Steven Cloutier

STEVEN CLOUTIER is President and Chief Operating Officer of APF Energy
Trust. Mr. Cloutier has more than 15 years’ combined experience in oil
and gas, corporate finance, mergers and acquisitions, and law. Since
participating in the formation of APF Energy Trust in 1996, Mr. Cloutier
has been responsible for the coordination of day-to-day operations of
the business, and has been directly involved in oil and gas transactions
worth more than $400 million. Prior to co-founding APF Energy with Mr.
Hislop, Mr. Cloutier practiced law in Toronto with a medium-sized firm
specializing in corporate finance and secured lending. Before that, Mr.
Cloutier worked in the investment industry (1986-87). Mr. Cloutier is a
graduate of the University of Victoria (Law) and McGill University
(Labour Relations).

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April 26, 2004