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Leslie LundquistAssociated Brands Income FundABF.UN.TODON'T BUYMay 18, 2004

Deal both in Canada and the US so there has been some currency weakness. We'll be a change in CEOs. Not sure how stable the distribution will be.

Leslie Lundquist

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DON'T BUY

Manufacturer of private label dry-blend food products. Has serious concerns. Have yet to achieve their targets. The high Canadian$, high material costs and intense national competition have continued to hurt them.

DON'T BUY

They come up with disappointment after disappointment. Have cut their distributions a couple of times. Running into difficulty with their debt covenance. Trying to re-negotiate new debt. which they were finally able to do. 3rd quarter results were very weak.

DON'T BUY

Operating fundamentals continue to deteriorate. Hasn't met its growth forcasts and has continually disappointed. High energy prices will create a challenge for them.

DON'T BUY

This is a sector that they stay away from. The consumers product area is an extremely competitive market. Small guys can be squeezed by the big players.

SELL

Dropped in value because they cut their distribution. Have owned in the past, sold. Continues to be a high risk name, move out of trust. Could rebound. Small trust, under a million. Many other better trusts out there to buy

SELL

Sold because of concerns with their operating fundamentals. Facing pressures on revenue and costs which will squeeze margins. Revenues are facing increased competitive pressures in drink-mix/artificial sweetener products. Rising energy, raw material and packaging costs is also a problem. Have missed on their last quarters. Credibility issue also.

DON'T BUY

40% of their distributable income is from the US and the strong move on the CD$ has hurt them. In a business that is highly competitive.

DON'T BUY

Ran into difficulty with currency. 3rd quarter results were disappointing. Some input costs of goods increased dramatically.

BUY

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Leslie LundquistAssociated Brands Income FundABF.UN.TODON'T BUYMay 18, 2004

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Associated Brands Income Fund(ABF.UN.TO)

Associated Brands Income Fund(ABF.UN.TO)

Associated Brands Income Fund(ABF.UN.TO)

Associated Brands Income Fund(ABF.UN.TO)

Associated Brands Income Fund(ABF.UN.TO)

Associated Brands Income Fund(ABF.UN.TO)

Associated Brands Income Fund(ABF.UN.TO)

Associated Brands Income Fund(ABF.UN.TO)

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