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<SEC-DOCUMENT>0000950123-09-038702.txt : 20090827
<SEC-HEADER>0000950123-09-038702.hdr.sgml : 20090827
<ACCEPTANCE-DATETIME>20090827161200
ACCESSION NUMBER:		0000950123-09-038702
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20090430
FILED AS OF DATE:		20090827
DATE AS OF CHANGE:		20090827

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHAMPIONS BIOTECHNOLOGY, INC.
		CENTRAL INDEX KEY:			0000771856
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				521401755
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-17263
		FILM NUMBER:		091039859

	BUSINESS ADDRESS:	
		STREET 1:		2200 WILSON BLVD
		STREET 2:		SUITE 102-316
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22201
		BUSINESS PHONE:		703-526-0400

	MAIL ADDRESS:	
		STREET 1:		2200 WILSON BLVD.
		STREET 2:		SUITE 102-316
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHAMPIONS SPORTS INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNATIONAL GROUP INC
		DATE OF NAME CHANGE:	19860319
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>c89311e10vk.htm
<DESCRIPTION>FORM 10-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 10-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 10pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, DC 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 10pt"><B>FORM 10-K</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Mark One

</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 0pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#254;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>


<!-- xbrl,dc -->
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%"><B>For the fiscal year ended April&nbsp;30, 2009</B></DIV>
<!-- /xbrl,dc -->

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>OR</B></DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 10pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#111;</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%"><B>For the transition period from <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>
Commission file number <U>0-17263</U></B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 10pt"><B><FONT style="border-bottom: 1px solid #000000">CHAMPIONS BIOTECHNOLOGY, INC.</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt">
(Exact name of registrant as specified in its charter)</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">52-1401755</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of incorporation <BR>
or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">855 N. Wolfe Street, Suite&nbsp;619, Baltimore, MD 21205</DIV>

<DIV align="center" style="font-size: 10pt"><FONT style="border-top: 1px solid #000000">(Address of principal executive offices, including zip code)</FONT></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">1400 N. 14<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street, Arlington, VA 22209</DIV>

<DIV align="center" style="font-size: 10pt"><FONT style="border-top: 1px solid #000000">(Former address of principal executive offices)</font></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">(410)&nbsp;369-0365</DIV>

<DIV align="center" style="font-size: 10pt"><FONT style="border-top: 1px solid #000000">(Registrant&#146;s telephone number, including area code)</font></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Securities registered pursuant to Section&nbsp;12(g) of the Act:<BR><BR>

<FONT style="border-bottom: 1px solid #000000">Common Stock, par value $.001 per share</FONT></DIV>

<DIV align="center" style="font-size: 10pt">(Title of Class)</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule&nbsp;405 of the Securities Act. <font style="white-space: nowrap">Yes <FONT face="Wingdings">&#111;</FONT> No <FONT face="Wingdings">&#254;</FONT></font>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark if the registrant is not required to file reports
pursuant to Section&nbsp;13 or 15(d) of the Act.
Yes <FONT face="Wingdings">&#111;</FONT> No <FONT face="Wingdings">&#254;</FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the registrant (1)&nbsp;has filed all reports
required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12&nbsp;months (or for such shorter period that the
registrant was required to file such reports), and (2)&nbsp;has been subject to
such filing requirements for the past 90&nbsp;days. Yes <FONT face="Wingdings">&#254;</FONT> No <FONT face="Wingdings">&#111;</FONT>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any,
every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes <FONT face="Wingdings">&#111;</FONT> No <FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark if disclosure of delinquent filers pursuant to Item&nbsp;405
of Regulation&nbsp;S-K (&#167; 229.405) is not contained herein, and will not be
contained, to the best of the registrant&#146;s knowledge, or in any definitive
proxy or information statements incorporated by reference in Part&nbsp;III of this
Form 10-K or any amendment to this form 10-K.
<FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicated by check mark whether the registrant is a large accelerated file, an
accelerated filer, a non-accelerated filer, or a smaller reporting company.
See definitions of &#147;large accelerated filer&#148;, &#147;accelerated filer&#148;, and &#147;smaller
reporting company&#148; in Rule&nbsp;12b-2 of the Exchange Act (check one):.
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Large accelerated filer <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Accelerated filer <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-accelerated filer <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Smaller reporting company <FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">(do not check if a smaller reporting company)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the registration is a shell company (as defined
in Rule&nbsp;12b-2 of the Exchange Act). Yes <FONT face="Wingdings">&#111;</FONT> No <FONT face="Wingdings">&#254;</FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s common stock is listed on the Over-The-Counter Bulletin Board
under the stock ticker symbol &#147;CSBR.&#148; The aggregate market value of the
registrant&#146;s common stock held by non-affiliates of the Registrant based on the
average bid and asked price on October&nbsp;31, 2008, was approximately $5,175,000.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of
August&nbsp;19, 2009, the Registrant had a total of 32,615,185 shares of
common stock outstanding.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">DOCUMENTS INCORPORATED BY REFERENCE
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">None.
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">TABLE OF CONTENTS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">PART I</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">Disclosure Regarding Forward-Looking Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">Item&nbsp;1. Business</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">Item&nbsp;1A. Risk Factors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#105">Item&nbsp;2. Properties</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106">Item&nbsp;3. Legal Proceedings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#107">Item&nbsp;4. Submission of Matters to a Vote of Security Holders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#108">PART II</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#109">Item&nbsp;5. Market For Registrant&#146;s Common Equity, Related Stockholder Matters and Issuer
Purchase of Equity Securities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110">Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#111">Item&nbsp;8. Financial Statements and Supplementary Data</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px"><A href="#112">Item&nbsp;9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#113">Item&nbsp;9A(T). Controls and Procedures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#114">Item&nbsp;9B. Other Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#115">PART III</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#116">Item&nbsp;10. Directors, Executive Officers and Corporate Governance</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#117">Item&nbsp;11. Executive Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#118">Item&nbsp;12. Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#119">Item&nbsp;13. Certain Relationships and Related Transactions, and Director Independence</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#120">Item&nbsp;14. Principal Accountant Fees and Services</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">PART IV</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#121">Item&nbsp;15. Exhibits and Financial Statement Schedules</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#122">Signatures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#123">Financial
Statements</a></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">F-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c89311exv3w1.htm">Exhibit 3.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c89311exv3w2.htm">Exhibit 3.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c89311exv10w4.htm">Exhibit 10.4</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c89311exv10w5.htm">Exhibit 10.5</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c89311exv10w6.htm">Exhibit 10.6</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c89311exv21.htm">Subsidiaries of the Registrant</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c89311exv31w1.htm">Rule 13a-14(a)/15d-14a(a) Certification of Principal Executive Officer</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c89311exv31w2.htm">Rule 13a-14(a)/15d-14a(a) Certification of Chief Financial Officer</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c89311exv32w1.htm">Section 1350 Certifications</A></FONT></TD></TR>
</TABLE>
</DIV>
<DIV align="left">
<!-- /TOC -->
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">As used in this Annual Report on Form 10-K, &#147;Champions Biotechnology,&#148; &#147;Champions,&#148;
&#147;Company,&#148;, &#147;we,&#148; &#147;ours,&#148; and &#147;us&#148; refer to Champions Biotechnology, Inc. and its subsidiaries,
except where the context otherwise requires or as otherwise indicated.
</DIV>
<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">This document contains &#147;forward-looking statements&#148; within the meaning of Section&nbsp;27A of the
Securities Act of 1933 (&#147;Securities Act&#148;) and Section&nbsp;21E of the Securities Exchange Act of 1934
(&#147;Exchanges Act&#148;) that inherently involve risk and uncertainties. The Company generally uses words
such as &#147;believe,&#148; &#147;may,&#148; &#147;could,&#148; &#147;will,&#148; &#147;intend,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;anticipate,&#148; &#147;plan,&#148;
&#147;likely,&#148; &#147;should&#148; and similar expressions to identify forward-looking statements. Forward-looking
statements in this Annual Report include statements about our business strategies and product and
services development activities, including the anticipated benefits and risks associated with those
strategies as well as statements about the sufficiency of our capital resources. One should not
place undue reliance on these forward-looking statements. The Company&#146;s actual results could
differ materially from those anticipated in the forward-looking statements. Although the Company
believes the expectations reflected in the forward-looking statements are reasonable, they relate
only to events as of the date on which the statements are made, and the Company&#146;s future results,
levels of activity, performance or achievements may not meet these expectations. The Company does
not intend to update any of the forward-looking statements after the date of this document to
conform these statements to actual results or to changes in the Company&#146;s expectations, except as
required by law. As a result of these and other factors, our stock price may fluctuate
dramatically.
</DIV>
<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PART I</B>
</DIV>

<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Business</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Development of Business</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Champions Biotechnology, Inc. was incorporated as a merger and acquisition company under the
laws of the State of Delaware on June&nbsp;4, 1985, under the name &#147;International Group, Inc.&#148; In
September&nbsp;1985, the Company completed a public offering and shortly thereafter acquired the
world-wide rights to the Champions sports theme restaurant concept and changed its name to
&#147;Champions Sports, Inc.&#148; In 1997, the Company sold its Champions service mark and concept to
Marriott International, Inc. and until 2005, was a consultant to Marriott International, Inc. and
operated one Champions Sports Bar Restaurant. In January&nbsp;2007, the Company changed its business
direction to focus on biotechnology and subsequently changed its name to Champions Biotechnology,
Inc. In February&nbsp;2007, the Company acquired the patent rights to two Benzoylphenylurea (BPU)&nbsp;sulfur
analog compounds (SG410). On May&nbsp;18, 2007, the Company acquired Biomerk, Inc. by issuing 4,000,000
unregistered shares of our common stock. On April&nbsp;30, 2008, the Company issued 1,428,572
unregistered shares of our common stock at $1.75 per share pursuant to the terms of a private
investment financing. In March&nbsp;2009, the Company formed Champions Biotechnology UK, Limited, a
wholly owned subsidiary, in order to establish a marketing operation in the United Kingdom and
Israel.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Current Business</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company is engaged in the development of advanced preclinical platforms and predictive
tumor specific data to enhance and accelerate the value of oncology drugs. The Company&#146;s
preclinical platform is a novel approach based upon the implantation of primary human tumors in
immune deficient mice followed by propagation of the resulting xenografts (Biomerk Tumorgrafts&#153;) in
a manner that preserves the biological characteristics of the original human tumor. The Company
believes that Biomerk Tumorgrafts closely reflect human cancer biology and their response to drugs
is more predictive of clinical outcomes in cancer patients. The Company is building its Biomerk
Tumorgraft platform through the procurement, development and characterization of numerous
Tumorgrafts within several types of cancers. Tumorgrafts
are procured through agreements with institutions in the United States and Europe and developed and
tested through agreement with a U.S. based preclinical contract research organization.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We
intend to leverage our preclinical platform to evaluate and to develop a portfolio of oncology drug candidates through preclinical
trials. The Company then plans to sell,
partner or license such drug candidates to pharmaceutical and/or biotechnology companies. We believe this
strategy will enable the Company to leverage the competencies of
these partners to maximize the Company&#146;s return on investment in
a shorter time frame than traditional
drug development. The Company believes that the use of our Tumorgraft models in the preclinical
development of oncology drugs is unlike that of many other biotechnology companies that look to
bring the process of drug development through all phases of discovery, development, regulatory
approvals, and marketing. Our model does not requires a very large
financial commitment or a long development
period, typically more than a decade, to realize a return on our drug
candidate investments. Thus far we have acquired two oncology
drug candidates of which we have begun preclinical development
through the use of contract facilities on the most promising candidate, SG410. We have secured a preclinical supply of SG410, more
recently developed a soluble form of the compound and plan to evaluate its efficacy in Biomerk
Tumorgrafts from several cancer types. The Company recently entered
into a Joint Development and Licensing Agreement with a third party
for the development of a soluble form of SG410. Under this Agreement,
the third party is entitled to milestone payments upon the success of
certain regulatory approvals and royalty payments on net sales of the
licensed product. If results are promising it is our
intention to continue preclinical development and then sell, partner or license SG410 for its
remaining clinical development.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company also offers its Biomerk Tumorgraft predictive preclinical platform and tumor
specific data to other biotechnology and pharmaceutical companies to provide information that may
enhance their drug development pipeline through the evaluation of oncology drugs in a platform that
integrates predictive testing with biomarker discovery. We provide Personalized Oncology Services
(&#147;POS&#148;) to physicians in the field of oncology by establishing and administering expert medical
information panels for their patients to analyze medical records and test results, to assist in
understanding conventional and experimental options and to identify and arrange for testing,
analysis and study of the patients&#146; cancer tissues, as appropriate. Additionally, Champions offers
Personalized Tumorgraft&#153; development and drug studies as part of its POS whereby physicians can
evaluate the effects of cancer therapies on their patients&#146; tumorgrafts enabling them to better select
treatment regimens that may be most efficacious to the patient. In the year ended April&nbsp;30, 2009, our
revenues from POS grew 134%.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">During
the fiscal year ended April&nbsp;30, 2009, we began to offer leading pharmaceutical and biotechnology companies the benefits of our
Biomerk Tumorgrafts for their preclinical evaluation programs. Our Preclinical eValuation
services may be predictive of clinical outcomes and may provide for a
faster and less expensive path for drug approval. These services utilize Biomerk Tumorgrafts to
evaluate tumor sensitivity/resistance to various single and combination standard and novel
chemotherapy agents. The Preclinical eValuation services we offer also include biomarker discovery
and the identification of novel drug combinations. In the fourth quarter of fiscal year 2008, the
Company established an agreement with a leading drug development
company (&#147;The Drug Company&#148;) for
the preclinical evaluation of certain therapeutic antibodies in the drug company&#146;s clinical
development pipeline. As part of the agreement, The Drug Company will utilize our Biomerk
Tumorgrafts in the initial preclinical evaluation. We are currently providing services or in
discussions to provide Preclinical eValuation services to a number of
other companies. During fiscal year 2009, the Company
continued to expand its Preclinical eValuation business and had four customers under contract.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Operations</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">For the fiscal year ended April&nbsp;30, 2009, the Company generated operating revenue of
$3,710,000, comprised of $3,278,000 from Personalized Oncology services and $432,000 Preclinical
eValuation services.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Competition</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Competition in the biotechnology industry is intense and based significantly on scientific,
technological and market forces. These factors include the availability of patent and other
protection for technology and products, the ability to commercialize technological developments and
the ability to obtain government approval for testing, manufacturing and marketing. The Company
faces significant competition from other biotechnology companies. The majority of these competitors
are and will be substantially larger than the Company, and have substantially greater resources and
operating histories. There can be no assurance that developments by other companies will not render
our products or technologies obsolete or noncompetitive or that we will be able to keep pace with
the technological or product developments of our competitors. These companies, as well as academic
institutions, governmental agencies and private research organizations also compete with us in
recruiting and retaining highly qualified scientific, technical and professional personnel and
consultants.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Our Preclinical Platform is proprietary and requires significant know-how to both initiate and
operate, but is not patented. It is, therefore, possible for competitors to develop other
implantation procedures or to discover the same procedures utilized by the Company that could
compete with the Company in its market.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Patent Applications</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">It is the Company&#146;s intention to protect its proprietary property through the filing of U.S.
and international patent applications, both broad and specific, where necessary and reasonable. In
February&nbsp;2007, the Company acquired the patent applications to two Benzoylphenylurea (BPU)&nbsp;sulfur analog
compounds that have shown promising potent activity against invitro and invivo models of prostate
and pancreatic cancers. The acquired rights include pending U.S. Patent Application no. 11/673,519
and corresponding international patent application (PCT/US2006/014449) filed under the Patent
Cooperation Treaty (PCT), both entitled Design and Synthesis of Novel Tubulin Polymerization
Inhibitors: Benzoylphenylurea (BPU)&nbsp;Sulfur Analogs.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Research and Development</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">For the fiscal years ended April&nbsp;30, 2009 and 2008, the Company spent approximately $1,721,000
and $200,000, respectively, on research and development to develop our preclinical platform and
expand our Preclinical eValuation Platform.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Government Regulation</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The research, development, and marketing of the Company&#146;s products are subject to federal,
state, local, or foreign legislation or regulation, including the interpretation of and compliance
with existing, proposed, and future regulatory requirements imposed by the U.S. Food and Drug
Administration (&#147;FDA&#148;) in the United States and by comparable authorities in other countries. The
costs of bringing new drugs through the regulatory approval process and to the market are extremely
high, and the Company plans to sell, partner or license its drug candidates to pharmaceutical
and/or biotechnology companies, as appropriate prior to pursuing the FDA approval necessary to
commercially market its drug candidates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Employees</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">As of April&nbsp;30, 2009, the Company had 11 full-time employees.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Available Information</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The
Company makes available free of charge on or through its internet website our annual
report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to
those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. The
Company&#146;s website address is <u>www.championsbiotechnology.com</u>.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1A.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Risk Factors.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">You should carefully consider the risks described below together with all of the other
information included in this report. The risks and uncertainties described below are not the only
ones we face. Additional risks not presently known or those we currently consider insignificant
may also impair our business operations in the future.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>We historically have lost money, expect losses for the foreseeable future, require significant
capital and may never achieve profitability.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We historically have lost money. For the fiscal years ended April&nbsp;30, 2009 and 2008, the
Company had a net loss of $2,242,000 and $411,000, respectively. As of April&nbsp;30, 2009, the Company
has an accumulated deficit of $9,757,000.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The amount of these losses may vary significantly from year-to-year and quarter-to-quarter and
will depend on, among other factors:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the timing and cost of development for our preclinical platform, products and
technology;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the progress and cost of preclinical and possibly early phase clinical development
programs;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the cost of building out our Preclinical eValuation Tumorgraft platform;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the cost and rate of progress toward growing our Personalized Oncology service
businesses;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the cost of securing and defending our intellectual property;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the timing and cost of obtaining necessary regulatory approvals;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the cost of expanding and building out the infrastructure of our U.S. and overseas
operations;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the cost incurred in hiring and maintaining qualified personnel; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the costs of any future litigation of which we may be subject.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the cost of adopting the provisions of section 404 fo the Sarbenes-Oxley Act.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Currently, the Company derives revenue from two sources: Personalized Oncology Services and
Preclinical eValuation Services, while we pursue drug development contracts. All of these business
activities require significant capital expenditures, and we have limited sources of revenue to
off-set such expenditures. Accordingly, we expect to generate operating losses in the future until
such time as we are able to generate more significant revenues.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">To become profitable, we will need to generate revenues to off-set our operating costs,
including our general and administrative expenses. We may not achieve or, if achieved, sustain our
revenue or profit objectives, and our losses may increase in the future, and, ultimately, we may
have to cease operations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In order to grow revenues, we must invest capital to successfully develop our drug candidates
and expand our Preclinical eValuation Tumorgraft platform. Our products may never achieve market
acceptance and we may never generate significant revenues or achieve profitability. If we must
devote a substantial amount of time to raising capital, it will delay our ability to achieve our
business goals within the time frames that we now expect, which could increase the amount of
capital we need. In addition, the amount of time expended by our management on fund raising
distracts them from concentrating on our business affairs.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Our initial proposed drug products are in the early development stages and will likely not be
commercially introduced for many years, if at all.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Our proposed initial drug products, specifically two Benzoylphenylurea (BPU)&nbsp;sulfur analog
compounds are still in the early development stage and will require further development,
preclinical and early phase clinical testing and investment prior to our ability to sell, license
or partner with pharmaceutical and/or biotechnology companies. Such partnership, divestiture or
license agreement may have contingencies for their possible commercialization in the United States
and abroad. We cannot be sure that these products in development will:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">be successfully developed;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">prove to be safe and efficacious in preclinical or clinical trials;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">meet applicable regulatory standards or obtain required regulatory approvals;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">demonstrate substantial protective or therapeutic benefits in the prevention or
treatment of any disease;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">be capable of being formulated and/or produced in clinical or commercial
quantities at reasonable costs;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">obtain coverage and favorable reimbursement rates from insurers and other
third-party payors; or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">be successfully marketed or achieve market acceptance by physicians and patients.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>We have never marketed, sold or distributed a product and may need to rely on third parties to
successfully market and sell our products and generate revenues.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">If we were to receive regulatory approval for our drug candidates, we will have to build a
marketing function or enter into agreements with contract sales organizations to market our
products. Our ability to gain market acceptance and generate revenues will be substantially
dependent upon our ability to build a marketing function and /or enter into such agreements on
favorable terms and to manage the efforts of those employees or service providers, as the case may
be.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>We have very limited staffing and will continue to be dependent upon key employees.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Our success, currently, is dependent upon the efforts of 11 employees, the loss of the
services of one or more of which could have a material adverse affect on our business and financial
condition. We intend to continue to develop our management team and attract and retain qualified
personnel in all functional areas to expand and grow our business. This may be difficult in the
biotechnology industry where competition for skilled personnel is intense, even as the United
States sees an overall downturn in its economy.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Because our industry is very competitive and many of our competitors have substantially greater
capital resources and more experience in research and development, we may not succeed in developing
our products and technologies and having them brought to market.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We are engaged in a rapidly changing and highly competitive field. Potential competitors in
the United States and abroad are numerous and include pharmaceutical and biotechnology companies,
most of which have substantially greater capital resources and more experience in research and
development than us. Accordingly, our competitors may succeed in obtaining patent protection,
receiving FDA approval or commercializing of similar and competing drug candidates before we do.
We will compete with companies with greater marketing and manufacturing capabilities, areas in
which we have limited or no experience. We compete in a market that has a less than 10% success
rate in bringing new products to market.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Academic institutions, hospitals, governmental agencies and other public and private research
organizations are also conducting research and seeking patent protection and may develop and
commercially introduce competing products or technologies on their own or through joint ventures.
We cannot assure you that our competitors will not succeed in developing similar technologies and
products more rapidly than we do, commercially introducing such technologies and products to the
marketplace prior to introduction of our products, or that these competing technologies and
products will not be more effective or successful than any of those that we currently are
developing or will develop.
</DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Not only will the Company face competition from well established companies, new companies will
likely enter our market as scientific developments surrounding other cancer therapies continue to
accelerate in the multibillion dollar oncology marketplace.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>If we are unable to protect our intellectual property, we may not be able to compete as
effectively.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">It is important in the biotechnology industry to obtain patent and trade secret protection for
new technologies, products and processes. Our success will depend, in part, upon our ability to
obtain, enjoy and enforce protection for any products we develop or acquire under United States and
foreign patent laws and other intellectual property laws, preserve the confidentiality of our trade
secrets and operate without infringing the proprietary rights of third parties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Where appropriate, we will seek patent protection for certain aspects of our technology.
However, our owned and licensed patents and patent applications may not ensure the protection of
our intellectual property for a number of reasons, including:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><DIV style="margin-left:0px; text-indent:-0px">Our preclinical platform is proprietary and requires significant know-how to both
initiate and operate, but is not patented. It is, therefore, possible for competitors to
develop other implantation procedures or to discover the same procedures utilized by the
Company that could compete with the Company in its market.</DIV></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>

<TD><DIV style="text-align: justify"><DIV style="margin-left:0px; text-indent:-0px">If
we are successful in obtaining our patents, competitors may interfere with our patents and patent process in a variety of ways.
Competitors may claim that they invented the claimed invention before us or may claim that
we are infringing on their patents and, therefore, we cannot use our technology as claimed
under our patent. Competitors may also have our patents reexamined by showing the patent
examiner that the invention was not original or novel or was obvious.</DIV></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><DIV style="margin-left:0px; text-indent:-0px">We are in the process of developing our proposed products and technologies. The
mere receipt of a patent does not necessarily provide practical protection. If we receive
a patent with a narrow scope, then it will be easier for competitors to design products
that do not infringe on our patent. Even if the development of our proposed products is
successful and approval for sale is obtained, there can be no assurance that applicable
patent coverage, if any, will not have expired or will not expire shortly after this
approval. Any expiration of the applicable patent could have a material adverse effect on
the sales and profitability of our proposed product.</DIV></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><DIV style="margin-left:0px; text-indent:-0px">Obtaining and enforcing patents is expensive and may require significant time by
our management. In litigation, a competitor could claim that our issued patents are not
valid for a number of reasons. If the court agrees, we would lose protection on products
covered by those patents.</DIV></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><DIV style="margin-left:0px; text-indent:-0px">We also may support and collaborate in research conducted by government
organizations or universities. We cannot guarantee that we will be able to acquire any
exclusive rights to technology or products derived from these collaborations. Obtaining
the required or necessary licenses or rights from such collaborative research can be time
consuming and expensive. If we do not obtain required licenses or rights, we could
encounter delays in product development while we attempt to design around other patents or
we may be prohibited from developing, manufacturing or selling products requiring these
licenses. There is also a risk that disputes may arise as to the rights to technology or
products developed in collaboration with other parties.</DIV></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><DIV style="margin-left:0px; text-indent:-0px">It also is unclear whether efforts to secure our trade secrets will provide useful
protection. While we will use reasonable efforts to protect our trade secrets, our
employees or consultants may unintentionally or willfully disclose our proprietary
information to competitors resulting in a loss of protection. Enforcing a claim that
someone else illegally obtained and is using our trade secrets, like patent litigation, is
expensive and time consuming, and the outcome is unpredictable. In addition, courts
outside the United States are sometimes less willing to protect trade secrets. Finally,
our competitors may independently develop equivalent knowledge, methods and know-how.</DIV></DIV></TD>
</TR>

</TABLE>
</DIV>
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<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Claims by others that our products infringe their patents or other intellectual property rights
could adversely affect our financial condition.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The biotechnology industry has been characterized by frequent litigation regarding patent and
other intellectual property rights. Patent applications are maintained in secrecy in the United
States and also are maintained in secrecy outside the United States until the application is
published. Accordingly, we can conduct only limited searches to determine whether our technology
infringes the patents or patent applications of others. Any claims of patent infringement asserted
by third parties would be time-consuming and could likely:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">result in costly litigation;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">divert the time and attention of our technical personnel and management;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">cause product development delays;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">require us to develop non-infringing technology; or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">require us to enter into royalty or licensing agreements.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Although patent and intellectual property disputes in the biotechnology industry have often
been settled through licensing or similar arrangements, costs associated with these arrangements
may be substantial and often require the payment of ongoing royalties, which could hurt our gross
margins. In addition, we cannot be sure that the necessary licenses would be available to us on
satisfactory terms, or that we could redesign our products or processes to avoid infringement, if
necessary. Accordingly, an adverse determination in a judicial or administrative proceeding, or the
failure to obtain necessary licenses, could prevent us from developing, manufacturing and selling
some of our products, which could harm our business, financial condition and operating results.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>If any of our products that we license or partner with pharmaceutical and/or biotechnology
companies fail to obtain regulatory approval or if approval is delayed or withdrawn, we may be
unable to generate revenue from the sale or license of our products.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Our products are subject to federal, state, local, or foreign legislation or regulation,
including the interpretation of and compliance with existing, proposed, and future regulatory
requirements imposed by the FDA in the United States and by comparable authorities in other
countries. In the United States, approval of the FDA has to be obtained for each drug to be
commercialized. The FDA approval process is typically lengthy and expensive, and approval is never
certain. Products to be commercialized abroad are subject to similar foreign government regulation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Generally, only a very small percentage of newly discovered pharmaceutical products that enter
preclinical development are approved for sale. Because of the risks and uncertainties in
biopharmaceutical development, our proposed drug products could take a significantly longer time to
gain regulatory approval than we expect or may never gain approval. If regulatory approval is
delayed or never obtained, our management&#146;s credibility, the value of our company and our operating
results and liquidity might be adversely affected. Furthermore, even if a product gains regulatory
approval, the product and the manufacturer of the product may be subject to continuing regulatory
review. Even after obtaining regulatory approval, such approval may entail limitations on the
indicated uses for which the product may be marketed. Moreover, a marketed product, its
manufacturer, its manufacturing facilities, and its suppliers are subject to continual review and
periodic inspections. Discovery of previously unknown problems, or the exacerbation of problems
previously deemed acceptable, with the product, manufacturer, or facility may
result in restrictions on such product or manufacturer, potentially including withdrawal of the
product from the market.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Even if our proposed products receive FDA approval, they may not achieve expected levels of market
acceptance, which could have a material adverse effect on our business, financial position and
operating results and could cause the market value of our common stock to decline.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Even if our proposed products obtain required regulatory approvals, the success of those
products is dependent upon market acceptance by physicians and patients. Levels of market
acceptance for our new products could be impacted by several factors, including:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the availability of alternative products from competitors;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the price of our products relative to that of our competitors;</DIV></TD>

