Avenir Diversified Income Trust Structure

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Management Team

William M. Gallacher
P. Eng., President, Chief Executive Officer and Director

Mr. Gallacher is the President & Chief Executive Officer of Avenir Diversified Income Trust. He is also President of Avenir Capital Corporation, a private equity firm that invests in new and existing junior companies. An engineer by profession, Mr. Gallacher was an entrepreneur in the oil patch and brings experience in the financial markets and corporate structuring. Currently Mr. Gallacher is a Director of Avenir Diversified Income Trust, Athabasca Oil Sands Corp., Black Diamond Limited, Maxim Power Corp. and Great Plains Exploration.

Gary H. Dundas
CMA, MBA, Vice-President, Finance, Chief Financial Officer and Director

Mr. Dundas has over 25 years of oil and gas financial management experience. He was formerly the Chief Financial Officer and Vice President of Finance, General Manager Corporate Development & Marketing and Controller of Maxx Petroleum Ltd., a publicly traded junior exploration and production company. Mr. Dundas has also had prior domestic and international experience with Bow Valley Industries Ltd., North Canadian Oils Limited and Co-Enerco Resources Ltd. Mr. Dundas brings a diverse range of experience, including corporate evaluations and acquisitions, treasury and finance alternatives, financial modeling, strategic planning, marketing and hedging.

Directors

Dennis Balderston
CA, Director

Mr. Balderston is currently an independent consultant and sits on the board of three other publicly-traded companies. Previously Mr. Balderston was an Audit partner with a national accounting firm based in Calgary and is a member of the Trust's Audit Committee.

David E. Butler
B.Comm., BA & BSc., Director

Mr. Butler holds a Bachelor of Commerce degree in Economics and Business Administration from the University of Saskatchewan, along with a Bachelor of Arts and Science degree in Geology. After graduating, Mr. Butler was employed by Mobil Oil Canada Ltd. and subsequently by Canadian Industrial Gas and Oil Ltd. In 1968, Mr. Butler founded Midale Minerals Ltd., a petroleum land consulting company. During the past 30 years, Mr. Butler has been an officer and director of several private and public companies, including Sulpetro of Canada Ltd., Republic Resources Limited, Chilco Resources Ltd., Bonanza Oil & Gas Ltd., Canusa Energy Ltd., Winfield Energy Ltd., Ballistic Energy Corporation, Netherfield Energy Corporation and Atlas Energy Ltd. These companies conducted operations throughout western Canada, as well as in the Arctic Islands, Atlantic Shelf, the southern United States, Turkey, Columbia and Argentina. Since 1982, Mr. Butler has operated Passport Petroleums Ltd., a private oil and gas production company.

Stuart Y. Chow
P. Eng., Director

Mr. Chow is the founder and president of Bravo Energy Inc., a private oil and gas company, since February 2003. Prior to forming Bravo, Mr. Chow was the founder and past president of Onward Energy Inc., a publicly traded junior oil and gas company from 1993 until Onward was acquired by Avenir Diversified Income Trust in January 2003. Prior to forming Onward, Mr. Chow was the founder and President of Ryanda Resources Ltd. from 1990 until Ryanda Resources Ltd. was amalgamated with Onward in 1994. Mr. Chow was the Engineering Manager of Orbit Oil & Gas Ltd. from 1985 to 1990 and was also the Senior Reservoir Engineer for Tricentrol Oils Limited from 1982 to 1985. Mr. Chow was employed as a Petroleum Engineer with Dome Petroleum Ltd. and predecessor Companies (Kaiser Oils Limited and Ashland Oil & Gas Ltd.) from 1978 to 1982. Mr. Chow graduated with a Bachelor of Science degree in Mechanical Engineering form the University of Calgary in 1978.

Jeffrey D. Kohn
Director

Mr. Kohn has been involved in the commercial real estate industry for over 25 years. He was previously the Chief Executive Officer at TGS North American Real Estate Investment Trust ("TGS"). TGS owned a diversified portfolio of commercial income producing properties in high growth markets in Western North America. Mr. Kohn was also the founder and Chairman of Tonko Development Corp., a public real estate company that was sold in March of 2002. Mr. Kohn had grown Tonko from inception to a corporation which had owned and managed assets in excess of $750 million at the time of the sale. Mr. Kohn holds a Bachelor of Arts (Economics) degree from the University of Alberta as well as a Diploma in New Venture Development from the University of Calgary. He is currently the President of MDC Property Services Ltd., the company which manages the Trust's Real Estate Division.

Alan C. Moon
MBA, Director

Mr. Moon began his career as an engineer in the mining industry for Sherritt Gordon Mines Limited and International Nickel Company. After receiving his MBA, Mr. Moon held various positions at Home Oil Company Limited iand then moved into investment management and business development in his position as Vice President of Kanesco Holding Ltd. Mr. Moon then accepted the position of Vice President Corporate Development and then President, for TransAlta Energy Corporation. TransAlta is an international independent electric power generation and distribution company with approximately $1 billion in assets. TransAlta operated in Ontario, New Zealand, Australia, South America, and the United States. The company had interests in electricity generation and distribution, energy services and energy marketing. . Since leaving TransAlta, Mr. Moon has provided independent corporate consulting to such clients as Calpine Corporation, a large independent power producer. Mr. Moon is also on the boards of TransAtlantic Petroleum Ltd., Northern Superior Resources Inc. and Lakeshore Gold Corp..

William E. Patterson
CA, Director

Mr. Patterson is currently a Tax and Business Consultant. He is the Chair of the Trust's Audit Committee. Previously, Mr. Patterson was the Vice President, Finance and Chief Financial Officer for Energy North Inc. (January 1999 - July 2004) as well he has held a number of directorships.

Directors
William M. Gallacher (2, 3)
Chairman, President & CEO

Gary H. Dundas
V.P. Finance & CFO

Dennis Balderston (1, 4)

David E. Butler (1, 3, 4)

Stuart Y. Chow (2, 3)

Jeffery Kohn

Alan Moon (1, 2)
Lead Director

William E. Patterson (1, 2)

1 Audit Committee
2 Governance and Compensation Committee
3 Reserves Committee
4 Strategic Review Committee

Corporate Secretary

Burnet Duckworth & Palmer, LLP

Officers & Key Personnel
William Gallacher, P.Eng
President & CEO

Gary Dundas, CMA, MBA
Vice President, Finance & CFO

Jill Koskimaki, BBA
Manager Bus. Development

Michelle O'Grady, CA
Controller

Grant Leslie, P. Eng.
COO, Energy

Bob Guy,
VP Production

Debbie Carter
Controller, Energy

Elbow River Marketing LP
Ed Malcolm, President
Arie Prins, CFO

Real Estate Manager

Legal Counsel

Burnet, Duckworth & Palmer, LLP

Auditors

Ernst & Young, LLP

Bankers

National Bank of Canada

HSBC Bank Canada

Canadian Western Bank

Evaluation Engineers

McDaniel & Associates Consultants Ltd.

Transfer Agent