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RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc., co-led the underwriting syndicate for the completion of an initial public offering by Gienow Windows & Doors Income Fund. The IPO involved the underwriting of 25,147,500 trust units for gross proceeds of CDN$251.475 million. The Fund used the aggregate net proceeds of the offering and the private placement, in addition to funds drawn down on a new credit facility, to indirectly acquire the outstanding partnership interests in Gienow Windows & Doors Limited Partnership and its affiliates, Award Windows Inc. and Architectural Windows & Doors Inc., all based in Calgary and Edmonton, Alberta. The Fund also acquired all of the issued and outstanding common shares of Farley Windows Inc., based in Alexandria, Ontario from a third party. The Fund’s business is the manufacture, distribution and sale of windows, doors and related products.

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2004