1. Discussion Document: EnerVest Diversified Income Trust Exchange Offer November 10, 1999 The contents of this presentation are not to be reproduced or distributed to the public or press. Securities legislation in all provinces prohibits such distribution. This presentation should be read in conjunction with the preliminary prospectus dated November 10, 1999. The information contained herein, while obtained from sources which we believe to be reliable, is not guaranteed as to its accuracy or completeness. This presentation is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein.

2. STRICTLY PRIVATE AND CONFIDENTIAL 1 Summary of the Offer n EnerVest Diversified Income Trust (“EDIT”) offers to exchange its units for a selection of high quality income and royalty trusts n Exchange ratio to be determined based on market prices (with a floor price of 90% of EDIT net asset value) n Deposit date on December 1, 1999 by 4:00 p.m. n Minimum condition of $50 million n 2% solicitation fee and ongoing 0.50% servicing fee for financial advisors

3. STRICTLY PRIVATE AND CONFIDENTIAL 2 EDIT Overview n A diversified, closed-end trust trading on the TSE (EIT.UN) n Portfolio of 21 income and royalty trusts with a net asset value of approximately $42 million n Limited to a maximum of 10% of the outstanding units of any underlying income trust n Active management of portfolio seeking to: l Maximize return relative to risk l Maximize net asset value l Maximize monthly distributions to unitholders n Morrison Williams is the Investment Manager l Over 56 years of investment management experience

4. STRICTLY PRIVATE AND CONFIDENTIAL 3 EDIT Characteristics n Yields of 12.5% (on NAV) and 14.5% (on market value) over last 12 months (1) n Historic tax deferral of approximately 86% on cash distributions n Year-to-date total return of 24.8% (1) n Cash distributions and NAV increase n Low annual management fees (1.25% to 1.50%) n EDIT has ability to borrow (maximum 20% of total assets) which will be used to enhance returns (1) Based on Unit values as of October 31, 1999.

5. STRICTLY PRIVATE AND CONFIDENTIAL 4 Reasons for the Exchange Offer n Larger EDIT portfolio will benefit all unitholders l Greater liquidity potentially l Less volatility potentially n Economies of scale on operating costs n Total costs of the Exchange Offer are comparable to a new treasury issue for cash n Benefits to unitholders of Issuers targeted for exchange

6. STRICTLY PRIVATE AND CONFIDENTIAL 5 Benefits for Exchange Offerees n Ease of participation in an actively managed, diversified portfolio n Potential for enhanced distributions due to modest leverage n Experienced investment managers l Expertise in evaluation income trust, royalty trust and limited partnership assets — under-researched securities relative to other publicly traded instruments n Potential positive tax consequences l Crystallize capital losses on units exchanged l Cash distributions have considerable tax deferral (86% historically) n Exchange ratios are at market prices l Advantageous for Exchange Offerees who are likely to benefit disproportionately

7. STRICTLY PRIVATE AND CONFIDENTIAL 6 Benefits to Industry n More institutional investor involvement in income trust sector l Potential to improve market stability and liquidity n Allows many unitholders of trust units to crystallize tax losses n A servicing fee should fairly compensate financial advisors l May assist market following of EDIT and subsequently improve access to capital

8. STRICTLY PRIVATE AND CONFIDENTIAL 7 Selection of Trusts n Units acquired by EDIT will become part of EDIT’s portfolio n 52 Issuers subject to the Exchange Offer (see preliminary prospectus) n These trusts have the best prospects in the opinion of Morrison Williams

9. STRICTLY PRIVATE AND CONFIDENTIAL 8 Exchange Offer Process n Securities Commissions review prospectus November n Deposit DateDecember 1 n Results of Exchange Offer and ratios December 2 n Filing of final prospectusDecember 2 n Closing Approximately December 15 Preliminary Prospectus and greensheet are available on-line to registered financial advisors. Website:www.nbfinancial/offerings User ID: IDA Passcode: offerings

10. STRICTLY PRIVATE AND CONFIDENTIAL 9 Summary n Innovative transaction that has involved input from corporate financiers, retail advisors and securities’ regulators n There are benefits to all constituents l Not a “zero-sum game” n We believe there are compelling reasons for your unitholders to accept the Exchange Offer