AET.UN -1.60
29.40
ARX 0
74.90

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ARX Exchangeable Shares

ARC Shares Exchangeable into ARC Units

ARC exchangeable shares (ARX) trade on the Toronto Stock Exchange (TSX) along with ARC units (AET.UN). The ARX shares do not pay out any distributions rather they can be exchanged for trust units (AET.UN) at any given time. ARX shares can be exchanged at an exchange ratio as of an effective date. Following are the details on the calculation of the exchange ratio:

2008

Record Date Distribution Opening Exchange Ratio Trust Unit Distribution (Cdn$) 10 Day Weighted Average Price (Cdn$) Increase in Exchange Ratio** Effective Date of Increase in Exchange Ratio Exchange Ratio as of Effective Date
June 30, 2008 2.36758 0.24 31.4796 0.01805 Jul 15, 2008 2.38563
May 31, 2008 2.34894 0.24 30.2471 0.01864 Jun 16, 2008 2.36758
Apr 30, 2008 2.33157 0.20 26.8467 0.01737 May 15, 2008 2.34894
Mar 31, 2008 2.31375 0.20 25.9728 0.01782 Apr 15, 2008 2.33157
Feb 29, 2008 2.29439 0.20 23.7049 0.01936 Mar 17, 2008 2.31375
Jan 31, 2008 2.27289 0.20 21.1480 0.021495 Feb 15, 2008 2.29439

2007

Record Date Distribution Opening Exchange Ratio Trust Unit Distribution (Cdn$) 10 Day Weighted Average Price (Cdn$) Increase in Exchange Ratio** Effective Date of Increase in Exchange Ratio Exchange Ratio as of Effective Date
Dec 31, 2007 2.24976 0.20 19.4544 0.02313 Jan 15, 2008 2.27289
Nov 30, 2007 2.22650 0.20 19.1435 0.02326 Dec 17, 2007 2.24976
Oct 31, 2007 2.20555 0.20 21.0600 0.02095 Nov 15, 2007 2.22650
Sept 30, 2007 2.18448 0.20 20.7380 0.02107 Oct 15, 2007 2.20555
Aug 31, 2007 2.16283 0.20 19.9767 0.02165 Sept 17, 2007 2.18448
Jul 31, 2007 2.14316 0.20 21.7903 0.01967 Aug 15, 2007 2.16283
Jun 30, 2007 2.12420 0.20 22.4112 0.01896 Jul 16, 2007 2.14316
May 31, 2007 2.10602 0.20 23.1662 0.01818 Jun 15, 2007 2.12420
Apr 30, 2007 2.08689 0.20 21.8214 0.01913 May 15, 2007 2.10602
Mar 31, 2007 2.06763 0.20 21.4752 0.01926 Apr 16, 2007 2.08689
Feb 28, 2007 2.04889 0.20 21.8628 0.01874 Mar 15, 2007 2.06763
Jan 31, 2007 2.03013 0.20 21.6414 0.01876 Feb 15, 2007 2.04889

2006

Record Date Distribution Opening Exchange Ratio Trust Unit Distribution (Cdn$) 10 Day Weighted Average Price (Cdn$) Increase in Exchange Ratio** Effective Date of Increase in Exchange Ratio Exchange Ratio as of Effective Date
Dec 31, 2006 2.01251 0.20 22.8430 0.01762 Jan 15, 2007 2.03013
Nov 30, 2006 1.99406 0.20 21.6207 0.01845 Dec 15, 2006 2.01251
Oct 31, 2006 1.98002 0.20 28.2102 0.01404 Nov 15, 2006 1.99406
Sept 30, 2006 1.96502 0.20 26.1962 0.01500 Oct 16, 2006 1.98002
Aug 31, 2006 1.95196 0.20 29.8957 0.01306 Sept 15, 2006 1.96502
Jul 31, 2006 1.93827 0.20 28.3176 0.01369 Aug 15, 2006 1.95196
Jun 30, 2006 1.92377 0.20 26.5335 0.01450 Jul 17, 2006 1.93827
May 31, 2006 1.90983 0.20 27.3961 0.01394 Jun 15, 2006 1.92377
Apr 30, 2006 1.89591 0.20 27.2304 0.01392 May 15, 2006 1.90983
Mar 31, 2006 1.88185 0.20 26.7598 0.01406 Apr 17, 2006 1.89591
Feb 28, 2006 1.86776 0.20 26.5028 0.01409 Mar 15, 2006 1.88185
Jan 31, 2006 1.85382 0.20 26.6057 0.01394 Feb 15, 2006 1.86776

