Structure

Argent Energy Trust benefits from a tax efficient “mutual fund trust” structure    

    - Interest and operating deductions result in no material U.S. taxes for several years
    - No SIFT tax in Canada
    - Only Canadian tax is at unitholder level, deferred if in registered accounts
    - No withholding tax for U.S. residents

Tax benefits
    - ~65% / ~ 75% Return of Capital (ROC) US / Canada (2014 estimate)
    - Under 2% U.S. corporate tax
    - Advantage over taxable Canadian products