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Four analysts and top management from twelve sector firms examine the Canadian Technology sector in this 69-page Investing in Canadian Technology Issue from The Wall Street Transcript, available at (212/952-7433) or www.twst.com

TWST: Gary, what has gone on over the first six months of this year in the Canadian technology area from a market point of view?

Mr. Baker: We have obviously had a fairly robust recovery in the Canadian technology sector after March 11, in line with the strong performance in the NASDAQ and US technology stocks. Typically the Canadian technology stocks do not move independently of US technology stocks; they tend to fall in line with what is happening south of the border. Obviously there has been a lot of optimism on the part of Canadian and global investors that with the end of the war and a low interest rate environment, and after a severe two- or three-year downturn, we are a close to a point of recovery in technology markets.

TWST: Gary, what is your advice to investors as you talk to them?

Mr. Baker: Our theme coming into this year was that the semiconductor sector was the technology segment to invest in. We upgraded the Canadian semiconductor stocks to outperform ratings last fall and we maintain our positive view on the sector. Our thesis was that the semiconductor cycle had in fact bottomed in the fourth quarter of 2001 and had started to recover in the first quarter of 2002. We felt that the semiconductor cycle was turning. The semiconductor stocks were at a cyclical bottom and the semis are the stocks to buy when the technology market is going into a recovery. We strongly believe that when you are entering a new technology cycle, the semiconductor stocks are the best technology sector to invest in. If you compare the stock price performance of the NASDAQ with the stock price performance of a semiconductor index over the last four technology cycles, you will see that the semiconductor stocks significantly outperform the NASDAQ by as much as 2-3 times. The reason they outperform is that they have tremendous operating leverage. They have gross margins in the 55%-70% range, and when revenues increase most of the revenue increase flows to the bottom line. We believe that once end markets start to recover, the semiconductor market will experience strong unit and pricing growth. Most semiconductor companies can increase their revenues by over 30% without adding any incremental costs. The two stocks we are recommending are Zarlink Semiconductor (NYSE:ZL) and Tundra Semiconductor. Tundra is a system interconnect company and Zarlink has a much broader portfolio of products ranging from communications chips to wireless handset chips to set-top box chips to hearing aid and pacemaker chips. We still have a strong buy on Tundra and we have an outperform rating on Zarlink. The one caveat with these stocks is that they have significantly outperformed the market this year. Zarlink is up 128% so far this year and Tundra is up 78% in 2003. It is possible the semiconductor stocks will fall back a bit if the NASDAQ consolidates its gains. We are still bullish on those two stocks and on the semiconductor stocks in general over the course of the semiconductor cycle, which we believe will strengthen for another couple of years. We expect global semi sales will be up 10% this year and over 10% next year. For investors who want to hold on and play the semiconductor cycle, we believe that there is still significant upside in those stocks.

This special issue includes:

1) Investing in Canadian Technology - In an in-depth (8,100 words) Roundtable Forum, Gary Baker, ead of Technology Research at Raymond James Ltd., Byron Berry, covers e-business software and IT solution providers at National Bank financial and Robert Peets, Small and Micro Cap Research Analyst at Golden Capital Securities Ltd., examine the outlook for the sector and share specific stock recommendations.

2) Investing in North American Technology Stocks - In an in-depth (4,900 words) Money Manager Interview, Ian Ainsworth, Senior Vice President at Mackenzie Financial Corporation, examines the outlook for the sector and shares specific stock recommendations.

3) CEO interviews (average 2,500 words). Top management of twelve - sector firms examine the outlook for their firm and the sector. Firms include:

360networks Corporation, Allstream Inc., BakBone Software, Basis100 Inc., COM DEV International Ltd., Enghouse Systems Limited, Microcell Telecommunications Inc., Necho Systems Corp., O1 Communique Laboratory Inc., Softchoice Corporation, Syndesis Limited, Xenos Group Inc.