Fording Canadian Coal Trust 2008 First Quarter Earnings Results

Fording Canadian Coal Trust (the Trust) (TSX: FDG.UN) (NYSE: FDG) today announced its first quarter 2008 results. Cash available for distribution generated in the quarter was $56 million ($0.38 per unit) compared with $77 million ($0.53 per unit) in 2007. Distributions to unitholders were $0.50 per unit compared with $0.65 per unit in 2007. Distributions declared for the first quarter of 2008 reflect expectations for higher coal prices during the remainder of 2008.

Operating income was $20 million for the quarter compared with $95 million in the first quarter of 2007, which reflects lower U.S. dollar coal prices for the 2007 coal year that commenced April 1, 2007 and a stronger Canadian dollar relative to the U.S. dollar, partially offset by higher sales volumes. Net income from continuing operations was essentially breakeven for the quarter compared with $77 million in the first quarter of 2007 and includes foreign exchange losses resulting from the weakening of the Canadian dollar since December 31, 2007. Net income from continuing operations before unusual items, future income taxes and unrealized gains or losses on foreign exchange forward contracts was $39 million compared with $71 million in the first quarter of 2007 and reflects the realized effects of the foreign exchange forward contracts that matured during the quarter.

"We are generally pleased with our first quarter results, with the exception of the amount of coal we were able to move to port," said Boyd Payne, President of the Trust. "The number of trains we receive directly impacts our results and year-to-date rail shipments are falling short of our requirements. Looking ahead to the 2008 coal year, the acute shortage of supply has enabled us to settle a majority of our contracts for all grades of our coal at pricing in line with our major Australian competitors."

Update on 2008 coal year price negotiations:

Elk Valley Coal has completed negotiations for more than two-thirds of its anticipated coal sales for the 2008 coal year commencing April 1, 2008 with its highest quality coal products being priced at or above US$300 per tonne. If the remainder of the contracts are settled on similar terms, taking into account all ranges of coal products, including thermal and PCI coals, and including the impact of carryover tonnage from the 2007 coal year, the average coal price for the 2008 calendar year is forecast to be in the range of US$195 to US$205 per tonne. Based on these prices, transportation costs for the 2008 calendar year are expected to be in the range of $42 to $44 per tonne. The substantial increase in coal prices over the 2007 coal year reflects the extreme tightness in the metallurgical coal market. Changes in economic conditions, especially in the U.S., China or India, or in the global supply of metallurgical coal could cause a decrease in prices for the 2009 coal year.

Highlights for the first quarter:

- The Trust's share of coal sales volume was 3.5 million tonnes, which was 22% higher than the first quarter of 2007. Sales volumes in the first quarter of 2007 were unusually low due to weather-related rail transportation problems.

- Elk Valley Coal's unit cost of product sold was $46.20 per tonne compared with $45.80 per tonne in the first quarter of 2007.

- Elk Valley Coal's unit transportation costs decreased slightly to $37.20 per tonne compared with $37.80 per tonne in the first quarter of 2007.

Conference Call and Webcast

A conference call to discuss these results will be held Tuesday, April 22nd at 7:30 a.m. Mountain time, 9:30 a.m. Eastern time. To participate in the conference call, please dial 1-866-898-9626 or 416-340-2216 approximately 10 minutes prior to the call. A live and archived audio webcast and podcast of the conference call will also be available on the Trust's website www.fording.ca .

About Fording Canadian Coal Trust

Fording Canadian Coal Trust is an open-ended mutual fund trust and one of the largest royalty trusts in Canada. The Trust makes quarterly distributions to unitholders using royalties received from its 60% interest in the metallurgical coal operations of the Elk Valley Coal Partnership. Elk Valley Coal Partnership is the world's second largest exporter of metallurgical coal, supplying high-quality coal products to the international steel industry. The Trust's shares are traded on the Toronto Stock Exchange under the symbol FDG.UN and on the New York Stock Exchange under the symbol FDG.

MANAGEMENT'S DISCUSSION AND ANALYSIS

This management's discussion and analysis, dated April 21, 2008, should be read in conjunction with Fording Canadian Coal Trust's (the Trust's) unaudited consolidated financial statements and the notes thereto for the quarter ended March 31, 2008, its management's discussion and analysis and consolidated financial statements for the year ended December 31, 2007, and other public disclosure documents of the Trust.

The Trust reports its financial information in Canadian dollars and all monetary amounts set forth herein are expressed in Canadian dollars unless otherwise stated.