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Dean Orrico Heating Oil Partners HIF.UN-T DON'T BUY Nov 19, 2004

Have a high level of concern and have been trimming from their portfolio. High oil costs and operational issues have created problems. Foreign exchange has hit them hard.

Dean Orrico

Owned

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$5.420

Stock price when the opinion was issued

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DON'T BUY

Has had to suspend distributions. Not enough money to pay for the high oil prices, and will have to renegotiate with their banks. Feels that this will be more than temporary.

DON'T BUY

Ran into problems with currency exposure and rising heating oil costs. Had to increase their debt.

DON'T BUY

They don't have much leverage to the price. Lost more customers than they gained on acquisitions.

DON'T BUY

Had a pretty rough time in 2004. Partially due to seasonably warm weatherin the US NorthEast. Also being hit with the stronger Canadian$. Believes the Cdn$ will stay strong, so will be tough to see any distribution growth.

DON'T BUY

A US based trust that has experienced some difficulties. One problem has been the rising price of heating oil which has strained their ability to finance the receivables which created bank restraints. Has also been hurt by the strong Cdn$.

DON'T BUY

They're in a liquidity crisis. Not certain of the financial viability of the trust. They need to be refinanced.

DON'T BUY

Not paying distributions. Have suffered from higher crude oil prices. Seasonality is endemic to this business.

DON'T BUY

Stumbled. Sold their holdings when they saw over 100% payout ratio and the margin pressures they came under. They eventually cut their distribution. Not comfortable with management.

DON'T BUY

Doesn't believe it will stage any kind of comeback at this time. Have operational issues. Could be looking at bankruptcy. Because of the high cost of heating oil, working capital needed is very substantial. Not a fan of the management team and their ability to manage.

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Dean Orrico Heating Oil Partners HIF.UN-T DON'T BUY Nov 19, 2004

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