</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the timing of our market entry; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the ability to promote our products effectively against well funded
companies that have more experience in the marketing of approved
drugs.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Some of these factors are not within our control. Our proposed products may not achieve
expected levels of market acceptance. Additionally, continuing studies of the proper utilization,
safety and efficacy of pharmaceutical products are being conducted by the industry, government
agencies and others. Such studies, which increasingly employ sophisticated methods and techniques,
can call into question the utilization, safety and efficacy of previously marketed products. In
some cases, these studies have resulted, and may in the future result, in the discontinuance of
product marketing. These situations, should they occur, could have a material adverse effect on our
business, financial position and results of operations, and the market value of our common stock
could decline.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Because the biotechnology industry is heavily regulated, we face significant costs and
uncertainties associated with our efforts to comply with applicable regulations. Should we fail to
comply, we could experience material adverse effects on our business, financial position and
results of operations, and the market value of our common stock could decline.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The biotechnology industry is subject to regulation by various federal and state governmental
authorities. For example, we must comply with FDA requirements with respect to the development of
our proposed products and our early clinical trials, and if any of our proposed products are
approved, the manufacture, labeling, sale, distribution, marketing, advertising and promotion of
our products. Failure to comply with FDA and other governmental regulations can result in fines,
disgorgement, unanticipated compliance expenditures, recall or seizure of products, total or
partial suspension of production and/or distribution, suspension of the FDA&#146;s review of New Drug
Applications (&#147;NDA&#146;s&#148;), enforcement actions, injunctions and criminal prosecution. Under certain
circumstances, the FDA also has the authority to revoke previously granted drug approvals. Despite
our efforts at compliance, there is no guarantee that we may not be deemed to be deficient in some
manner in the future. If we were deemed to be deficient in any significant way, our business,
financial position and results of operations could be materially affected.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>If our CRO facility that handles a majority of our Preclinical eValuation studies and Tumorgraft
platform development is damaged or destroyed, our business would be negatively affected.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We currently utilize a Contract Research Organization (&#147;CRO&#148;) to perform a majority of our
tumor studies and develop and bank our tumorgraft platform. If that facility were to be
significantly damaged or destroyed, we could suffer a loss of some our ongoing and future drug
studies as well as our Tumorgraft bank. While we believe that our CRO has risk management
procedures in place and is insured against damage, such an event would delay timelines and require
additional time to restore operations back to the baseline. Additional means are being put into
place whereby our tumorgraft bank will be housed in two different states to avoid a catastrophic
event damaging our tumorgraft bank.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Your investment in our common stock may be diluted if we issue additional shares in the future.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We may issue additional shares of common stock, which would reduce your percentage ownership
and may dilute your share value. Our Certificate of Incorporation authorizes the issuance of
50,000,000 shares of common stock. As of August&nbsp;19, 2009, we had 33,578,903 shares of
common stock issued and 32,615,185 shares outstanding. The future issuance of all or part of the
remaining authorized common stock would result in substantial dilution in the percentage of the
common stock held by existing shareholders. The issuance of common stock for future services or
acquisitions or other corporate actions may have the effect of diluting the value of the shares
held by existing shareholders, and might have an adverse effect on any trading market for our
common stock.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>There is a limited trading market for our common stock, which may make it difficult for you to sell
your shares.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Our common stock is quoted on the OTC Bulletin Board. Like many stocks quoted on the OTC
Bulletin Board, trading in our common stock is thin and characterized by wide fluctuations in
trading prices, due to many factors that may have little to do with our operations or business
prospects. This volatility could depress the market price of our common stock for reasons unrelated
to operating performance. Moreover, trading on the OTC Bulletin Board is often more sporadic and
volatile than the trading on security exchanges like NASDAQ, American Stock Exchange or New York
Stock Exchange. Accordingly, you may have difficulty reselling your shares of our common stock in
short time periods.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Our stock price is volatile.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The stock market in general and the market for biotechnology companies in particular have
experienced extreme volatility that has often been unrelated to the operating performance of
particular companies. As a result of this volatility, investors may not be able to sell their
common stock at or above the price they paid for it. The market price for our common stock may be
influenced by many factors, including:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">results of clinical trials of our drug candidates or those of our
competitors:</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">regulatory development in the United States and foreign countries;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">variations in our financial results or those of companies that are perceived
to be similar to us;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">changes in the healthcare payment system;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">announcements by us of significant acquisition, strategic partnerships, joint
ventures or capital commitments;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">sales of significant shares of stock by large investors;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">significant 8-K disclosures such as a change in management or the need to
restate prior audits;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">intellectual property, product liability, or other litigation against us;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the loss of a key development partner or CRO; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the other key facts described in this &#147;Risk Factors&#148; section.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Our common stock may be deemed a &#147;penny stock,&#148; which would make it more difficult for you to sell
your shares.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Our common stock may be subject to the &#147;penny stock&#148; rules adopted under Section 15(g) of the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). The penny stock rules apply to
companies whose common stock is not listed on the NASDAQ Stock Market or another national
securities exchange and trades at less than $5.00 per share or that have tangible net worth of less
than $5,000,000 ($2,000,000 if the company has been operating for three or more years). These rules
require, among other things, that brokers who trade penny stock to persons other than &#147;established
customers&#148; complete certain documentation, make suitability inquiries of investors and provide
investors with certain information concerning trading in the security, including a risk disclosure
document and quote information under certain circumstances. Many brokers have decided not to trade
penny stocks because of the requirements of the penny stock rules and, as a result, the number of
broker-dealers willing to act as market makers in such
securities is limited. If we remain subject to the penny stock rules for any significant period, it
could have an adverse effect on the market, if any, for our common stock. Because our common stock
is subject to the penny stock rules, you may find it more difficult to dispose of the shares of our
common stock that you have purchased.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Material
weakness or deficiencies in our internal control over financial reporting could harm
stockholder and business confidence in our financial reporting, our ability to obtain financing,
and other aspects of our business.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Our management evaluated the effectiveness of the design and operation of our disclosures
controls and procedures as of the fiscal year ended April&nbsp;30,
2009 and concluded that our
disclosure controls and procedures were not effective as of those dates, because of material
weakness in our internal control over financial reporting. A material weakness is a control
deficiency, or combination of control deficiencies that results in more than a remote likelihood
that material misstatement of the annual or interim financial statements will not be prevented or
detected. During the 2008 audit, our independent registered public
accounting firm identified a material weakness in our internal
control over financial reporting. This material weakness consisted
primarily of inadequate staffing and supervision that could lead to
the untimely identification and resolution of accounting and
disclosure matters and failure to perform timely and effective
reviews.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
On June&nbsp;26, 2009 the Company filed a Form&nbsp;8K disclosing the fact that the Company&#146;s April
30, 2008 Form 10-KSB included financials that could no longer be relied on due to identifying
errors in reporting for stock-based compensation. The Company
subsequently filed a Form&nbsp;10-KSB/A in August 2009, detailing the
reasons behind the material weakness and restatement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
During fiscal
2009, the Company also identified material weaknesses in the
application of U.S.&nbsp;GAAP to share based compensation issued to
non-employee consultants, accounting for revenue recognition and
prepaid costs under the personalized oncology cancer vaccine
development services agreements, and the Company&#146;s financial
statement close process, which have been discussed in more detail in
Item&nbsp;9A(T). As a result of this restatement and material
weaknesses, customers, stockholders and other potential investors could lose confidence in our
financial reporting which could adversely impact the availability and cost of capital as well as
other aspects of our business.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Certain provisions of Delaware law and of our charter and bylaws contain provisions that could
delay and discourage takeover attempts and any attempts to replace our current management by
shareholders.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Certain provisions of our certificate of incorporation and bylaws, and applicable provisions
of Delaware corporate law, could make it difficult for or prevent a third party from acquiring
control of us or changing our Board of Directors and management. These provisions include:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the ability of our Board of Directors to issue preferred stock with voting or
other rights or preferences;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the inability of stockholders to act by written consent; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">requirements that our stockholders comply with advance notice procedures in
order to nominate candidates for election to our Board of Directors or to place
stockholders&#146; proposals on the agenda for consideration at meetings of stockholders.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Insiders own a significant amount of the outstanding common stock</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Insiders own a significant amount of our outstanding common stock which could discourage
takeover attempts.
</DIV>
<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;2.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Properties.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company leases office and laboratory space at 855 N. Wolfe Street, Suite&nbsp;619, Baltimore,
MD 21205 and office space at 2050 E. ASU Circle, Suite&nbsp;103, Tempe, AZ 85284. The Company&#146;s
aggregate rental payments are $10,200 per month.
</DIV>
<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;3.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Legal Proceedings.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">None.
</DIV>
<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;4.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Submission of Matters to a Vote of Security Holders.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">None.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PART II</B>
</DIV>

<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;5.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Market For Registrant&#146;s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Principal Market or Markets</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following information sets forth the high and low quotation price for the Company&#146;s common
stock for each quarter within the last two fiscal years. The Company&#146;s common stock (symbol CSBR)
is traded over-the-counter (OTC)&nbsp;and quoted on the electronic Bulletin Board maintained by the
National Association of Securities Dealers. The quotations represent prices between dealers and do
not reflect the retailer markups, markdowns or commissions, and may not represent actual
transactions. The Company&#146;s securities are presently classified as &#147;Penny Stocks&#148; as defined by
existing securities laws. This classification places significant restrictions upon broker-dealers
desiring to make a market in such securities.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">Common Stock</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">High</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Low</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">$</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fiscal 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.71</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">High</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Low</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">$</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fiscal 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">0.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">        0.26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">2.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">        0.35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">1.90 </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">       0.80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">1.50 </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">       0.77</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Approximate Number of Holders of Common Stock</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">As of August&nbsp;10, 2009, there were approximately 2,100 record holders of the Company&#146;s common
stock.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Dividends</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Holders of our common stock are entitled to receive such dividends as may be declared by the
Company&#146;s Board of Directors. No dividends have been paid with respect to the Company&#146;s common
stock and no dividends are anticipated to be paid in the foreseeable future. Any future decisions
as to the payment of dividends will be at the discretion of the Company&#146;s Board of Directors,
subject to applicable law.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Securities Authorized for Issuance Under Equity Compensation Plans</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The information regarding securities authorized for issuance under our equity compensation
plans is disclosed in Item&nbsp;12 &#147;Security Ownership of Certain Beneficial Owners and Management and
Related Stockholder Matters.&#148;
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Recent Sales by the Company of Unregistered Securities</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">On April&nbsp;30, 2008, the Company issued 1,428,572 unregistered shares of the Company&#146;s common
stock at $1.75 per share, for a total of $2,500,000, pursuant to the terms of a private investment
financing. The shares were issued to two non-US subscribers outside the United States. All the
unregistered shares issued in this offering were issued in a &#147;private transaction&#148; exempt from
registration pursuant to Regulation&nbsp;S of the Securities Act of
1933. The offering was not a public offering
and was not accompanied by any general advertisement or any general solicitation. The Company
received, from each of the two subscribers, a completed and signed subscription agreement
containing certain representations and warranties, including, among others, that (a)&nbsp;the subscriber
was not a U.S. person, (b)&nbsp;the subscriber subscribed for the shares for their own investment
account and not on behalf of a U.S. person, and (c)&nbsp;there was no prearrangement for the sale of the
shares with any buyer. No offer was made or accepted in the United States and the share
certificates representing the shares were issued bearing a legend with the applicable trading
restrictions.
</DIV>
<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;7.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following discussion and analysis is provided to further the reader&#146;s understanding of the
consolidated financial statements, financial condition and results of operations of the Company.
This discussion should be read in conjunction with the consolidated financial statements and the
accompanying notes included in this Annual Report on Form 10-K.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Overview</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In January&nbsp;2007, the Company changed its business direction to focus on biotechnology and
changed its name to Champions Biotechnology, Inc. The Company is engaged in the development of
advanced preclinical platforms and predictive tumor specific data to enhance and accelerate the
value of oncology drugs. The Company&#146;s Preclinical eValuation Platform is a novel approach based
upon the implantation of primary human tumors in immune deficient mice followed by propagation of
the resulting xenografts (Biomerk Tumorgrafts&#153;) in a manner that preserves the biological
characteristics of the original human tumor. The Company believes that Biomerk Tumorgrafts closely
reflect human cancer biology and their response to drugs is more predictive of clinical outcomes in
cancer patients. The Company is building its Biomerk Tumorgraft platform through the procurement,
development and characterization of numerous Tumorgrafts within several types of cancers.
Tumorgrafts are procured through agreements with institutions in the United States and Europe and
developed and tested through agreement with a U.S. based preclinical CRO.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company also offers its Biomerk Tumorgraft predictive Preclinical eValuation Platform and
tumor specific data to physicians to provide information that may enhance personalized patient care
options and to companies for evaluation of oncology drugs in a platform that integrates predictive
testing with biomarker discovery. In providing patient care options the Company administers expert
medical panels with participants that are selected based on the patient&#146;s specific cancer type and
condition. A panel typically includes renowned experts from each of the disciplines that may be
critical to the patient&#146;s status and treatment including oncologists, radiologists, surgeons,
pathologists and research experts from both academia and the pharmaceutical/biotechnology industry.
Experts review various treatment approaches designed to maximize options available to the treating
physician. In addition we offer Personalized Tumorgrafts from the respective patient&#146;s tumor. To
accomplish this, the physician obtains a sample of the patient&#146;s tumor which is then immediately
implanted in immune deficient mice and propagated in a manner that preserves the biological
properties of the original tumor. Development of the Personalized Tumorgrafts may enable extensive
in vivo testing of numerous novel and standard drugs and drug combinations. This targeted process
typically provides data regarding the drug/drug combinations that are the most and least effective.
This data may be useful to the patient&#146;s physician in evaluating future treatment options for the
patient.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
During the year ended April&nbsp;30, 2009,
we began to offer leading pharmaceutical and biotechnology companies the benefits of our Biomerk
Tumorgrafts for their preclinical evaluation programs. Our Preclinical eValuation
services may be more predictive of clinical outcomes and may provide for a
faster and less expensive path for drug approval. These services utilize Biomerk Tumorgrafts to
evaluate tumor sensitivity/resistance to various single and combination standard and novel
chemotherapy agents. The Preclinical eValuation services we offer also include biomarker discovery
and the identification of novel drug combinations.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
We intend to leverage our preclinical platform to evaluate and develop a portfolio of oncology drug candidates through pre-clinical
trials. The Company then plans to sell, partner or license such drug
candidates to
pharmaceutical and/or biotechnology companies. We believe this strategy will enable the Company to
leverage the competencies of these partners to maximize the Company&#146;s return on
investment in a relatively short time frame. The Company believes that this model is unlike that
of many new biotechnology companies that look to bring the process of drug development through all
phases of discovery, development, regulatory approvals, and
marketing. Our model does not require a very large
financial commitment or a long development period, typically more
than a decade, to realize a return on our drug candidate investments.
Thus far we have acquired two oncology drug candidates of which we have begun preclinical development
through the use of contract facilities on the most promising candidate, SG410. We have secured a
preclinical supply of SG410 and more recently developed a soluble form of the compound and plan to
evaluate its efficacy in Biomerk Tumorgrafts from several cancer
types. The Company recently entered into a Joint Development and
Licensing Agreement with a third party for the development of a
soluble form of SG410. Under this Agreement the third party is
entitled to milestone payments upon the success of certain regulatory
approvals and royalty payments on net sales of the licensed product. To date no royalties or milestone payments have been
earned or paid. If results are promising
it is our intention to continue preclinical development and then sell, partner or license SG410 for
its remaining clinical development.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Results of Operations</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Fiscal Years ended April&nbsp;30, 2009 and April&nbsp;30, 2008
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Revenues:</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
For the fiscal years ended April&nbsp;30, 2009 and 2008, the Company&#146;s revenues from operations were
$3,710,000, and $1,400,000, respectively, an increase of $2,310,000 or 165%. The increase of
$2,310,000 was comprised of $1,878,000 from Personalized Oncology services and $432,000 from our
Preclinical eValuation services which began generating revenues during fiscal 2009. For the fiscal
year ended April&nbsp;30, 2008, all of our revenues were generated from our Personalized Oncology
business.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Revenues generated in our Personalized Oncology business related to Personalized Oncology
Panels&#153;, Tumorgraft implantations and related Tumorgraft studies. The overall increase in the
Personalized Oncology business is attributable to a greater demand for our services and the
additional service offerings we added in the fiscal year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
Revenues related to the Company&#146;s Preclinical eValuation business represented studies we
completed for a number of pharmaceutical and biotech companies where
we utilized our Biomerk Tumorgrafts to test against various
drugs candidates to show how predictive the drug candidates would be in a clinical setting. The Preclinical
eValuation business began generating revenues in fiscal year 2009 and generated no revenues in the
fiscal year 2008.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Expenses:</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
For the fiscal years ended April&nbsp;30, 2009 and 2008, the Company&#146;s operating expenses were
$6,040,000 and $1,840,000, respectively, an increase of $4,200,000 or 228%.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U>Cost of Personalized
Oncology Services (CPOS)</U>: For the fiscal year ended April
30, 2009 and 2008, CPOS were $1,623,000 and $490,000, respectively, an increase of
$1,133,000 or 231%. CPOS expenses consist of salaries, employee related costs, stock-based
compensation costs, and the costs of conducting panels which include honoraria, travel,
medical testing and related event costs.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">
In addition, in December&nbsp;2008, the Company began offering
personalized oncology vaccine development services and received a total of
$580,000 from the first two clients enrolled in the
vaccine development program, which was recorded as deferred revenue.
The Company agreed to prepay certain development partners $500,000 related to
initial start up costs per these personalized oncology vaccine
development service agreements, which was recorded as a prepaid expense. During
the fiscal year ended April&nbsp;30, 2009, we charged approximately $146,000 of the prepaid
services under this agreement to CPOS expense for services provided by
our development partners.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U>
Cost of Preclinical eValuation services</U>: For the years ended April&nbsp;30, 2009
and 2008, cost of Preclinical eValuation services were $357,000 and
zero, respectively. Cost of Preclinical
eValuation services consist of salaries, employee benefits, stock based compensation and
the costs associated with a CRO that we contract with for propagation and testing of the
Biomerk Tumorgrafts.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U>Research and Development</U>: For the years ended April&nbsp;30, 2009 and 2008,
research and development expenses were $1,721,000 and $200,000, respectively, an increase
of $1,521,000 or 760%. The increase was mainly attributable to the fact that the Company
did not have a significant research and development effort ongoing for a majority of the
fiscal 2008&nbsp;year other then the procurement of a limited supply of Tumorgrafts. Research
and development expenses incurred in the 2009 fiscal year represent salaries, related
benefits, share-based compensation, consultants, travel, Tumorgraft acquisition costs, and
their subsequent propagation, storage, characterization and storage and handling fees.
Also included in research and development expense is the cost of a research and
development team that is tasked with identifying and securing the Company&#146;s future drug
pipeline candidates. These research and development costs consisted mainly of consulting
and travel expenses.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U>
Impairment of Intangible Assets</U>: During the year ended
April&nbsp;30, 2009, we
recorded a $284,000 impairment expense related to the valuation of certain patent rights.
The Company&#146;s
Polymerization Inhibitors: Benzoylphenylurea (BPU) Sulfur Analogs patent applications were
acquired in 2007 and since then the Company has spent approximately
$100,000 on ongoing patent legal fees in anticipation of pursuing
licensing or development partnering opportunities for these patents.
During the fourth quarter of fiscal 2009, the Company identified
indicators of impairment in its BPU patents based on changes in the
current market conditions and expectations of near term
commercialization. SFAS
No.&nbsp;144 &#147;Accounting for the Impairment or Disposal of
Long-Lived Assets&#148; requires an impairment loss be recognized for
an amortizable intangible asset whenever the net cash in-flow to be
generated from an asset is less than its carrying cost. As the
Company was unable to determine the timing or amount of net cash
in-flow to be generated from a BPU licensing and/or partnering
agreement, we were unable to support the carrying value of the intangible asset. Notwithstanding the
impairment of the patent rights we are continuing our efforts to perfect the patent and
seek licensing and partnering opportunities for further development.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U>General and Administration</U>: For the fiscal years ended April&nbsp;30, 2009 and
2008, general and administrative expenses were $2,055,000 and $1,150,000, respectively, an
increase of $905,000 or 79%. General and administrative expenses saw a significant
increase due to the fact that the Company was just beginning to expand operations in
fiscal 2008 with only four employees. During fiscal 2009, the Company continued to build
out its management team and infrastructure to meet the requirements of a public company.
General and administrative expenses included salaries and related
benefits, stock-based compensation, audit, legal,
insurance, investor relations, marketing and sales, rent and recruiting.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U>Interest Income:</U>
Interest income increased to $88,000 for the year ended
April&nbsp;30, 2009 compared to $29,000 for fiscal 2008. The increase
of $59,000 was due to the Company investing in a certificate of
deposit in fiscal 2009.</DIV></TD>
</TR>


</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Net Loss:</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
The Company&#146;s net loss for the years ended April&nbsp;30, 2009 and 2008 was $2,242,000 and
$411,000, respectively. The $1,831,000 increase in our net loss for the year ended April&nbsp;30, 2009
reflects the $1,490,000 increase in service expenses and the $1,521,000 and $905,000 increase in
research and development costs and general and administrative expenses, respectively, and an
impairment charge of $284,000 offset by a $2,310,000 increase in service revenues and a $59,000
increase in interest income.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Liquidity and Capital Resources</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
The Company&#146;s available liquid capital as of April&nbsp;30, 2009, amounted to $2,745,000 (consisting
of cash and cash equivalents of $1,728,000 and a certificate of deposit of $1,017,000) compared to $3,709,000
on April&nbsp;30, 2008. In June&nbsp;2009, the certificate of deposit matured and was converted to cash.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">For the years ended April&nbsp;30, 2009 net cash used by operations was $888,000 compared to
$792,000 provided by operations during the year ended April&nbsp;30, 2008. The decrease of $1,680,000
in cash provided by operations reflects the $1,831,000 increase in
our net loss and a $153,000 decrease in stock-based compensation offset by a net
$16,000 increase in cash provided by the change in operating assets and liabilities, a $284,000
charge for impairment of an intangible asset and a $4,000 increase in depreciation expense.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
For the years ended April&nbsp;30, 2009, net cash used in investing activities was $1,150,000
compared to $424,000 provided by investing activities during the year ended April&nbsp;30, 2008. The
$1,574,000 decrease in cash provided by investing activities was due to the purchase of a one year
certificate of deposit for $1,107,000, a $10,000 increase in the
purchase of intangible asset acquisition costs, and
the purchase of equipment and furniture of $69,000 offset by $471,000
of cash received in the
acquisition of Biomerk during the year ended April&nbsp;30, 2008. In June&nbsp;2009, the certificate of
deposit matured and was converted to cash.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">For the years ended April&nbsp;30, 2009 and 2008, net cash provided by financing activities was
$57,000 and $2,489,000, respectively. The $2,432,000 decrease was due to the $2,500,000 in cash
provided by a private placement sale of common stock during the year ended April&nbsp;30, 2008 offset by
a $24,000 increase in cash provided by the exercise of common stock options and warrants and the
decrease of $44,000 in payment of a loan from an officer of the Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company&#146;s working capital as of April&nbsp;30, 2009 and 2008 was $1,166,000 and $2,748,000,
respectively. <U></U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
In May&nbsp;2009, the Board of Directors approved a stock repurchase agreement with a Board member
to purchase $281,250 worth of the Company&#146;s common stock held by the Board member over the next
five quarters providing that the Board member continues his services
under a separate consulting agreement
executed in conjunction with the stock repurchase agreement. Under
the stock repurchase agreement, the Company will
repurchase shares of common stock at the lesser of (a) $0.50 per
share or (b)&nbsp;50% of the average
volume-weighted closing price of the stock as quoted on the OTC Bulletin Board for the 30&nbsp;day
trading period ending on the day before the date of each purchase as long as the consulting
agreement remains in effect. The Company also may purchase up to 2,250,000 shares of the common stock
from the Board member at the discretion of the Company, subject to the above commitment and pricing formula.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
In May&nbsp;2008, the Company paid a Board Member $361,000 for accrued salaries earned when the
Company&#146;s earnings were insufficient to pay this Board member&#146;s salary when he was a member of
management.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
In June&nbsp;2009, the Company&#146;s Board of Directors authorized management to begin the
process of raising additional capital. There can be no assurance that management will be
successful in raising capital on terms acceptable to the Company, if at all. The Company&#146;s ability
to successfully complete a raise of capital will depend on the condition of the capital markets and
the Company&#146;s financial condition and prospects. Even if the Company is able to successfully raise
additional capital, such capital could be in the form of debt and could be at high interest rates
and/or require the Company to comply with restrictive covenants that limit financial and business
activities. In addition, even if the Company is able to successfully raise equity capital, this
could dilute the interest of existing shareholders and/or be issued with preferential liquidation,
dividend or voting rights to those currently held by the Company&#146;s common stockholders.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Critical Accounting Policies</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><U>Revenue Recognition.</U> The Company derives revenue from Personalized Oncology and
Preclinical eValuation services. Personal Oncology Services assist physicians by providing
information that may enhance personalized treatment options for their cancer patients through
access to expert medical information panels and tumor specific data. The Company&#146;s Preclinical
eValuation services offer a preclinical tumorgraft platform to pharmaceutical and biotechnology
companies using Biomerk Tumorgraft studies, which have been shown to be predictive of how drugs may
perform in clinical settings. The Company recognizes revenue when the four basic criteria of the
SEC&#146;s Staff Accounting Bulletin No.&nbsp;104, &#147;Revenue Recognition&#148; (&#147;SAB 104&#148;) are met: 1) a contract
has been entered into with our customers; 2) delivery has occurred or services rendered to our
customers; 3) the fee is fixed and determinable as noted in the contract; and 4) collectability is
reasonably assured, as fees for services are received in full upon execution of the contract. The
Company utilizes a proportional performance revenue recognition model for its Preclinical
eValuation services under which we recognize revenue as performance occurs, based on the relative
outputs of the performance that have occurred up to that point in time under the respective
agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">When a Personalized Oncology or Preclinical eValuation arrangement involves multiple elements,
the items included in the arrangement (deliverables)&nbsp;are evaluated pursuant to EITF Issue No.
00-21, &#147;Revenue Arrangements with Multiple Deliverables&#148;, to determine whether they represent
separate units of accounting. We perform this evaluation at the inception of an arrangement and as
we deliver each item in the arrangement. Generally, we account for a deliverable (or a group of
deliverables) separately if: (1)&nbsp;the delivered item(s) has standalone value to the customer, (2)
there is objective and reliable evidence of the fair value of the undelivered items included in the
arrangement, and (3)&nbsp;if we have given the customer a general right of return relative to the
delivered item(s), delivery or performance of the undelivered item(s) or service(s) is probable and
substantially in our control. All revenue from contracts determined not to have separate units of
accounting is recognized based on consideration of the most substantive delivery factor of all the
elements in the arrangement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
<U>Stock-Based Compensation</U>. The Company has adopted Statement of Financial Accounting
Standards No.&nbsp;123(R), &#147;Share Based Payments,&#148; which requires the Company to calculate the fair value of share-based awards
on the date of grant. The Company used the Black-Scholes option pricing model to estimate
fair value. The option pricing model requires the Company to estimate certain key assumptions such
as expected life, volatility, risk free interest rates, and dividend yield to determine the fair
value of share-based awards, based on historical information and management judgment. The Company
amortizes the stock based compensation expense over the period that the awards are expected to
vest, net of estimated forfeiture rates. If the actual forfeitures differ from management
estimates, adjustments to compensation expense are recorded. The Company reports cash flows
resulting from tax deductions in excess of the compensation cost recognized from those options
(excess tax benefits) as financing cash flows.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
The Company measures compensation expense for its non-employee
stock-based compensation under EITF Issue No.&nbsp;96-18,
&#147;Accounting for Equity Instruments that are Issued to Other Than
Employees for Acquiring, or in Conjunction with Selling, Goods or
Services&#148; (&#147;EITF&nbsp;96-18&#148;). The fair value of the option issued
is used to measure the transaction, as this is more reliable than the
fair value of the services received. The fair value is measured at
the value of the Company&#146;s common stock on the date that the
commitment for performance by the non-employee consultant has been
reached or the consultant&#146;s performance is complete.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><U>Income Taxes</U>.  The Company accounts for income taxes as prescribed by SFAS No.&nbsp;109,
&#147;Accounting for Income Taxes&#148; (&#147;SFAS 109&#148;). SFAS 109 prescribes the use of the asset and liability
method to compute the differences between the tax basis of assets and liabilities and the related
financial amounts using currently enacted tax laws.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company has deferred tax assets, which are subject to periodic recoverability assessments.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount
that
more likely than not will be realized. Realization of the deferred tax assets is principally
dependent upon achievement of projected future taxable income offset by deferred tax liabilities.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="111"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;8.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Financial Statements and Supplementary Data.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Consolidated balance sheets as of April&nbsp;30, 2009 and 2009, consolidated statement of
operations, stockholders&#146; equity and cash flows for each of the years in the two-year period then
ended April&nbsp;30, 2009 together with the reports of our independent registered public accounting
firms, are set forth in the &#147;F&#148; pages of this form 10-K.
</DIV>
<DIV align="left">
<A name="112"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Changes In and Disagreements With Accountants on Accounting and Financial Disclosure.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">On March&nbsp;24, 2009, the Audit Committee of the Board of Directors dismissed its independent
registered public accounting firm, Bagell, Josephs, Levine &#038;
Company L.L.C. and engaged Ernst &#038; Young LLP
as its independent registered public accounting firm for the year ended April&nbsp;30, 2009. This
determination was approved by the Board of Directors upon the recommendation of its Audit
Committee.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The audit reports of Bagell Josephs, Levine &#038; Company L.L.C. on the consolidated financial statements
of the Company as of and for the fiscal years ended April&nbsp;30, 2008 and April&nbsp;30, 2007, did not
contain any adverse opinion or disclaimer opinion, and were not qualified or modified as to
uncertainty, audit scope or accounting
principles.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">During the fiscal years ended April&nbsp;30, 2008 and April&nbsp;30, 2007, and the subsequent period
through March&nbsp;23, 2009, there were no disagreements as defined in Item&nbsp;304 of Regulation&nbsp;S-K with
Bagell, Josephs, Levine &#038; Company L.L.C. on any accounting matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure, which disagreements, if not
resolved to Bagell, Joseph, Levine &#038; Company L.L.C. satisfaction, would have caused Bagell Josephs, Levine
&#038; Company L.L.C. to make reference to the subject matter of the disagreement in its reports on the
consolidated financial statements for such year.
</DIV>
<DIV align="left">
<A name="113"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>ITEM 9A(T).</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Controls and Procedures.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(a) Management&#146;s Annual Report on Disclosure Controls and Procedures.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We maintain disclosure controls and procedures that are designed to ensure that information
required to be disclosed in our reports filed or submitted under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified in the Securities and Exchange
Commission&#146;s rules and forms, and that such information is accumulated and communicated to
management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to
allow timely decisions regarding required disclosure. In designing and evaluating the disclosure
controls and procedures, management recognized that any controls and procedures, no matter how well
designed and operated, can provide only reasonable assurance of achieving the desired control
objectives and management was required to apply its judgment in evaluating the cost-benefit
relationship of possible controls and procedures.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">As of the end of the period covered by this report, management, under the supervision of the
Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and
operation of our disclosure controls and procedures, as defined in Rules&nbsp;13a-15(e) and 15d-15(e)
under the Securities Exchange Act of 1934, as amended. Based upon that evaluation, the Chief
Executive Officer and Chief Financial Officer concluded that, as of the end of such period, the
disclosure controls and procedures were
not effective at a level of reasonable assurance to ensure that the information required to be
disclosed in the reports we file and submit under the Exchange Act is accumulated and communicated
to management and is recorded, processed, summarized and reported in such filings as and when
required.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Management of the Company is responsible for establishing and maintaining adequate disclosure
controls and procedures and for the assessment of the effectiveness of disclosure controls and
procedures. The Company&#146;s disclosure controls and procedures is a process designed under the
supervision of the Company&#146;s Principal Executive Officer and
Chief Financial Officer to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of the
consolidated financial statements in accordance with United States generally accepted accounting
principles (&#147;U.S. GAAP&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Our
Principal Executive Officer and Chief Financial Officer have concluded that during the
period covered by this report, such internal control over financial reporting were not effective to
detect the inappropriate application of U.S. GAAP, as more fully described below. This was due to
deficiencies that existed in the design or operation of our internal control over financial
reporting that adversely affected our disclosure controls and that are considered &#147;material
weaknesses&#148;. The Public Company Accounting Oversight Board has defined a material weakness as a
&#147;deficiency, or combination of deficiencies, in internal control over financial reporting (ICFR)
such that there is a reasonable possibility that a material misstatement of the company&#146;s annual or
interim financial statements will not be prevented or detected on a timely basis by the company&#146;s
ICFR.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The material weaknesses identified in our internal controls and disclosure controls related
to:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
<u>The Company&#146;s staffing</u>. Our auditors identified a material weakness which consisted primarily
of inadequate staffing and supervision that could lead to the
untimely identification and resolution of accounting and disclosure
matters and failure to perform timely and effective reviews. </DIV>




