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Gavin GrahamForemost Industries Inc. FDFMO.UN.TOBUYNov 08, 2004

Not 100% payout but perhaps they are just being conservative. Could pay it out later if things change.

Gavin Graham

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SELL

Has been a spectacular performer. There is very little intellectual property in this business. They are a small player. Very risky.

BUY

Servicing the oil/gas industry. Probably has a 2 year run. Have a lot of cash to spend and are using it in drilling new wells. Higher risk/higher reward situation.

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Gavin GrahamForemost Industries Inc. FDFMO.UN.TOBUYNov 08, 2004

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Foremost Industries Inc. FD(FMO.UN.TO)

Foremost Industries Inc. FD(FMO.UN.TO)

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