Pengrowth Energy Trust (the Trust) is a Canada-based open-end investment trust. The purpose of the Trust is to directly and indirectly explore for, develop and hold interests in petroleum and natural gas properties, through investments in securities, royalty units, net profits interests and notes issued by subsidiaries of the Trust. The activities of Pengrowth Corporation (the Corporation) and its subsidiaries are financed by issuance of royalty units and interest bearing notes to the Trust and third party debt. The Trust owns all of the royalty units and 91% of the common shares of the Corporation. Pengrowth Management Limited is the Trust’s investment manager.