2005

Record Date Distribution Opening Exchange Ratio Trust Unit Distribution (Cdn$) 10 Day Weighted Average Price (Cdn$) Increase in Exchange Ratio** Effective Date of Increase in Exchange Ratio Exchange Ratio as of Effective Date
Dec 31, 2005 1.83996 0.20 26.5567 0.01386 Jan 16, 2006 1.85382
Nov 30, 2005 1.82528 0.20 24.8707 0.01468 Dec 15, 2005 1.83996
Oct 31, 2005 1.80863 0.20 21.7266 0.01665 Nov 15, 2005 1.82528
Sept 30, 2005 1.79533 0.17 22.9526 0.01330 Oct 17, 2005 1.80863
Aug 31, 2005 1.78143 0.17 21.7902 0.01390 Sept 15, 2005 1.79533
Jul 31, 2005 1.76921 0.15 21.7221 0.01222 Aug 15, 2005 1.78143
Jun 30, 2005 1.75594 0.15 19.8477 0.01327 Jul 15, 2005 1.76921
May 31, 2005 1.74175 0.15 18.4061 0.01419 Jun 15, 2005 1.75594
Apr 30, 2005 1.72697 0.15 17.5257 0.01478 May 16, 2005 1.74175
Mar 31, 2005 1.71265 0.15 17.9336 0.01432 Apr 15, 2005 1.72697
Feb 28, 2005 1.69932 0.15 19.1253 0.01333 Mar 15, 2005 1.71265
Jan 31, 2005 1.68606 0.15 19.0697 0.01326 Feb 15, 2005 1.69932

2004

Record Date Distribution Opening Exchange Ratio Trust Unit Distribution (Cdn$) 10 Day Weighted Average Price (Cdn$) Increase in Exchange Ratio** Effective Date of Increase in Exchange Ratio Exchange Ratio as of Effective Date
Dec 31, 2004 1.67183 0.15 17.6229 0.01423 Jan 17, 2005 1.68606
Nov 30, 2004 1.65735 0.15 17.1654 0.01448 Dec 15, 2004 1.67183
Oct 31, 2004 1.64267 0.15 16.7862 0.01468 Nov 15, 2004 1.65735
Sept 30, 2004 1.62818 0.15 16.8533 0.01449 Oct 15, 2004 1.64267
Aug 31, 2004 1.61289 0.15 15.8229 0.01529 Sept 15, 2004 1.62818
Jul 31, 2004 1.59781 0.15 15.8894 0.01508 Aug 16, 2004 1.61289
Jun 30, 2004 1.58199 0.15 15.0005 0.01582 Jul 15, 2004 1.59781
May 31, 2004 1.56634 0.15 15.0127 0.01565 Jun 15, 2004 1.58199
Apr 30, 2004 1.55104 0.15 15.2030 0.01530 May 17, 2004 1.56634
Mar 31, 2004 1.53618 0.15 15.5092 0.01486 Apr 15, 2004 1.55104
Feb 29, 2004 1.52099 0.15 15.0203 0.01519 Mar 15, 2004 1.53618
Jan 31, 2004 1.50565 0.15 14.7200 0.01534 Feb 16, 2004 1.52099

