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Sandy McIntyreKCP Income FundKCP.UN.TOWAITMay 13, 2005

A classic example of how variable input costs can affect your margins. When resin prices ran on them, they were not able to pass through because their competitor was Clorox (CLX-N) which was well cashed and prepared to live with thin margins and squeeze the little guy.

Sandy McIntyre

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BUY

Had some problems, but with healthcare issues and reduced raw material input costs, he thinks problems can be fixed. Management is looking to cut costs. Payout ratio of about 95%. Has a bit higher debt level then he likes. Cheap.

COMMENT

Have an extraordinary amount of currency exposure and stand to benefit from the weakening Cdn$. Had a pretty substantial price move over the last month. Have put them selves up for sale, but would be surprised if it sold for more than its current price. Expect it will weaken.

HOLD

Had some concerns about the operating fundamentals and sold for holdings last summer. A relatively well run business and with pressure coming off from resin prices, operating picture should start to improve.

PAST TOP PICK

(A Top Pick April 26/06. Down 21.3%.) Had looked on this as a turn around play and their bleach business has turned around nicely. Acquisition of the custom manufacturing business has been disappointing.

DON'T BUY

Yield is now approaching above 13%. A stock that does very well in strong manufacturing times, but pull back when things slow. Payout may be vulnerable over the next while.

WEAK BUY

One of the largest producers of private label bleach products. Very tight margins. Well run and has a good future, but watch for volatility on the profit line. 13.5% yield.

BUY

A very good manufacturer of no name products and custom manufacturer for large corporations. He tends to buy during dips like this.

BUY

Good management team. Would stand up through a recession.

WEAK BUY

Somewhat aggressive name. Made some good moves in the past. Ran into difficulties a couple of years ago and cut their distributions. Have since made acquisitions and grown their business. Subject to rising raw material costs which could affect them negatively.

TOP PICK

Bleach manufacturer. Once Clorox hedges come off they will be able to raise their prices. Recently diversified into the consumer health sector by becoming a contract manufacturer for Johnson & Johnson (JNJ-N), Pfizer (PFE-N), etc. Distribution of 10.6%.

BUY

Has managed to fight through its higher costs. Has expanded into contract manufacturing. Had a great 1st quarter and would buy it under $10.

BUY

Good selection in the business trust sector. Traditionally been in the private-label bleaching manufacture and cleaning products. Consumer staples has really come under pressure as rising input costs have squeezed margins. They are one of the few that have been able to diversify out of that. US exposure is hedged into 2008.

BUY

Originally they were in the private label bleach but have expanded to other consumer products as well as health/beauty care. Sees more growth on the pharmaceutical and healthcare side. Management has done a good job.

PAST TOP PICK

KCP Income Fund is up 7%. They continue to like it. Their fourth quarter was quite strong. It is a name they think will continue to perform well.

BUY

Has had a bit of a troubled past, similar to others in the consumer staples sector. This has been the exception by diversifying into the product manufacturing business and making acquisitions. Margins are being increased.

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Summer Sale

Sandy McIntyreKCP Income FundKCP.UN.TOWAITMay 13, 2005

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