Cinram International Income Fund http://www.alacrastore.com/company-snapshot/Cinram_International_Income_Fund-1054217 Sunday, November 23, 2008 3:31:07 PM 1054217 Cinram International Income Fund en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/ccbn/T1985655ccbn/T1985655norm...Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Cinram International Fund third-quarter results conference call. At this time all participants are in a listen-only mode. Following the presentation we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. (Operator Instructions). I would like to remind everyone that this conference call is being recorded on Wednesday, November ##, #### at ## AM Eastern time. I will now turn the conference over to Mr. David Rubinstein, CEO. Please go ahead, sir. ... 11/12/2008 12:06:07 PMCinram International106.0000FinalCinram International Q3 2008 Earnings Conference Call TranscriptCRWFF.PK10:00am ETTranscriptT1985655Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/newstex/PRN-0005-29459175newstex/PRN-0005-29459175xml Nov. ##, #### (PR Newswire delivered by Newstex) -- (All figures in U.S. dollars unless otherwise indicated)TORONTO, Nov. ## /PRNewswire-FirstCall/ - Cinram International Income Fund ("Cinram" or the "Fund") (TSX: CRW.UN) today reported...0400000004016000040160480401601804016001040160050400700004007005040030000400300911/11/2008 5:21:03 PM1800000018008000180040001802300018016000190000001900200019002007PR Newswire USPRN-0005-29459175CINRAM INTERNATIONAL INC.CINRAM INTERNATIONAL INCOME FUNDCRW.UNCRWFFNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0001-29459202newstex/PRN-0001-29459202xml Nov. ##, #### (Canada NewsWire Group delivered by Newstex) -- TORONTO, Nov. ## /CNW/ -- Cinram International Income Fund ("Cinram" or the "Fund") (TSX: CRW.UN) today reported its third quarter financial results. The Fund recorded a...0400000004016000040160480401601804016001040160050400700004007005040030000400300911/11/2008 5:21:00 PM1800000018008000180040001802300018016000190000001900200019002007Canada NewsWire GroupPRN-0001-29459202CINRAM INTERNATIONAL INC.CINRAM INTERNATIONAL INCOME FUNDGENERAL ELECTRIC COMOTOROLA INCCRW.UNCRWFFGEMOTNewsNewstexhttp://www.alacrastore.com/storecontent/spcred/674732spcred/674732normThe latest Full Report from S&Pglobal10/2/2008 3:29:00 PM400Full Report674732CanadaMovies & EntertainmentCanadaGlobal IssuersCorporationsConsumer ProductsHigh TechnologyFull ReportLeading market position as the largest manufacturer of prerecorded multimedia products Adequate liquidity for the rating level Multiyear contracts extended until end of 2010 for key customers and good track record of contract renewals Successful track record of adapting to changing technologies Challenging operating and competitive environment for DVD and CD replications Weaker financial measures in 2008 as declining selling prices for DVD and CD replications put pressure on operating margin Product and customer concentration Execution risks associated with expansion of distribution business into new areas such as video games and telecommunication equipment The ratings on Scarborough, Ont.-based Cinram International Inc., a wholly owned indirect subsidiary of Cinram International Income Fund, reflect the company's limited financial flexibility and vulnerable businessCAN25401030 254010 2540 25Cinram International Inc.373166CANCRW@LNFULLCAN172598Cinram (U.S.) Holdings Inc.400549CANGLOBISSCORPConsumerHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/674734spcred/674734normThe latest Summary from S&Pglobal10/2/2008 3:29:00 PM175Summary674734CanadaMovies & EntertainmentCanadaGlobal IssuersCorporationsHigh TechnologyConsumer ProductsSummaryThe ratings on Scarborough, Ont.-based Cinram International Inc., a wholly owned indirect subsidiary of Cinram International Income Fund, reflect the company's limited financial flexibility and vulnerable business risk profile. This situation results from Cinram's customer and product concentration, seasonality, and the commodity-like nature of the media replication industry, which is susceptible to shifts in technology toward on-demand products and the availability of hit new releases. Furthermore, the ratings reflect Standard&Poor's Ratings Services concerns about long-term industry fundamentals as we expect digital distribution to become a larger source of studio revenues. In addition, the ratings reflect the company's limited track record with video game and telecommunication equipment distribution. These factors are partially offset by Cinram's strong market position asCAN25401030 254010 2540 25Cinram International Inc.373166CANCRW@LNSUMMARYGLOBISSCORPHighConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/T1911980ccbn/T1911980norm...Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Cinram International Income Fund second-quarter results conference call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. (OPERATOR INSTRUCTIONS) I would like to remind everyone that this conference call is being recorded on Friday, August #, #### at ##:## a.m. Eastern time. I will now turn the conference over to Mr. David Rubenstein, CEO of Cinram International. Please go ahead, sir. ... 8/8/2008 3:06:00 PMCinram International54.0000FinalCinram International Q2 2008 Earnings Conference Call TranscriptCRWFF.PK10:00am ETTranscriptT1911980Credit & Investment ResearchThomson StreetEventsCANADA - In May ####, the board of Cinram International Income Fund (CI), a manufacturer and wholesaler of records, tapes and CD's, authorized the repurchase of up to #.### mil units, or about #.###% of the company's unit outstanding, through a normal course issuer bid. Based on CI's closing stock price of #.## Canadian dollars ($#.### US) on May ##, the last full trading day prior to the announcement of the board's approval, the buyback had an indicated value of C$##.### mil ($##.### mil) in cash.5/22/2008 3:36:36 PM172595172595172595172595Cinram International Income FundCinram International Income FundCinram International Income FundCinram International Income Fundhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Cinram_Int_Income_Fund_buys_back_stock-1979875040sdc/19798750401979875040Copyright © 2008, Thomson Financial, All Rights ReservedTSXVentureElectronic and Electrical EquipmentCanadaPhonograph records,prerecorded audio tapes & disks3652FFForeignPublicCRW.UN3651:Household audio and video equipment3652:Phonograph records,prerecorded audio tapes & disks5099:Durable goods, nec3651:Household audio and video equipment3652:Phonograph records,prerecorded audio tapes & disks5099:Durable goods, necTSXVentureElectronic and Electrical EquipmentCanadaPhonograph records,prerecorded audio tapes & disks3652FFForeignPublicCRW.UN104351002Mnfr,whl records,tapes,CDsMnfr,whl records,tapes,CDsCashCash OnlyUnit104351002May 22 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.00000Cinram International IncomeFund, located in Toronto,Ontario, manufactures andwholesales phonograph records,cassettes, compact discs andDVD's. The company was foundedin 1969.Cinram International Income Fund, located in Toronto,Ontario, manufactures and wholesales phonograph records,cassettes, compact discs and DVD's. The company was foundedin 1969.Cinram International Income Fund, located in Toronto, Ontario, manufactures and wholesales phonograph records, cassettes, compact discs and DVD's. The company was founded in 1969.1.000002.000003.000004.000005.000006.000007.00000Cinram International IncomeFund, located in Toronto,Ontario, manufactures andwholesales phonograph records,cassettes, compact discs andDVD's. The company was foundedin 1969.Cinram International Income Fund, located in Toronto,Ontario, manufactures and wholesales phonograph records,cassettes, compact discs and DVD's. The company was foundedin 1969.Cinram International Income Fund, located in Toronto, Ontario, manufactures and wholesales phonograph records, cassettes, compact discs and DVD's. The company was founded in 1969.0.000000.000000.0000056.94000NCanadian Dollar20 May 08Tue, 20 May 2008 00:00:00 ESTDate Announced: 05/20/2008Date Effective:BuybackNot Appl.0.000000.000000.000000.000000.000006.48000Price/Share0.0000028.419 Canadian Dollar28.41900368.9470028.419 Canadian Dollar28.419000.000000.000006.532006.5320028.4190028.419 Canadian Dollar1.00800N14.552000.000000.000000.000000.000000.0000028.6450028.645000.000000.000000.000000.000000.000000.000000.000007.703000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.00000CANADA - In May 2008, theboard of Cinram InternationalIncome Fund (CI), amanufacturer and wholesaler ofrecords, tapes and CD's,authorized the repurchase ofup to 4.385 mil units, orabout 6.059% of the company'sunit outstanding, through anormal course issuer bid.Based on CI's closing stockprice of 6.48 Canadian dollars($6.532 US) on May 19, thelast full trading day prior tothe announcement of theboard's approval, the buybackhad an indicated value ofC$28.419 mil ($28.645 mil) incash.CANADA - In May 2008, the board of Cinram International Income Fund (CI), a manufacturer and wholesaler of records, tapes and CD's, authorized the repurchase of up to 4.385 mil units, or about 6.059% of the company's unit outstanding, through a normal course issuer bid. Based on CI's closing stock price of 6.48 Canadian dollars ($6.532 US) on May 19, the last full trading day prior to the announcement of the board's approval, the buyback had an indicated value of C$28.419 mil ($28.645 mil) in cash.CANADA - In May 2008, the board of Cinram International Income Fund (CI), a manufacturerand wholesaler of records, tapes and CD's, authorized the repurchase of up to 4.385 milunits, or about 6.059% of the company's unit outstanding, through a normal course issuerbid. Based on CI's closing stock price of 6.48 Canadian dollars ($6.532 US) on May 19, thelast full trading day prior to the announcement of the board's approval, the buyback hadan indicated value of C$28.419 mil ($28.645 mil) in cash.CANADA - In May 2008, the board of Cinram International Income Fund (CI), a manufacturer and wholesaler of records, tapes and CD's, authorized the repurchase of up to 4.385 mil units, or about 6.059%of the company's unit outstanding, through a normal course issuer bid. Based on CI's closing stock price of 6.48 Canadian dollars ($6.532 US) on May 19, the last full trading day prior to theannouncement of the board's approval, the buyback had an indicated value of C$28.419 mil ($28.645 mil) in cash.CANADA - In May 2008, the board of Cinram International Income Fund (CI), a manufacturer and wholesaler of records, tapes and CD's,authorized the repurchase of up to 4.385 mil units, or about 6.059% of the company's unit outstanding, through a normal course issuerbid. Based on CI's closing stock price of 6.48 Canadian dollars ($6.532 US) on May 19, the last full trading day prior to theannouncement of the board's approval, the buyback had an indicated value of C$28.419 mil ($28.645 mil) in cash.Intended0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Intended-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000003651:Household audio and video equipment3652:Phonograph records,prerecorded audio tapes & disks5099:Durable goods, nec104351002TSXVentureCanada3652ForeignPublicCRW.UN3651:Household audio and video equipment3652:Phonograph records,prerecorded audio tapes & disks5099:Durable goods, nec104351002TSXVentureCanada3652ForeignPublicCRW.UN28.6450028.4190028.6450014.55200Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/ccbn/T1838679ccbn/T1838679norm...Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Cinram International Income Fund first-quarter results conference call. At this time all participants are on a listen-only mode. Following the presentation we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. (OPERATOR INSTRUCTIONS). I would like to remind everyone that this conference call is being recorded on Wednesday, May #, #### at ## AM Eastern Time. I will now turn the conference over to Ms. Lyne Fisher, Director of Investor Relations. Please go ahead. ... 5/7/2008 3:06:00 PMCinram International54.0000FinalQ1 2008 Cinram International Earnings Conference Call TranscriptCRWFF.PK10:00am ETTranscriptT1838679Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1776916ccbn/T1776916norm...Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Cinram International Income Fund fourth-quarter results conference call. At this time all participants are in a listen-only mode. Following the presentation we will conduct a question-and-answer session; instructions will be provided at that time for you to queue up for questions. (OPERATOR INSTRUCTIONS).I would like to remind everyone that this conference call is being recorded today, Thursday, March #, #### at ## AM Eastern Time for replay purposes and would now like to turn the conference over to Ms. Lyne Fisher, Director of Investor Relations and Communications. Ms. Fisher, please go ahead. ... 