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Leslie LundquistAtlas Cold Storage Income TrustFZR.UN.TODON'T BUYApr 15, 2004

Ran into some accounting and operational difficulties last year. Has been a cleaning out of management and would wait to see what happens. Large debt.

Leslie Lundquist

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$5.45

Stock price when the opinion was issued

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DON'T BUY

Management has done a good job turning it around. Has gone through tough times. Not paying a distribution, A good value buy. Questions this type of business being in a trust. Not a good model.

BUY

Feels they've cleaned up their act. Their accounting numbers are much better than they were in 2003. Most of the fees that were involved in their restructuring will go away this year which will improve cash flows. The warehouse sector in the US is improving. Probably undervalued at these levels.

BUY

Has not acted well recently. Had 2 quarters in a row of improvement in their EBITDA. Focused now on selling some non-core assets to help reduce their debt. Once that gets down, they'll reinstitute the distribution and the stock should do better. Feels the distribution will be back on '06.

DON'T BUY

Doesn't own any names that are not paying a distribution. Wait until a distribution is actually reinstated. Have faced a number of issues on the accounting side which they are working through. Not a lot of information on the operational side.

BUY

Just bought some a month ago based on the new management which is squeaky clean. Although some areas of their operations are a little bit weak, they think they will come back. Have a high debt level and paying pretty high yields on that debt, so with the cash flows that are coming in they are going to pay down the debt for the rest of the year, so no distribution until next year.

WEAK BUY

An interesting story at these levels. Had some issues on accounting which they seem to have gotten through. Restructured. A large part of their revenue comes from the US so will be affected by a stronger Cnd$. The business uses a lot of power. Doesn't expect a huge run up on the stock.

TOP PICK

Old management is gone. They own lots of assets. A non-cyclical business. The EBITDA went up this last quarter. The business is growing. It is hoped that they'll be able to start paying down their debt and reintroduce the distributions.

DON'T BUY

New management team is very good and should be improving the situation. Concerned about some of the senior managers leaving their plants to go to their competitors.

DON'T BUY

Stock continues to go down. Just languishing. Have a huge US exposure and are getting killed with the currency.

DON'T BUY

Not a trust to own if you are focused on income. Still has more problems to deal with.

SELL

Has had a lot go wrong with it. Maybe new management can turn it around, but they have a long way to go.

DON'T BUY

Have just completed last quarter's earnings and were in line with what was expected. Some of the key personnel have left which has ceated some concern.

SELL

Have had a lot of problems over the past year. 2nd quarter results were disappointing. Re-financed their debt. Can;\' see them getting the market confidence back.

DON'T BUY

Doesn't feel this is the type of ccompany that belongs in an income trust because revenue is not steady enough and they have to keep putting money back in the business. Not sure when or if the distributions will come back.

DON'T BUY

Will have to recapitalize. Doesn't feel the core operations are doing that well. Speculative.

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Leslie LundquistAtlas Cold Storage Income TrustFZR.UN.TODON'T BUYApr 15, 2004

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