During 2005 the Trust declared distributions to unitholders of $53.7 million, an increase of $12.0 million over 2004. Distributions declared represented 46 percent and 56 percent of cash available for distribution in 2005 and 2004, respectively. The balance of cash flow in 2005 was reinvested in the Trust through:

• capital expenditures for expansion and capacity replacement within the various divisions;
• the acquisition of the operating assets of four companies; and
• principal repayments on term debt.

This conservative approach to cash distributions reflects the Trust's continued adherence to a long-term, strategic growth plan, while at the same time demonstrating its commitment to unitholders through ongoing increases in distributions. Since inception of the Trust in 2002, per unit distributions have been increased 13 times by a total of 150% to the current level of 17.5 cents/month (annualized - $2.10/annum).