A Comment -- General Comments From an Expert (A Commentary)

85% is gas of which more sour gas which is more expensive to process. 55/60% payout ratio.

Had a nice correction some time ago and have formed a base. There will be a consumer boom. Put a stop/loss at $31.

Feels utilities are OK.

One of the most conservative and stable income trusts you can get. As close to a bond as you can get. Dropped when fears of interest rate increases started. Made a couple of accretive acquisitions.

A natural gas coal-bed methane play. Have finally gotten their acquisition together, so is looking interesting.

Coming under increased currency pressures. Expect a distribution cut down the road.

Management is doing a great job.

Positive on the markets they are in, particularily copper. Believes they are in play and will get taken out.

Likes it more because of the possibility of what's happening. Doesn't see a lot of downside. Could be a takeover down the road.

Trading around 13/14 X next year's earnings. Nice growth in production.

China is interested in the company which could breath some life into it.

In the Canadian mining big companies, they always had great assets and always poorly managed. Would rather have money in something like Teck Cominco.

(A Top Pick June 30/04. Down 16%.) The entire auto parts sector is down because of steel prices, the strong Cdn$ and slowing auto sales concerns. At a very good price.

Has done a fabulous job over a long period of time. Valuation looks pretty reasonable. Has substantial US manufacturers, so not at risk as owing all Canadian.