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Mark Chandler
RBC Capital Markets

Kam Bath
RBC Capital Markets

Tel: +1 416 842 6362
Fax: +1 416 842 6363
E-mail: kam.bath@rbccm.com

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Disclaimer: The author of this report is employed by an affiliate, RBC Dominion Securities Inc., a securities dealer with principal offices located in Toronto, Canada. The information contained in this report has been compiled by RBC Capital Markets ("RBC CM"), a business name used by subsidiaries of the Royal Bank of Canada, including RBC Dominion Securities Inc., RBC Dominion Securities Corp., RBC Dain Rauscher Inc. and Royal Bank of Canada Europe Limited, from sources believed to be reliable, but no representation or warranty, express or implied, is made by RBC CM, its affiliates or any other person as to its accuracy, completeness or correctness. All opinions and estimates contained in this report constitute RBC CM's judgement as of the date of this report, are subject to change without notice and are provided in good faith but without legal responsibility. This report is not an offer to sell or a solicitation of an offer to buy any securities. RBC CM and its affiliates may have an investment banking or other relationship with some or all of the issuers mentioned herein and may trade in any of the securities mentioned herein either for their own accounts or the accounts of their customers. Accordingly, the entities constituting RBC CM or their affiliates may at any time have a long or short position in any such security or option thereon. Every province in Canada, state in the United States, and most countries throughout the world have their own laws regulating the types of securities and other investment products which may be offered to their residents, as well as the process for doing so. As a result, the securities discussed in this report may not be eligible for sale in some jurisdictions. This report is not, and under no circumstances should be construed as, a solicitation to act as a securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. This material is prepared for general circulation and does not have regard to the particular circumstances or needs of any specific person who may read it. Neither RBC CM nor any of its affiliates, nor any other person, accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or the information contained herein. No matter contained in this document may be reproduced or copied by any means without the prior consent of RBC CM. The entities comprising RBC Capital Markets are wholly owned subsidiaries of the Royal Bank of Canada and are members of the Royal Bank Financial Group. Additional information is available on request. To U.S. Residents: This publication has been approved by RBC Dominion Securities Corporation ("RBCDS Corp.") and RBC Dain Rauscher Inc. ("RBC DRI"), both of which are U.S. registered broker-dealers, which, without in any way limiting the foregoing, accept responsibility (within the meaning, and for the purposes, of Rule 15a-6 under the U.S. Securities Exchange Act of 1934), for this report and its dissemination in the United States. Any U.S. recipient of this report that is not a registered broker-dealer or a bank acting in a broker or dealer capacity and that wishes further information regarding, or to effect any transaction in, any of the securities discussed in this report, should contact and place orders with RBCDS Corp. or RBC DRI. To Canadian Residents: This publication has been approved by RBC Dominion Securities Inc. Any Canadian recipient of this report that is not a Designated Institution in Ontario or a Sophisticated Purchaser in Quebec (or similar permitted purchaser in any other province) and that wishes further information regarding, or to effect any transaction in, any of the securities discussed in this report should contact and place orders with RBC Dominion Securities Inc., which, without in any way limiting the foregoing, accepts responsibility for this report and its dissemination in Canada. To U.K. Residents: This publication has been approved by Royal Bank of Canada Europe Limited ("RBCEL") which is regulated for conduct of investment business by Securities Futures Authority ("SFA"), in connection with its distribution in the United Kingdom. This material is not for distribution in the United Kingdom to private customers, as defined under the rules of the SFA. RBCEL accepts responsibility for this report and its dissemination in the United Kingdom. Copyright 2001 RBC Capital Markets - All rights reserved



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