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Sandy McIntyre Great Lakes Carbon Income Fund GLC.UN-T WEAK BUY May 12, 2006

Almost all of their revenue is in US$. Operations are running fine. They are the predominant producer of calcine carbon which is used in aluminum refineries. Doesn't have a problem with this except for their currency.

Sandy McIntyre

Owned

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$10.050

Stock price when the opinion was issued

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BUY ON WEAKNESS

Produce calcined coke for the aluminum business. Had a little spike at the beginning of the year. Last year they struggled a bit with freight costs and they seem to be getting those under control. They're going to be passing on some price increases. Sees 2005/2006 to be better years with about 95% payout ratio.

BUY

Went through a rough patch in 2004 because of the high freight rates giving a margin squeeze. Had to dip into their subordination. Have quite an attractive subordination with AIP. Have been able to negotiate very strong sales price realization through most of their major customers. Demand/supply looks very strong.

DON'T BUY

Most of the sell off was related to the confusion in the business income sector as well as being a US based company with US$ exposure. Transport costs are also high.

BUY

Has been a little bit beat up because it's a US company in the Canadian market. Lost one of their smaller customers. Outlook for this company is excellent.

HOLD

The world's largest producer of calcine petroleum coke. The pricing for their commodity is quite strong because of the limited supply. Have generated good margins. The good news is built into the stock now.

BUY

They sell Calpine Petroleum coke for the manufacture of aluminum. Likes the outlook for the fundamentals. They have US$ exposure through their cash flow and have a hedge in place that takes them to March 2006.

BUY

A US based trust. They provide a key ingredient in the aluminum smelting process. There had been concern that some of Alcoa workers would go on strike. At these levels, it offers reasonable valuation.

BUY

World's largest producer of calcined petroleum coke. Managed to earn a comfortable margin in 2005. In 2006, the volumes are off a little bit but they also have very strong commodity prices. Have a currency hedge in place for a couple of more years.

COMMENT

A good portion of its recovery is because of the possibility of a takeover. A net free cash flow company before it became a trust.

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Sandy McIntyre Great Lakes Carbon Income Fund GLC.UN-T WEAK BUY May 12, 2006

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