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><U>The
Company&#146;s application of U.S. GAAP to stock-based compensation</U>. With respect to
our stock-based compensation calculations, the Company improperly determined the measurement dates
for grants of stock-based compensation to non-employees of the
Company. In addition, we did not correctly account for modifications in employment status for
stock-based compensation awards and we misclassified the fair value of the unvested
portion of stock base compensation expense for non-employee awards as
a &#147;contra equity&#148; account, called &#147;prepaid consulting&#148;, within stockholders&#146;
equity. As a result of this accounting error, the Company amended its
Form 10-KSB as of April&nbsp;30, 2008 and its Form 10-Qs as of
July&nbsp;31, 2008, October&nbsp;31, 2008 and January&nbsp;31, 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><U>The Company&#146;s accounting for revenue recognition and prepaid costs under the personalized
oncology development services agreement.</U> Previously, we recognized vaccine revenues on a
performance revenue recognition method. Under this approach, the Company recognized a percentage of
the contract consideration of the gross contract value upon implantation of a patient&#146;s tumor into
immune deficient mice and the remaining deferred revenue upon delivery of the tumor to a separate
third party who performs other services for the Company under the
vaccine program. In addition, the
Company expensed 100% of refundable upfront costs paid to third party
contractors for services to be delivered at a future date. After reviewing all of the relevant accounting literature related
to revenue recognition, we determined that revenue should be
recognized under the agreement only when the final deliverable in the
agreement has been delivered. Under the agreement, the final
deliverable is the earlier of the delivery of the cancer vaccine or the expiration of the agreement
term. With respect to the upfront costs that the Company pays to the other contractors
participating in the program, it was determined that these costs should be capitalized as
refundable advance payments and recognized as the services are
performed. As a result of this accounting error, the Company amended
its Form 10-Q as of January&nbsp;31, 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><U>The
Company&#146;s financial statement close process.</U> The Company
determined that there was a lack of formalized and detailed management level reviews during the financial
statement close process and a lack of sufficient technical accounting resources to adequately
perform certain significant non-routine financial reporting processes
that resulted in audit adjustments impacting several accounts.
Management has determined
that the Company&#146;s financial statement close process should
be re-evaluated to ensure (i)&nbsp;that all significant account balances, including judgmental areas,
affected by the Company&#146;s non-routine and estimation processes are reviewed for appropriate
accounting support by management as part of the Company&#146;s financial statement close process, and
(ii)&nbsp;that reviews of significant account balance analyses and SEC or other regulatory filings are
conducted by technically proficient Company personnel in a timely manner.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">(b)&nbsp;Changes in Internal Controls<I>.</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In order to correct the specifically identified material weaknesses, we are taking the following
steps, among others:
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">evaluating the skills and depth of our technical accounting staff to determine if
our accounting resources are sufficient to perform our financial reporting processes
adequately and to identify the additional resources, if any, that may be required to
perform our financial reporting processes. The Company recently hired an assistant
controller to handle the day-today accounting functions of the Company.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">strengthening the controls around those financial reporting processes that we
determined are material weaknesses or internal control deficiencies;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">revising our financial statement close process to include more robust reviews of
all account balances and non-recurring or infrequent items and to require a more
thorough evaluation of compliance with U.S. generally accepted accounting principles
prior to finalizing our financial statements</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">licensing of a stock-based
compensation accounting software to assist in the proper
accounting and reporting of stock-based compensation.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We believe that the steps we are taking to strengthen our system of internal controls and our
disclosure controls and procedures will be adequate to provide reasonable assurance that the
objectives of these control systems will be met and that these material weaknesses will be
remediated in fiscal 2010. However, because of the inherent limitations in all control systems, no
evaluation of controls can provide absolute assurance that all control issues, if any, within the
Company have been detected. These inherent limitations include the realities that judgments in
decision-making can be faulty, and that breakdowns can occur because of simple error or mistake.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
The Company will become subject to Sarbanes-Oxley Act of 2002 Section&nbsp;404: Assessment of
Internal Control (&#147;Section&nbsp;404&#148;) for the fiscal year
ended April&nbsp;30, 2010. Under Section&nbsp;404, management and the external auditors will be required to report on the adequacy of the Company&#146;s
internal control over financial reporting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">This annual report does not include an attestation report of the Company&#146;s independent
registered public accounting firm regarding internal control over financial reporting.
Management&#146;s report was not subject to attestation by the Company&#146;s independent registered public
accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit
the Company to provide only management&#146;s report in this annual report.
</DIV>
<DIV align="left">
<A name="114"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9B.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Other Information.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">None.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="115"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PART III</B>
</DIV>

<DIV align="left">
<A name="116"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;10.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Directors, Executive Officers and Corporate Governance.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Directors and Executive Officers</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent:8%">The directors and executive officers of the Company as of April&nbsp;30, 2009 are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="61%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV  style="border-bottom: 1px solid #000000"><B><I>Name</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom: 1px solid #000000"><B><I>Position(s) Presently Held</I></B></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David Sidransky, M.D.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Douglas D. Burkett, Ph.D.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal Executive Officer, President</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark R. Schonau
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James M. Martell
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Abba David Poliakoff
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ana I. Stancic
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>David Sidransky, M.D</B>., age 49, has served as Chairman of the Company since October&nbsp;2007 and
Director since August&nbsp;2007. Dr.&nbsp;Sidransky is the Director of the Head and Neck Cancer Research
Division at Johns Hopkins University School of Medicine and is a Professor of Oncology,
Otolaryngology-Head and Neck Surgery, Cellular &#038; Molecular Medicine, Urology, Genetics, and
Pathology at Johns Hopkins University and Hospital. Dr.&nbsp;Sidransky is one of the most highly cited
researchers in clinical and medical journals in the world, in the field of oncology during the past
decade, with over 400 peer-reviewed publications. He has contributed more than 60 cancer reviews
and chapters. Dr.&nbsp;Sidransky is a founder of a number of biotechnology companies and holds numerous
biotechnology patents. He has served as Vice Chairman of the Board of Directors of ImClone and was,
until the merger with Eli Lilly, a director of ImClone Systems, Inc., a global biopharmaceutical
company committed to advancing oncology care, and Chairman of Alfacell Corporation. Dr.&nbsp;Sidransky
is serving and has served on scientific advisory boards of MedImmune, Roche, Amgen and Veridex,
LLC. (a Johnson &#038; Johnson diagnostic company), among others Dr.&nbsp;Sidransky served as Director
(2005-2008) of American Association for Cancer Research (AACR). He was the chairperson of the
first (September&nbsp;2006) and the second (September&nbsp;2007) AACR International Conference on Molecular
Diagnostics in Cancer Therapeutic Development: Maximizing Opportunities for Individualized
Treatment. Dr.&nbsp;Sidransky is the recipient of many awards and honors, including the 1997 Sarstedt
International Prize from the German Society of Clinical Chemistry, the 1998 Alton Ochsner Award
Relating Smoking and Health by the American College of Chest Physicians and the 2004 Hinda and
Richard Rosenthal Award from the American Association of Cancer Research. Dr.&nbsp;Sidransky is
certified in Internal Medicine and Medical Oncology by the American Board of Medicine. Dr.
Sidransky received his B.A. from Brandeis University and his M.D. from the Baylor College of
Medicine.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Douglas D. Burkett, Ph.D</B>., age 45, has served as President of the Company since March&nbsp;2008.
Dr.&nbsp;Burkett has served from July&nbsp;2007 to March&nbsp;2008 as executive consultant to assist the Company
in establishing and executing its strategic and business plan prior to becoming President. Dr.
Burkett served as Chairman, Chief Executive Officer and President of Zila, Inc. (&#147;Zila&#148;) from 2002
to 2007 and led a strategic transformation of Zila into a cancer detection company. He led the FDA
approval, launch and growth of ViziLite Plus, an oral cancer screening product, and the
establishment of the first insurance reimbursement for oral cancer screening products in the United
States. Dr.&nbsp;Burkett held several senior positions at Zila from 1995 to 2002; he was responsible
for Zila&#146;s technical operations, its manufacturing subsidiary, its Pharmaceuticals business and
business development. Early in his career he led the building of a research and development
laboratory, pharmaceutical manufacturing facility, compliance unit and regulatory team that
achieved a rare &#147;no deficiency&#148; FDA pre approval inspection. Dr.&nbsp;Burkett is the lead inventor in
numerous issued and pending patents involving novel cancer detection methods and drugs. He is
quoted in leading publications including the Wall Street Journal regarding his pioneering efforts
in early oral cancer detection. Prior to joining Zila, Dr.&nbsp;Burkett was employed at the Arizona
State University
Cancer Research Institute where he collaborated with the National Cancer Institute in synthesizing
and performing studies for potential cancer treatment drugs. Prior to his tenure at ASU he
researched, developed and manufactured pharmaceutical drugs for a private pharmaceutical company.
Dr.&nbsp;Burkett received a B.S. in Chemistry from Missouri Western State College in 1987, and a Ph.D.
in Organic Chemistry from Arizona State University in 1994.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
<B>Mark R. Schonau</B>, Age 52 has served as Chief Financial Officer since January&nbsp;2009. Mr.&nbsp;Schonau
brings more than twenty-five years of leadership in financial and operations management to Champions.
Mr.&nbsp;Schonau previously served as Chief Financial Officer for Insys Therapeutics a development stage
biopharmaceutical company focused on discovering, developing, and commercializing products to
address cancer-related pain and CINV. Prior to that, Mr.&nbsp;Schonau served as CFO of Axway, Inc., a
leading global provider of collaborative business solutions from January&nbsp;2006 through August&nbsp;2007.
From January&nbsp;2001 to January&nbsp;2006, Mr.&nbsp;Schonau served as CFO and Senior Vice President of
Administration for Cyclone Commerce, a business-to-business systems provider that was acquired by
Axway in 2006. Upon Cyclone&#146;s acquisition by Axway, Mr.&nbsp;Schonau became the North American Chief
Financial Officer of the surviving entity. From 1988 to 2000, Mr.&nbsp;Schonau also served as CFO for
two public companies; Viasoft (NASDQ &#151; VIAS) and CyCare (NYSE &#151; CYS). Mr.&nbsp;Schonau was also
employed by the accounting firm of Ernst &#038; Young LLP from January&nbsp;1981 to May&nbsp;1988. He is a member
of the Arizona and American Institutes of Certified Public Accountants and currently sits on the
board of directors of the Arizona Technology Foundation. Mr.&nbsp;Schonau received a Bachelor&#146;s degree
in Accounting from Arizona State University.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>James M. Martell, </B>age 62, a Director of the Company, served as Chief Administrative Officer of
the Company from March&nbsp;2008 until May&nbsp;2009 when he resigned as Chief Administrative Officer and
entered into a consulting agreement with the Company. Mr.&nbsp;Martell founded the Company in 1985.
Since then he has served in various capacities as Chairman, President and CEO until 2007 when the
Company changed its business direction to focus on biotechnology, and then served as President and
CEO of until March, 2008. Mr.&nbsp;Martell currently administers and oversees the Company&#146;s medical
information panels. He was a partner from 1983 to 1987 in Tomar Associates, a consulting company
specializing in European-American joint ventures, venture capital financing, technology transfer,
and corporate finance. From 1981 to 1983, Mr.&nbsp;Martell was a partner in International Group, a
company involved in promoting national and international business development. He held various
administrative positions from 1973 to 1981 with the U.S. Department of Energy. Mr.&nbsp;Martell received
a Bachelor of Science degree in Chemistry in 1968 and Master of Science degree in Geochemistry in
1973, from George Washington University.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Abba David Poliakoff</B>, age 57, has served as Director of the Company since March&nbsp;2008. Mr.
Poliakoff is a member of the law firm of Gordon, Feinblatt, Rothman, Hoffberger &#038; Hollander, LLC,
in Baltimore, Maryland, is a member of the Maryland State Bar Association&#146;s Business Law Section
and former Chair of its Committee on Securities. Formerly, he was a member of the Business
Regulations Article&nbsp;Review Committee of the Committee to Revise the Maryland Annotated Code. Mr.
Poliakoff is a member of the Board of Directors of the Greater Baltimore Technology Council (GBTC)
and former Chair of its Legislative Committee. He is a former Chair of the Maryland Business &#038;
Technology Coalition, member of the Technology Council of Maryland, and member of the MIT
Enterprise Forum. Mr.&nbsp;Poliakoff is currently the Chairman of the Maryland Israel Development
Center, a joint venture between the State of Maryland Department of Business and Economic
Development and the State of Israel Ministry of Industry and Trade. He is also a co-founder and on
the Board of Directors of the Maryland Middle Eastern Chamber of Commerce. Governor Martin J.
O&#146;Malley of Maryland appointed Mr.&nbsp;Poliakoff in 2009 to the <I>Governor&#146;s International Advisory
Council on International Commerce and Trade</I>. He was previously appointed by Maryland Governor
Robert C. Ehrlich, Jr. to the <I>Governor&#146;s Transition Committee</I>. In his community work, he is on the
Board of Directors of the <I>Baltimore Jewish Council, </I>and on the Board of Directors of <I>The
Associated: Jewish Community Federation of Baltimore</I>. Mr.&nbsp;Poliakoff is a former President for the
Maryland Region of the <I>National Jewish Commission on Law and Public Affairs (COLPA), </I>and a founder
and past president of the <I>Jewish Arbitration and Mediation Board of Baltimore.</I>
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Ana I. Stancic</B>, age 52, has served as director of the Company since March&nbsp;2008. Ms.&nbsp;Stancic is
a financial executive with over 20&nbsp;years of experience in the life science
industry. Ms.&nbsp;Stancic has extensive experience in corporate finance, strategic planning, external
reporting, mergers and acquisitions, treasury, risk management, investor relations, and
corporate governance. Until July&nbsp;2009, Ms.&nbsp;Stancic served as Chief Financial Officer of
Aureon Laboratories Incorporated (&#147;Aureon&#148;), an oncology diagnostic company dedicated to enabling
the advancement of predictive and personalized cancer treatment by performing diagnostic reference
laboratory and clinical research services. Prior to joining Aureon, Ms.&nbsp;Stancic was Executive Vice
President and Chief Financial Officer at OMRIX Biopharmaceuticals, Inc. Before joining OMRIX, Ms.
Stancic served as Senior Vice President, Finance at ImClone Systems, Inc. (&#147;ImClone&#148;), a global
biopharmaceutical company committed to advancing oncology care, where she was responsible for
ImClone&#146;s finance department, information technology and internal audit. Ms.&nbsp;Stancic joined ImClone
as Vice President, Controller and Chief Accounting Officer in 2004. Prior to joining ImClone, she
was Vice President and Controller at Savient Pharmaceuticals, Inc. from 2003 to February, 2004. Ms.
Stancic was Vice President and Chief Accounting Officer at Ogden Corporation from 1999 to 2002 and
Regional Chief Financial Officer at OmniCare, Inc. from 1997 to 1999. Ms.&nbsp;Stancic began her career
in 1985 at PricewaterhouseCoopers in the Assurance practice where she audited international and
national companies in the pharmaceutical and services industries. Ms.&nbsp;Stancic is a Certified Public
Accountant and holds an M.B.A. degree from Columbia Business School.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The term of office of each director is until the next annual election of Directors and until a
successor is elected and qualified or until the Director&#146;s earlier death, resignation or removal.
Officers are appointed by the Board of Directors and serve at the discretion of the Board. There is
no family relationship between or among any of the Company&#146;s directors or officers.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Board Committees</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Board of Directors has appointed an Audit Committee, a Compensation Committee, and a
Nominating and Corporate Governance Committee and has adopted charters for each of these
committees. The Board of Directors has determined that Ana Stancic qualifies as the Audit
Committee&#146;s financial expert. The members of the committees are:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Nominating and Corporate Governance Committee</U><BR>
David Sidransky, Chair

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">Abba David Poliakoff<BR>
Ana Stancic

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Compensation Committee</U><BR>
Abba David Poliakoff, Chair

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">David Sidransky<BR>
Ana Stancic

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Audit Committee</U><BR>
Ana Stancic, Chair

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">Abba David Poliakoff<BR>
David Sidransky

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Code of Ethics</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company has a Code of Ethics that applies to all Company employees, including the
President and Chief Financial Officer, as well as members of the Board of Directors. The
Company&#146;s Code of Ethics is included as filed as Exhibit&nbsp;14 to this Annual Report on Form 10-K.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Compliance with Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</I>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Section&nbsp;16(a) of the Exchange Act, as amended, requires the Company&#146;s executive officers,
directors and persons who beneficially own more than 10% of the Company&#146;s common stock to file
reports
of their beneficial ownership and changes in ownership (Forms 3, 4 and 5, and any amendment
thereto) with the SEC executive officers, directors, and greater-than-ten percent holders are
required to furnish the Company with copies of all Section 16(a) forms they file. During the
fiscal year ended April&nbsp;30, 2009, the following report was not timely filed: a Form&nbsp;3 filed by Mark
Schonau on February&nbsp;10, 2009.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="117"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;11.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Executive Compensation.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following sets forth information for the two most recently completed fiscal years
concerning the compensation of (i)&nbsp;the Company&#146;s principle executive officer and (ii)&nbsp;all other
executive officers who earned in excess of $100,000 in total compensation in the fiscal year ended
April&nbsp;30, 2009.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SUMMARY COMPENSATION TABLE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Principal Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Salary ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Awards ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total ($)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dr.&nbsp;Douglas D. Burkett, Principal
Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18,750      </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">389,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">408,695</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James Martell, Chief Administrative
Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,416</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark R. Schonau, Chief Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">53,958      </TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">266,574</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Durwood Settles, Chief Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Salary following March&nbsp;27, 2008, date of employment agreement.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Salary following January&nbsp;19, 2009, date of employment agreement.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Board of Directors has the right to change and increase the compensation of executive
officers at any time.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Dr.&nbsp;Douglas D. Burkett, Principle Executive Officer</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company entered into an employment agreement dated March&nbsp;27, 2008 with Dr.&nbsp;Burkett to
serve as President. The term of the agreement commenced on March&nbsp;31, 2008 and extends for a
two-year period, renewing automatically for successive one year periods unless notice of
non-renewal is given by the Company or Dr.&nbsp;Burkett. Dr.&nbsp;Burkett&#146;s compensation includes a salary of
$225,000 per year, participation in Company employee benefit plans and reconfirmation of an option
previously granted on October&nbsp;10, 2007 to acquire 500,000 shares of common stock at an exercise
price of $0.75 per share, the market price of the common stock on the date the option was granted.
The options to purchase shares vest at the rate of 166,665 shares on the first anniversary of the
grant date, 166,665 shares on the second anniversary of the grant date and 166,670 shares on the
third anniversary of the grant date. All vested options will be exercisable over a five-year period
expiring on the fifth anniversary of the grant date, provided that the options will terminate upon
a material breach by the executive of the employment agreement. The agreement further provides that
if the Company terminates Dr.&nbsp;Burkett&#146;s employment without cause, the Company shall pay him
severance equal to four months&#146; salary and his options shall immediately vest.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>James Martell, Chief Administrative Officer</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company entered into an employment agreement dated March&nbsp;31, 2008 with James Martell to
serve as Chief Administrative Officer. The term of the agreement commenced on March&nbsp;31, 2008 and
extends for a one-year period, renewing automatically for successive one year periods unless notice
of non-renewal is given by the Company or Mr.&nbsp;Martell. Mr.&nbsp;Martell&#146;s compensation includes a salary
of $185,000 per year and participation in Company employee benefit plans. The agreement further
provides that if the Company terminates him without cause, the Company shall pay him severance
equal to three months&#146; salary. In May&nbsp;2008, the Company paid Mr.&nbsp;Martell $361,000 for past
services rendered. In May&nbsp;2009, Mr.&nbsp;Martell resigned as Chief Administrative Officer and became a
consultant to the Company. Under the
consulting agreement, Mr.&nbsp;Martell will be compensated at the rate of $100,000 annually. The
consulting agreement terminates in May&nbsp;2011. Either party may terminate the agreement upon ninety
days written notice. In May&nbsp;2009, the Company entered into a Board approved Stock Repurchase
Agreement with James Martell, a Board member, to purchase $281,250 of the Company&#146;s Common stock
held by Mr.&nbsp;Martell over the next five quarters providing that Mr.&nbsp;Martell continues his consulting
agreement. Under the agreement, the Company will repurchase stock at the lesser price of (a) $0.50
or (b)&nbsp;50% of the average volume-weighted closing price of the stock as quoted on the OTC Bulletin
Board for the 30&nbsp;day trading period ending on the day before the date of each purchase. The
Company may purchase up to 2,250,000 shares of Mr Martell&#146;s common stock at the discretion of the
Company subject to the above commitment and pricing formula.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Mark R. Schonau, Chief Financial Officer</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company entered into an employment agreement dated January&nbsp;5, 2009 with Mr.&nbsp;Schonau to
serve as Chief Financial Officer. The term of the agreement commenced on January&nbsp;19, 2009 and is
at-will. Mr.&nbsp;Schonaus&#146; compensation includes a salary of $185,000 per annum, participation in
Company employee benefit plans and an option to purchase 233,000 shares of the Company&#146;s common
stock at an exercise price of $1.18 per share, the market price of the common stock on the date the
options were approved by the Company&#146;s Board of Directors. The options to purchase shares vest at
the rate of 77,666 shares on the first anniversary of the grant date, 77,667 shares on the second
anniversary of the grant date and 77,667 on the third anniversary of the grant date. All vested
options will be exercisable over a seven-year period beginning on the third anniversary of the
grant date. The agreement further provides that if the Company terminates the executive&#146;s
employment without cause, the Company shall pay the executive severance equal to three months
salary.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Durwood Settles, Chief Financial Officer (former)</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">On January&nbsp;15, 2007, the Company issued options for 50,000 shares of restricted stock to
Durwood Settles, Director of the Company, exercisable over a five year period, based on a fair
value exercise price on the date of issuance of $0.17, exercisable through January&nbsp;15, 2012, and
vesting one year from the date of issuance. Mr.&nbsp;Settles became the Company&#146;s controller on January
19, 2009 and left the Company effective July&nbsp;1, 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following table sets forth, for each of the executive officers named in the Summary
Compensation Table, information with respect to unexercised options as of the Company&#146;s fiscal year
ended April&nbsp;30, 2009:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Option</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Options (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Options (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Expiration</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Un-exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Price ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Douglas D. Burkett
(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">333,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10/10/2012</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark R. Schonau (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2/23/2019</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James Martell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Durwood Settles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1/15/2012</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">These options to purchase shares vest at the rate of 166,665 shares on each of the first three
anniversaries of the October&nbsp;10, 2007 grant date. All vested options will be exercisable over a
five-year period expiring on the fifth anniversary of the grant date, provided that the options
will terminate upon a material breach by Dr.&nbsp;Burkett of his employment agreement. The options shall
immediately vest if the Company terminates Dr.&nbsp;Burkett&#146;s employment without cause.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">These options to purchase shares vest at the rate of 77,777 shares on each of the first three
anniversaries of the February&nbsp;23, 2009 grant date. All vested options will be exercisable over a
ten year period expiring on the tenth anniversary of the grant date.</DIV></TD>
</TR>

</TABLE>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">






<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>DIRECTOR COMPENSATION</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In the fiscal year ended April&nbsp;30, 2008, the Board of Directors agreed to a Director&#146;s
compensation plan whereby non-employee directors will receive options to purchase 50,000 shares
upon their initial appointment as a director. In addition, the Chairman of the Board will receive
options to purchase 50,000 shares. Each director is entitled to receive options to purchase 20,000
shares annually upon their reelection or as of the annual meeting date. All options have a term of
five years, vest equally over three years at the rate of one-third each year, and have an exercise
price equal to the fair market value of the stock on the date the option is granted. Under the
plan, on March&nbsp;31, 2008 Mr.&nbsp;Poliakoff and Ms.&nbsp;Stancic, both appointed as independent directors of
the Company, were each granted options to purchase 50,000 shares, and Dr.&nbsp;Sidransky was granted
options to purchase 40,000 shares, all at a price of $1.15 per share, the market price on the date
of grant, as their initial option grant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following table summarizes the compensation paid to directors for the fiscal year ended
April&nbsp;30, 2009 and 2008:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Board Member</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Option Awards ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Option Awards ($)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<tr>
<td>&nbsp;</td>
</tr>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">David Sidransky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,342</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Abba David Poliakoff</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35,427</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ana Stancic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35,427</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James Martell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The above option award values were calculated using the Black-Scholes valuation method (see
Note 3 to the Consolidated Financial Statements included herein).
</DIV>
<DIV align="left">
<A name="118"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;12.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">As of August&nbsp;10, 2009 the following were persons known to the Company to own beneficially more
than 5% of the Company&#146;s outstanding Common Stock:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Address of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Common Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><b>Percent</b></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Beneficially Owned (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Class</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Dr.&nbsp;David Sidransky<br>1550 Orleans Street<br>Baltimore, MD 21231 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,613,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><DIV style="margin-left:0px; text-indent:-0px">James M.
Martell<br>1400 N. 14<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street<br>Arlington, VA 22209</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,535,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Dr.&nbsp;Manuel Hildalgo<br>206 Cross Street<br>Baltimore, MD 21230 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,729,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.1</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"> Beneficial ownership includes shares for which an individual, directly or
indirectly, has or shares, or has the right within 60&nbsp;days to have or share, voting or investment
power or both. Beneficial ownership as reported in the above table has been determined in
accordance with Rule&nbsp;13d-3 of the Exchange Act.</DIV></TD>
</TR>

</TABLE>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">






<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">As of April&nbsp;30, 2009, the common stock ownership by officers and directors of the Company and
all officers and directors as a group was as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Common Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Beneficially Owned (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Class</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dr.&nbsp;David Sidransky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Chairman</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,613,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Douglas D. Burkett, Ph.D.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Principal Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James M. Martell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,848,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Abba David Poliakoff</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ana I. Stancic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All Officers and
Directors as a
group</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,048,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56.91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"> Beneficial ownership includes shares for which an individual, directly or
indirectly, has or shares, or has the right within 60&nbsp;days to have or share, voting or investment
power or both. Beneficial ownership as reported in the above table has been determined in
accordance with Rule&nbsp;13d-3 of the Exchange Act.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Equity Compensation Plan Information</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company has granted options to individual employees, directors, and consultants pursuant
to individual compensation arrangements under a 2008 Equity Incentive Plan that has not yet been
approved by shareholders. The following table provides information, as of April&nbsp;30, 2009, with
respect to all these compensation arrangements under which shares are authorized for issuance.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of securities</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>securities to be</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>remaining available for</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>issued upon</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted-average</B></TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>future issuance under</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>exercise of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>exercise price of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>equity compensation</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>plans (excluding</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>options, warrants</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>options, warrants</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>securities reflected in</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and rights</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and rights</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>column (a)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Plan Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(a)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(b)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(c)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Equity compensation
plans approved by
security holders</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Equity compensation
plans not approved
by security holders</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,498,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,498,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="119"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;13.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Certain Relationships and Related Transactions.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">During 2009 we paid our former CEO approximately $361,000 for accrued salaries payable to him
outstanding as of April&nbsp;30, 2008. No amounts were outstanding as of April&nbsp;30, 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">During the year ended April&nbsp;30, 2009, the Company paid our Chairman, David Sidransky, $105,000
for consulting services.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="120"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;14.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Principal Accountant Fees and Services.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The following is a summary of the fees billed to the Company by its principal accountants
during the fiscal years ended April&nbsp;30, 2009, and April&nbsp;30, 2008:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Fee Category</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit and related fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All other fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">43,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">34,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Audit and related fees: Consists of fees for professional services rendered by our principal
accountants for the audit of the annual financial statements fees for assurance and related
services by our principal accountants that are reasonably related to the performance of the audit
or review of financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Tax fees: Consists of fees for professional services rendered by our principal accountants
for tax compliance, tax advice and tax planning.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">All other fees: Consists of fees for products and services provided by our principal
accountants, other than the services reported under &#147;Audit and related fees,&#148; and &#147;Tax fees&#148; above.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The prior approval of the Board of Directors is required for the engagement of our auditors to
perform any non-audit services for us. Other than de minimis services incidental to audit
services, non-audit services shall generally be limited to tax services such as advice and planning
and financial due diligence services. All fees for such non-audit services must be approved by the
Board of Directors, except to the extent otherwise permitted by applicable SEC regulations.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PART
IV</B>
</DIV>


