111 units
                                                            units)




                               Administration         Westshore Terminals
                                                         Income Fund


                                                                  100% of common
                                                                  shares and notes



             Westar Group Ltd.                        Westshore Terminals
                                      Management             Ltd.


           Source: Westshore Terminals Income Fund.
                                                                                                                           Westshore Terminals Income Fund – Page 6



                                                    Westshore Terminals Income Fund
Balance Sheet (CAD thousands)                             As at December 31                                                      As at December 31
Assets                                               2005           2004       2003        Liabilities and Equity            2005        2004       2003
Cash and securities                                 39,904        36,000     27,645        Bank borrowings                      0           0           0
Accounts receivable                                 10,633         3,764     13,540        Distributions payable           27,097      16,891      18,811
Inventory                                           6,012         5,148      4,646         Accounts payable                19,887      21,296      16,170
Prepaids/taxes receivable                           2,844         5,439      2,779         Taxes payable                        0           0         355
Other                                                8,002         5,013          0        L.t.d. due in one year               0           0           0
Total Current Assets                                67,395        55,364     48,610        Total Current Liabil.           46,984      38,187      35,336
Fixed assets                                       142,325       160,762    183,299        Long-term debt                       0           0      29,374
Goodwill and other                                 369,387       374,455    367,697        Deferred taxes                       0      51,493      53,897
Investment in Westshore/Fording                          0             0     29,248        Unitholders' equity            532,123     500,901     510,247
Total                                              579,107       590,581    628,854        Total                          579,107     590,581     628,854
                                                                              For the year ended December 31
Balance Sheet Ratios                                  2005           2004          2003          2002         2001           2000         1999       1998
Current ratio                                          1.43           1.45          1.38          1.00         1.00           1.00         1.52       1.00
Receivable turnover (days)                               16             28            25           n/a          n/a             21           16        n/a
Cash flow/current liabilities                          1.81           1.19          1.11          3.91         3.15           3.28         5.40       4.48
EBITDA gross interest coverage                          n/a          32.26          5.77           n/a          n/a            n/a          n/a        n/a
EBIT gross interest coverage                            n/a          13.94          2.85           n/a          n/a            n/a          n/a        n/a
% gross debt in the capital structure                 0.0%           0.0%          5.4%          0.0%         0.0%           0.0%         0.0%       0.0%
% gross debt in the capital structure*               11.6%          12.3%         16.3%         12.1%        12.0%          11.6%        10.7%       9.7%
% net debt in the capital structure                  -8.1%          -7.7%          0.3%         -2.2%        -3.1%          -2.7%        -1.6%      -2.3%
Cash flow/total debt                                    n/a            n/a            n/a          n/a          n/a            n/a          n/a        n/a
Cash flow/total debt*                                  1.33           0.76          0.47          0.73         0.82           0.76         0.83       1.06
Return on avg. equity                                21.9%           4.9%          4.9%          7.5%         6.3%           2.8%         3.6%       9.2%
Cash flow/(capex + dividends)                          1.11           0.75          0.78          0.91         1.04           1.11         0.91       0.96
                                                                              For the year ended December 31
Income Statement                                      2005           2004          2003          2002         2001          2000          1999      1998
Revenue (interest income prior to 2003)            165,247        111,420         97,048       43,865        50,164        41,294        54,057    54,056
Fording distributions                                 4,487              0         9,040             0            0             0             0         0
Total Revenue                                      169,734        111,420       106,088        43,865        50,164        41,294        54,057    54,056
Operating expense (excl. deprec., amort.)            75,914         70,519        61,436           511          723           726           656       631
EBITDA                                               93,820         40,901        44,652       43,354        49,441        40,568        53,401    53,425
Less gross interest expense                               0          1,268         7,733             0            0             0             0         0
Less cash tax                                         8,689        (2,295)           801             0            0             0             0         0
Distributable Cash Income                            85,131         41,928        36,118       43,354        49,441        40,568        53,401    53,425
Less depreciation, depletion, amort.                 23,408         23,222        22,644         5,848       18,352        25,446        25,446    25,446
Less deferred tax                                  (51,493)        (2,405)       (8,640)             0            0             0             0         0
Add equity income                                         0              0             0           831        2,048          (19)       (7,039)     (755)
Add other non-cash income                                 0          3,578         2,973             0            0             0             0         0
Net Income before Extra.                           113,216          24,689        25,087       38,337        33,137        15,103        20,916    27,224
Add extraordinary items                                   0         23,677        32,193             0            0             0             0         0
Net Income                                         113,216          48,366        57,280       38,337        33,137        15,103        20,916    27,224
                                                                              For the year ended December 31
Cash Flow (CAD thousands)                             2005           2004          2003          2002         2001          2000          1999       1998
Net income before extras.                          113,216          24,689        25,087        38,337       33,137        15,103        20,916     27,224
Depreciation and amortization                        23,408         23,222        22,644         5,848       18,352        25,446        25,446     25,446
Other non-cash                                     (51,493)        (2,405)       (8,640)         (831)      (2,048)         4,709         2,349      8,285
Cash Flow from Operations                            85,131         45,506        39,091        43,354       49,441        45,258        48,711     60,955
Less capital expenditures                             4,971            685           700             0            0             0             0          0
Working capital changes                             (8,347)          5,655         4,877         (709)           42           357            39      (226)
Cash Available for Distribution                      71,813         50,476        43,268        42,645       49,483        45,615        48,750     60,729
Less distributions                                   71,788         59,632        49,337        47,475       47,614        40,769        53,393     63,289
Net Free Cash Flow                                       25        (9,156)       (6,069)       (4,830)        1,869         4,846       (4,643)    (2,560)
Acquisitions (net)                                        0         41,234     (24,839)              0            0             0             0          0
Share issue (net)                                         0              0             0             0            0             0             0          0
Debt issue (net)                                          0       (29,374)        29,374             0            0             0             0          0
Extraordinary/other                                   3,879          5,651        14,028             0            0             0             0          0
Change in Cash                                        3,904          8,355        12,494       (4,830)        1,869         4,846       (4,643)    (2,560)
Earnings per Trust Unit
Weighted-average trust units                         70,381         70,381       70,381        70,381          70,381       70,381        70,381   70,381
Distributable income per unit                          0.38           1.64          0.51         0.62             0.70        0.58          0.76     0.76
Reported income per unit                               1.61           0.35          0.36         0.54             0.47        0.21          0.30     0.39
Distribution per unit                                  0.71           0.95          0.70         0.67             0.68        0.58          0.76     0.90
* Operating leases treated as debt equivalent. n/a = not applicable.
Note: Results prior to 2003 account for the Fund's 100% interest in Westshore on an equity accounted basis; full consolidation thereafter.

				
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