3/6/2008 12:06:00 PMCinram International54.0000FinalQ4 2007 Cinram International Earnings Conference Call TranscriptCRWFF.PK10:00am ETTranscriptT1776916Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/spcred/628621spcred/628621normThe latest News from S&P1/31/2008 6:43:31 PMNews100global628621CanadaMovies & EntertainmentCanadaGlobal IssuersCorporationsConsumer ProductsHigh TechnologyNewsTORONTO (Standard&Poor's) Jan. 31, 2008--Standard&Poor's Ratings Services today said it lowered its corporate credit and bank loan ratings on prerecorded multimedia manufacturer Cinram International Inc., a wholly owned indirect subsidiary of Cinram International Income Fund, to 'B+' from 'BB-'. The '4' bank loan recovery rating remains unchanged. At the same time, we removed the ratings from CreditWatch with negative implications where they were placed Nov. 6, 2007. The outlook is stable. "The downgrade reflects Cinram's weakened financial performance for the nine months ended Sept. 30, 2007, which included a 25% drop in reported EBITDA on largely flat revenues compared with the same period the previous year," said Standard&Poor's credit analyst Lori Harris. As aCAN25401030 254010 2540 25Cinram International Inc.373166CANCRW@LNNEWSGLOBISSCORPConsumerHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/628622spcred/628622normThe latest Research Update from S&P1/31/2008 6:43:31 PMResearch Update175global628622CanadaMovies & EntertainmentCanadaGlobal IssuersCorporationsHigh TechnologyConsumer ProductsResearch UpdateOn Jan. 31, 2008, Standard&Poor's Ratings Services lowered its corporate credit and bank loan ratings on prerecorded multimedia manufacturer Cinram International Inc., a wholly owned indirect subsidiary of Cinram International Income Fund, to 'B+' from 'BB-'. The '4' bank loan recovery rating remains unchanged. At the same time, we removed the ratings from CreditWatch with negative implications where they were placed Nov. 6, 2007. The outlook is stable. The downgrade reflects Cinram's weakened financial performance for the nine months ended Sept. 30, 2007, which included a 25% drop in reported EBITDA on largely flat revenues compared with the same period the previous year. As a result, the company's reported EBITDA margin declined to 13.1% for the nine monthsCAN25401030 254010 2540 25Cinram International Inc.373166CANCRW@LNRESUPDGLOBISSCORPHighConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_806750521moodys/COP_806750521htmlCredit Opinion1/2/2008 7:28:58 PMGlobal Credit Research Credit Opinion ## DEC #### Credit Opinion: Cinram International Inc. Cinram International Inc. Toronto, Ontario, Canada Ratings Category Moody's Rating Outlook Stable Corporate Family Rating B# Sr Sec Bank Credit...Cinram International Inc.806750521150.0000NewshtmlCinram International Inc.COP_806750521Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/511296spcred/511296normThe latest Full Report from S&P12/23/2007 11:36:23 PMFull Report400global511296Global IssuersCorporationsHigh TechnologyConsumer ProductsFull ReportStrong market position as the largest manufacturer of prerecorded multimedia products Solid credit protection measures Medium-term revenue stability due to multiyear contracts with a number of key customers Successful track record of adapting to changing technologies Lower pricing contributing to operating margin pressure Product and customer concentration Dependence on highly variable factors such as popularity of new content and shifts in consumer spending Commodity-like nature of the media replication industry Challenging industry dynamics, including limited product lifecycle, vulnerability to shifts in technology, and content delivery methods The ratings on Cinram International Inc. reflect the company's weak business risk score, which is based on customer and product concentration, seasonality, and the commodity-like nature of the media replication industry that is vulnerableCinram International Inc.373166FULLGLOBISSCORPConsumerHighCredit & Investment ResearchS&P Credit Research