<DIV align="left">
<A name="121"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;15.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Exhibits and Financial Statement Schedules.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><u>The following documents are filed as part of this report</u>:</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Financial Statements.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The following financial statements of Champions Biotechnology and Reports of Independent
Registered Public Accounting Firms are presented in the &#147;F&#148; pages of this report:</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Reports of Independent Registered Public Accounting Firms.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Consolidated Balance Sheets &#151; April&nbsp;30, 2009 and 2008.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Consolidated Statements of Operations &#151; Each of the years in the two-year period ended April&nbsp;30, 2009.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Consolidated Statements of Stockholders&#146; Equity &#151; Each of the years in the two-year period ended April
30, 2009.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Consolidated Statements of Cash Flows &#151; Each of the years in the two-year period ended April&nbsp;30, 2009.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Notes to Consolidated Financial Statements.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Financial statement schedules have been ommited since the required
information is not appropriate or is not present in amounts sufficient
to require submission after scheduled, or because of the information
is included in the financial statements and notes thereto.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All management contracts and compensatory plans and arrangements are
specifically identified on the attached Exhibit&nbsp;Index.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><u>Exhibits</u>:</DIV></TD>
</TR>
</TABLE>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibits No.</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Biomerk Agreement and Plan of Merger (incorporated by reference to Exhibit&nbsp;10.1 of <FONT style="white-space: nowrap">Form&nbsp;8-K</FONT> filed on May 24, 2007)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Articles of Incorporation*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bylaws, as amended*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Employment
Agreement dated March&nbsp;27, 2008 between the Company and Douglas
D. Burkett (incorporated by reference to Exhibit&nbsp;10.1 of the
April&nbsp;30, 2008 Form 10-KSB)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Employment
Agreement dated March&nbsp;31, 2008 between the Company and James Martell (incorporated by reference to Exhibit&nbsp;10.2 of the
April&nbsp;30, 2008 Form 10-KSB)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Employment Agreement dated March&nbsp;26, 2008 between the Company and Durwood C. Settles (incorporated by reference to Exhibit&nbsp;10.3 of the
April&nbsp;30, 2008 Form 10-KSB)</DIV></TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Employment Agreement dated January&nbsp;5, 2009 between the Company and Mark R. Schonau*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consulting Agreement dated May&nbsp;18, 2009 between the Company and James Martell.*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stock Repurchase Agreement dated May&nbsp;18, 2009 between the Company and James Martell.*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lease of Maryland facility (incorporated by reference to Exhibit 10.1 of January&nbsp;31, 2009 <FONT style="white-space: nowrap">Form&nbsp;10-Q)</FONT></DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Agreement re: Patent Application acquisition (incorporated by reference to Exhibit 10 of Form&nbsp;8-K filed on February&nbsp;16, 2007)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Code of Ethics (incorporated by reference to Exhibit&nbsp;14 of the
April&nbsp;30, 2008 Form 10-KSB)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Subsidiaries of the Registrant*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rule&nbsp;13a-14(a)/15d-14(a)
Certification of President and Principle Executive Officer*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rule&nbsp;13a-14(a)/15d-14(a) Certification of Chief Financial Officer*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1350 Certifications*</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="88">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD>&nbsp;</TD>
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Filed herewith</DIV></TD>
</TR>

</TABLE></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left" style="text-indent: 3%">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><u>Financial Statements and Schedules</u> &#151; See Item&nbsp;15(a)(1) and Item&nbsp;15(a)(2) above.</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="122"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In accordance with Section&nbsp;13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CHAMPIONS BIOTECHNOLOGY, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Douglas D. Burkett
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Douglas D. Burkett&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Principal Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Date: August 26, 2009</TD>
    <TD>&nbsp;</TD>
</tr>
</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In accordance with the Exchange Act, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Mark R. Schonau
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Mark R. Schonau&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">
Date: August 26, 2009&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ David Sidransky
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chairman&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Director
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">
Date: August 26, 2009&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ James Martell
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">
Date: August 26, 2009&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Abba Poliakoff
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">
Date: August 26, 2009&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Ana Stancic
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">
Date: August 26, 2009&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


</TABLE>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CHAMPIONS
BIOTECHNOLOGY, INC.</B></div>

<DIV align="left">
<A name="123"></A>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><b>
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</b></div>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt">
<b>APRIL 30, 2009 AND 2008</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>CONSOLIDATED FINANCIAL STATEMENTS:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#301">Report of Independent Registered Public Accounting Firm</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">F-2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#302">Report of Independent Registered Public Accounting Firm</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">F-3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#303">Consolidated Balance Sheets as of April&nbsp;30, 2009 and 2008</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">F-4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#304">Consolidated Statements of Operations for the years
ended April&nbsp;30, 2009 and 2008</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">F-5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#305">Consolidated Statements of Stockholders&#146; Equity for the
years ended April&nbsp;30, 2009 and 2008</A></DIV></TD>
    <td>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">F-6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#306">Consolidated Statements of Cash Flows for the years ended
April&nbsp;30, 2009 and 2008</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">F-7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#307">Notes to Consolidated Financial Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-8 &#150;  F-18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left">
<!-- /TOC -->
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="301"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Board of Directors and Stockholders of<BR>
Champions Biotechnology, Inc.

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We have audited the accompanying consolidated balance sheet of Champions Biotechnology, Inc. (&#147;the Company&#148;), as of
April&nbsp;30, 2009, and the related consolidated statements of operations, stockholders&#146; equity, and cash flows for the
year then ended. The financial statements are the responsibility of the Company&#146;s management. Our responsibility is
to express an opinion on these financial statements based on our audit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. We were not engaged to perform an audit of the Company&#146;s
internal control over financial reporting. Our audit included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Company&#146;s internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
consolidated financial position of Champions Biotechnology, Inc. at April&nbsp;30, 2009 and the consolidated results of its
operations and its cash flows for the year then ended in conformity with U.S. generally accepted accounting
principles.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The
accompanying consolidated financial statements have been prepared
assuming that the Company will continue as a going concern. As more
fully described in Note 1, the Company&#146;s recurring losses from operations raise
substantial doubt about its ability to continue as a going concern. Management&#146;s plans as to these matters also are
described in Note 1. The consolidated financial statements do not include any adjustments that might result from the
outcome of this uncertainty.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 50%">/s/ Ernst &#038; Young LLP

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Phoenix, Arizona<BR>
August&nbsp;26, 2009

</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left">
<A name="302"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Board of Directors and Stockholders<BR>
Champions Biotechnology, Inc.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We have audited the accompanying consolidated balance sheet of Champions
Biotechnology, Inc., as of April&nbsp;30, 2008, and the related
consolidated statements of operations, stockholders&#146; equity and cash flows for the year ended April&nbsp;30, 2008. Champions
Biotechnology, Inc.&#146;s management is responsible for these financial statements.
Our responsibility is to express an opinion on these financial statements
based on our audit.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. The company is not
required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting. Our audit included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the company&#146;s internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of Champions
Biotechnology, Inc. as of April&nbsp;30, 2008, and the results of its
operations and its cash flows for the year ended April&nbsp;30, 2008 in conformity with accounting principles generally
accepted in the United States of America.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>/s/ BAGELL, JOSEPHS, LEVINE &#038; COMPANY, L.L.C.</I><BR>
Marlton, NJ 08053<BR>
July&nbsp;28, 2008 (August&nbsp;13, 2009 as to Note 5)
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CHAMPIONS BIOTECHNOLOGY, INC.</B>
</DIV>

<DIV align="left">
<A name="303"></A>
</DIV>
<!-- xbrl,bs -->
<DIV align="center" style="font-size: 10pt"><B>CONSOLIDATED BALANCE SHEETS</B></DIV>
<!-- xbrl,body -->
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>April 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr>
<td>&nbsp;</td>
</tr>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>CURRENT ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,728,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,709,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Short term investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,017,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid expenses, deposits, and other receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,125,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total current assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,870,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,762,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">227,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">669,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">662,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>TOTAL ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,620,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,651,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>CURRENT LIABILITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,414,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">113,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,223,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">505,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued salary due to officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">361,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total current liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,704,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,014,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>COMMITMENTS AND CONTINGENCIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>STOCKHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred stock, $10 par value; 56,075 shares authorized;
no shares issued or outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock, $.001 par value; 50,000,000 shares authorized;
33,579,000 and 33,338,000 issued at April&nbsp;30, 2009 and 2008, respectively,
and 32,989,000 and 33,248,000 shares outstanding, respectively</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Treasury stock, at cost, 590,000 and 90,000 shares, respectively</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(1,000</TD>
    <TD nowrap>)&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,640,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,119,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,757,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,515,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,916,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,637,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>TOTAL LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,620,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,651,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>
<!-- /xbrl,bs -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CHAMPIONS BIOTECHNOLOGY, INC.</B>
</DIV>

<DIV align="left">
<A name="304"></A>
</DIV>
<!-- xbrl,op -->
<DIV align="center" style="font-size: 10pt"><B>CONSOLIDATED STATEMENTS OF OPERATIONS</B></DIV>
<!-- xbrl,body -->

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Year Ended April 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>OPERATING REVENUE</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Personalized oncology services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,278,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,400,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preclinical eValuation services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">432,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total operating revenue</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,710,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,400,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>COSTS AND OPERATING EXPENSES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cost of personalized oncology services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,623,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">490,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cost of preclinical eValuation services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">357,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Research and development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,721,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impairment of intangible asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,055,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,150,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total costs and operating expenses</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,040,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,840,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LOSS BEFORE OTHER INCOME</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,330,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(440,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LOSS BEFORE PROVISION FOR INCOME TAXES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,242,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(411,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Provision for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NET LOSS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,242,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(411,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NET LOSS PER SHARE&#151;BASIC AND DILUTED</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.07</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>WEIGHTED AVERAGE SHARES OUTSTANDING &#151;  BASIC AND
DILUTED</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,266,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,494,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>
<!-- /xbrl,op -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CHAMPIONS BIOTECHNOLOGY, INC.</B>
</DIV>

<DIV align="left">
<A name="305"></A>
</DIV>
<!-- xbrl,se -->
<DIV align="center" style="font-size: 10pt"><B>CONSOLIDATED
STATEMENTS OF STOCKHOLDERS&#146; EQUITY</B></DIV>

<!-- xbrl,body -->
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Common Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Additional</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Treasury</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Paid-in Capital</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Deficit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at April&nbsp;30, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,625,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,815,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(7,104,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(261,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">617,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">617,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisition of Biomerk, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,156,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,160,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issued common stock for cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,429,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,499,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Warrants exercised for cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options exercised for cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(411,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(411,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at April&nbsp;30, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,248,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">33,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,119,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(7,515,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,637,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Warrants exercised for cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options exercised for cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock returned by officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(500,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,000</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">(1,000</TD>
    <TD nowrap>)&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">464,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">464,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,242,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,242,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at April&nbsp;30, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,989,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">34,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,640,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(9,757,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">(1,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,916,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>
<!-- /xbrl,se -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CHAMPIONS BIOTECHNOLOGY, INC.</B>
</DIV>

<DIV align="left">
<A name="306"></A>
</DIV>
<!-- xbrl,cf -->
<DIV align="center" style="font-size: 10pt"><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></DIV>

<!-- xbrl,body -->
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Year Ended April 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>OPERATING ACTIVITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,242,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(411,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Adjustments to reconcile net loss to net cash
(used in) provided by operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Impairment of intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">464,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">617,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Changes in operating assets and liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Prepaid expenses, deposits, and other receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(668,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(53,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">881,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Deferred revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">718,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">505,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Accrued salary due to officer and other accrued expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(361,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Net cash (used in) provided by operating activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(888,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">792,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>INVESTING ACTIVITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Purchase of certificate of deposit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,017,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Purchase of property and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(69,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Purchase of intangibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(57,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(47,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cash received in Biomerk acquisition</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">471,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Net cash (used in) provided by investing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,150,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">424,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>FINANCING ACTIVITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Payment of officers loan payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(44,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Proceeds from sale of common stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Proceeds from exercise of options and warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Net cash provided by financing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,489,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NET (DECREASE)&nbsp;INCREASE IN CASH
AND CASH EQUIVALENTS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,981,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,705,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>CASH AND CASH EQUIVALENTS &#151;
BEGINNING OF YEAR</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,709,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>CASH AND CASH EQUIVALENTS &#151; END OF YEAR</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,728,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,709,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>SUPPLEMENTAL CASH FLOW INFORMATION:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash paid during the year for:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">In May&nbsp;2007, the Company issued 4,000,000 shares of our common stock for 100% of Biomerk, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">The accompanying notes are an integral part of these consolidated financial statements.
</DIV>
<!-- /xbrl,cf -->

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">




<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CHAMPIONS BIOTECHNOLOGY, INC.</B>
</DIV>


<DIV align="left">
<A name="307"></A>
</DIV>

<!-- xbrl,ns -->

<DIV align="center" style="font-size: 10pt"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></DIV>

<DIV align="center" style="font-size: 10pt"><B>APRIL 30, 2009 AND 2008</B></DIV>


<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Note 1. Organization and Basis of Presentation</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Background</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Champions Biotechnology, Inc., (the &#147;Company&#148;, &#147;we&#148;) is a biotechnology company that is
engaged in the development of advanced preclinical platforms and predictive tumor specific data to
enhance and accelerate the value of oncology drugs. In March
2009, the Company formed Champions Biotechnology UK Limited, a wholly owned subsidiary, in order to
establish operations in the United Kingdom and Israel.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Basis of Presentation</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
The accompanying consolidated financial statements have been prepared assuming the Company will continue as
a going concern, which contemplates the realization of assets and the satisfaction of liabilities
in the normal course of business. The Company has experienced recurring losses from operations
while developing its service offerings and expanding its sales channels. These operating losses are
expected to continue into the near future as the Company continues to expand. The Company will
require additional capital beyond the cash currently on hand to fund these expected near term
operating losses. To meet these capital needs, the Company&#146;s management is seeking to raise funds
from various sources, including both the private placements and public markets. There is no
assurance that the Company will succeed in these fund-raising
efforts, which could significantly restrict the Company&#146;s
ability to operate. The conditions and events described raise
substantial doubt about the Company&#146;s ability to continue as a
going concern. The consolidated financial statements do not include
any adjustments to reflect the possible future effects on the
recoverability and classification of assets or the amounts and
classification of liabilities that may result from the outcome of
this uncertainty.
</DIV>

<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Note 2. Summary of Significant Accounting Policies</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Principles of Consolidation</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The consolidated financial statements include the accounts of the Company and its wholly owned
subsidiaries: Biomerk, Inc. and Champions Biotechnology UK, Limited. All material intercompany
transactions have been eliminated in consolidation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Segment Reporting</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company operates as a single operation, using core infrastructure that serves the oncology
needs of both personalized oncology and preclinical customers. The Company&#146;s chief operating
decision maker assesses the Company&#146;s performance as a whole and no expense or operating income is
generated or evaluated on any component level.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Use of Estimates</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The preparation of consolidated financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosures of
contingent assets and liabilities at the date of the consolidated financial statements and the
reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Reclassifications</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Certain prior year amounts have been reclassified to conform with the current year
presentation.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CHAMPIONS BIOTECHNOLOGY, INC.</b></div>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><b>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
APRIL 30, 2009 AND 2008</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Note 2. Summary of Significant Accounting Policies (Continued)</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Cash and Cash Equivalents</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company considers all highly liquid investments purchased with an original maturity of
three months or less, to be cash equivalents. At various times throughout the years, the Company
had amounts on deposit at financial institutions in excess of federally insured limits. Our highly
liquid investments are maintained at well-capitalized financial institutions to mitigate the risk
of loss.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Short-Term Investments </B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company classifies its short-term investments in certificates of deposits as
available-for-sale
securities in accordance with the provisions of Statement of
Financial Accounting Standards (SFAS) No.&nbsp;115, &#147;Accounting for Certain Investments
in Debt and Equity Securities<I>&#148; </I>(<I>&#147;</I>SFAS 115&#148;). Available-for-sale investments are carried at fair
value as determined by quoted prices, with unrealized gains and losses reported as other
comprehensive income within stockholders&#146; equity. Unrealized losses considered to be
other-than-temporary are recognized currently in earnings. There were no other-than-temporary
losses recorded for the years ended April&nbsp;30, 2009 and 2008. Interest income and realized gains and
losses, using the specific identification method, are included in other income. The short-term
investments all mature within one year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Fair Value of Financial Instruments</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
The carrying value of cash and cash equivalents, short term
investments, accounts receivable, prepaid expenses,
deposits, and other receivables, accounts payable, accrued liabilities, and deferred revenue
approximate their fair value based on the liquidity or the short-term maturities of these
instruments.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">SFAS No.&nbsp;157, &#147;Fair Value Measurements&#148; (&#147;SFAS 157&#148;), establishes a fair value hierarchy that
prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.
The fair value hierarchy gives the highest priority to quoted prices in active markets identical
assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">At April&nbsp;30, 2009, the fair value of our short-term investments, which consist solely of a
certificate of deposit, was determined using Level 1 of the hierarchy of valuation inputs, with the
use of observable market prices in the active market. The unit of account used for valuation is
the individual underlying security. Because this security held by the Company is an investment,
assessment of non-performance risk in not applicable as such considerations are only applicable in
evaluating the fair value measurements for liabilities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Property and Equipment</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><U></U> Property and equipment is recorded at cost and consists of laboratory equipment,
furniture and fixtures, and computer hardware and software. Depreciation is calculated on a
straight-line basis over the estimated useful lives of the various assets ranging from three to
seven years. Property and equipment consisted of the following:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>April 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Furniture and fixtures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Computer equipment and software</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Laboratory equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total property and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">81,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Depreciation expense was approximately $4,000 and $0 for the fiscal years ended April&nbsp;30, 2009
and 2008, respectively.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CHAMPIONS BIOTECHNOLOGY, INC.<BR>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
APRIL 30, 2009 AND 2008</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Note 2. Summary of Significant Accounting Policies (Continued)</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Goodwill </B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
Goodwill represents the excess of the cost over the fair market value of the net assets
acquired including identifiable assets. Goodwill is tested annually, or more frequently if
circumstances indicate potential impairment, by comparing its fair value to its carrying amount as
defined by Statement of Financial Accounting Standards (&#147;SFAS&#148;) No.&nbsp;142, &#147;Goodwill and Other
Intangible Assets&#148; (&#147;SFAS 142&#148;). The determination of whether or not goodwill is impaired involves
significant judgment. Although the Company believes its goodwill is not impaired, changes in
strategy or market conditions could significantly impact the judgments and may require future
adjustments to the carrying value of goodwill.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Intangible Assets</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
Intangible assets represent costs incurred for acquired patents and patent applications
expected to be licensed in the near future. Intangible assets are
tested for impairment if an impairment indicator arises. An
impairment loss is recognized to the extent that the carrying amount
exceeds the expected future undiscounted cash flows. See Note&nbsp;4
for further discussion of an identified impairment in fiscal 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Deferred Revenue</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Deferred revenue represents payments received in advance for services to be performed. When
services are rendered, deferred revenue is then recognized as earned.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><u><B>Revenue Recognition</B></u>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
The Company derives revenue from Personalized Oncology and
Preclinical eValuation services. Personal Oncology Services assist
physicians by providing information that may enhance personalized
treatment options for their cancer patients through access to
expert medical information panels and tumor specific data. The
Company&#146;s Preclinical eValuation services offer a preclinical
tumorgraft platform to pharmaceutical and biotechnology companies
using Biomerk Tumorgraft studies, which have been shown to be
predictive of how drugs may perform in clinical settings. The
Company recognizes revenue when the four basic criteria of the
SEC&#146;s Staff Accounting Bulletin No.&nbsp;104, &#147;Revenue Recognition&#148;
(&#147;SAB 104&#148;) are met: 1) a contract has been entered into with our
customers; 2) delivery has occurred or services rendered to our
customers; 3) the fee is fixed and determinable as noted in the
contract; and 4) collectability is reasonably assured, as fees for
services are received in full upon execution of the contract. The
Company utilizes a proportional performance revenue recognition
model for its preclinical eValuation services under which we
recognize revenue as performance occurs, based on the relative
outputs of the performance that have occurred up to that point in
time under the respective agreement, typically the delivery of
reports to our customers documenting the results of our testing
protocols.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
When a Personalized Oncology or Preclinical eValuation arrangement involves multiple
elements, the items included in the arrangement
(deliverables)&nbsp;are evaluated pursuant to Emerging Issues Task
Force (EITF) Issue
No.&nbsp;00-21, &#147;Revenue Arrangements with Multiple Deliverables&#148;, to determine whether they represent
separate units of accounting. We perform this evaluation at the inception of an arrangement and as
we deliver each item in the arrangement. Generally, we account for a deliverable (or a group of
deliverables) separately if: (1)&nbsp;the delivered item(s) has standalone value to the customer, (2)
there is objective and reliable evidence of the fair value of the undelivered items included in the
arrangement, and (3)&nbsp;if we have given the customer a general right of return relative to the
delivered item(s), delivery or performance of the undelivered item(s) or service(s) is probable and
substantially in our control. All revenue from contracts determined not to have separate units of
accounting is recognized based on consideration of the most substantive delivery factor of all the
elements in the arrangement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
<U><B>Cost of Personalized Oncology Services</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
Cost of personalized oncology services consists of costs related to personalized oncology
revenue from oncology panels, implantations, vaccine development and studies. Along with the
internal cost of salaries for
personnel directly engaged in these services, this includes physicians&#146; honorariums and panel
participation costs including travel, lodging, and meals, laboratory and testing fees and
administrative costs. Costs associated with implantations are primarily consulting fees
and laboratory expenses. Vaccines and studies costs are primarily from contract research
organizations for conducting the related studies.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CHAMPIONS BIOTECHNOLOGY, INC.<BR>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
APRIL 30, 2009 AND 2008</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Note 2. Summary of Significant Accounting Policies (Continued)</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>
Cost of Preclinical eValuation Services</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Cost
of Preclinical eValuation services consists of expenses related to Preclinical eValuation
revenues. Along with the internal cost of salaries directly related to Preclinical eValuation
services these costs include charges from contract research organizations for conducting
the related clinical evaluation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Research and Development</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
Research and development expense represent both costs incurred internally for research and
development activities as well as costs incurred externally to fund
research and development activities. All
research and development costs are expensed as incurred. We account for non-refundable advance
payments for future research and development activities in accordance with EITF 07-03, &#147;Accounting
for Nonrefundable Advance Payments for Goods or Services to Be Used in Future Research and
Development Activities<I>&#148; </I>which requires that nonrefundable advance payments be capitalized and
recorded as expense when the respective product or services are determined.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
<U><B>Basic and Diluted Loss Per Common Share</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Basic
and diluted loss per common share (&#147;EPS&#148;) are calculated
in accordance with SFAS No.&nbsp;128, &#147;Earnings Per Share&#148; (&#147;SFAS 128&#148;). Basic loss per common share is computed by dividing our net
loss by the weighted average number of common shares outstanding during the period excluding the
dilutive effects of options and warrants.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
For 2009 and 2008, diluted loss per common share is computed on the same basis as basic loss
per common share, as the inclusion of potential common shares
would be anti-dilutive. The table below reflects the potential weighted average incremental shares of common stock
equivalents that have been excluded from the computation of diluted loss per common share since their
effect would be anti-dilutive.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Year Ended April 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">371,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">359,146</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">473,237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">486,070</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total common stock equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">844,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">845,216</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Stock-Based Compensation</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
SFAS No.&nbsp;123(R) requires the Company to
calculate the fair value of stock-based awards on the date of grant. The Company used the
Black-Scholes option pricing model to estimate fair value. The option pricing model requires the
Company to estimate certain key assumptions such as expected life, volatility, risk free interest
rates, and dividend yield to determine the fair value of stock-based awards, based on historical
information and management judgment. The Company amortizes the stock-based compensation expense
over the period that the awards are expected to vest, net of estimated forfeiture rates. If the
actual forfeitures differ from management estimates, adjustments to compensation expense are
recorded. The Company reports cash flows resulting from tax deductions in excess of the
compensation cost recognized from those options (excess tax benefits) as financing cash flows.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
In March&nbsp;2005, the SEC issued Staff Accounting Bulletin
No.&nbsp;107 &#147;Share-Based Payment&#148; (&#147;SAB
107&#148;), relating to SFAS No.&nbsp;123(R), and in December&nbsp;2007, the SEC issued Staff Accounting Bulletin
No 110 &#147;Share-Based Payment&#148; (&#147;SAB 110&#148;). SAB 110 allows companies to continue to use the
simplified method, as defined in SAB 107, to estimate the expected term of stock options under
certain circumstances. The simplified method for estimating the expected life uses the mid-point
between the vesting term and the contractual term of the stock option. The Company has analyzed
the circumstances in which the simplified method is allowed and is utilizing the simplified method
for all stock options and warrants granted.
</DIV>

<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-11<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CHAMPIONS BIOTECHNOLOGY, INC.<BR>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
APRIL 30, 2009 AND 2008</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Note 2. Summary of Significant Accounting Policies (Continued)</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
The Company measures compensation expense for its non-employee stock-based compensation under
EITF&nbsp;Issue No.&nbsp;96-18,
&#147;Accounting for Equity Instruments that are Issued to Other Than Employees for Acquiring, or in
Conjunction with Selling, Goods or Services<I>&#148; </I>(EITF 96-18)<I>. </I>The fair value of the option issued is
used to measure the transaction, as this is more reliable than the fair value of the services
received. The fair value is measured at the value of the Company&#146;s common stock on the date that
the commitment for performance by the non-employee consultant has been reached or the
consultant&#146;s performance is complete.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Income Taxes</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company accounts for income taxes as prescribed by SFAS No.&nbsp;109, &#147;Accounting for Income
Taxes&#148; (&#147;SFAS 109&#148;). SFAS 109 prescribes the use of the asset and liability method to compute the
differences between the tax basis of assets and liabilities and the related financial amounts using
currently enacted tax laws.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company has deferred tax assets, which are subject to periodic recoverability assessments.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount
that more likely than not will be realized. Realization of the deferred tax assets is principally
dependent upon achievement of projected future taxable income offset by deferred tax liabilities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
Effective May&nbsp;1, 2007, the Company adopted FASB Interpretation No.&nbsp;48, &#147;Accounting for
Uncertainty Income Taxes&#148; (&#147;FIN 48&#148;). FIN 48 prescribes a more-likely-than-not threshold for
financial statement recognition and measurement of a tax position taken or expected to be taken in
a tax return. For the years ended April&nbsp;30, 2009 and 2008, the Company did not identify any uncertain tax
positions and has not accrued for any liabilities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Recent Accounting Pronouncements</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
In February&nbsp;2007, the FASB issued SFAS No.&nbsp;159, &#147;The Fair Value Option for Financial Assets
and Liabilities, including an amendment of FASB Statement No.&nbsp;115&#148; (&#147;SFAS 159&#148;). SFAS No.&nbsp;159
permits entities to choose, at specified election dates, to measure many financial instruments and
certain other items at fair value that are not currently required to be measured at fair value.
Unrealized gains and losses are recognized on items for which the fair value option has been
elected in earnings in each subsequent reporting date. SFAS No.&nbsp;159 was effective for the Company
on May&nbsp;1, 2008. The Company chose not to voluntary measure any financial assets and liabilities at
fair value and the adoption of SFAS 159 did not have an impact of the consolidated results of
operations and financial condition.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
In December&nbsp;2007, the FASB issued SFAS No.&nbsp;141 (revised 2007), &#147;Business Combinations&#148; (SFAS
141(R)). SFAS 141(R) establishes principles and requirements for how an acquirer recognizes and
measures in its financial statements the identifiable assets acquired, the liabilities assumed, any
non-controlling interest in the acquire and the goodwill acquired in connection with business
combinations. SFAS 141(R) also establishes disclosure requirements to enable the evaluation of the
nature and financial effects of the business combination. SFAS 141(R) is effective for the Company
beginning on or after May&nbsp;1, 2009. The adoption of SFAS 141(R)
will change how future acquisitions are recorded and reported.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In December&nbsp;2007, the FASB ratified the consensuses reached in Emerging Issue Task Force,
or EITF, Issue No.&nbsp;07-1, &#147;Collaborative Arrangements&#148; (&#147;EITF 07-1&#148;). EITF 07-1 defines
collaborative arrangements and establishes reporting requirements for transactions between
participants in a collaborative arrangement and between participants in the arrangements and third
parties. Under EITF 07-1, payments between participants pursuant to a collaborative arrangement
that are within the scope of other authoritative accounting literature on income statement
classification should be accounted for using the relevant provisions of that literature. If the
payments are not within the scope of other authoritative accounting literature, the income
statement classification for the payments should be based on an analogy to authorize accounting
literature or if there is no appropriate analogy, a reasonable, rational, and consistently applied
accounting policy election. EITF 07-1 also provides disclosure requirements and is effective for
the Company on May&nbsp;1, 2009. The effect of applying EITF 07-1 will be reported as a change in
accounting principle through retrospective applications to all prior periods presented for all
collaborative arrangements existing as of the effective date, unless it is impracticable. The
Company does not expect that the impact that the adoption of EITF 07-1 will have a material impact
on its consolidated financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In
May 2009, the FASB issued SFAS No.&nbsp;165, &#147;Subsequent Events&#148;
(&#147;SFAS 165&#148;). SFAS 165 defines subsequent events as events
or transactions that occur after the balance sheet date, but before
the financial statements are issued. It defines two types of
subsequent events: recognized subsequent events, which provide
additional evidence about conditions that existed at the balance
sheet date, and non-recognized subsequent events, which provide
evidence about conditions that did not exist at the balance sheet
date, but arose before the financial statements were issued.
Recognized subsequent events are required to be recognized in the
financial statements, and non-recognized subsequent events are
required to be disclosed. The statement requires entities to disclose
the date through which subsequent events have been evaluated, and the
basis for that date. In accordance with this statement, an entity
will adopt the requirements of SFAS&nbsp;165 in the first quarter of
fiscal 2010. The Company does not expect the requirements to have a
material impact on the Company&#146;s consolidated financial
statements and disclosures.</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CHAMPIONS BIOTECHNOLOGY, INC.<BR>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
APRIL 30, 2009 AND 2008</B>
</DIV>


