Alberta Investment Management Corporation - Media Statement

    CALGARY, April 29 /CNW/ - The Alberta Investment Management Corporation
("AIMCo") Board of Directors strongly stands behind its investment in
Precision Drilling Trust ("Precision Drilling").
    It has been suggested that AIMCo's vice chair George Gosbee had a
conflict of interest with respect to this transaction just because he knows
one of the founders of Precision Drilling. That is at best misguided. The
founder has not been associated with Precision Drilling for nearly 2 years.
Mr. Gosbee never had any financial or other connection to the company. He has
no conflict, and it is wrong to suggest otherwise.
    AIMCo's Board is a governance Board. Mr. Gosbee was made aware of the
Precision Drilling investment by AIMCo's management at the same as other AIMCo
directors. The Board approved the transaction proposed by management, because
it was a wise and prudent investment opportunity befitting AIMCo's mandate.
Nothing more. Nothing less.

    AIMCo is an Alberta crown corporation set up on January 1, 2008. Its
Board independently supervises approximately $68 billion of public sector
pension, endowment and special purpose funds, strictly based on achieving
superior long-term return on risk.

For further information:

For further information: Shauna MacDonald, Brookline Public Relations
Inc., C: (403) 585-4570,; Arlene Worsley, Brookline
Public Relations Inc., W: (403) 538-5641 ext. 106, C: (403) 650-7086,

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Alberta Investment Management Corporation (AIMCo)

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