Rolled Over Flow-Through LPs
| Rollover | NAVPU at rollover |
Total Closing Value and Distributions (1) |
Estimated Cumulative After-Tax Return (2)(3)(4) |
Adjusted Cost Base (ACB) |
|
| Norrep Performance 2010 FTLP | 8-Apr-11 | $9.19 | $10.39 | 51% | $9.35(5) |
| Norrep Performance 2009 FTLP | 15-Sep-10 | $6.21 | $7.48 | 11% | $7.21(5) |
| Norrep Performance 2008 FTLP | 11-Jun-10 | $5.11 | $6.52 | -2% | $11.15(5) |
| Norrep Performance 2007 FTLP | 11-Jun-10 | $2.34 | $2.79 | -59% | $10.32(5) |
| Norrep Performance 2006 FTLP | 25-Sep-09 | $2.25 | $2.43 | -65% | $11.45(5) |
| Norrep Performance 2005 FTLP | 25-Jun-08 | $6.39 | $7.07 | 29% | $18.58(6) |
| Norrep Performance 2004 FTLP | 13-Jun-07 | $8.81 | $9.61 | 74% | $22.05(6) |
| Norrep Performance 2003 FTLP | 7-Feb-06 | $10.28 | $12.06 | 77% | $11.19(6) |
| Norrep Performance 2002 FTLP | 12-Jan-05 | $9.84 | $12.61 | 89% | $13.14(6) |
| Norrep 2001 FTLP | 16-Dec-03 | $10.94 | $13.38 | 99% | $13.49(6) |
| Norrep 2000 FTLP | 09-Oct-02 | $6.79 | $8.32 | 24% | $10.98(6) |
| Norrep 1999 FTLP | 29-Sep-01 | $7.88 | $12.20 | 90% | $12.40(6) |
(1) Net asset value at dissolution includes cash distributions that were paid to investors from inception to dissolution.
(2) In respect of the years 2004 and 2005, the estimated cumulative after tax return assumes a combined federal and provincial income tax rate of 45% and an estimated after tax net investment of $4.375 due to managing expenditures to target a 125% deduction for tax purposes of the investor's original investment in those Prior Partnerships. Actual returns may differ from those set out above.
(3) As of the respective date of dissolution, as applicable.
(4) Actual after-tax rates of return for a limited partner will vary depending on a number of factors including province of residence, date of disposition and the timing and amount of actual deductions or credits received. There is no assurance that stated returns will in fact be realized.
(5) Represents ACB of Norrep Resource Class share. ACB calculation includes distributions.
(6) Represents ACB of Norrep II Class share. ACB calculation includes distributions.
The estimated past performance does not guarantee future results and there can be no assurance that the performance of the Partnership will equal or exceed the estimated performance of the Prior Partnerships.