<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Note 3. Commitments and Contingencies</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Operating leases</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company leases office and laboratory space under a non-cancelable operating lease in
Baltimore, MD, which expires April&nbsp;2010, and offices, under a non-cancelable operating lease in
Tempe, AZ which expires May, 2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Under the terms of the Baltimore lease the Company can extend the term of the one year lease
for five additional one year periods after the Company provides written notice to do so. The
monthly lease payment for the initial lease is $5,500.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Under the terms of the Tempe lease the Company has no extension provision at the end of the
initial two year lease. The monthly lease payment for the initial two year lease is $4,250 in year
one and $4,750 in year two.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Future minimum lease payments under operating leases due each year are as follows at April&nbsp;30,
2009:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">115,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012 and thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total minimum payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">174,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Rent expense was approximately $89,000 and $9,000 for the years ended April&nbsp;30, 2009 and 2008,
respectively.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Legal
Matters</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
The Company is party to certain legal matters arising in the ordinary
course of its business. The Company has evaluated its potential
exposure to these legal matters, and has recorded amounts in the
financial statements accordingly. The Company is not aware of any
other matters that would have a material impact on the Company&#146;s
financial position or results of operations.</DIV>



<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Note 4. Impairment of Intangible Assets</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company&#146;s Polymerization Inhibitors: Benzoylphenylurea (BPU)&nbsp;Sulfur Analogs patent
applications were acquired in 2007 and since then the Company has spent approximately $100,000 on
ongoing patent legal fees in anticipation of pursuing licensing or development partnering
opportunities for these patents. During the fourth quarter of fiscal 2009, the Company identified
indicators of impairment in its BPU patents based on changes in the
current market conditions and expectations of near term
commercialization. SFAS
No.&nbsp;144 &#147;Accounting for the Impairment or Disposal of
Long-Lived Assets&#148; requires an impairment loss be recognized for an amortizable intangible asset whenever the
net cash in-flow to be generated from an asset is less that its
carrying cost. As the Company was unable to determine the timing or amount of net cash
in-flow to be generated from a BPU licensing and/or partnering
agreement, we were unable to support the carrying value of the
intangible asset. Accordingly, the Company
recognized an impairment loss for the amount of unamortized BPU patent costs of $284,000 in 2009.
</DIV>

<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
<B>Note 5. Stock-Based Compensation Plan</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company may grant (i)&nbsp;Incentive Stock Options, (ii)&nbsp;Non-statutory Stock Options, (iii)
Restricted Stock Awards, and (iv)&nbsp;Stock Appreciation Rights
(collectively, &#147;stock-based compensation&#148;) to its employees, Directors and non-employee consultants under a 2008 Equity Incentive Plan that has not yet
been approved by the company&#146;s shareholders. Such awards may be granted by the Company&#146;s Board of
Directors. Options granted under the plan expire no later than ten years from the date of grant
and the awards vest as determined by the Board of Directors.
</DIV>

<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CHAMPIONS BIOTECHNOLOGY, INC.<BR>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
APRIL 30, 2009 AND 2008</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Note
5. Stock-Based Compensation Plan (Continued)</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Stock-based compensation in the amount of $464,000 and $617,000 was recognized for the years
ended April&nbsp;30, 2009 and 2008, respectively. Stock-based compensation costs were recorded as
follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Years Ended April 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Personalized oncology service</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Preclinical eValuation service</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Research and development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">329,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">617,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total share-based compensation expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">464,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">617,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Black-Scholes assumptions were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Year Ended April 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected term in years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">1.5 - 6.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">2.0 - 3.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Risk free interest rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="center">1.9% - 3.4%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="center">2.5% - 4.6%</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Volatility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="center">69% - 94%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="center">83% - 89%</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividend yield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">0%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="center">0%</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Stock Option Grants</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company&#146;s stock options activity, and outstanding, exercisable, exercised and forfeited
categorized as employees/directors and consultants are as follows:.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Directors</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Remaining</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Contractual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Intrinsic</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Consultants</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Employees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Life (Years)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Outstanding as of
April&nbsp;30, 2007</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,640,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Outstanding as of
April&nbsp;30, 2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,815,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,955,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">398,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">418,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in
employee status</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(500,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Outstanding as of
April&nbsp;30, 2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,310,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,038,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,348,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD align="right">594,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Exercisable as of
April&nbsp;30, 2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">806,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">853,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD align="right">396,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company&#146;s Board has not approved a limit to the number of shares available for issuance
under the Company&#146;s 2008 Equity Incentive plan, and as such the Board approves each grant individually.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CHAMPIONS BIOTECHNOLOGY, INC.<BR>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
APRIL 30, 2009 AND 2008</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Note
5. Stock-Based Compensation Plan (Continued)</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Additional information regarding options outstanding as of April&nbsp;30, 2009 is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Options Outstanding</B></TD>
    <TD nowrap align="center" colspan="4" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Options Exercisable</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>Range of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Contractual Life</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Prices</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Yrs)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Exercise Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Exercise Price</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">$0.17 &#150; $0.30</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">815,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">481,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">$0.75 &#150; $0.87</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">515,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">$1.00 &#150; $1.18</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,018,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">$0.17 &#150; $1.18</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,348,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">853,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
On May&nbsp;15, 2007, the Company granted a consultant 500,000 stock options at $0.30 per share, as
incentive for joining the Board of Directors and to serve as the Company&#146;s scientific advisor.
Under this grant, the Company recorded approximately $6,400 of stock compensation expense in the
first quarter 2008, until June&nbsp;11, 2007, when the consultant accepted his appointment to the
Company&#146;s Board of Directors and agreed to serve as the Company&#146;s scientific advisor. The date of
appointment was considered a performance commitment and the Company re-measured the fair value of
the award and began recording the remaining compensation expense under the award ratably over the
remaining vesting period. Following the Board appointment, the Company recorded $60,600 in stock
compensation expense until March&nbsp;31, 2008. On this date, the individual resigned from the Board and
returned to a consulting role. This change in employment status was recognized
prospectively under EITF 96-18 such that the fair value of the award are re-measured at each
subsequent reporting period until the awards are fully vested. The modification resulted in a
$14,700 charge to expense for the remaining period in 2008 and $126,900 charge to expense for the
year ended April&nbsp;30, 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
On October&nbsp;10, 2007, the Company granted a consultant options
vesting over three years to acquire
500,000 shares of common stock at an exercise price of $0.75 per
share. Under this grant, the
Company recorded approximately $72,000 of stock compensation expense while re-measuring the options
at each reporting date, until the consultant was hired on as the Company&#146;s Chief Executive Officer
on March&nbsp;31, 2008. On this date, a performance commitment was set and the Company determined the
final valuation of the options, recording the remaining under the award expense ratably over the
remaining vesting period. Following the employment of this consultant, the Company recorded
$10,300 and $124,000 in stock compensation expense for the years ended April&nbsp;30, 2008 and 2009,
respectively.
</DIV>

<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Note 6. Stockholder&#146;s Equity</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Preferred Stock </B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company has 56,075 shares of Series&nbsp;A 12% preferred stock authorized and no shares issued
and outstanding at April&nbsp;30, 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Common Stock</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In February&nbsp;2007, the Company acquired the patent rights to two Benzoylphenylurea (BPU)&nbsp;sulfur
analog compounds in exchange for 300,000 shares of the Company&#146;s unregistered common stock with an
additional 250,000 shares to be issued upon final approval of the acquired patent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">On May&nbsp;18, 2007, the Company acquired Biomerk, Inc. and issued 4,000,000 unregistered shares
of its common stock. On April&nbsp;30, 2008, the Company issued 1,428,572 unregistered shares of the
Company&#146;s common stock at $1.75 per share for total cash proceeds of $2,500,000 pursuant to the
terms of a private investment financing.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CHAMPIONS BIOTECHNOLOGY, INC.<BR>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
APRIL 30, 2009 AND 2008</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Note
6. Stockholder&#146;s Equity (Continued)</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Warrants</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In October&nbsp;2006, in conjunction with the cancellation and exchange of 32,450 outstanding
shares of our Series&nbsp;A 12% Convertible preferred stock for 1,000,000 shares of our common stock,
the Company issued warrants to purchase up to 1,000,000 shares of common stock at an exercise price
of $0.15 and $0.25 per share. The warrants have a five year life, expiring in October&nbsp;2011.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
In August&nbsp;2008, in conjunction with a consulting agreement, the Company issued warrants for
the purchase of up to 150,000 shares of our common stock at an exercise price of $1.00 per share
vesting on June&nbsp;30, 2009 and expiring in July&nbsp;2014. The number of warrants issued under the
consulting agreement is subject to a clawback feature if the consulting agreement is terminated
before its expiration date of June&nbsp;30, 2009. No warrants were
ever subject to this clawback feature.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">During the year ended April&nbsp;30, 2009 and 2008, warrants for 216,121 and 169,488, respectively,
were exercised for total cash proceeds of approximately $50,000 and $28,000, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
Warrants outstanding for the purchase of common stock are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>April 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exercise price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Expiration date</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$0.15</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">January 15, 2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">315,104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">361,328</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$0.25</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">January 15, 2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">299,287</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">469,184</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$1.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">October 20, 2013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">764,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">830,512</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><B>Weighted average exercise price</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">As of April&nbsp;30, 2009 and 2008, there were exercisable outstanding warrants of 614,391 and
830,512, respectively.
</DIV>

<!-- xbrl,n -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Note 7. Provision for Income Taxes</B>
</DIV>

<!-- xbrl,body -->
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
For the years ended April&nbsp;30, 2009 and 2008, the Company recorded a provision for income taxes
of $0 in each year. The components of the provision are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Federal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>State</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px"><B>2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(313,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(68,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(381,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">381,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:45px; text-indent:-15px"><B>2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(64,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(31,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(95,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CHAMPIONS BIOTECHNOLOGY, INC.<BR>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
APRIL 30, 2009 AND 2008</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Note 7. Provision for Income Taxes (Continued)</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">A reconciliation between the Company&#146;s effective tax rate and the U.S. statutory tax rate for
the years ended April&nbsp;30, 2009 and 2008 is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Year
Ended April 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal income tax at statutory rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">35.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">35.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">State income tax, net of federal benefit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Permanent difference</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-0.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-0.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other &#151; True-ups</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-18.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-39.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-21.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Deferred income taxes reflect the net tax effects of temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and the amounts used
for income tax purposes. Significant components of the Company&#146;s deferred tax assets and
liabilities as of April&nbsp;30, 2009 and 20087 consist of the following:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>April
30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">State taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(72,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(95,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">255,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Charitable
contribution carry-forwards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net
operating loss carry-forwards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">739,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,264,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total deferred tax assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,155,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,536,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,155,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,536,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net deferred tax asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
At April&nbsp;30, 2009, the Company&#146;s estimated net operating
loss carry-forwards were
approximately $1,759,000. The Company&#146;s federal net operating losses expire between
2023 and 2029, and its state net operating losses expire between 2010 and 2029.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
The Company is in the process of evaluating its acquired net
operating loss carryforwards and the impact
of applicable Internal Revenue Code Section 382 limitations on those net operating losses. The reason the
Company&#146;s net operating loss carryforwards decreased from fiscal 2008 to 2009 is due in part to a write-off of
net operating loss carryforwards from pre acquisition periods that the Company does not believe it will ever be
able to utilize. As the Company previously established a full valuation allowance against its net
operating loss carryforwards, there was no impact on net loss.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-17<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<!-- xbrl -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CHAMPIONS BIOTECHNOLOGY, INC.<BR>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)<BR>
APRIL 30, 2009 AND 2008</B>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Note 7. Provision for Income Taxes (Continued)</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company&#146;s practice is to recognize interest and/or penalties related to income tax matters
in income tax expense. The Company had no accrual for interest or penalties on the Company&#146;s
balance sheets at April&nbsp;30, 2009 or April&nbsp;30, 2008, and has not recognized interest and/or
penalties in the statement of operations for either period.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The Company is subject to taxation in the United States and various state jurisdictions. The
Company&#146;s tax years for period ending April&nbsp;30, 1994 and forward are subject to examination by the
United States and certain states due to the carryforward of unutilized net operating losses.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Note 8. Related Party Transactions</B>
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
Related party transactions include transactions between the Company and certain of its
stockholders, management and affiliates. The following transactions were in the normal course of
operations and were measured at the exchange amount, which is the amount of consideration
established and agreed to by the parties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
During the years ended April&nbsp;30, 2009 and 2008, we paid our Chairman of the Board of Directors
$105,000 and $0, respectively, for consulting services rendered to the Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
During the year ended April&nbsp;30, 2009, we recognized approximately $216,000 in revenues from
companies whose board members were also members of our Board of Directors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
We incurred $180,000 and $55,000 in expense for the years ended April&nbsp;30, 2009 and 2008,
respectively from a substantial stockholder of the Company for consulting fees. No amounts were
payable to this stockholder as of April&nbsp;30, 2009 and 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
In May&nbsp;2009, the Board of Directors approved a stock repurchase agreement with a Board member
to purchase $281,250 of the Company&#146;s common stock held over the next
five quarters providing that the Board member continues his services
under a separate consulting agreement
executed in conjunction with the stock repurchase agreement. Under
the stock repurchase agreement, the Company will
repurchase shares of common stock at the lesser of (a) $0.50 per
share or (b)&nbsp;50% of the average
volume-weighted closing price of the stock as quoted on the OTC Bulletin Board for the 30&nbsp;day
trading period ending on the day before the date of each purchase as long as the consulting
agreement remains in effect. The Company may also purchase up to 2,250,000 shares of the common stock
from this Board member at the discretion of the Company subject to the above commitment and pricing formula.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In May&nbsp;2009, we paid this Board member approximately $156,000 for the purchase of 312,500
shares of our common stock under the above agreement.
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Note 9. Subsequent Events</B>
</DIV>

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">
In July&nbsp;2009, the Company entered into a Joint Development and Licensing Agreement with a
third party for the development of a soluble from of SG410, the Company&#146;s Benzoylyphenylurea (BPU)
sulfur analog compound. Under the Joint Agreement, the third party will be entitled to milestone
payments upon the successes of certain regulatory approvals and
royalty payments on net
sales of the licensed BPU product.
</DIV>

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<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->F-18<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left">
<A name="124"></A>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibits No.</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Biomerk Agreement and Plan of Merger (incorporated by reference to Exhibit&nbsp;10.1 of Form 8-K filed on May 24, 2007)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Articles of Incorporation*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bylaws, as amended*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Employment
Agreement dated March&nbsp;27, 2008 between the Company and Douglas
D. Burkett (incorporated by reference to Exhibit&nbsp;10.1 of the
April&nbsp;30, 2008 Form 10-KSB)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Employment
Agreement dated March&nbsp;31, 2008 between the Company and James Martell (incorporated by reference to Exhibit&nbsp;10.2 of the
April&nbsp;30, 2008 Form 10-KSB)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Employment Agreement dated March&nbsp;26, 2008 between the Company and Durwood C. Settles (incorporated by reference to Exhibit&nbsp;10.3 of the
April&nbsp;30, 2008 Form 10-KSB)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Employment Agreement dated January&nbsp;5, 2009 between the Company and Mark R. Schonau*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consulting Agreement dated May&nbsp;18, 2009 between the Company and James Martell.*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stock Repurchase Agreement dated May&nbsp;18, 2009 between the Company and James Martell.*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lease of Maryland facility (incorporated by reference to Exhibit 10.1 of January&nbsp;31, 2009 Form 10-Q)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Agreement re: Patent Application acquisition (incorporated by reference to exhibit 10 of Form 8-K filed on February&nbsp;16, 2007)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Code of Ethics (incorporated by reference to Exhibit&nbsp;14 of the
April&nbsp;30, 2008 Form 10-KSB)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Subsidiaries of the Registrant*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rule&nbsp;13a-14(a)/15d-14(a)
Certification of President and Principle Executive Officer*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rule&nbsp;13a-14(a)/15d-14(a) Certification of Chief Financial Officer*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section&nbsp;1350 Certifications*</DIV></TD>
</TR>
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</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Filed herewith</DIV></TD>
</TR>

</TABLE>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>c89311exv3w1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 3.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;3.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CHAMPIONS SPORTS, INC.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>CERTIFICATE OF INCORPORATION</B></U>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;A</B>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">CERTIFICATE OF INCORPORATION<BR>
OF<BR>
INTERNATIONAL GROUP, INC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">KNOW ALL MEN BY THESE PRESENTS: That the undersigned incorporator being a natural person of
the age of eighteen years or more and desiring to form a body corporate under the laws of the State
of Delaware does hereby sign, verify and deliver in duplicate to the Secretary of State of the
State of Delaware, the Certificate of Incorporation:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE I</U><BR>
<U>NAME</U>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">The name of the Corporation shall be: International Group, Inc.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE II</U><BR>
<U>PERIOD OF DURATION</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Corporation shall exist in perpetuity, from and after the date of filing the Certificate
of Incorporation with the Secretary of State of the State of Delaware unless dissolved according
to law.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE III</U><BR>
<U>PURPOSES AND POWERS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Purposes</U>. Except as restricted by the Certificate of Incorporation, the Corporation
is organized for the purpose of transacting all lawful business for which corporations may be
incorporated pursuant to the General Corporation Law of Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>General Powers</U>. Except as restricted by the Certificate of Incorporation, the
Corporation shall have and may exercise all powers and rights which a corporation may exercise
legally pursuant to the General Corporation Law of Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Issuance of Shares</U>. The board of directors of the Corporation may divide and issue
any class of stock of the Corporation in series pursuant to a resolution properly filed with the
Secretary of State of the State of Delaware.
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE IV</U><BR>
<U>CAPITAL STOCK</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The aggregate number of shares which this Corporation shall have authority to issue is Eight
Hundred Million (800,000,000) shares of a par value of $.00001 each, which shares shall be
designated &#147;Common Stock&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Dividends</U>. Dividends in cash, property or shares of the Corporation may be paid
upon the Common Stock, as and when declared by the board of directors, out of funds of the
Corporation to the extent and in the manner permitted by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Distribution in Liquidation</U>. Upon any liquidation, dissolution or winding up of
the Corporation, and after paying or adequately providing for the payment of all its obligations,
the remainder of the assets of the Corporation shall be distributed, either in cash or in kind, pro
rata to the holders of the Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Voting Rights; Cumulative Voting</U>. Each outstanding share of Common Stock shall be
entitled to one vote and each fractional share of Common Stock shall be entitled to a corresponding
fractional vote on each matter submitted to a vote of shareholders. A majority of the shares
entitled to vote, represented in person or by proxy, shall constitute a quorum at a meeting of
shareholders. Except as otherwise provided by the Certificate of Incorporation or the General
Corporation Law of Delaware, if a quorum is present, the affirmative vote of a majority of the
shares represented at the meeting and entitled to vote on the subject matter shall be the act of
the shareholders. When, with respect to any action to be taken by shareholders of this
Corporation, the laws of Delaware require the vote or concurrence of the holders of two-thirds of
the outstanding shares, of the shares entitled to vote thereon, or of any class or series, such
action may be taken by the vote or concurrence of a majority of such shares or class or series
thereof. Cumulative voting shall not be allowed in the election of directors of this Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.&nbsp;<U>Denial of Preemptive Rights</U>. No holder of any shares of the Corporation, whether
now or hereafter authorized, shall have any preemptive or preferential right to acquire any
additional shares or securities of the Corporation, including additional unissued or treasury
shares of the Corporation or securities convertible into such shares or carrying a right to
subscribe to or acquire shares.
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE V</U><BR>
<U>TRANSACTIONS WITH INTERESTED DIRECTORS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">No contract or other transaction between the Corporation and one or more of its directors or
any other corporation, firm, association, or entity in which one or more of its directors are
directors or officers or are financially interested shall be either void or voidable solely because
of such relationship or interest or solely because such directors are present at the meeting of the
board of directors or a committee thereof which authorizes, approves, or ratifies such contract or
transaction or solely because their votes are counted for such purpose if:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;The fact of such relationship or interest is disclosed or known to the board of directors
or committee which authorizes, approves, or ratifies the contract or transaction by a vote or
consent sufficient for the purpose without counting the votes or consents of such interested
directors; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;The fact of such relationship or interest is disclosed or known to the shareholders
entitled to vote and they authorize, approve, or ratify such contract or transaction by vote or
written consent; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">(c)&nbsp;The contract or transaction is fair and reasonable to the corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Common or interested directors may be counted in determining the presence of a quorum at a
meeting of the board of directors or a committee thereof which authorizes, approves, or ratifies
such contract or transaction.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE VI</U><BR>
<U>CORPORATE OPPORTUNITY</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The officers, directors and other members of management of this Corporation shall be subject
to the doctrine of &#147;corporate opportunities&#148; only insofar as it applies to business opportunities
in which this Corporation has expressed an interest as determined from time to time by this
Corporation&#146;s board of directors as evidenced by resolutions appearing in the Corporation&#146;s
minutes. Once such areas of interest are delineated, all such business opportunities within such
areas of interest which come to the attention of the officers, directors, and other members of
management of this Corporation shall be disclosed promptly to this Corporation and made available
to it. The board of directors may reject any business opportunity presented to it and thereafter any officer, director or other member of management may avail himself of such opportunity.
Until such time as this Corporation, through its board of directors, has designated an area of
interest, the officers, directors and other members of management of this Corporation shall be free
to engage in such areas of interest on their own and this doctrine shall not limit the rights of
any officer, director or other member of management of this Corporation to continue a business
existing prior to the time that such area of interest is designated by the Corporation. This
provision shall not be construed to release any employee of this Corporation (other than an
officer, director or member of management) from any duties which he may have to this Corporation.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE VII</U><BR>
<U>INDEMNIFICATION</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;The Corporation may indemnify any person who was or is a party or is threatened to be made
a party to any threatened, pending, or completed action, suit, or proceeding, whether civil,
criminal, administrative, or investigative (other than an action by or in the right of the
Corporation), by reason of the fact that he is or was a director, officer, employee, fiduciary or
agent of the Corporation or is or was serving at the request of the Corporation as a director,
officer, employee, fiduciary or agent of another Corporation, partnership, joint venture, trust or
other enterprise, against expenses (including attorneys&#146; fees), judgments, fines,
and amounts paid in settlement actually and reasonably incurred by him in connection with such
action, suit, or proceeding if he acted in good faith and in a manner he reasonably believed to be
in the best interests of the Corporation and, with respect to any criminal action or proceeding,
had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit,
or proceeding by judgment, order, settlement, or conviction or upon a plea of nolo contendere or
its equivalent shall not of itself create a presumption that the person did not act in good faith
and in a manner which he reasonably believed to be in the best interest of the Corporation and,
with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct
was unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;The Corporation may indemnify any person who was or is a party or is threatened to be made
a party to any threatened, pending, or completed action or suit by or in the right of the
Corporation to procure a judgment in its favor by reason of the fact that he is or was a director,
officer, employee, or agent of the Corporation or is or was
serving at the request of the Corporation as a director, officer, employee, fiduciary or agent of
another Corporation, partnership, joint venture, trust, or other enterprise against expenses
(including attorneys&#146; fees) actually and reasonably incurred by him in connection with the defense
or settlement of such action or suit if he acted in good faith and in a manner he reasonably
believed to be in the best interests of the Corporation; but no indemnification shall be made in
respect of any claim, issue, or matter as to which such person has been adjudged to be liable for
negligence or misconduct in the performance of his duty to the Corporation unless and only to the
extent that the court in which such action or suit was brought determines upon application that,
despite the adjudication of liability, but in view of all circumstances of the case, such person is
fairly and reasonably entitled to indemnification for such expenses which such court deems proper.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;To the extent that a director, officer, employee, fiduciary or agent of the Corporation has
been successful on the merits in defense of any action, suit, or proceeding referred to in this
article or in defense of any claim, issue, or matter therein, he may be indemnified against
expenses (including attorneys&#146; fees) actually and reasonably incurred by him in connection
therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.&nbsp;Any indemnification under paragraph 1 or 2 of this article (unless ordered by a court) may
be made by the Corporation only as authorized in the specific case upon a determination that
indemnification of the director, officer, employee, fiduciary or agent is proper in the
circumstances because he has met the applicable standard of conduct set forth in said paragraphs 1
or 2. Such determination shall be made by the board of directors by a majority vote of a quorum
consisting of directors who were not parties to such action, suit or proceeding, or, if such a
quorum is not obtainable or even if obtainable a quorum of disinterested directors so directs, by
independent legal counsel in a written opinion, or by the shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;Expenses (including attorneys&#146; fees) incurred in defending a civil or criminal action,
suit, or proceeding may be paid by the Corporation in advance of the final disposition of such
action, suit, or proceeding as authorized in paragraph 4 of this article upon receipt of an undertaking by or on behalf of the director, officer, employee, fiduciary or agent to repay such amount
unless it is ultimately determined that he is entitled to be indemnified by the Corporation as
authorized in this article.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-5-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;The indemnification provided by this article shall not be deemed exclusive of any other
rights to which those indemnified may be entitled under the Certificate of Incorporation, any
bylaw, agreement, vote of shareholders or disinterested directors, or otherwise, and any
procedure provided for by any of the foregoing, both as to action in his official capacity and as
to action in another capacity while holding such office, and shall continue as to a person who has
ceased to be a director, officer, employee, fiduciary or agent and shall inure to the benefit of
heirs, executors, and administrators of such a person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;The corporation may purchase and maintain insurance on behalf of any person who is or was a
director, officer, employee, fiduciary or agent of the Corporation or who is or was serving at the
request of the Corporation as a director, officer, employee, fiduciary or agent of another
Corporation, partnership, joint venture, trust, or other enterprise against any liability asserted
against him and incurred by him in any such capacity or arising out of his status as such, whether
or not the Corporation would have the power to indemnify him against such liability under the
provisions of this article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;A unanimous vote of each class of shares entitled to vote shall be required to amend this
article.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE VIII</U><BR>
<U>AMENDMENTS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Corporation reserves the right to amend its Certificate of Incorporation from time to
time in accordance with the General Corporation Law of Delaware.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE IX</U><BR>
<U>ADOPTION AND AMENDMENT OF BYLAWS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The initial Bylaws of the Corporation shall be adopted by its board of directors. Subject to
repeal or change by action of the shareholders, the power to alter, amend or repeal the Bylaws or
adopt new Bylaws shall be vested in the board of directors. The Bylaws may contain any provisions
for the regulation and management of the affairs of the Corporation not inconsistent with law or
the Certificate of Incorporation.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-6-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE X</U><BR>
<U>REGISTERED OFFICE AND REGISTERED AGENT</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The address of the initial registered office of the Corporation is 12 DeVille Circle,
Wilmington, Delaware 19808, New Castle County. The name of the initial registered agent at such
address is Kathleen C. Clark. Either the registered office or the registered agent may be changed
in the manner permitted by law.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE XI</U><BR>
<U>INITIAL BOARD OF DIRECTORS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The number of directors of the Corporation shall be fixed by the Bylaws of the Corporation.
The initial board of directors of the Corporation shall consist of four (4)&nbsp;directors. The names
and addresses of the persons who shall serve as directors until the first annual meeting of
shareholders and until their successors are elected and shall qualify are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Address</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Donald A. Mitchell
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;500</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1577 Springhill Road</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vienna, VA 22180</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James M. Martell
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4040 Vacation Lane</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arlington, VA 22207</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael Tomic
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2915 Key Boulevard</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arlington, VA 22201</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE XII</U><BR>
<U>INCORPORATOR </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The name and address of the incorporator is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Address</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kathleen C. Clark
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12 DeVille Circle</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wilmington, DE 19808</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-7-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the above-named incorporator, for the purpose of forming a corporation
under the Laws of the State of Delaware, does make, file and record this Certificate of
Incorporation and certify that the facts herein stated are true and have, accordingly, set her hand
and seal at Wilmington, Delaware, this ___  day of June, 1985.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kathleen C. Clark</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">STATE OF DELAWARE</DIV></TD>
    <TD>)&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>)&nbsp;</TD>
    <TD>ss.&nbsp;</TD>
    <TD align="right"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">COUNTY OF NEW CASTLE</DIV></TD>
    <TD>)&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">I, the undersigned, a Notary Public, hereby certify that on the __ day of June, 1985, personally
appeared before me, Kathleen C. Clark who being by me first duly sworn, declared that she is the
person who signed the foregoing document as incorporator, that it was her free and voluntary act
and deed, and that the statements therein contained are true.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">WITNESS my hand and official seal.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;My Commission expires: &nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" ><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD  style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(NOTARIAL SEAL)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notary Public</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-8-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">BOOK 342 PAGE 568<BR><BR>
PAGE 1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c89311c8931100.gif" alt="(STATE OF DELAWARE LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">I, MICHAEL HARKINS, SECRETARY OF STATE OF THE STATE OF DELAWARE DO HEREBY CERTIFY THE ATTACHED
IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF AMENDMENT OF INTERNATIONAL GROUP, INC. FILED IN
THIS OFFICE ON THE TWENTY-FIRST DAY OF FEBRUARY, A.D. 1986, AT 9 O&#146;CLOCK A.M.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;ILLEGIBLE&#093;
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Michael Harkins</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="c89311c8931101.gif" alt="(SEAL)"><BR><BR>860520198
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael Harkins, Secretary of State<BR>
<br>AUTHENTICATION:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#091;ILLEGIBLE&#093;0752269<br><BR>
DATE: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/1986</TD>
</TR>
<TR valign="top" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="right" style="font-size: 10pt; margin-top: 10pt">BOOK 342 PAGE 569 </div>
<DIV align="right" style="font-size: 10pt; margin-top: 10pt">FILED</div>
<DIV align="right" style="font-size: 10pt; margin-top: 10pt">FEB 21 1986 9 AM</div>
<DIV align="right" style="font-size: 10pt; margin-top: 10pt">[ILLEGIBLE]</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">CERTIFICATE OF AMENDMENT<BR>
TO THE<BR>
CERTIFICATE OF INCORPORATION<BR>
OF<BR>
INTERNATIONAL GROUP, INC.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">1. The name of the corporation is International Group, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.&nbsp;The Certificate of Incorporation is hereby amended by striking out <U>ARTICLE I</U> and
substituting in lieu thereof the following new ARTICLE:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE I</U><BR>
<U>NAME</U>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">The name of the Corporation shall be: Champions Sports, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">3.&nbsp;The amendment of the certificate of incorporation herein certified has been duly adopted in
accordance with the provisions of Section&nbsp;228 and 242 of the General Corporation Law of the State
of Delaware. Prompt written notice of the adoption of the amendment herein certified has been
given to those stockholders who have not consented in writing thereto, as provided in Section&nbsp;228
of the General Corporation Law of the State of Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Signed and attested to on February&nbsp;20, 1986.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Michael G. O&#146;Harro</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael G. O&#146;Harro, President</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Attest:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
Andrew F. Oehmann
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Andrew
F. Oehmann, Jr., Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">RECEIVED
FOR RECORD</div>
<DIV align="right" style="font-size: 10pt; margin-top: 10pt">[ILLEGIBLE]
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
 <DIV align="RIGHT" style="font-size: 10pt; margin-top: 10pt">PAGE 1</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c89311c8931100.gif" alt="(STATE OF DELAWARE LOGO)">
</DIV>


