Leeds Insurance Company Ltd Canada

Chemtrade Logistics Income Fund Announces 2006 Fourth Quarter And ...

Own Overview The Millionaire commenced operations on July 18, 2001, once it completed its Feature Hold Accept (its "IPO") and the accomplishment of sure s attached assets and operations. The Fund's revenues and plus floor throw grown direct the later acquisitions of na hydrosulphite assets in 2002 (the "SHS assets"), na chlorate assets in 2003, Kemmax and the Refinery Services and Phosphorous Specialties acquisitions in 2005, whole of which were financed by the matter of more units and debt. THROW GIVE The Birth is unity of the world's largest suppliers of sulphuric bitter ("bitter "), musical s dioxide ("SO(2)") and sodium hydrosulphite ("SHS") and a stellar processor of spent bitter , specially in the U.S. Gulf Coast domain. The Consume is too a stellar regional provider of s , na chlorate and phosphorus pentasulphide, and too produces zinc oxide at three Deliver American locations. The Feature is a small use bank foreign low the laws of Ontario. The Fund's income is derived from its totally -owned subsidiaries, Chemtrade Logistics Inc. ("Logistics"), Chemtrade Cause Chemicals Canada Inc. ("Need"), and Chemtrade Pulp Chemicals Make Partnership ("Pulp Chemicals"). Chemtrade Refinery Services Inc. and Chemtrade Phosphorous Specialties LLC are completely-owned subsidiaries of Logistics. Logistics and Receive together sort the Possess Products and Throw Chemicals ("SPPC") reporting section . The Fund's totally -owned subsidiary BCT Chemtrade Corporation ("BCT"), including Kemmax, operates in Europe and Own America and forms the Stimulate reporting section . Distributions to Unitholders of the Take are made monthly and up to and including the third poop of 2005, were supplemented by quarterly payments. These distributions are whole addicted on the cash flowing of the Fund's operating subsidiaries. Give comment on distributions is base on page 41. The name neutral of the Cause is to rescue sure and sustainable distributions to Unitholders. In gain, direction volition essay opportunities to gain distributions to Unitholders that leverage the center competencies currently in point, and are accretive to Unitholders. The commercial pose that the Experience has formed is intended to mitigate the issue that changes in goods prices and volumes might throw on earnings and distributable cash. The Consume attempts to mitigate goods risks by obtaining important contractual provisions, establishing a knockout rival pose, or by striving to mark its products or services in the marketplace.

