Consolidated Statements of Unitholders Equity
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CONSOLIDATED STATEMENTS OF UNITHOLDERS' EQUITY

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For the years ended December 31, 2005 and 2004








(IN THOUSANDS OF CANADIAN DOLLARS)










Unitholders'
Capital
(Note 12)

Stock Based
Compensation

Accumulated
Earnings

Distributions














Total

 









Balance, December 31, 2003, as previously reported $2,464,600

$3,161
$(45,280 ) $2,422,481

Cumulative effect of adopting new accounting policy    (Note 17)

—
17
(17 ) —
—

Balance, December 31, 2003, as restated 2,464,600
17
3,144
(45,280 ) 2,422,481
Issuance of units (Note 12) 1,254,986
—
—
—
1,254,986
Restricted units (Note 17) (1,257 ) 139
—
—
(1,118 )
Employee unit purchase loans reimbursed 860
—
—
—
860
Distributions (Note 13) —
—
—
(272,939 ) (272,939 )
Obligations under stock options granted (Note 17) —
412
—
—
412
Net earnings for the year —
—
106, 989
—
106,989

Balance, December 31, 2004 3,719,189
568
110,133
(318,219 ) 3,511,671
Issuance of units (Note 12) 1,661,538
—
—
—
1,661,538
Restricted units (Note 17) (1,362 ) 779
—
—
(583 )
Distributions (Note 13) —
—
—
(419,227 ) (419,227 )
Obligations under stock options granted (Note 17) —
412
—
—
412
Net earnings for the year —
—
241,833
—
241,833

Balance, December 31, 2005 $5,379,365
$1,759
$351,966
$(737,446 ) $4,995,644


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