<DIV align="LEFT" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">I, MICHAEL HARKINS, SECRETARY OF STATE OF THE STATE OF DELAWARE DO HEREBY CERTIFY THE
ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF CHANGE OF REGISTERED AGENT/OFFICE OF
CHAMPIONS SPORTS, INC. FILED IN THIS OFFICE ON THE SEVENTEENTH DAY OF JULY, A.D. 1986, AT 9 O&#146;CLOCK
A.M.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">[ILLEGIBLE]</Div>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Michael Harkins</td>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="c89311c8931101.gif" alt="(SEAL)"><br><br>861980121
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael Harkins, Secretary of
State<br><BR>AUTHENTICATION: [ILLEGIBLE]0903033<br><BR>DATE: 08/04/1986</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="right" style="font-size: 10pt; margin-top: 10pt">
FILED<BR><BR>
JUL 17 1986 9 AM<br><br>[ILLEGIBLE]
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">CERTIFICATE OF CHANGE OF LOCATION OF<BR>
REGISTERED OFFICE AND/OR REGISTERED AGENT<BR>
OF<BR>
CHAMPIONS SPORTS, INC.
</DIV>


<DIV  align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The
Board of Directors of Champions Sports, Inc., a corporation of
Delaware, on this 14<SUP>th</SUP> day
of July, A.D., 1986, do hereby resolve and order that the location of the Registered Office of this
Corporation within this State be, and the same hereby is 15 Carolina Court, Wilmington, Delaware,
19808, County of New Castle.
</DIV>

<DIV  align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The name of the Registered Agent therein and in charge thereof upon whom process against this
corporation may be served, is Kathleen C. Clark.
</DIV>

<DIV  align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Champions Sports, Inc., a corporation of Delaware, does hereby certify that the foregoing is
a true copy of a resolution adopted by the Board of Directors at a meeting held as herein stated.
</DIV>

<DIV  align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, said corporation has caused this certificate to be signed by its
President and Attested by
its Secretary, the 14<SUP>th</SUP> day of July, A.D., 1986.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ [ILLEGIBLE]&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ATTEST:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ [ILLEGIBLE]&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="CENTER" style="font-size: 10pt; margin-top: 10pt">BOOK
B101 PAGE 87</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">PAGE 1
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="98">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" ALIGN="center"><IMG src="c89311c8931100.gif" alt="(STATE OF DELAWARE LOGO)"></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">20271</td>
</TR>
</TABLE>
</DIV>


<DIV align="LEFT" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">I, MICHAEL HARKINS, SECRETARY OF STATE OF THE STATE OF DELAWARE DO HEREBY CERTIFY THE ATTACHED
IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF AMENDMENT OF CHAMPIONS SPORTS INTERNATIONAL, INC.
FILED IN THIS OFFICE ON THE TWENTY-SECOND DAY OF OCTOBER, A.D. 1986, AT 9 O&#146;CLOCK A.M.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">[ILLEGIBLE]</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><IMG src="c89311c8931101.gif" alt="(SEAL)"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">RECEIVED FOR RECORD</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="LEFT"><U>/s/ Michael Harkins &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;
&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR> Michael Harkins, Secretary of State</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">862950140</DIV></TD>
    <TD>&nbsp;</TD>

    <TD align="center" colspan=3> Nov. 7, A.D. 1986</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="LEFT">AUTHENTICATION:&nbsp;[ILLEGIBLE]0998786</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="LEFT">DATE:&nbsp; 11/06/1986</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">/s/ [ILLEGIBLE]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">RECORDER</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">[ILLEGIBLE]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">[ILLEGIBLE]
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">FILED</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 10pt">OCT 22
1986 9 AM</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 10pt">[ILLEGIBLE]
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><b>Certificate
of Amendment of Certificate of Incorporation</b></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><b>of</b>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>CHAMPIONS SPORTS INTERNATIONAL, INC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">It is hereby certified that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">1.&nbsp;The name of the corporation (hereinafter called the &#147;corporation&#148;) is Champions Sports
International, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.&nbsp;The certificate of incorporation of the corporation is hereby amended by striking out
Article&nbsp;Fourth thereof and by substituting in lieu of said Article the following new Article:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">FOURTH: The total number of shares of stock which the corporation shall have authority to
issue is 5,000. The par value of each of such shares is one cent ($.01). All such shares are of
one class and are shares of Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">All of the corporation&#146;s issued stock, exclusive of treasury shares, shall be held of record
by not more than thirty persons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">No stockholder shall sell or otherwise dispose of any of the shares in the corporation, now or
hereafter acquired, except under the following terms and conditions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The party desiring to sell or otherwise dispose of his shares must first offer to the other
shareholders the option to purchase within a sixty day period all such shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">3.&nbsp;The amendment of the certificate of incorporation herein certified has been duly adopted
in accordance with the provisions of Section&nbsp;242 of the General Corporation Law of the State of
Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">The effective time of the amendment herein certified shall be September&nbsp;20, 1986:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Signed and attested to on September&nbsp;30, 1986.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Michael G. O&#146;Harro</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael G. O&#146;Harro, President</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ATTEST:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Andrew F. Oehmann
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"> Andrew F. Oehmann, Jr., Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">City of Washington
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SS.:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">District of Columbia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">BE IT REMEMBERED that, on September&nbsp;30, 1986, before me, a Notary Public duly authorized by
law to take acknowledgment of deeds, personally came [ILLEGIBLE]&nbsp;President of Champions Sports
International, Inc. who duly signed the foregoing instrument before me and acknowledged that such
signing is his act and deed, that such instrument as executed is the act and deed of said
corporation, and that the facts stated therein are true.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">GIVEN under my hand on September&nbsp;30, 1986.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ [ILLEGIBLE]</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">My Commission Expires: My Commission Expires June [ILLEGIBLE]</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- Insert HTML here -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">BOOK 916 PAGE 175
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">PAGE 1
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="1">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top">25274</td>
    <TD>&nbsp;</TD>
    <TD valign="top" ALIGN="center"><IMG src="c89311c8931100.gif" alt="(STATE OF DELAWARE LOGO)"></TD>
</TR>
</TABLE>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">I, MICHAEL HARKINS, SECRETARY OF STATE OF THE STATE OF
DELAWARE DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT
COPY OF THE CERTIFICATE OF CHANGE OF REGISTERED AGENT / OFFICE OF
CHAMPIONS SPORTS, INC. FILED IN THIS OFFICE ON THE TWENTY-FOURTH DAY OF AUGUST, A.D.
1989, AT 9 O&#146;CLOCK A.M.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">[ILLEGIBLE]
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top" rowspan="10"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="c89311c8931101.gif" alt="(SEAL)"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Michael Harkins</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael Harkins, Secretary of State</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AUTHENTICATION: [ILLEGIBLE]324735</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DATE: 09/05/1989</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Body --></TABLE>
</DIV>

 <DIV align="left" style="font-size: 10pt; margin-top: 10pt">892560145
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="right" style="font-size: 10pt; margin-top: 10pt">BOOK 916 PAGE 176
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">[ILLEGIBLE]
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">CERTIFICATE OF CHANGE OF LOCATION OF REGISTERED OFFICE<BR>
AND OF REGISTERED AGENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">It is hereby certified that:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;The name of the corporation (hereinafter called the &#147;corporation&#148; is CHAMPIONS SPORTS,
INC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;The registered office of the corporation within the Sate of Delaware is hereby changed to
229 South State Street, City of Dover 19901, County of Kent.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;The
registered agent of the corporation within the
State of Delaware is hereby changed to The Prentice-Hall Corporation System, Inc.,
the business office of which is identical with the
registered office of the corporation as hereby changed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.&nbsp;The corporation has authorized the changes hereinbefore set forth by resolution of its
Board of Directors.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Signed
on  August&nbsp;21<I>, </I>1989.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/  L. Klingsberg</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">L. Klingsberg, President</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Attest:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Elizabeth A. Carbone
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Elizabeth A. Carbone, Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">RECEIVED FOR RECORD<BR><BR>
SEP 14 1989<BR><BR>
EVELYN T. ALEM[ILLEGIBLE]
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">PAGE 1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c89311c8931100.gif" alt="(STATE OF DELAWARE LOGO)">
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">I, MICHAEL HARKINS, SECRETARY OF STATE OF THE STATE OF DELAWARE DO HEREBY CERTIFY THE
ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF AMENDMENT OF CHAMPIONS SPORTS, INC. FILED
IN THIS OFFICE ON THE TWENTIETH DAY OF NOVEMBER, A.D. 1989, AT 9 O&#146;CLOCK A.M.
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">[ILLEGIBLE]
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
<TD width="40%" valign="top" rowspan="4"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="c89311c8931101.gif" alt="(SEAL)">
</DIV></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">


    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">/s/ Michael Harkins</TD>
</TR>
<TR style="font-size: 1px">

    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">


    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael Harkins, Secretary of State<BR>
<BR>

AUTHENTICATION: [ILLEGIBLE]2445712<BR>
<BR>

DATE: 12/11/1989</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">893240098
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">CERTIFICATE OF AMENDMENT<BR>
OF<BR>
CERTIFICATE OF INCORPORATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">CHAMPIONS Sports, Inc. (the &#147;Corporation&#148;), a corporation organized and existing under and by
virtue of the General Corporation Law of the State of Delaware,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">DOES HEREBY CERTIFY:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">FIRST: That pursuant to a unanimous written consent of the Board of Directors dated as of July
24, 1989, adopted pursuant to Section 141(f) of the General Corporation Law of the State of
Delaware, resolutions were duly adopted setting forth a proposed amendment of the Certificate of
Incorporation of said Corporation, declaring said amendment to be advisable and directing the
amendment to be considered by the stockholders of said Corporation at the next annual meeting of
the stockholders to be held on October&nbsp;19, 1989.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">SECOND: That thereafter, pursuant to resolutions of its Board of Directors, the annual
meeting of the stockholders of said Corporation was duly called and held on October&nbsp;19, 1989, upon
notice in accordance with Section&nbsp;222 of the General Corporation law of the State of Delaware. At
said annual stockholders meeting, the necessary number of shares as required by statute were voted
in favor of the amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">THIRD: That the Certificate of Incorporation of the Corporation is hereby amended by
deleting Article&nbsp;IV in its entirety, and substituting in lieu thereof the following new Article&nbsp;IV:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE IV</U><BR>
<U>CAPITAL STOCK</U>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">The aggregate number of shares of all classes of stock which the Corporation
shall have authority to issue is Eight Hundred Million Eight Hundred Thousand
(800,800,000) shares, of which Eight Hundred Million
(800,000,000) shares shall be common stock of the par value of $.00001 each (the &#147;Common
Stock&#148;), and Eight Hundred Thousand (800,000) shares shall be preferred stock of the par value of
$10.00 each (the &#147;Preferred Stock&#148;).
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%; margin-left: 4%">The designations and the powers, preferences and rights and the qualifications, limitations or
restrictions thereof of the shares of Common Stock and Preferred Stock are as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%; margin-left: 4%">1.&nbsp;<u>Common Stock</u>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%; margin-left: 4%">Subject to all of the rights of the
Preferred Stock as expressly provided herein, by law or by the board of directors pursuant to this
Article&nbsp;IV, the Common Stock of the Corporation shall possess all such rights and privileges
as are afforded to capital stock by applicable law in the absence of any express grant of rights
or privileges in the Corporation&#146;s Certificate of Incorporation, including, but not limited to, the
following rights and privileges:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%; margin-left: 4%">(a)&nbsp;<u>Dividends</u>. Dividends in cash,
property or shares of the Corporation may be paid or set apart for payment upon the Common Stock,
as and when declared by the board of directors, out of any funds of the Corporation to the extent
and in the manner permitted by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%; margin-left: 4%">(b)&nbsp;<U>Distribution in Liquidation</U>.
Upon any liquidation, dissolution or winding up of the Corporation, and after paying or adequately
providing for the payment of all its obligations, the remainder of the assets of the Corporation
shall be distributed, either in cash or in kind, pro rata to the holders of the Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%; margin-left: 4%">(c)&nbsp;<U>Voting Rights.</U> Each outstanding share of Common Stock shall be entitled to one
vote and each fractional share of Common Stock shall be entitled to a corresponding fractional
vote on each matter submitted to a vote of shareholders.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 12%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%; margin-left: 4%">2.&nbsp;<U>Preferred Stock</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%; margin-left: 4%">(a)&nbsp;Subject to the provisions of this Article&nbsp;IV and to the limitations prescribed by law,
the board of directors is hereby expressly granted the authority to authorize the issuance of
shares of Preferred Stock in one or more series and with respect to each such series, by the
resolution or resolutions providing for the issuance of such series (a copy of which resolution
or resolutions shall be set forth in a certificate made, executed, acknowledged, filed and
recorded in the manner required by the laws of the State of Delaware in order to make the same
effective), to establish from time to time the number of shares to be included in each such
series and to fix the powers, designations, preferences, and rights of shares of each such series
and the qualifications, limitations or restrictions thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%; margin-left: 4%">(b)&nbsp;The authority of the board of
directors with respect to each series of Preferred Stock shall include, but not be limited to, the
determination or fixing of the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%; margin-left: 4%">(i)&nbsp;The designation of such series;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%; margin-left: 4%">(ii)&nbsp;The number of shares constituting such series;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%; margin-left: 4%">(iii)&nbsp;The dividend rate of such
series, the conditions and dates upon which such dividends shall be payable, whether dividends
shall be cumulative and, if so, from what date or dates, and the relative rights of priority, if
any, that the payment of dividends on shares of that series shall bear to the payment of dividends
on any other class or classes or series of stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%; margin-left: 4%">(iv)&nbsp;Whether shares of that series
shall have voting rights, in addition to the voting rights provided by law, and, if so, the terms
of such voting rights;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%; margin-left: 4%">(v)&nbsp;Whether shares of that series
shall have conversion or exchange privileges, and, if so, the times, prices, rates, adjustments and
other terms and conditions of such conversion or exchange privileges;
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 12%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%; margin-left: 4%">(vi)&nbsp;Whether shares of that series shall be redeemable, and, if so, the terms and
conditions of such redemption, including the date or dates upon or after which they shall be
redeemable, and the amount per share payable in case of redemption, which amount may vary under
different conditions and at different redemption dates;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%; margin-left: 4%">(vii)&nbsp;Whether that series shall have a sinking fund for the redemption or purchase of shares
of that series, and, if so, the terms and amount of such sinking fund;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%; margin-left: 4%">(viii)&nbsp;The rights of the shares of that series in the event of voluntary or involuntary
liquidation, dissolution or winding up of the Corporation, and the relative rights of priority, if
any, of payment of shares of that series;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%; margin-left: 4%">(ix)&nbsp;The restrictions, if any, on the issue or reissue of any additional shares of any
series; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%; margin-left: 4%">(x)&nbsp;Any other relative rights, preferences and limitations of that series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%; margin-left: 4%">(c)&nbsp;All shares of any one series of Preferred Stock shall be alike in every particular,
except that the dates from and after which dividends thereon shall cumulate, if cumulative, may
vary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%; margin-left: 4%">3.&nbsp;<U>Reduction of Two-Thirds Vote Requirement</U>. When, with respect to any action to be
taken by shareholders of this Corporation, the laws of Delaware require the vote or concurrence
of the holders of two-thirds of the outstanding shares of the shares entitled to vote thereon, or
of any class or series, such action may be taken by the vote or concurrence of a majority of such
shares or class or series thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%; margin-left: 4%">4.&nbsp;<U>No Cumulative Voting</U>. Cumulative voting shall not be allowed in the election of
directors of this Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%; margin-left: 4%">5.&nbsp;<U>Denial of Preemptive Rights</U>. No holder of any shares of the Corporation, whether
now or hereafter authorized, shall have any preemptive or preferential right to acquire any
additional shares or securities of the Corporation, including additional unissued or treasury
shares of the Corporation or securities convertible into such
shares or carrying a right to subscribe to or acquire shares.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">FOURTH: That said amendment was duly adopted in accordance with the provisions of Section
242 of the General Corporation Law of the State of Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, said CHAMPIONS Sports, Inc. has caused this certificate to be signed by
Leonard Klingsberg, its President, and attested to by Elizabeth A. Carbone, its Secretary, this 8<sup>th</sup>
day of November, 1989.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">ATTEST:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">CHAMPIONS SPORTS, INC.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Elizabeth A. Carbone
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Leonard Klingsberg</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Elizabeth A. Carbone, <br>Secretary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Leonard Klingsberg, President</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->-5-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">PAGE 1</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c89311c8931100.gif" alt="(STATE OF DELAWARE LOGO)">
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">I,
MICHAEL HARKINS, SECRETARY OF STATE OF THE STATE OF  DELAWARE DO HEREBY CERTIFY THE ATTACHED IS A
TRUE AND CORRECT COPY OF THE CERTIFICATE OF AMENDMENT OF CHAMPIONS
SPORTS, INC. FILED IN THIS
OFFICE ON THE TENTH DAY OF OCTOBER, A.D. 1991,  AT  [ILLEGIBLE]  O&#146; CLOCK A.M.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">* * * * * * * * * *</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="45%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="c89311c8931101.gif" alt="(SEAL)"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">/s/ Michael Harkins</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael Harkins, Secretary of State</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">[ILLEGIBLE]
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AUTHENTICATION: [ILLEGIBLE]</TD>
</TR>

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</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 49%">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 49%">DATE: 10/10/1991

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">CERTIFICATE OF AMENDMENT<BR>
OF<BR>
 CERTIFICATE OF INCORPORATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">CHAMPIONS Sports, Inc. (the &#147;Corporation&#148;), a corporation organized and existing under and by
virtue of the General Corporation Law of the State of Delaware,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">DOES
HEREBY CERTIFY:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">FIRST: That pursuant to a unanimous written consent of the Board of Directors dated as of May
13, 1991, adopted pursuant to Section 141(f) of the General Corporation Law of the State of
Delaware, resolutions were duly adopted setting forth a proposed amendment of the Certificate of
Incorporation of said Corporation, declaring said amendment to be advisable and directing the
amendment to be considered by the stockholders of said Corporation at the next annual meeting of
the stockholders to be held on October&nbsp;7, 1991.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">SECOND: That thereafter, pursuant to resolutions of its Board of Directors, the annual meeting
of the stockholders of said Corporation was duly called and held on October&nbsp;7, 1991 upon notice in
accordance with Section&nbsp;222 of the General Corporation Law of the State of Delaware. At said annual
stockholders meeting, the necessary number of shares as required by statute were voted in favor of
the amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">THIRD: The Board of Directors and the stockholders of the Corporation adopted the following
resolution proposing and declaring advisable the following amendment to the Certificate of
Incorporation of said Corporation:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">RESOLVED, that the FIRST paragraph of ARTICLE IV of the Certificate of Incorporation
currently reads as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">The aggregate number of shares of all classes of stock which the Corporation shall
have authority to issue is Eight Hundred Million Eight Hundred Thousand (800,800,000)
 shares, of which Eight Hundred Million (800,000,000) shares shall be common stock of the
par value of $.00001 each (the &#147;Common Stock&#148;), and Eight Hundred Thousand (800,000) shares
shall be preferred stock of the par value of $10.00 each (the &#147;Preferred Stock&#148;); and it
was further
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">RESOLVED, that the Certificate of Incorporation of the corporation is hereby amended
by deleting the first paragraph of Article&nbsp;IV in its entirety, and substituting in lieu
thereof the following new first paragraph into Article&nbsp;IV:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">The aggregate number of shares of all classes of stock which the Corporation shall
have authority to issue is Eight Million Eight Hundred Thousand (8,800,000) shares, of
which Eight Million (8,000,000) shares shall be Common stock of the
par value of $.001 each (the &#147;Common Stock&#148;), and Eight Hundred Thousand (800,000)
 shares shall be preferred stock of  the par value of $10.00 each (the &#147;Preferred Stock&#148;).
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 3%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">FOURTH:
<U>Reverse Stock Split</U>. The Board of Directors and stockholders of the
Corporation adopted resolutions proposing and declaring advisable that an Amendment to the
Certificate of Incorporation of said Corporation be filed to reflect the following resolutions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">RESOLVED, that on the Effective Date, as defined herein, each outstanding 100 shares
of Common Stock, $.00001 par value each, shall be changed into one (1)&nbsp;share of Common
Stock, $.001 par value. As a result of such recapitalization, the Corporation&#146;s
464,769,583 shares of $.00001 par value Common Stock, which are issued and outstanding,
shall be changed into a total of approximately 4,647,696 shares of Common Stock, $.001 par
value; and it was further
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">RESOLVED, that no fractional shares of Common Stock as a result of the reverse stock
split shall be issued and in lieu of fractional interests shareholders will otherwise be
entitled to, all amounts will be rounded up to the nearest whole share. Accordingly, no
Common Stock holders will receive less than one full common share. The effective date for
the reverse split shall be at 4:00 P.M. New York City time on October&nbsp;31, 1991.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">FIFTH: That said amendment was duly adopted in accordance with the provisions of Section&nbsp;242
of the General Corporation Law of the State of Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, said CHAMPIONS Sports, Inc. has caused this certificate to be signed by
James Martell, its President, and attested to by Elizabeth A. Carbone, its Secretary, this
<U>7th</U> day October, 1991.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD colspan="3" align="left" valign="top">CHAMPIONS SPORTS, INC.</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ James Martell</TD>

</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James Martell, President</TD>

</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ATTEST:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Elizabeth A. Carbone
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Elizabeth A. Carbone, Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATE OF DESIGNATIONS,<BR>
RIGHTS AND PREFERENCES<BR>
OF<BR>
CLASS A PREFERRED STOCK<BR>
$10.00 PAR VALUE<BR>
OF</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>CHAMPIONS
SPORTS, INC.</B>
</DIV>


<DIV align="center" style="font-size: 1pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 1pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>Pursuant
to Section&nbsp;151 of the <BR>General Corporation Law of the
State of Delaware</B>