2003

Record Date Distribution Opening Exchange Ratio Trust Unit Distribution (Cdn$) 10 Day Weighted Average Price (Cdn$) Increase in Exchange Ratio** Effective Date of Increase in Exchange Ratio Exchange Ratio as of Effective Date
Dec 31, 2003 1.49013 0.15 14.4024 0.01552 Jan 15, 2004 1.50565
Nov 30, 2003 1.47367 0.15 13.4328 0.01646 Dec 15, 2003 1.49013
Oct 31, 2003 1.45774 0.15 13.7274 0.01593 Nov 17, 2003 1.47367
Sept 30, 2003 1.44148 0.15 13.2979 0.01626 Oct 15, 2003 1.45774
Aug 31, 2003 1.42571 0.15 13.5630 0.01577 Sept 15, 2003 1.44148
Jul 31, 2003 1.40909 0.15 12.7184 0.01662 Aug 15, 2003 1.42571
Jun 30, 2003 1.39255 0.15 12.6313 0.01654 Jul 15, 2003 1.40909
May 31, 2003 1.37557 0.15 12.1549 0.01698 Jun 16, 2003 1.39255
Apr 30, 2003 1.36281 0.15 11.7540 0.01276 May 15, 2003 1.37557
Mar 31, 2003 1.34954 0.15 11.3057 0.01327 Apr 15, 2003 1.36281
Feb 28, 2003 1.33664 0.15 11.6256 0.01290 Mar 17, 2003 1.34954
Jan 31, 2003 1.32433 0.15 12.1899 0.01231 Feb 17, 2003 1.33664

2002

Record Date Distribution Opening Exchange Ratio Trust Unit Distribution (Cdn$) 10 Day Weighted Average Price (Cdn$) Increase in Exchange Ratio** Effective Date of Increase in Exchange Ratio Exchange Ratio as of Effective Date
Dec 31, 2002 1.31350 0.13 12.0041 0.01083 Jan 15, 2003 1.32433
Nov 30, 2002 1.30188 0.13 11.1855 0.01162 Dec 16, 2002 1.31350
Oct 31, 2002 1.29131 0.13 12.2978 0.01057 Nov 15, 2002 1.30188
Sept 30, 2002 1.28106 0.13 12.6859 0.01025 Oct 15, 2002 1.29131
Aug 31, 2002 1.27082 0.13 12.7015 0.01024 Sept 15, 2002 1.28106
Jul 31, 2002 1.26018 0.13 12.2235 0.01064 Aug 15, 2002 1.27082
Jun 30, 2002 1.24982 0.13 12.5538 0.01036 Jul 15, 2002 1.26018
May 31, 2002 1.23917 0.13 12.2072 0.01065 Jun 15, 2002 1.24982
Apr 30, 2002 1.22888 0.13 12.6352 0.01029 May 15, 2002 1.23917
Mar 31, 2002 1.21885 0.13 12.9656 0.01003 Apr 15, 2002 1.22888
Feb 28, 2002 1.20783 0.13 11.7938 0.01102 Mar 15, 2002 1.21885
Jan 31, 2002 1.19699 0.13 11.9889 0.01084 Feb 15, 2002 1.20783

2001

Record Date Distribution Opening Exchange Ratio Trust Unit Distribution (Cdn$) 10 Day Weighted Average Price (Cdn$) Increase in Exchange Ratio** Effective Date of Increase in Exchange Ratio Exchange Ratio as of Effective Date
Dec 31, 2001 1.18422 0.15 11.7491 0.01084 Jan 15, 2002 1.19699
Nov 30, 2001 1.17063 0.15 11.0412 0.01102 Dec 15, 2001 1.18422
Oct 31, 2001 1.15719 0.15 11.1594 0.01344 Nov 15, 2001 1.17063
Sept 30, 2001 1.13925 0.20 11.1457 0.01794 Oct 15, 2001 1.15719
Aug 31, 2001 1.12307 0.20 12.3580 0.01618 Sept 15, 2001 1.13925
Jul 31, 2001 1.10558 0.20 11.4331 0.01749 Aug 15, 2001 1.12307
Jun 30, 2001 1.08691 0.22 11.7841 0.01867 Jul 15, 2001 1.10558
May 31, 2001 1.07030 0.22 13.2443 0.01661 Jun 15, 2001 1.08691
Apr 30, 2001 1.05239 0.22 12.2839 0.01791 May 15, 2001 1.07030
Mar 31, 2001 1.03494 0.20 11.4637 0.01745 Apr 15, 2001 1.05239
Feb 28, 2001 1.01764 0.20 11.5610 0.01730 Mar 15, 2001 1.03494
Jan 31, 2001 1.00000 0.20 12.9656 0.01764 Feb 15, 2001 1.01764

** The increase in the exchange ratio is calculated by dividing the ARC Energy Trust distribution per unit by the 10 day weighted average trading price of AET.UN and multiplying by the opening exchange ratio.