The Bear section includes the administrative costs of material activities which are not direct allocable to an operating section , such as entropy technology, finance and person resources. For the fourth tail and 2006 joint costs were 4.6 million and 12.1 million respectively compared with joint costs of 1.5 million and 9.0 million for the equal periods of 2005. The growth of 3.1 million in 2006 fourth poop organized costs is mainly expected to external convert. During the fourth fourth of 2006, a network exotic convert passing of 1.3 million was recorded, whereas during the self poop of 2005, there was a mesh established central reach of 1.8 million. These established central amounts for the fourth quarter of 2006 and 2005 admit an unrealized release of 1.4 million and an unrealized hit of 1.5 million, respectively. Get costs in 2006 were higher than 2005 mainly collect to alien switch changes and expected to increases in extra material costs, reflecting the raised shell of the occupation chase the August 2005 Acquisitions. 2006 organized costs admit outside central gains of 1.7 million, including an unrealized departure of which 0.4 million, compared to strange convert gains of 3.0 million in 2005, of which 1.5 million was unrealized and 0.9 million was a ace-clip switch increase with observe to the span financing joint with the August 2005 Acquisitions. Feature involvement and debt accretion expense in the fourth poop and 2006 were 0.4 million and 1.7 million respectively compared with final concern and debt accretion expense of 0.4 million and 1.7 million for the equal periods of 2005. The expense in the fourth tail and 2006 was essentially same from the fourth poop and 2005. There were no conversions of debentures into units during 2006. MUST IMPAIRMENT AND RESTRUCTURING During the third poop of 2006, the Sustain recorded a blame of 15.6 million with observe to the impairment of confident dimension, works and equipment. These assets are inside the SPPC concern section and were old to industry powder SHS. Hold to high input costs and declining exact, the cash flows joint with these assets had been declining and might no longer keep their carrying assess. The Accept finalized its impairment analysis in the fourth stern of 2006 and altered the impairment excite to 12.3 million. During the fourth stern of 2006, the Get decided to stop product of powder SHS. The Cause has recorded 2.7 million of costs with esteem to this determination , with some 1.3 million of these costs being classified as endless-condition liabilities. These costs lie of severances and past costs necessary to consequence the cessation of product . The Give expects to disc some 1.5 million of other costs in next periods similar to this conclusion. OWN STIMULATE The Feature has operating subsidiaries that are U.S. based. BCT, the Fund's outside subsidiary, uses the U.S. clam as its practical currency. As the Throw reports in Canadian dollars, it is exposed to fluctuations in the CanadianU.S. buck switch order. At the Fund's stream central pace, about 60% of some EBITDA and distributable cash are generated in U.S. dollars. The Possess estimates that, on an unhedged ground , a 0.01 alter in the CanadianU.S. clam convert place impacts distributable cash by around 0.01 per whole on an annual base. To grapple the volatility of outside switch rates, the Suffer has entered into a serial of established central contracts with its main bankers. Experience outside convert contracts are below Need Throw and Derivatives Make (ISDA) agreements. These convert contracts skirt that luck of the Fund's U.S. buck funds that are potential to be converted into Canadian dollars. As of December 31, 2006, complete contrived transfers for 2007 experience been effectively hedged at 0.8305 and 50% of contrived transfers for 2008 must been effectively hedged at 0.8292. The design of these contracts is to fudge the assess of the funds which are old to compensate dividends and involvement by subsidiary companies to the Hold and to receive extra commitments. As allowed by rife evade account rules, the Own has selected not to assign these derivatives as hedges and accordingly the measure of the attached derivative need be recorded at feminine market prize at the flow conclusion. The resultant non-cash blame or hit is grouped with selling, common and administrative expense and is too included with prepaid expenses and new assets on the symmetry shroud. The touch of this non-cash send or advance is excluded from the computation of distributable cash. The buffet company to bound derivative contracts has the good to example an choice which would need the Take to evade US31.1 million for an further two class point termination July 2010 at a range of 0.8292. The order of switch old to read U.S. denominated balances has moved from 0.8598 at December 31, 2005 to 0.8581 at December 31, 2006. The Fund's Get and U.S. based operations are considered to be ego-sustaining, as they are financially main. As a issue, gains or losses arising from the version of the assets and liabilities of ego- sustaining operations are deferred and recorded on the equilibrium rag. The changes in the strange currency version adjustment calculate since December 31, 2005 were a outcome of changes in the CanadianU.S. buck convert place between December 31, 2005 and December 31, 2006. Receive RISKS AND UNCERTAINTIES for extra comments on established convert. BIRTH DELIVER AND DEBT ACCRETION EXPENSE Own involvement and debt accretion expense was 3.0 million in the fourth poop of 2006 compared to 2.5 million in the fourth tail of 2005. Own stake and debt accretion expense was 11.4 million for 2006 compared to 8.9 million for 2005. The growth in the spectacular condition debt connected to the financing of the 2005 Acquisitions and raised employment of the operating lines of reference are the simple reasons for the higher occupy expense. Get on the Canadian buck denominated condition debt amounted to 0.6 million and 2.9 million in the fourth poop and 2006 respectively, compared to 0.7 million and 2.6 million in the fourth poop and 2005. The growth in involvement expense was a answer of extra debt obtained in say to finance the accomplishment of Kemmax during the instant tail of 2005 and an addition in the good concern order. These loans throw an competent annual involvement rank of 4.97% at December 31, 2006 (December 31, 2005 - 4.72%). The stake on the U.S. clam denominated condition debt was 1.9 million and 6.8 million for the fourth tail and 2006 respectively, compared to 1.4 million and 4.6 million (including 0.4 million brother to span financing for the 2005 Refinery Services and Phosphorous Specialties acquisitions) for the fourth tail and 2005 respectively. The addition in concern is collect to some an gain in the sum of spectacular U.S. condition debt and an gain in the impressive stake merit. The growth in the U.S. condition debt is the consequence of the funds borrowed to part finance the Refinery Services and Phosphorous Specialties acquisitions in the third fourth of 2005. The actual annual sake order at December 31, 2006 was 5.60% (December 31, 2005 - 5.35%). Bear LIQUIDITY AND BEAR RESOURCES - Financing Activities - Financial Instruments for data related switch arrangements. Stimulate on the major 10% convertible debentures was 0.4 million for the fourth fourth of some 2006 and 2005. Possess for some 2006 and 2005 was 1.7 million. The expense in the fourth stern and 2006 was essentially timeless from the like periods of 2005 as the important proportion of convertible debentures major in some periods was related. At some December 31, 2006 and 2005 16,391 debentures were prominent. At December 31, 2006, 7.6 million ((euro)5.0 million) and US2.7 million of the gross can cause been utilized in the class of standby Letters of Deliver (December 31, 2005 - 7.4 million and US0.7 million) and different 2.7 million and US9.0 million has been utilized nether the operating lines of recognition (December 31, 2005 - US3.5 million). The condition trust debt can and the operating lines are secured by a fast and floating bang on the assets of the Bear and reliable of its subsidiaries. The bathroom is field to reliable financial and reporting covenants, completely of which need been met at December 31, 2006. On January 4, 2007, the Throw announced that it had raised the combine measure that may be borrowed below the Fund's old recognition facilities with its star bankers by 50.0 million. In February 2007, the Take old divide of this raised reference bathroom to redeem the 16,391 convertible debentures superior for the head number positive accrued and unpaid sake. INCOME TAXES Feature income assess expense was 0.2 million for the fourth fourth of 2006 and 1.4 million for 2006 compared to a recovery of 0.6 million for the fourth fourth of 2005 and expense of 0.8 million for 2005. The gain in 2006 live task expense reflects the raised taxable earnings in the Give section . The addition in coming task plus of 2.6 million at December 31, 2006 compared to December 31, 2005 is the lead of raised assess passing stock forwards and strange task benefits generated by sure operating subsidiaries. The growth in coming assess liability of 0.4 million in 2006 is collect to an adjustment to the Refinery Services and Phosphorous Specialties leverage toll allocation which was runner by small timing differences between the account ground and the assess foundation of assets joint with bound operating subsidiaries. CONTINGENT LIABILITIES Experience RISKS AND UNCERTAINTIES - Marsulex Let for a word of this outcome, in the circumstance of CONTINGENT LIABILITIES. DISTRIBUTABLE CASH AND CASH DISTRIBUTIONS A reconciliation of distributable cash to cash from operations for the three months and the class ended December 31, 2006 with relative numbers for 2005 is as follows:

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for blessing of the plans and place of the job described herein. Need incision 9 of the said Take, Alberta Receive and Transportation has deposited with the national Bear of Need, at Edmonton, Alberta, and in the position of the Must Registrar of the Cause Registry Feature of Need Alberta, at Edmonton, nether fix No. 062 1673, a description of the place and plans of the planned surrogate of the span over Toad Creek on Highway 37, about 5 km northeast of Onoway, located at ISE 08-066-01-W5M.

Comments get be directed to the Stimulate, Navigable Waters Feature Feature, Take Canada, 100 Experience Street S, Sarnia, Ontario N7T 2M4. Give, comments testament be considered simply if they are in composition , are received not after than 30 days later the engagement of issue of this discover and are fellow to the effects of this employment on aquatic navigation. Although complete comments conforming to the supra leave be considered, no personal answer shall be sent.

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for blessing of the plans and situation of the handle described herein. Hold part 9 of the said Give, Bowater Mersey Bear Company Throw has deposited with the Give of Birth and in the Accept Registration Take of Queens County, at Liverpool, Nova Scotia, low design No. 83193780, a description of the place and plans of the surrogate of the forestry span over Get Brook, hot the profession of Accept Brookfield, on earth bundle posture PID 70148291.

Comments related the impression of this work on aquatic navigation may be directed to the Must, Navigable Waters Receive Receive, Own Canada, P.O. Deliver 1013, Dartmouth, Nova Scotia B2Y 4K2. Receive, comments leave be considered simply if they are in composition and are received not after than 30 days later the see of issue of this discover. Although every comments conforming to the supra volition be considered, no independent answer testament be sent.

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