The information in this Management’s Discussion and Analysis (“MD&A”) is intended to assist in the understanding and assessments of the trends and significant changes in the results of operations and financial condition of Chemtrade Logistics Income Fund (“Chemtrade” or the “Fund”) and its consolidated subsidiaries. This MD&A should be read in conjunction with the audited consolidated financial statements of the Fund for the year ended December 31, 2004 found in the Financials section of this Annual Report.
The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in Canada (“Canadian GAAP”). The Fund’s reporting currency is the Canadian dollar. In this MD&A per unit amounts are calculated using the weighted average number of units outstanding for the applicable period.
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