Taxability

2005 Canadian Tax Information

Vault Energy Trust announced the taxability on distributions received by Canadian unitholders for 2005 is 70 percent taxable and 30 percent deferred return of capital ("ROC").

Canadian unitholders holding their Vault investment in a Registered Retirement Savings Plan, Registered Retirement Income Fund or Deferred Profit Savings Plan should not report any income related to distributions on their 2005 income tax return. Unitholders holding their units outside such plans will receive a T3 Supplementary Information slip ("T3"), postmarked on or before March 31, 2006. Vault’s Canadian registered unitholders should receive a T3 from Vault’s transfer agent, Valiant Trust Company. Unitholders that hold their units through a broker or other intermediary should receive a T3 directly from their broker or intermediary and not from Vault or Vault’s transfer agent. Unitholders are to report the taxable portion of distributions received as "other income" on their 2005 income tax return.

Chamaelo/Vault Transaction

Below are documents to assist former Chamaelo shareholders in reporting the transaction for tax purposes.

• Chamaelo Joint Tax Election Instructions
• T2057 - Partially Completed T2057 - Election on Disposition of Property by a Taxpayer to a Taxable Canadian Corporation
• T2058 - Partially Completed T2058 - Election on Disposition of Property by a Partnership to a Taxable Canadian Corporation
• Example T2057 and Assisting Template

Click here to view the Summary of Allocation of Chamaelo Share Proceeds of Disposition and Subscription E Receipt Holders Funds between Vault Trust Units and ExploreCo Shares.