ATLAS COLD STORAGE

1
Annual General Meeting
2003
2
J. NICHOLAS ROSS
Trustee Chairman
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PATRICK A. GOUVEIA
President Chief Executive Officer
ANDREW W. PETERS
Executive VP Chief Financial Officer
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(No Transcript)
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TRUSTEES
J. NICHOLAS ROSS
Trustee
ALBRECHT W.A. BELLSTEDT
Trustee
ROBERT W. MARTIN
Trustee
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CORPORATE GOVERNANCE
Outlined in Information Circular
TSX principles for Corporate Governance
Constitution and independence of boards
committees
Atlas board majority unrelated directors
Internalized Trust management
Trust is within TSX guidelines
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DIRECTORS
Unrelated Directors
ROBERT T.E. GILLESPIE(1,2)
Director
JEFFREY ROSENTHAL(3)
Director
JACK H. SCOTT(1)
Director
JOSEPH P. WILEY(2,3)
Director
J. NICHOLAS ROSS(2,3)
Director
(3) Audit Committee
(2) Corporate Governance Committee
(1) Compensation and Human Resources Committee
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DIRECTORS
PATRICK A. GOUVEIA(1)
Director
ANDREW W. PETERS
Director
(3) Audit Committee
(2) Corporate Governance Committee
(1) Compensation and Human Resources Committee
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COMPANY OVERVIEW
OUR VISION
A Major Integrated Supply Chain Service Provider
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2002 198 MM New Equity Capital
2002 306.5 MM Credit Facility
LEADING NORTH AMERICAN SUPPLY CHAIN PROVIDER
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FORMAL BUSINESS
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NOTICE OF MEETING
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SCRUTINEERS REPORT ON ATTENDANCE
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VOTE
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(No Transcript)
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PATRICK A. GOUVEIA
President Chief Executive Officer
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ATLAS COLD STORAGE TRANSFORMATION
2nd Largest PRW in North America
Winnipeg
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ATLAS COLD STORAGE
STRATEGY
Expand Network and Integrate Services into All
Major Census Zones in North America
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FOOD PROCESSOR CONSOLIDATION
Food Processors
Brand Marketers
CONSOLIDATION
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FOOD PROCESSOR CONSOLIDATION
Major Multinationals
Product Categories
CONSOLIDATION
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OUTSOURCING OF DISTRIBUTION CHANNELS
COMMITTED TO SUPPLY CHAIN SUCCESS
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2002 A MILESTONE YEAR
Successful Year
N.A.s largest supply chain service provider
Strategic plan of expansions and acquisitions
Increased scale of operations

• Improved competitive strengths

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PRW
Major North American Integrated Supply Chain
Company
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TRANSPORTATION SERVICES
Managing The Distribution Channel
Green Bay
Buffalo

• Integrated freight management programs
• Non-asset based
• Pooling and consolidation programsaccessing all
  major markets

Philadelphia
Chicago
Atlanta
25
TRANSPORTATION SERVICES

• Atlas Canada asset-based transportation services
• Operations initiated March 2002
• Transport fleet acquired from TCT Logistics
• Atlas Supply Chain Services Limited
• Refrigerated transportation across North America

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ATLAS SUPPLY CHAIN SERVICES LIMITED
Cross Border Service Offerings
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DEDICATED CONTRACT LOGISTICS
Non Asset-Based Logistics Management Sector
2,100 TEAM MEMBERS
66 MILLION CUBIC FEET
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ATLAS DISTRIBUTION SERVICES
Fall 2002 Master Distributor
Transportation Management Systems
Delivery to Over 4,000 Retail Stores
Largest Distribution Network in Quebec
Montreal
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CANADIAN STRENGTH
Largest Network in Canada
60 MILLION CUBIC FEET
Atlantic
Quebec
Ontario
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CANADIAN STRENGTH
35 National Market Capacity
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SECOND LARGEST PRW IN UNITED STATES
Market Share
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SECOND LARGEST PRW IN UNITED STATES
Facility Acquisitions
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EXPANSIONS
35 million Additional 10 mm cu. ft.
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ACQUISITIONS
Disciplined Approach

