The Investors Centre - Upgrades/Downgrades

Report date: April 10, 2001

Canadian Focus (Go to US Focus)

LEGEND - Upgraded - Downgraded - No change - Info not available - Initiated C - Canadian Dollar U - U.S. Dollar Other Reports: April Upgrades / Downgrades Insiders Report TSE Top Short Positions Update Earnings Report

Move Name Previous Recommendation Target Who 724 Solutions (SVN:TSE) Accumulate Coverage Dropped n/a Prudential Alcan Inc. (AL:TSE) (maintained) Strong buy U $52.50 Scotia Capital ----------- Market perform Buy n/a JP Morgan Anderson Exploration (AXL:TSE) (maintained) Buy C $47 Canaccord Capital Ballard Power Systems (BLD:TSE) (initiated) Neutral n/a Salomon Smith Barney Cominco (CLT:TSE) Market perform Buy n/a JP Morgan Falconbridge (FL:TSE) (maintained) Buy C $23 Canaccord Capital Gildan Activewear Inc. (GIL.A:TSE) (maintained) Outperform C $36 BMO Nesbitt Burns GTC Transcontinental Group (GRT.A:TSE) Buy Hold C $20 UBS Warburg H&R REIT (HR.UN:TSE) (maintained) Buy C $12.50 Scotia Capital Hummingbird (HUM:TSE) Outperform Neutral U $27 RBC Dominion Securities -------------- Outperform Market perform C $45 BMO Nesbitt Burns -------------- Accumulate Neutral C $34 GMP -------------- (maintained) Buy C $30 CIBC World Markets -------------- Accumulate Hold n/a Yorkton Securities -------------- Outperform Hold n/a Lazard Freres Royal Gold (RGL:TSE) (maintained) Buy U $3.50 Canaccord Capital Silent Witness (SWE:TSE) (maintained) Strong buy C $15 Canaccord Capital Suncor Energy (SU:TSE) (reiterated) Near/long term buy n/a Merrill Lynch TD Waterhouse (TWE:TSE) (reiterated) Buy n/a Banc of America Securities