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Ben Cheng ATS Andlauer Income Fund ATS.UN-T PAST TOP PICK May 19, 2006

(A Top Pick Feb 24/06. Up 20%.) Still buying.

Ben Cheng

Owned

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$12.080

Stock price when the opinion was issued

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TOP PICK

Trucking company. They have developed a very strong niche in the pharmaceutical, consumer products and cosmetics area. Recently announced a special distribution at year end. Have modest amounts of debt. Well-managed.

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Smaller cap income trust company. Operates in the delivery of consumers products to retailers and end users. Management is still holding 20% of stock. It should do well with good growth.

PAST TOP PICK

(A Top Pick Dec 30/05. Up 13%.) This was a trucking IPO. They have done very well concentrating on the pharmaceutical and consumer industries. A very well-run company.

TOP PICK

A trucking business. Have shown tremendous growth and has a lot ahead of it. Expect it has a huge upside. Expect them to grow their distribution substantially (50%) over the next two years.

PAST TOP PICK

(A Top Pick Dec 30/05. Up 13.7%.) Temperature controlled vans for delivering pharmaceuticals. Has increased distributions 5 or 6 times since going public. Has no debt.

PAST TOP PICK

(Top Pick Oct 8/08, 31%)Going to work with green energy program in Ontario on solar energy. Had its problems in the past but new management has been in for a couple of years. Buy on weakness.

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Ben Cheng ATS Andlauer Income Fund ATS.UN-T PAST TOP PICK May 19, 2006

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