</DIV>

<DIV align="center" style="font-size: 1pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 1pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><b>CHAMPIONS
SPORTS, INC.,</b> a corporation organized and existing under and by virtue of the
provisions of the General Corporation Law of the State of Delaware (the &#147;Corporation&#148;) DOES HEREBY
CERTIFY:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">That pursuant to authority conferred upon the Board of Directors of the Corporation (the
&#147;Board&#148;) by the Certificate of Incorporation of the Corporation, the Board, by a Unanimous Written
Consent dated July&nbsp;6, 1992, adopted the following resolution authorizing the creation and issuance
of a series of 650,000 shares of Class&nbsp;A Preferred Stock, $10.00 par value per share (the &#147;Class&nbsp;A
Preferred Stock&#148; or the &#147;Series&#148;), which resolution is as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><b>RESOLVED,</b> that pursuant to authority expressly granted to and vested in the Board of Directors
by the Certificate of Incorporation, as amended, of the Corporation, the Board hereby creates a
series of 650,000 shares of Class&nbsp;A 12% Cumulative Convertible Preferred Stock, $10.00 par value
per share, of the Corporation and authorizes the issuance thereof, and hereby fixes the designation
thereof, and the voting powers, preferences and relative, participating, optional and other special
limitations or restrictions thereon (in addition to the designations, preferences and relative,
participating and other special rights, and the qualifications, limitations or restrictions
thereof, set forth in the Certificate of Incorporation, as amended, of the Corporation, which are
applicable to the preferred stock of all series) as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<u><B>Designation</B></u>. The shares of the Series shall be designated &#147;Class&nbsp;A 12% Cumulative
Convertible Preferred Stock&#148; (hereinafter referred to as the &#147;Class&nbsp;A Preferred Stock&#148;), and the
number of shares constituting the Series shall be 650,000, $10.00 par value per share. The number
of authorized shares of the Series may be reduced by further resolution duly adopted by
the Board of Directors of the Corporation and by filing amendments to the Certificate of
Designations pursuant to the provisions of the General Corporation Law of the State of Delaware
stating that such reduction has been so authorized, but the number of authorized shares of this
Series shall not be increased.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U><B>Dividends</B></U>. Holders of the Class&nbsp;A Preferred Stock (the &#147;Holders&#148;) shall be
entitled to an annual cumulative dividend of twelve percent (12%) on the purchase price of the
Class&nbsp;A Preferred Stock, from the date of issuance and payable
annually commencing July 1, 1993.
Dividends will be payable in cash or shares of common stock of the Corporation (the &#147;Common
Stock&#148;) at the discretion of the Corporation. The Corporation may set a record date for the
payment of any dividend, on at least 10&nbsp;days prior notice to all holders, which record date shall
be not more than 60&nbsp;days prior to a dividend payment date. Dividends payable for any period less
than a full year, will be computed on the basis of a 360&nbsp;day year with equal months of 30&nbsp;days.
If the dividend is paid in shares of Common Stock, the number of shares to be issued shall be
determined by dividing 1.20 by the closing bid price of the Company&#146;s Common Stock on the first
business day of July in the subject year. If the Common Stock is not traded in such manner that
quotations are available for the period required hereunder, current market price per share of
Common Stock shall be deemed to be the fair value as determined by the Board of Directors,
irrespective of any accounting treatment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U><B>Liquidation</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">a. <U>Preference of Class&nbsp;A Preferred Stock</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(1)&nbsp;Upon any liquidation, dissolution, or
winding up of the Corporation, whether voluntary or involuntary, and after provision for the
payment of creditors, the Holders shall be entitled to be paid an amount equal to $10.00 per share
of Class&nbsp;A Preferred Stock held, before any distribution or payment is made upon any shares of
Common Stock and any other series of stock junior to the Class&nbsp;A Preferred Stock but subject to the
prior preferences of any series or class of stock of the Corporation senior to the Class&nbsp;A
Preferred Stock. The Class&nbsp;A Preferred Stock shall be senior in all respects to the Corporation&#146;s
series 1 12% convertible cummulative Preferred Stock (the &#147;Series&nbsp;I Preferred Stock&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(2)&nbsp;If upon any liquidation, dissolution or
winding up of the Corporation, the net assets of the Corporation to be distributed among the
Holders shall be insufficient to permit payment in full to the Holders of such Class&nbsp;A Preferred
Stock, then all remaining net assets of the Corporation after the provision for the payment of the
Corporation&#146;s debts and distribution to any senior stockholders shall be distributed ratably in
proportion to the full amounts to which they would otherwise  be entitled to receive
among the Holders.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 12%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(3)&nbsp;The sale, lease or exchange of all or
substantially all of the Corporation&#146;s assets or the merger or consolidation of the Corporation
which results in the holders of Common Stock of the Corporation receiving in exchange for such
Common Stock cash, notes, debentures or other evidences of indebtedness or obligations to pay cash,
or preferred stock of the surviving entity which ranks on a parity with or senior to the Class&nbsp;A
Preferred Stock as to dividends or upon liquidation, dissolution or winding up shall be deemed to
be a liquidation, dissolution or winding up of the affairs of the Corporation within the meaning of
this paragraph 3 of Section&nbsp;A. In the case of mergers or consolidations of the Corporation where
holders of Common Stock of the Corporation receive, in exchange for such Common Stock, common stock
or preferred stock in the surviving entity (whether or not the surviving entity is the Corporation)
of such merger or consolidation, or common stock or preferred stock of another entity (in either
case, such preferred stock to be received in exchange for common stock is herein referred to as
&#147;Exchanged Preferred Stock&#148;), which is junior as to dividends and upon liquidation, dissolution or
winding up to the Class&nbsp;A Preferred Stock, the merger agreement or consolidation agreement shall
expressly provide that the Class&nbsp;A Preferred Stock shall become preferred stock of such surviving
entity or other entity, as the case may be, with the same annual dividend rate and equivalent
rights to the rights set forth herein; provided however that if the Exchanged Preferred Stock is to
be mandatorily redeemed in whole or in part through the operation of a sinking fund or otherwise
the merger or consolidation agreement shall expressly provide that, or other provisions shall be
made so that, all shares of the Class&nbsp;A Preferred Stock shall be mandatorily redeemed prior to the
first mandatory redemption of the Exchanged Preferred Stock; and provided further, that in the
event the Corporation or an affiliate of the Corporation optionally redeems or otherwise acquires
any or all of the then outstanding shares of Exchanged Preferred Stock, the Corporation shall
redeem all shares of Class&nbsp;A Preferred Stock. In the event of a merger or consolidation of the
Corporation where the consideration received by the holders of common stock consists of two or more
types of the consideration set forth above, the holders of the Class&nbsp;A Preferred Stock shall be
entitled to receive either cash or securities based upon the foregoing in the same proportion as
the holders of common stock of the Corporation are receiving cash or debt securities, or equity
securities in the surviving entity or other entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.&nbsp;<U><B>Voting
Rights</B></U>. Except as set forth in paragraph 6 hereof, the holders shall not
have the right or power to vote on any question or in any proceeding or to be represented at or to
receive notice of any proceeding or meeting of the shareholders unless the Company has defaulted on
two annual dividend payments. In the event that the Company has defaulted on two annual
dividend payments, holders shall vote with all other shareholders of the Company and shall
have the right to four (4)&nbsp;votes per share of Class&nbsp;A Preferred Stock owned as of the record date
for such shareholder vote.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U><B>Conversion
Rights</B></U>. The Class&nbsp;A Preferred Stock shall be convertible into Common
Stock after September&nbsp;30, 1992 as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">a.&nbsp;<U>Optional
Conversion</U>. Subject to and upon compliance with the provisions of this
paragraph 5, a Holder shall have the right at such Holder&#146;s option at any time or from time to
time, to convert any of such shares of Class&nbsp;A Preferred Stock into fully paid and non-assessable
shares of Common Stock at the then Conversion Rate (as hereinafter defined) upon the terms
hereinafter set forth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">b. <U>Conversion Rate</U>. Each share of Preferred Stock is convertible into four (4)
 shares of common stock, subject to adjustment as set forth in Section 5(d) hereof. After two
years from subscription of the Class&nbsp;A Preferred Stock the Company has the right to convert the
Class&nbsp;A Preferred Stock, into four (4)&nbsp;shares of Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">c.&nbsp;<U>Mechanics of Conversion</U>.
The Holder may
exercise the conversion right specified in subparagraph 5(a) by giving written notice to the
Corporation, that the Holder elects to convert a stated number of shares of Class&nbsp;A Preferred
Stock into a stated number of shares of Common Stock, and by surrendering the certificate or
certificates representing the Class&nbsp;A Preferred Stock so to be converted, duly endorsed to the
Corporation or in blank, to the Corporation at its principal office (or at such other office as the
Corporation may designate by written notice, postage prepaid, to all Holders) at any time during
its usual business hours on or before the Conversion Date (as defined below), together with a
statement of the name or names (with addresses) of the person or persons in whose name the
certificate or certificates for Common Stock shall be issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(1)&nbsp;<U>Conversion Deemed Effective</U>. Conversion
shall be deemed to have been effected on the date when delivery of notice of an election to convert
and certificates for shares are made and such date is referred to as the &#147;Conversion Date&#148;;
provided, however, that any such surrender on any date when the stock transfer books of the
Corporation shall be closed shall constitute the person or persons in whose name or names the
certificates for such shares are to be issued as the record holder or holders thereof for all
purposes at the close of business on the next succeeding day on which such stock transfer books are
open.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(2)&nbsp;<U>Issuance of Common Stock; Effect of Conversion</U>.
Promptly after receipt from a Holder of the written notice referred
to in paragraph (c)&nbsp;of this Section&nbsp;5 and surrender of the
certificate or certificates representing the share or shares of
Class&nbsp;A Preferred Stock to be converted, the Corporation shall cause
to be issued and delivered to said holder, registered in such name
or names as such holder may direct, a certificate or certificates
for the number of shares of Common Stock issuable upon the
conversion of such share or shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">d.
<U>Conversion Rate Adjustments</U>. The Conversion Rate shall be subject to adjustment from
time to time as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(1)&nbsp;<B>Consolidation, Merger, Sale, Lease or Conveyance. </B>In case of
any consolidation with or merger of the Corporation with or into
another corporation, or in case of any sale, lease or conveyance to
another corporation of the assets of the Corporation as an entirety
or substantially as an entirety, each share of Class&nbsp;A Preferred
Stock shall after the date of such consolidation, merger, sale,
lease or conveyance be convertible into the number of shares of
stock or other securities or property (including cash) to which the
Common Stock issuable (at the time of such consolidation, merger,
sale, lease or conveyance) upon conversion of such share of Class&nbsp;A
Preferred Stock would have been entitled upon such consolidation,
merger, sale, lease or conveyance; and in any such case, if
necessary, the provisions set forth herein with respect to the
rights and interests thereafter of the holder of the shares of Class
A Preferred Stock shall be appropriately adjusted so as to be
applicable, as nearly as may reasonably be, to any shares of stock
of other securities or property thereafter deliverable on the
conversion of the shares of Class&nbsp;A Preferred Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(2)&nbsp;<B>Stock Dividends, Subdivisions, Reclassification or Combinations.</B>
If the Corporation shall (i)&nbsp;declare a dividend or make a
distribution on its Common Stock in shares of its Common Stock, (ii)
subdivide or reclassify the outstanding shares of Common Stock into
a greater number of shares, or (iii)&nbsp;combine or reclassify the
outstanding Common Stock into a smaller number of shares, the
Conversion Rate in effect at the time of the record date for such
dividend or distribution or the effective date of such subdivision,
combination or reclassification shall be proportionately adjusted so
that the holder of any shares of Class&nbsp;A Preferred Stock surrendered
for conversion after such date shall be entitled to receive the
number of shares of Common Stock which he would have owned or been
entitled to receive had such Class&nbsp;A Preferred Stock been converted
immediately prior to such date. Successive adjustments in the
Conversion Rate shall be made whenever any event specified above
shall occur.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">e.&nbsp;<U>Fractional Shares</U>. No fractional shares of Common Stock or scrip shall be issued upon
conversion of shares of Preferred Stock. If more than one share of Preferred Stock shall be
surrendered for conversion at any one time by the same holder, the number of full shares of Common
Stock issuable upon conversion thereof shall be computed on the basis of the aggregate number of
shares of Preferred Stock so surrendered. Instead of any fractional shares of Common Stock which
would otherwise be issuable upon conversion of any shares of Preferred Stock, the Corporation shall
pay a cash adjustment in respect of such fractional interest in an amount equal to that fractional
interest of the then Current Market Price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">f.&nbsp;<U>Treasury Stock</U>. For the purposes of this paragraph 5, the sale
or other disposition of any Common Stock theretofore held in the
Corporation&#146;s treasury shall be deemed to be an issuance thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">g.&nbsp;<U>Costs</U>. The Corporation shall pay all documentary, stamp, transfer or other transactional
taxes attributable to the issuance or delivery of shares of Common Stock upon conversion of any
shares of Class&nbsp;A Preferred Stock; provided that the Corporation shall not be required to pay any
taxes which may be payable in respect of any transfer involved in the issuance or delivery of any
certificate for such shares in a name other than that of the holder of the shares of Class&nbsp;A
Preferred Stock in respect of which such shares are being issued. Notwithstanding the foregoing,
the Company shall not be responsible for transfer fees upon conversion of the Class&nbsp;A Preferred
Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">h.&nbsp;<U>Reservation of Shares</U>. The Corporation shall reserve at all times so long as any
shares of Class&nbsp;A Preferred Stock remain outstanding, free from preemptive rights, out of its
treasury stock (if applicable) or its authorized but unissued shares of Common Stock, or both,
solely for the purpose of effecting the conversion of the shares of Class&nbsp;A Preferred Stock,
sufficient shares of Common Stock to provide for the conversion of all outstanding shares of Class
A Preferred Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">i.&nbsp;<U>Approvals</U>. If any shares of Common Stock to be reserved for the purpose of conversion
of shares of Class&nbsp;A Preferred Stock require registration with or approval of any governmental
authority under any Federal or state law before such shares may be validly issued or delivered upon
conversion, then the Corporation will in good faith and as expeditiously as possible endeavor to
secure such registration or approval, as the case may be. If, and so long as, any Common Stock
into which the shares of Class&nbsp;A Preferred Stock are then convertible is listed
on any national securities exchange, the Corporation will, if permitted by the rules of such
exchange, list and keep listed on such exchange, upon official notice of issuance, all shares of
such Common Stock issuable upon conversion.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">j.&nbsp;<U>Valid Issuance</U>. All shares of Common Stock which may be issued upon conversion of
shares of Class&nbsp;A Preferred Stock will upon issuance by the Corporation be duly and validly issued,
fully paid and nonassessable and free from all taxes, liens and charges with respect to the
issuance thereof, and the Corporation shall take no action which will cause a contrary result
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U><B>Covenants</B></U>. In addition to any other rights provided by law, so long as any Class&nbsp;A
Preferred Stock is outstanding, the Corporation, without first obtaining the affirmative vote or
written consent of the holders of not less than a majority of such outstanding shares of Preferred
Stock, will not:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">a.&nbsp;amend or repeal any provision of, or add any provision to, the Corporation&#146;s Certificate of
Incorporation or By-Laws if such action would alter adversely or change the preferences, rights,
privileges or powers of, or the restrictions provided for the benefit of, any Class&nbsp;A Preferred
Stock, or increase the number of shares of Class&nbsp;A Preferred Stock authorized hereby;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">b.&nbsp;authorize or issue shares of any class or series of stock not expressly authorized herein having
any preference or priority as to dividends, assets or other rights superior to or on a parity with
any such preference or priority of the Preferred Stock, or authorize or issue shares of stock of
any class or any bonds, debentures, notes or other obligations convertible into or exchangeable
for, or having option rights to purchase, any shares of stock of the Corporation having any
preference or priority as to dividends, assets or other rights superior to or on a parity with any
such preference or priority of the Preferred Stock;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">c.&nbsp;reclassify any class or series of any stock junior in liquidation rights to the Class&nbsp;A
Preferred Stock (&#147;Junior Stock&#148;) including the Series&nbsp;I Preferred Stock into stock in parity with
the Class&nbsp;A Preferred Stock with respect to liquidation rights (&#147;Parity Stock&#148;) or stock senior to
the Class&nbsp;A Preferred Stock with respect to liquidation rights (&#147;Senior Stock&#148;) or reclassify any
series of Parity Stock into Senior Stock;
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">d.&nbsp;declare or pay on any Junior Stock any
dividend whatsoever, whether in cash, property or otherwise (other than dividends payable in shares
of the class or series upon which such dividends are declared or paid, or payable in shares of
Common Stock with respect to Junior Stock other than Common Stock, together with cash in lieu of
fractional shares), nor shall the Corporation make any distribution on any Junior Stock, nor shall
any Junior Stock be purchased or redeemed by the Corporation, nor shall any monies be paid or made
available for a sinking fund for the purchase or redemption of any Junior Stock, unless all
dividends to which the holders of Class&nbsp;A Preferred Stock shall have been entitled for all previous
dividend periods shall have been paid or declared and a sum of money sufficient for the payment
thereof set apart.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U><B>No Preemptive Rights</B></U>. No holders of Class&nbsp;A Preferred Stock, nor of the
security convertible into, nor of any warrant, option or right to purchase,
subscribe for or otherwise acquire Class&nbsp;A Preferred Stock, whether now or
hereafter authorized, shall, as such holder, have any preemptive right whatsoever to
purchase, subscribe for or otherwise acquire, stock of any class of the Corporation
nor of any security convertible into, nor of any warrant, option or right to
purchase, subscribe for or otherwise acquire, stock of any class of the Corporation,
whether now or hereafter authorized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U><B>Exclusion of Other Rights</B></U>. Except as may otherwise be required by law, the shares of
Class&nbsp;A Preferred Stock shall not have any preferences or relative, participating, optional or
other special rights, other than those specifically set forth in this resolution (as such
resolution may be amended from time to time) and in the Corporation&#146;s Certificate of Incorporation.
The Shares of Class&nbsp;A Preferred Stock shall have no preemptive or subscription rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U><B>Headings of Subdivisions</B></U>. The headings of the various subdivisions hereof are for
convenience of reference only and shall not affect the interpretation of any of the provisions
hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U><B>Severability of Provisions</B></U>. If any right, preference or limitation of
the Preferred Stock set forth in this Certificate (as such Certificate may be
amended from time to time) is invalid, unlawful or incapable of being enforced by
reason of any rule of law or public policy, all other rights, preferences and
limitations set forth in this Certificate (as so amended) which can be given effect
without the invalid, unlawful or unenforceable right, preference or limitation
shall,
nevertheless, remain in full force and effect, and no right, preference or limitation herein
set forth shall be deemed dependent upon any other such right, preference or limitation unless
so expressed herein.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U><B>Registration Rights</B></U><B>. </B>Unless the underlying Common Stock has already been registered,
Holders will have one (1)&nbsp;demand registration right to require the Corporation to file a
registration statement with the Securities and Exchange Commission (the &#147;Commission&#148;) with respect
to the shares of Common Stock underlying the Class&nbsp;A Preferred Stock. The demand registration
right will be exercisable commencing nine (9)&nbsp;months after July&nbsp;6, 1992 and ending five years
thereafter with the prior consent of Robert Todd Financial Corp. The expense of any registration
will be borne by the Corporation. Holders of at least fifty (50%) percent of the Class&nbsp;A Preferred
Stock must request registration. In addition, the Company has agreed that if at any time during
the five year period commencing on July&nbsp;6, 1992 it shall cause a Registration Statement registering
Common Stock to be filed with the Commission, the Holders shall have the right to include in such
Registration Statement, the Shares of Common Stock underlying the Class&nbsp;A Preferred Stock at no
expense to the Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.&nbsp;<U><B>Status of Reacquired Shares</B></U><B>. </B>Shares of Preferred Stock which have been issued and
reacquired in any manner shall (upon compliance with any applicable provisions of the laws of the
State of Delaware) have the status of authorized and unissued shares of Preferred Stock issuable in
series undesignated as to series and may be redesignated and reissued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>IN WITNESS WHEREOF, </B>the Corporation has caused this Certificate to be signed in its name and
on its behalf by its President and attested to this 6th day of July, 1992.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CHAMPIONS SPORTS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
James M. Martell
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chairman&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 0pt">PAGE 1
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><I>State of Delaware</I>
</DIV>



<DIV align="center" style="font-size: 10pt"><I>Office of the Secretary of State</I></DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 6pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; text-indent: 4%">I, MICHAEL RATCHFORD, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED
IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF STOCK DESIGNATION OF &#147;CHAMPIONS SPORTS, INC.&#148;
FILED IN THIS OFFICE ON THE TWENTY-FIRST DAY OF OCTOBER, A.D. 1992, AT 9 O&#146;CLOCK A.M.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A CERTIFIED COPY OF THIS CERTIFICATE HAS BEEN FORWARDED TO KENT COUNTY RECORDER OF DEEDS ON THE
TWENTY-SECOND DAY OF OCTOBER, A.D. 1992 FOR RECORDING.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">* * * * * * * * * *</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
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    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
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<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid #000000">/s/ Michael Ratchford</TD>
</TR>

<TR valign="bottom">
    <TD align="LEFT" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>

<TD rowspan="2" align="right" valign="top"><IMG src="c89311c8931102.gif" alt="(SEAL)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Michael Ratchford, Secretary of State</I><br><br>AUTHENTICATION:
*3633034<BR><BR>
DATE: 10/22/1992</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="LEFT" valign="top">922955307
</TD>
    <TD>&nbsp;</TD>

<TD rowspan="2" align="right" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body --></TABLE>
</DIV>



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<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><b>AMENDED<BR>
CERTIFICATE OF DESIGNATION<BR>
OF<BR>
CHAMPIONS SPORTS, INC.</b>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Champions Sports, Inc. (the &#147;Company&#148;), a corporation organized and existing under and by virtue of
the General Corporation Law of the State of Delaware, does hereby certify:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">FIRST: that Article&nbsp;IV of the Company&#146;s Certificate of Incorporation provides that the Company is
authorized to issue 800,000 shares of Preferred Stock, par value $10.00 per share, in series with
such designation, rights and preferences as may be determined from time to time by the Board of
Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">SECOND: that pursuant to a Unanimous Written Consent of the Board of Directors dated as of July&nbsp;6,
1992, adopted pursuant to Section 141(f) of the General Corporation Law of the State of Delaware,
a resolution was duly adopted setting forth a designation of 650,000 shares of the authorized
800,000 shares as Class A 12% Cumulative Convertible Preferred Stock as described in said
resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">THIRD: that a Certificate of Designation of the Class&nbsp;A 12% Cumulative Convertible Preferred Stock
dated July&nbsp;6, 1992 was filed with the Secretary of State of the State of Delaware pursuant to
Section 151(g) of the General Corporation Law of the State of Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">FOURTH: that pursuant to a Unanimous Written Consent of the Board of Directors dated as of October
9, 1992, adopted pursuant to Section&nbsp;141(f)&nbsp;of the General Corporation Law of the State of
Delaware, a resolution was duly adopted reducing the number of authorized shares of Class&nbsp;A 12%
Cumulative Convertible Preferred Stock as described in the resolution set forth below:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">&#147;RESOLVED, that it being determined that only 95,000 shares of the
Company&#146;s Class&nbsp;A 12% Cumulative Convertible Preferred Stock (the
&#147;Class&nbsp;A Preferred Stock&#148;) is outstanding, the Board of Directors,
pursuant to Section&nbsp;151(g)&nbsp;of the GCL, hereby approves and
authorizes the reduction of the number of authorized shares of the
Company&#146;s Class&nbsp;A Preferred Stock from 650,000 to 95,000.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">FIFTH: that this Certificate of Amendment to Certificate of Designation of Champions Sports, Inc.
is being filed pursuant to Section 151(g) of the Delaware Corporation Law and that no stockholder approval is required.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the Company has caused this Amended Certificate of Designation of Champions
Sports, Inc. to be signed by James M. Martell, its Chairman, and attested to by Elizabeth A.
Carbone, its Secretary, this 9th day of October, 1992.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CHAMPIONS SPORTS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ James M. Martell
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">James M. Martell, Chairman&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ATTEST:

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Elizabeth A. Carbone
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Elizabeth A. Carbone, Secretary<BR><BR>60595
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATE OF DESIGNATIONS,<BR>
RIGHTS AND PREFERENCES<BR>
OF<BR>
Series A PREFERRED STOCK<BR>
$10.00 PAR VALUE<BR>
OF</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 0pt"><B>CHAMPIONS SPORTS, INC.</B>

</DIV>

<DIV align="Center" style="font-size: 1pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 1pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>Pursuant to Section&nbsp;151 of the<BR>
General Corporation Law of the State of Delaware</B>

</DIV>

<DIV align="Center" style="font-size: 1pt; margin-top: 10pt"><DIV align="center"><DIV style="font-size: 1pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>CHAMPIONS SPORTS, INC.,</B> a corporation organized and existing under and by virtue of the
provisions of the General Corporation Law of the State of Delaware (the &#147;Corporation&#148;) DOES HEREBY
CERTIFY:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">That pursuant to authority conferred upon the Board of Directors of the Corporation (the &#147;Board&#148;)
by the Certificate of Incorporation of the Corporation, the Board, by a Unanimous Written Consent
dated November 4<I>, </I>1992, adopted the following resolution authorizing the creation and issuance of a
series of 650,000 shares of Series&nbsp;A Preferred Stock, $10.00 par value per share (the &#147;Series&nbsp;A
Preferred Stock&#148; or the &#147;Series&#148;), which resolution is as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>RESOLVED</B>, that pursuant to authority expressly granted to and vested in the Board of Directors by
the Certificate of Incorporation, as amended, of the Corporation, the Board hereby creates a series
of 650,000 shares of Series&nbsp;A 12% Cumulative Convertible Preferred Stock, $10.00 par value per
share, of the Corporation and authorizes the issuance thereof, and hereby fixes the designation
thereof, and the voting powers, preferences and relative, participating, optional and other special
limitations or restrictions thereon (in addition to the designations, preferences and relative,
participating and other special rights, and the qualifications, limitations or restrictions
thereof, set forth in the Certificate of Incorporation, as amended, of the Corporation, which are
applicable to the preferred stock of all series) as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U><B>Designation</B></U>. The shares of the Series shall be designated &#147;Series&nbsp;A 12% Cumulative
Convertible Preferred Stock&#148;
(hereinafter referred to as the &#147;Series&nbsp;A Preferred Stock&#148;), and the number of shares constituting
the Series shall be 650,000, $10.00 par value per share. The number of authorized shares of the
Series may be reduced by further resolution duly adopted by the Board of Directors of the
Corporation and by filing amendments to the Certificate of Designations pursuant to the provisions
of the General Corporation Law of the State of Delaware stating that such reduction has been so
authorized, but the number of authorized shares of this Series shall not be increased.
</DIV>

