CANADIAN OIL SANDS TRUST provides a PURE INVESTMENT opportunity in the oil sands through its 36.74% working interest in the Syncrude Project.  Located near Fort McMurray, Alberta, Syncrude operates large oil sands mines and an upgrading facility that produces a light, sweet crude oil. 

Canadian Oil Sands Trust seeks to optimize value for our Unitholders through effective stewardship of our Syncrude operations, the pursuit of compatible growth opportunities, prudent financial management and providing accurate and timely disclosure to our investors.

We are based in Calgary, Alberta and listed on the Toronto Stock Exchange under the symbol COS.UN.

	2006	2005	% change
financial ($ millions, except per Unit amounts)
Revenues, after crude oil purchases, transportation and marketing expense	2,432	1,967	24
Net Income	834	831	0
Per Unit – Basic	1.79	1.81	-1
Per Unit – Diluted	1.78	1.80	-1
Cash from operating activities	1,142	949	20
Per Unit	2.45	2.07	18
Unitholder distributions	512	184	178
Per Unit	1.10	0.40	175
ratios
Net debt to cash from operating activities (times)	1.1	1.7
Net debt to total capitalization (%)	25	33
Return on average Unitholder’s equity (%)	23	28
Return on average productive capital employed (%)	24	37
operations
Sales volumes, net of crude oil purchases
Total (MMbbls)	33.5	27.7	21
Daily average (bbls)	91,844	75,994	21
Operating costs ($/bbl)	27.07	26.34	3
Capital expenditures ($ millions)	300	800	-63
Net realized selling price ($/bbl)	72.56	70.91	2
West Texas Intermediate (US$/bbl)	66.25	56.70	17
Average foreign exchange rate (US$/Cdn$)	0.88	0.83	6
unit information
Closing price on December 31 ($/Unit)	32.61	25.20	29
Weighted-average Units (millions)	466	459	2