When your old Boyd Class A shares were exchanged for Trust Units, this is a taxable event. Depending on what you paid for Boyd Class A shares, the conversion of these shares to Trust Units will likely result in a capital gain to you. This capital gain will be taxable in 2003. When your old Boyd Class A shares were exchanged for Holding Company shares, this may or may not be a taxable event, at your option. When a shareholder exchanges shares in this fashion, there is an election available to the shareholder, within the Canadian Income Tax Act, that allows this exchange to take place without resulting in taxable capital gains. This “tax deferral” only continues until such time as you may decide to exchange your Holding Company shares for Trust Units. This exchange (like the exchange of the old Boyd Class A shares) to Trust Units is also a taxable event. Hence, every shareholder, as a result of this mechanism, has an opportunity to defer some tax as long as they may want to, by continuing to hold the shares of the Holding Company (these shares will always be exchangeable for Trust Units, so there is not reason to exchange, unless you want to sell, and in that event you would have a taxable gain anyway). It should be noted that if your holdings are within an RRSP or some other type of “tax deferral plan” then the tax deferral created by these Holding Company shares will not result in any additional benefit to you, hence you may want to elect to have the original conversion treated as a taxable event.