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Richards Packaging Income Fund - 2018 Earnings & Price Target Update

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Richards Packaging Income Fund (RPI.UN) has operated since 1912, and is a leading packaging distributor in Canada, and third largest in North America in moulded plastics packaging segment. There are about 50 companies operating in this segment in North America. About half of Richards sales are for moulded rigid or flexible plastic with the balance to corrugated paper. Richards is one of the largest distributors of European and Asian glass for the specialty food and beverage markets. They are also a leading supplier of sterile IV, chemo andoral drug packaging and dispensing systems health care service providers in Canada. By sector, 47% of customers are in food and beverage, 29% in cosmetics, and 24% in healthcare. Approximately 40% of sales are concentrated in Los Angeles, Reno and Portland and 40% in Toronto, Montreal, Winnipeg and Vancouver.

Richards Packaging is a full-service packaging distributor targeting small- and medium-sized North American businesses. Richards Packaging serves a wide customer base that is comprised of approximately 13,300 regional food, beverage, cosmetics, specialty chemical, pharmaceutical and other companies. The primary source of revenue is from the distribution of over 5,000 different types of packaging containers and related components sourced from over 600 suppliers and its three dedicated manufacturing facilities. Sales from these manufacturing facilities represent approximately 10% of the total revenues of Richards Packaging. In addition to providing its customers with a wide range of packaging solutions, Richards Packaging provides design and development services and comprehensive logistics management through 17 sales offices and one agency location. On Oct-1-2015 they acquired Healthmark Services Ltd., a leading Canadian provider of sterile IV, chemo and oral drug packaging and dispensing systems to the health care industry, for $15.8M.

Primary packaging materials used are plastics and heavier weight papers ranging up to corrugated cardboards. Revenues are approximately half in Canada and half in the US, unchanged since 2008, and approximately one-third of sales are in Toronto, Montreal and Vancouver and one-third in Los Angeles, Seattle, Reno and Portland.

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