• Expanded in major census zones in North America

Post merger optimization of operations and
administration
Consolidation of U.S. accounting and
administration centers
21 facilities converted to real-time operating
system
New financial system platform for core operations
United States and beyond
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ANDREW W. PETERS
Executive VP Chief Financial Officer
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FINANCIAL HIGHLIGHTS
2002
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2001-2002 EQUITY ISSUES
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2002 TRUST EQUITY ISSUES
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SUCCESSFUL DEBT REFINANCING
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INCOME STATEMENT
(millions)
Operating Earnings
296
172
103
114
68
85
193
45
34
104
60
49
36
28
69
51
1999
2000
2001
2002
Years Ended December 31st
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REVENUE BREAKDOWN
(millions)
Warehousing (PRW)
18
22
2000
2001
2002
Years Ended December 31st
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REVENUE BREAKDOWN
(millions)
Logistics and Distribution Services
Warehousing (PRW)
195
155
109
2000
2001
2002
Years Ended December 31st
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REVENUE BREAKDOWN
(millions)
Warehousing (PRW)
Logistics and Distribution Services
Dedicated Contract Logistics
296
54
172
195
114
155
109
2000
2001
2002
Years Ended December 31st
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FORWARD REVENUE SPLIT
Cash Flow

• 650 mm

7
7
15 Transportation
35 Dedicated Retail Logistics
86
50 PRW
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BALANCE SHEET
(millions)
Total assets
Long term debt
Equity
834
490
478
412
321
236
235
184
175
107
97
87
1999
2000
2001
2002
Years Ended December 31st
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FINANCIAL STRENGTH
(millions)
13.0
13.0
12.7
2002
2000
2001
.
Years Ended December 31st
ROAEBITDAR/Average capital assets plus goodwill
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UNITHOLDER RETURNS
(per unit)
85
11.89
11.25
10.90
7.80
0.94
0.92
0.90
0.48
0.25
0.44
2000
2001
2002
April 11, 2003
Price at August 11, 2000
Years Ended December 31st
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MARKET CAPITALIZATION
(millions)
Units
Convertible Debentures
755
2002
Units 61 mm _at_ 11.89CD 19.5 mm _at_ 144.00
727
496
452
221
130
174
86
47
44
44
28
2000
2001
April 11, 2003
1999
Years Ended December 31st
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TRADING LIQUIDITY
(millions)
Units Traded
Total Value
261
126
78.5
23.2
24
22
12.9
3.1
6.9
3.0
2000
2001
2002
1999
Q1 03
Source Toronto Stock Exchange
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OWNERSHIP
(millions of units)
Senior Management
TD Capital
93 mm
35 mm
7.8
59 mm
4.8
28 mm
4.9
3.8
2000
2002
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STRONG RELATIVE PERFORMANCE
Atlas Cold Storage Income Trust
Jan-00
May-00
Sep-00
Jan-01
May-01
Sep-01
Jan-02
May-02
Sep-02
Jan-03
Apr-03
Source Bloomberg/BMO Nesbitt Burns
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STRONG RELATIVE PERFORMANCE
Atlas Cold Storage Income Trust
SP/TSX Income Trust Total Return
Jan-00
May-00
Sep-00
Jan-01
May-01
Sep-01
Jan-02
May-02
Sep-02
Jan-03
Apr-03
Source Bloomberg/BMO Nesbitt Burns
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STRONG RELATIVE PERFORMANCE
Atlas Cold Storage Income Trust
SP/TSX Composite Index
SP/TSX Income Trust Total Return
Jan-00
May-00
Sep-00
Jan-01
May-01
Sep-01
Jan-02
May-02
Sep-02
Jan-03
Apr-03
Source Bloomberg/BMO Nesbitt Burns
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STRONG RELATIVE PERFORMANCE
Atlas Cold Storage Income Trust
SP/TSX Composite Index
SP/TSX Income Trust Total Return
10 yr. GOC Bonds
Jan-00
May-00
Sep-00
Jan-01
May-01
Sep-01
Jan-02
May-02
Sep-02
Jan-03
Apr-03
Source Bloomberg/BMO Nesbitt Burns
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INVESTMENT IN INFORMATION TECHNOLOGY
Retail Facilities
Atlas Warehouses
Financial Systems
Transportation Logistics Locations
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KNOWLEDGE-BASED BUSINESS

• CSI acquisition
• Rights to proprietary management information and
  decision support systems
• Advanced real-time distribution center systems
• Integration of knowledge based solutions is key
  to success
• Complete system integration in 2003

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CORPORATE SUPPORT
Platform For Growth
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LOOKING AHEAD
A North American leader

• Financial strength and profitable growth

Strong and committed organization 4,500 members
Value creation for unitholders
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COMMITTED TEAM
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(No Transcript)