<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U><B>Dividends</B></U>. Holders of the Series&nbsp;A Preferred Stock (the &#147;Holders&#148;) shall be entitled to
an annual cumulative dividend of twelve percent (12%) on the purchase price of the Series&nbsp;A
Preferred Stock, from the date of issuance and payable quarterly commencing January&nbsp;1, 1993.
Dividends will be payable in cash or shares of common stock of the Corporation (the &#147;Common Stock&#148;)
at the discretion of the Corporation. The Corporation may set a record date for the payment of any
dividend, on at least 10&nbsp;days prior notice to all holders, which record date shall be not more than
60&nbsp;days prior to a dividend payment date. Dividends payable for any period less than a full year,
will be computed on the basis of a 360&nbsp;day year with equal months of 30&nbsp;days. If the dividend is
paid in shares of Common Stock, the number of shares to be issued shall be determined by dividing
1.20 by the closing bid price of the Company&#146;s Common Stock on the first business day of each
quarter in the subject year. If the Common Stock is not traded in such manner that quotations are
available for the period required hereunder, current market price per share of Common Stock shall
be deemed to be the fair value as determined by the Board of Directors, irrespective of any
accounting treatment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U><B>Liquidation</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">a.&nbsp;<U>Preference of Series&nbsp;A Preferred Stock</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(1)&nbsp;Upon any liquidation, dissolution, or
winding up of the Corporation, whether voluntary or involuntary, and after provision for the
payment of creditors, the Holders shall be entitled to be paid an amount equal to $10.00 per share
of Series&nbsp;A Preferred Stock held, before any distribution or payment is made upon any shares of
Common Stock and any other series of stock junior to the Series&nbsp;A Preferred Stock but subject to
the prior preferences of any series or class of stock of the Corporation senior to the Series&nbsp;A
Preferred Stock. The Series&nbsp;A Preferred Stock shall be senior in all respects to the Corporation&#146;s
Series&nbsp;1 12% convertible cummulative Preferred Stock (the &#147;Series&nbsp;I Preferred Stock&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(2)&nbsp;If upon any liquidation, dissolution or
winding up of the Corporation, the net assets of the Corporation to be distributed among the
Holders shall be insufficient to permit payment in full to the Holders of such Series&nbsp;A Preferred
Stock, then all remaining net assets of the Corporation after the provision for the payment of the
Corporation&#146;s debts and
distribution to any senior stockholders shall be distributed ratably in proportion to the
full amounts to which they would otherwise be entitled to receive among the Holders.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 12%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(3)&nbsp;The sale, lease or exchange of all or
substantially all of the Corporation&#146;s assets or the merger or consolidation of the Corporation
which results in the holders of Common Stock of the Corporation receiving in exchange for such
Common Stock cash, notes, debentures or other evidences of indebtedness or obligations to pay cash,
or preferred stock of the surviving entity which ranks on a parity with or senior to the Series&nbsp;A
Preferred Stock as to dividends or upon liquidation, dissolution or winding up shall be deemed to
be a liquidation, dissolution or winding up of the affairs of the Corporation within the meaning of
this paragraph 3 of Section&nbsp;A. In the case of mergers or consolidations of the Corporation where
holders of Common Stock of the Corporation receive, in exchange for
such Common Stock, common stock
or preferred stock in the surviving entity (whether or not the surviving entity is the Corporation)
of such merger or consolidation, or common stock or preferred stock of another entity (in either
case, such preferred stock to be received in exchange for common stock is herein referred to as
&#147;Exchanged Preferred Stock&#148;), which is junior as to dividends and upon liquidation, dissolution or
winding up to the Series&nbsp;A Preferred Stock, the merger agreement or consolidation agreement shall
expressly provide that the Series&nbsp;A Preferred Stock shall become
preferred stock of such surviving
entity or other entity, as the case may be, with the same annual dividend rate and equivalent
rights to the rights set forth herein; provided however that if the Exchanged Preferred Stock is to
be mandatorily redeemed in whole or in part through the operation of a sinking fund or otherwise
the merger or consolidation agreement shall expressly provide that, or other provisions shall be
made so that, all shares of the Series&nbsp;A Preferred Stock shall be mandatorily redeemed prior to the
first mandatory redemption of the Exchanged Preferred Stock; and provided further, that in the
event the Corporation or an affiliate of the Corporation optionally redeems or otherwise acquires
any or all of the then outstanding shares of Exchanged Preferred Stock, the Corporation shall
redeem all shares of Series&nbsp;A Preferred Stock. In the event of a merger or consolidation of the
Corporation where the consideration received by the holders of common stock consists of two or more
types of the consideration set forth above, the holders of the Series&nbsp;A Preferred Stock shall be
entitled to receive either cash or securities based upon the foregoing in the same proportion as
the holders of common stock of the Corporation are receiving cash or debt securities, or equity
securities in the surviving entity or other entity.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 12%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.&nbsp;<U><B>Voting Rights</B></U>. Except as set forth in paragraph 6 hereof, the holders shall not have the
right or power to vote on any question or in any proceeding or to be represented at or to receive
notice of any proceeding or meeting of the shareholders unless the Company has defaulted on two
annual dividend payments. In the event that the Company has defaulted on two annual dividend
payments, holders shall vote with all other shareholders of the Company and shall have the right to
four and <font style="white-space: nowrap">seventy-one</Font> one hundreths (4.71) votes per share of Series&nbsp;A Preferred Stock owned as of
the record date for such shareholder vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U><B>Conversion Rights</B></U>. The Series&nbsp;A Preferred Stock shall be convertible into Common Stock
immediately as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">a.&nbsp;<U>Optional Conversion</U>. Subject to and upon
compliance with the provisions of this paragraph 5, a Holder shall have the right at such Holder&#146;s
option at any time or from time to time, to convert any of such shares of Series&nbsp;A Preferred Stock
into fully paid and non-assessable shares of Common Stock at the then Conversion Rate (as
hereinafter defined), plus accrued and unpaid dividends upon the terms hereinafter set forth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">b.&nbsp;<U>Conversion Rate.</U> Each share of Preferred
Stock is convertible into 4.71 shares of common stock, subject to adjustment as set forth in
Section 5(d) hereof. After five years from the initial subscription of the Series&nbsp;A Preferred Stock
the Company has the right to convert the Series&nbsp;A Preferred Stock, into 4.71 shares of Common
Stock, if the bid price of the Series A Preferred Stock on NASDAQ on the date of conversion exceeds
$20.00 per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">c.&nbsp;<U>Mechanics of Conversion</U>. The Holder may
exercise the conversion right specified in subparagraph 5(a) by giving written notice to the
Corporation, that the Holder elects to convert a stated number of shares of Series&nbsp;A Preferred
Stock into a stated number of shares of Common Stock, and by surrendering the certificate or
certificates representing the Series&nbsp;A Preferred Stock so to be converted, duly endorsed to the
Corporation or in blank, to the Corporation at its principal office (or at such other office as the
Corporation may designate by written notice, postage prepaid, to all Holders) at any time during
its usual business hours on or before the Conversion Date (as defined below), together with a
statement of the name or names (with addresses) of the person or persons in whose name the
certificate or certificates for Common Stock shall be issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(1)&nbsp;<U>Conversion Deemed Effective</U>. Conversion
shall be deemed to have been effected on the date when delivery of notice of an election to
convert and certificates for shares
are made and such date is referred to as the &#147;Conversion Date&#148;; provided, however, that any such
surrender on any date when the stock transfer books of the Corporation shall be closed shall
constitute the person or persons in whose name or names the certificates for such shares are to be
issued as the record holder or holders thereof for all purposes at the close of business on the
next succeeding day on which such stock transfer books are open.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(2)&nbsp;<U>Issuance of Common Stock; Effect of Conversion</U>. Promptly after receipt from a
Holder of the written notice referred to in paragraph (c)&nbsp;of this Section&nbsp;5 and surrender of the
certificate or certificates representing the share or shares of Series&nbsp;A Preferred Stock to be
converted, the Corporation shall cause to be issued and delivered to said holder, registered in
such name or names as such holder may direct, a certificate or certificates for the number of
shares of Common Stock issuable upon the conversion of such share or shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">d.&nbsp;<U>Conversion Rate Adjustments</U>. The Conversion Rate shall be subject to adjustment
from time to time as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(1)&nbsp;<B>Consolidation,
Merger, Sale, Lease or Conveyance.</B> In case of any consolidation with or
merger of the Corporation with or into another corporation, or in case of any sale, lease or
conveyance to another corporation of the assets of the Corporation as an entirety or substantially
as an entirety, each share of Series&nbsp;A Preferred Stock shall after the date of such consolidation,
merger, sale, lease or conveyance be convertible into the number of shares of stock or other
securities or property (including cash) to which the Common Stock issuable (at the time of such
consolidation, merger, sale, lease or conveyance) upon conversion of such share of Series&nbsp;A
Preferred Stock would have been entitled upon such consolidation, merger, sale, lease or
conveyance; and in any such case, if necessary, the provisions set forth herein with respect to the
rights and interests thereafter of the holder of the shares of Series&nbsp;A Preferred Stock shall be
appropriately adjusted so as to be applicable, as nearly as may reasonably be, to any shares of
stock of other securities or property thereafter deliverable on the conversion of the shares of
Series&nbsp;A Preferred Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(2)&nbsp;<B>Stock
Dividends, Subdivisions, Reclassification or Combinations. </B>If the Corporation shall
(i)&nbsp;declare a dividend or make a distribution on its Common Stock in shares of its Common Stock,
(ii)&nbsp;subdivide or reclassify the outstanding shares of Common Stock into a greater number of
shares, or (iii)&nbsp;combine or reclassify the outstanding Common Stock into a smaller number of
shares, the Conversion Rate in effect at the time of the record date for such dividend or
distribution or the effective date of such subdivision, combination or reclassification shall be
proportionately adjusted so that the holder of any shares of Series&nbsp;A Preferred Stock surrendered
for conversion after such date shall be entitled to receive the number of shares of Common Stock
which he would have owned or been entitled to receive had such Series&nbsp;A Preferred Stock been
converted immediately prior to such date. Successive adjustments in the Conversion Rate shall be
made whenever any event specified above shall occur.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">e.&nbsp;<U>Fractional
Shares</U>. No fractional shares of Common Stock or scrip shall be issued
upon conversion of shares of Preferred Stock. If more than one share of Preferred Stock shall be
surrendered for conversion at any one time by the same holder, the number of full shares of Common
Stock issuable upon conversion thereof shall be computed on the basis of the aggregate number of
shares of Preferred Stock so surrendered. Instead of any fractional shares of Common Stock which
would otherwise be issuable upon conversion of any shares of Preferred Stock, the Corporation shall
pay a cash adjustment in respect of such fractional interest in an amount equal to that fractional
interest of the then Current Market Price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">f.&nbsp;<U>Treasury Stock</U>. For the purposes of this paragraph 5, the sale or other disposition
of any Common Stock theretofore held in the Corporation&#146;s treasury shall be deemed to be an
issuance thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">g.&nbsp;<U>Costs</U>. The Holder shall pay all documentary, stamp, transfer or other transactional taxes
attributable to the issuance or delivery of shares of Common Stock upon conversion of any shares of
Series&nbsp;A Preferred Stock; provided further that the Corporation shall not be required to pay any
taxes which may be payable in respect of any transfer involved in the issuance or delivery of any
certificate for such shares in a name other than that of the holder of the shares of Series&nbsp;A
Preferred Stock in respect of which such shares are being issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">h.&nbsp;<U>Reservation of Shares</U>. The Corporation shall reserve at all times so long as any
shares of Series&nbsp;A Preferred Stock remain outstanding, free from preemptive rights, out of its
treasury stock (if applicable) or its authorized but unissued shares of Common Stock, or both,
solely for the purpose of effecting the conversion of the shares of Series&nbsp;A Preferred Stock,
sufficient shares of Common Stock to provide for the conversion of all outstanding shares of Series
A Preferred Stock.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">i.&nbsp;<U>Approvals</U>. If any shares of Common Stock to be reserved for the purpose of
conversion of shares of Series&nbsp;A Preferred Stock require registration with or approval of any
governmental authority under any Federal or state law before such shares may be validly issued or
delivered upon conversion, then the Corporation will in good faith and as expeditiously as possible
endeavor to secure such registration or approval, as the case may be. If, and so long as, any
Common Stock into which the shares of Series&nbsp;A Preferred Stock are then convertible is listed on
any national securities exchange, the Corporation will, if permitted by the rules of such exchange,
list and keep listed on such exchange, upon official notice of issuance, all shares of such Common
Stock issuable upon conversion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">j.&nbsp;<U>Valid
Issuance</U>. All shares of
Common Stock which may be issued upon conversion of
shares of Series&nbsp;A Preferred Stock will upon issuance by the Corporation be duly and validly
issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the
issuance thereof, and the Corporation shall take no action which will cause a contrary result
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U><B>Covenants</B></U>. In addition to any other rights provided by law, so long as any Series
A Preferred Stock is outstanding, the Corporation, without first obtaining the affirmative vote or
written consent of the holders of not less than a majority of such outstanding shares of Preferred
Stock, will not:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">a.&nbsp;amend or repeal any provision of, or add any provision to, the Corporation&#146;s Certificate of
Incorporation or <font style="white-space: nowrap">By-Laws</Font> if such action would alter adversely the
preferences, rights, privileges
or powers of, or the restrictions provided for the benefit of, any
Series&nbsp;A Preferred Stock, or
increase the number of shares of Series&nbsp;A Preferred Stock authorized hereby;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">b.&nbsp;authorize or issue shares of any class or series of stock not expressly authorized herein
having any preference or priority as to dividends or assets or other rights superior to or on a
parity with any such preference or priority of the Preferred Stock, or authorize or issue shares of
stock of any class or any bonds, debentures, notes or other obligations convertible into or
exchangeable for, or having option rights to purchase, any shares of stock of the Corporation
having any preference or priority as to dividends, assets or other rights superior to or on a
parity with any such preference or priority of the Preferred Stock;
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">c.&nbsp;reclassify any class or series of any stock junior in liquidation rights to the Series&nbsp;A
Preferred Stock (&#147;Junior Stock&#148;) including the Series&nbsp;I Preferred Stock into stock in parity with
the Series&nbsp;A Preferred Stock with respect to liquidation rights (&#147;Parity Stock&#148;) or stock senior to
the Series&nbsp;A Preferred Stock with respect to liquidation rights (&#147;Senior Stock&#148;) or reclassify any
series of Parity Stock into Senior Stock;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">d.&nbsp;declare or pay on any Junior Stock any dividend whatsoever, whether in cash, property or
otherwise (other than dividends payable in shares of the class or series upon which such dividends
are declared or paid, or payable in shares of Common Stock with respect to Junior Stock other than
Common Stock, together with cash in lieu of fractional shares), nor shall the Corporation make any
distribution on any Junior Stock, nor shall any Junior Stock be purchased or redeemed by the
Corporation, nor shall any monies be paid or made available for a sinking fund for the purchase or
redemption of any Junior Stock, unless all dividends to which the holders of Series&nbsp;A Preferred
Stock shall have been entitled for all previous dividend periods shall have been paid or declared
and a sum of money sufficient for the payment thereof set apart.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U><B>No Preemptive Rights</B></U>. No holders of Series&nbsp;A Preferred Stock, nor of the security
convertible into, nor of any warrant, option or right to purchase, subscribe for or otherwise
acquire Series&nbsp;A Preferred Stock, whether now or hereafter authorized, shall, as such holder, have
any preemptive right whatsoever to purchase, subscribe for or otherwise acquire, stock of any class
of the Corporation nor of any security convertible into, nor of any warrant, option or right to
purchase, subscribe for or otherwise acquire, stock of any class of the Corporation, whether now or
hereafter authorized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U><B>Exclusion
of Other Rights</B></U>. Except as may otherwise be required by law, the shares
of Series&nbsp;A Preferred Stock shall not have any preferences or relative, participating, optional or
other special rights, other than those specifically set forth in this resolution (as such
resolution may be amended from time to time) and in the Corporation&#146;s Certificate of Incorporation.
The Shares of Series&nbsp;A Preferred Stock shall have no preemptive or subscription rights.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U><B>Headings of Subdivisions</B></U>. The headings of the various subdivisions hereof are for
convenience of reference only and shall not affect the interpretation of any of the provisions
hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U><B>Severability of Provisions</B></U>. If any right, preference or limitation of the
Preferred Stock set forth in this Certificate (as such Certificate may be amended from time to
time) is invalid, unlawful or incapable of being enforced by reason of any rule of law or public
policy, all other rights, preferences and limitations set forth in this Certificate (as so amended)
which can be given effect without the invalid, unlawful or unenforceable right, preference or
limitation shall, nevertheless, remain in full force and effect, and no right, preference or
limitation herein set forth shall be deemed dependent upon any other such right, preference or
limitation unless so expressed herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U><b>Status
of Reacquired Shares</B></U>. Shares of Preferred Stock which have been issued
and reacquired in any manner shall (upon compliance with any applicable provisions of the laws of
the State of Delaware) have the status of authorized and unissued shares of Preferred Stock
issuable in series undesignated as to series and may be redesignated and reissued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>IN WITNESS WHEREOF</B>, the Corporation has caused this Certificate to be signed in its name and
on its behalf by its Chairman and attested to this 4 day of November, 1992.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CHAMPIONS SPORTS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
James M. Martell
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">James M. Martell, Chairman&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ATTESTED

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Elizabeth Carbone
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Elizabeth Carbone, Secretary<BR><BR>0064156
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATE OF OWNERSHIP MERGING</B><BR>
<B>CHAMPIONS BIOTECHNOLOGY, INC.</B><BR>
<B>INTO</B><BR>
<B>CHAMPIONS SPORTS, INC.</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>(Pursuant to Section&nbsp;253 of the General Corporation Law of Delaware)</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">CHAMPIONS SPORTS, INC., a corporation incorporated on the 4th day of June, 1985, under the
name &#147;INTERNATIONAL GROUP, INC.&#148; pursuant to the provisions of the General Corporation Law of the
State of Delaware, DOES HEREBY CERTIFY that this corporation owns at least 90% of the capital stock
of CHAMPIONS BIOTECHNOLOGY, INC., a corporation incorporated on the 19th day of January, 2007,
pursuant to the provisions of the General Corporation Law of the State of Delaware, and that this
corporation, by a resolution of its Board of Directors duly adopted by unanimous written consent on
the 19th day of January, 2007, determined to and did merge into itself said CHAMPIONS
BIOTECHNOLOGY, INC., which resolution is in the following words to wit:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">WHEREAS, this Corporation lawfully owns at least 90% of the outstanding stock of CHAMPIONS
BIOTECHNOLOGY, INC., a corporation organized and exiting under the laws of the State of
Delaware; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">WHEREAS, this Corporation desires to merge into itself said CHAMPIONS BIOTECHNOLOGY,
INC., to be possessed of all the estate, property, rights, privileges and franchises of
said corporation, and in connection therewith to change the name of this Corporation to
&#147;Champions Biotechnology, Inc.&#148;;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">NOW, THEREFORE, BE IT RESOLVED, that this Corporation merge into itself said CHAMPIONS
BIOTECHNOLOGY, INC. and assume all of its liabilities and obligations, and in connection
therewith to change the name of this Corporation to &#147;Champions Biotechnology, Inc.&#148;; and be
it further
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">RESOLVED, that an authorized officer of this Corporation be, and he/she hereby is,
authorized and directed to make and execute a certificate of ownership setting forth a copy
of the resolutions to merge said CHAMPIONS BIOTECHNOLOGY, INC. and assume its liabilities
and obligations, the date of adoption thereof, and the amendment to this Corporation&#146;s
Certificate of Incorporation to change its name to &#147;Champions Biotechnology, Inc.&#148; in
connection therewith, and to file the same in the office of the Secretary of State of
Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, said parent corporation has caused this certificate to be signed by an
authorized officer this 19th day of January, 2007.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
James M. Martell
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">James M. Martell&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>c89311exv3w2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 3.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><b>Exhibit 3.2</b>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE I</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>OFFICES</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.1
<U>Business Office</U>. The principal office and place of business of the corporation
shall be at Suite&nbsp;304, 2555 M Street, N.W., Washington, D.C. 20037. The corporation will not
maintain a principal office or place of business in the State of Delaware. Other offices and places
of business may be established from time to time by resolution of the Board of Directors or as the
business of the corporation may require.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.2
<U>Registered Office</U>. The registered office of the corporation, required by
Delaware Corporation Law to be maintained in the State of Delaware, may be, but need not be,
identical with the principal office in the State of Delaware, and the address of the registered
office may be changed from time to time by the Board of Directors.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE II</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>SHARES AND TRANSFER THEREOF</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.1
<U>Regulation</U>. The Board of Directors may make such rules and regulations as it
deems appropriate concerning the issuance, transfer and registration of certificates for shares of
the corporation, including the appointment of transfer agents and registrars.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.2
<U>Certificates for Shares</U>. Certificates representing shares of the corporation
shall be numbered serially for each class of shares, or series thereof, shall be impressed with the
corporate seal or a facsimile thereof, and shall be signed by the Chairman of the Board of
Directors or by the President, the Treasurer, or the Secretary of the corporation, provided that
any or all of the signatures may be facsimiles if the certificate is countersigned by a transfer
agent, or registered by a registrar, other than the corporation itself or its employees. Each
certificate shall state the name of the corporation, the fact that the corporation is organized or
incorporated under the laws of the State of Delaware, the name of the person to whom issued, the
date of issue, the class (or series of any class), the number of shares represented thereby, and
the par value of the shares represented thereby or a statement that such shares are without par
value. A statement of the designations, preferences, qualifications, limitations, restrictions and
special or relative rights of the shares of each class shall be set forth in full or summarized on
the face or back of the certificate or, in lieu thereof, the certificate may set forth that such a
statement or summary will be furnished without charge to any shareholder upon request. Each
certificate shall otherwise be in such form as may be prescribed by the Board of Directors and as
shall conform to the rules of any stock exchange on which the shares may be listed. The
corporation shall not be required to issue certificates representing fractional shares and shall
not be obligated to make any transfers creating a fractional interest in a share of stock, but ownership
of fractional shares shall be reflected on the stock transfer books of the corporation.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.3
<U>Cancellation of Certificates</U>. Any new certificate(s) for shares to be transferred
on the corporate books shall be issued only after the former certificate(s) has been surrendered to
the corporation and cancelled, unless such certificate(s) has been lost, stolen, or destroyed, as
hereinafter provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.4
<U>Lost, Stolen, or Destroyed Certificates</U>. Any shareholder claiming that his or her
certificate(s) for shares has been lost, stolen, or destroyed shall make an affidavit or
affirmation of that fact and lodge the same with the Secretary of the corporation, accompanied by a
signed application for a new certificate(s). Thereupon, and upon the giving of a satisfactory bond
of indemnity to the corporation not exceeding an amount double the value of the shares as
represented by such certificate(s) (the necessity for such bond and the amount required to be
within the discretion of the President and Treasurer of the corporation), a new certificate(s) may
be issued of the same tenor and representing the same number, class and series of shares as were
represented by the certificate(s)&nbsp;alleged to be lost, stolen or destroyed.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.5
<U>Transfer of Shares</U>. Subject to the terms of any shareholder agreement relating to
the transfer of shares or other transfer restrictions contained in the Certificate of
Incorporation or authorized therein, shares of the corporation
shall be transferable on the books of the corporation by the holder thereof in person or by his or
her duly authorized attorney-in-fact, upon the surrender and cancellation of the certificate or
certificates representing his or her shares. Upon presentation and surrender of a properly
endorsed certificate by the transferor and the payment of all fees therefor, the transferee shall
be entitled to a new certificate or certificates. As against the corporation, a transfer of shares
can be made only on the books of the corporation and in the manner hereinabove provided, and the
corporation shall be entitled to treat the holder of record of any share as the owner thereof and
shall not be bound to recognize any equitable or other claim to or interest in such share on the
part of any other person, whether or not it shall have express or other notice thereof, save as
provided by the statutes of State of Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.6
<U>Transfer Agent</U>. Unless otherwise specified by the Board of Directors by
resolution, the Secretary of the corporation shall act as transfer agent for the certificates
representing the shares of stock of the corporation. He or she shall maintain a stock transfer
book, the stubs in which shall set forth, among other things, the names and addresses of the
holders of all issued shares of the corporation, the number of shares held by each, the certificate
numbers representing such shares, the dates of issue of the certificates representing such shares,
and whether or not such shares are of original issue or transferred. Subject to Section&nbsp;3.7,
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">the names and addresses of the shareholders as they appear on the stubs of the stock transfer book shall be conclusive
evidence as to the shareholders of record who, as such, are entitled to receive notice of the
meetings of shareholders, to vote at such meetings, to examine the list of shareholders entitled to
vote at meetings, to receive dividends, and to own, enjoy and exercise any other property rights
deriving from such shares against the corporation. Each shareholder shall be responsible for
notifying the Secretary in writing of any change in his or her name or address and failure to do so
will relieve the corporation, its directors, officers and agents, from liability for failure to
direct notices or other documents, or to pay over or transfer dividends or other property or
rights, to a name or address other than the name and address appearing on the stub of the stock
transfer book.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.7
<U>Close of Transfer Book and Record Date</U>. For the purposes of determining the
shareholders entitled to notice of or to vote at any meeting of shareholders, or any adjournment
thereof, or entitled to receive payment of any dividend, or in order to make a determination of
shareholders for any other purpose the Board of Directors may provide that the stock transfer books
shall be closed for a stated period, not to exceed in any case fifty days. If the stock transfer
books are closed for the purpose of determining shareholders entitled to notice of, or to vote at a
meeting of shareholders, such books shall be closed for at least ten days, immediately preceding
such meeting. In lieu of closing the stock transfer books, the Board of Directors may fix a date in
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">advance as the record date for any such determination of shareholders,
such date in any case to be not more than fifty days and, in case of a meeting of shareholders, not
less than ten days prior to the date on which the particular action requiring such determination of
shareholders is to be taken. If the stock transfer books are not closed and no record date is
fixed for the determination of shareholders entitled to notice of or to vote at a meeting of
shareholders, or of shareholders entitled to receive payment of a dividend, the date on which
notice of the meeting is mailed or the date on which the resolution of the Board of Directors
declaring such dividend is adopted, as the case may be, shall be the record date for such
determination of shareholders. When a determination of shareholders entitled to vote at any
meeting of shareholders has been made as provided in this section, such determination shall apply
to any adjournment thereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE III</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>SHAREHOLDERS AND MEETINGS THEREOF</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.1
<U>Shareholders of Record</U>. Only shareholders of record on the books of the
corporation shall be entitled to be treated by the corporation as holders in fact of the shares in
their respective names, and the corporation shall not be bound to recognize any equitable or other
claim to, or interest in, any shares on the part of any other person, firm, or corporation, whether
or not it shall have express or other notice thereof,
except as expressly provided by the statutes of the State of Delaware.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.2 <U>Meetings</U>. Meetings of shareholders shall be held at the principal office of the
corporation, or at such other place as specified from time to time by the Board of Directors. If
the Board of Directors shall specify another location such change in location shall be recorded in
the notice calling such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.3 <U>Annual Meeting</U>. In the absence of a resolution of the Board of Directors
providing otherwise, the annual meeting of shareholders of the corporation for the election of
directors, and for the transaction of such other business as may properly come before the meeting,
shall be held at such time as may be determined by the Board of Directors by resolution in
conformance with the statutes of the State of Delaware. If the election of directors shall not be
held on the day so designated for any annual meeting of shareholders, the Board of Directors shall
cause the election to be held at a special meeting of shareholders as soon thereafter as may be
convenient.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.4 <U>Special Meetings</U>. Special meetings of shareholders, for any purpose or purposes,
unless otherwise prescribed by statute, may be called by the President, the Board of Directors, the
holders of not less than one-tenth of all the shares entitled to vote at the meeting, or the legal
counsel of the corporation, as last designated by resolution of the Board of Directors.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.5 <U>Notice</U>. Written notice stating the place, day and hour of the meeting and, in
case of a special meeting, the purpose or
purposes for which the meeting is called, shall be delivered to each shareholder of record entitled
to vote at such meeting not less than ten days nor more than sixty days before the date of the
meeting, unless otherwise prescribed by statute, either personally or my mail, by or at the
direction of the President, the Secretary, or the officer or person calling the meeting; except
that, if the number of authorized shares is to be increased, at least thirty days&#146; notice shall be
given and if the sale of all or substantially all of the corporations&#146; assets is to be voted upon,
at least twenty days&#146; notice shall be given. Any shareholder may waive notice of any meeting.
Notice to shareholders of record, if mailed, shall be deemed given when deposited in the United
States mail, addressed to the shareholder at his or her address as it appears on the stock transfer
books of the corporation, with postage thereon prepaid; but if three successive letters mailed to
the last-known address of any shareholders of record are returned as undeliverable, no further
notices to such shareholder shall be necessary until another address for such shareholder is made
known to the corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.6 <U>Meetings of All Shareholders</U>. If at any time all of the
shareholders shall meet, either within or without the State of Delaware, and shall consent to the
holding of such a meeting at such time and place, such meeting shall be valid without call or
notice, and any corporate action may be taken at such meeting.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.7 <U>Voting Record</U>. The officer or agent having charge of the stock transfer books of
the corporation shall make, at least ten days before a meeting of shareholders, a complete record
of shareholders or any adjournment thereof, arranged in alphabetical order, with the address and
the number of shares held by each. For a period of ten days prior to such meeting this record shall
be kept on file either at the place specified in the notice of the meeting or, if not so specified,
at the place where the meeting is to be held, whether within or without the State of Delaware, and
shall be subject to inspection by any shareholder at any time during usual business hours for any
purpose germane to the meeting. Such record shall be produced and kept open for the duration of
the meeting and shall be subject to the inspection of any shareholder for any purse germane to the
meeting. The original stock transfer books shall be the prima facie evidence as to the
shareholders entitled to examine the record or transfer books or to vote at any meeting of
shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.8 <U>Quorum</U>. A majority of the outstanding shares of the corporation entitled to vote,
represented in person or by proxy, shall constitute a quorum at any meeting of shareholders, except
as otherwise provided by the Delaware Corporation Law and the Certificate of Incorporation. In the
absence of a quorum at any such meeting, a majority of the shares represented may adjourn the
meeting. When a meeting is adjourned to another time or
place, notice need not be given of the adjoined meeting if the
time and place thereof are announced at the original meeting and the corporation may transact at
the adjourned meeting any business which might have been transacted at the original meeting. If
the adjournment is for more than thirty days, or if after the adjournment a new record date is
fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each
stockholder of record entitled to vote at the meeting.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.9 <U>Manner of Acting</U>. If a quorum is present, the affirmative vote of the majority
of the shares represented at the meeting and entitled to vote on the subject matter shall be the
act of the shareholders, unless the vote of a greater proportion or number or voting by classes is
otherwise required by statute of the State of Delaware or by the Certificate of Incorporation or by
the Bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.10 <U>Proxies</U>. At all meetings of shareholders a
shareholder may vote in person or by proxy executed in writing by the shareholder or by his or her
duly authorized attorney-in-fact. Such proxies shall be filed with the Secretary of the
corporation before or at the time of a meeting. No proxy shall be valid after three years from the
date of its execution.
</div>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.11 <U>Voting of Shares</U>. Unless otherwise provided by these Bylaws or
by the Certificate of Incorporation, each outstanding share entitled to vote shall be entitled to
one vote upon each matter submitted to a vote at a meeting of shareholders, and each
fractional share shall be entitled to a corresponding fractional vote on each such matter.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-10<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.12 <U>Voting of Shares by Certain Holders</U>. Shares standing in the name of another
corporation may be voted by such officer, agent or proxy as the Bylaws of such corporation may
prescribe, or, in the absence of such provision, as the Board of Directors of such other
corporation may determine. Shares standing in the name of a deceased person, a minor ward or an
incompetent person may be voted by that person&#146;s administrator, executor, court appointed guardian
or conservator, either in person or by proxy, without a transfer of such shares into the name of
such administration, executor, court appointed guardian or conservator. Shares held by a trustee
may be voted by him or her, either in person or by proxy. Shares standing in the name of a
receiver may be voted by such receiver, and shares held by or under the control of a receiver may
be voted by such receiver without the transfer thereof into his or her name if authority to vote
such shares is contained in the court order by which such receiver was appointed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A shareholder whose shares are pledged shall be entitled to vote such shares until they have
been transferred into the name of the pledgee, who shall thereafter be entitled to vote the shares.
Neither the shares of its own stock belonging to this corporation, nor shares of its own stock
held by it in a fiduciary capacity, nor shares of its own stock held by another corporation, if the
majority of shares entitled to vote for the election of directors of such corporation is held by this corporation, may be voted, directly or
indirectly, at any meeting and such shares shall not be counted in determining the total number of
outstanding shares at any given time. Redeemable shares which have been called for redemption
shall not be entitled to vote on any matter and shall not be deemed outstanding shares on and after
the date on which written notice of redemption has been mailed to shareholders and a sum sufficient
to redeem such shares had been irrevocably deposited or set aside to pay the redemption price to
the holders.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-11<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.13 <U>Voting by Ballot</U>. Voting on any question or in any election may be by voice vote
unless the presiding officer shall order, or any shareholder shall demand, that voting be by
written ballot.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.14 <U>Cumulative Voting</U>. No shareholder shall be permitted to cumulate his or her
votes by giving one candidate as many votes as the number of such directors multiplied by the
number of his or her shares shall equal, nor by distributing such votes on the same principal among
any number of candidates.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE IV</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>DIRECTORS, POWERS AND MEETING</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.1 <U>Board of Directors</U>. The business and affairs of the corporation shall be managed
by a board of not fewer than three (3)&nbsp;nor more than seven (7)&nbsp;directors. Directors need not be
shareholders of the corporation nor residents of the State of
Delaware. They shall be elected at the annual meeting of shareholders or any adjournment thereof.
Directors shall hold office until the next succeeding annual meeting of shareholders or until their
successors shall have been elected and qualify. The Board of Directors may by resolution increase
or decrease, but to not less than three, the number of directors.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-12<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.2 <U>Regular Meetings</U>. A regular, annual meeting of the Board of Directors shall be
held at the same place as, and immediately after, the annual meeting of shareholders, and no notice
shall be required in connection therewith. The annual meeting of the Board of Directors shall be
for the purpose of electing officers and the transaction of such other business as may come before
the meeting. The Board of Directors may provide, by resolution, the time and place, either within
or without the State of Delaware, for the holding of additional regular meetings without other
notice than such resolution
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.3 <U>Special Meetings</U>. Special meetings of the Board of Directors may be called by or
at the request of the President or of any two directors, and the person or persons authorized to
call special meetings of the Board of Directors may fix any place, either within or without the
State of Delaware, as the place of holding any special meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.4 <U>Notice</U>. Written notice of any special meeting of directors shall be given as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;By mail to each director at his or her business address at least three days prior to
the meeting; or,
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;by personal delivery or telegram at least forty-eight hours prior to the meeting to the
business address of each director, or, in the event such notice is given on a Saturday, Sunday or
holiday, to the residence address of each director. If mailed, such notice shall be deemed to be
delivered when deposited in the United States mail, properly addressed and with postage thereon
prepaid. If notice is given by telegram, such notice shall be deemed to be delivered when the
telegram is delivered to the telegraph company. Any director may waive notice of any meeting. The
attendance of a director at any meeting shall constitute a waiver of notice of such meeting, except
where a director attends a meeting for the express purpose of objecting to the transaction of any
business because the meeting is not lawfully called or convened.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.5 <U>Participation by Electronic Means</U>. Except as may be otherwise provided by the
Certificate of Incorporation or Bylaws, members of the Board of Directors or any committee
designated by such Board may participate in a meeting of the Board or committee by means of
conference telephone or similar communications equipment by which all persons participating in the
meeting can hear each other at the same time. Such participation shall constitute presence in
person at the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.6 <U>Quorum and Manner of Acting</U>. A quorum at all meetings of the Board of Directors
shall consist of a majority of the number of directors then holding office, but a smaller number
may adjourn from time to time without further notice, until a quorum
is secured. An act of the majority of the directors present at a meeting at which a quorum is
present shall be the act of the Board of Directors, unless the act of a greater number is required
by the statutes of the State of Delaware or by the Certificate of Incorporation or these Bylaws.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-14<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.7 <U>Organization</U>. The Board of Directors shall elect a chairman to preside at each
meeting of the Board. The Board of Directors shall elect a Secretary to record the discussions and
resolutions of each meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.8 <U>Presumption of Assent</U>. A director of the corporation who is present at a meeting
of the Board of Directors at which action on any corporate matter is taken shall be presumed to
have assented to the action taken unless his or her dissent shall be entered into the minutes of
the meeting or unless he or she shall file his or her written dissent to such action with the
person acting as the Secretary of the meeting before the adjournment thereof, or shall forward such
dissent by registered mail to the Secretary of the corporation immediately after the adjournment of
the meeting. Such right to dissent shall not apply to a director who voted in favor of such
action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.9 <U>Informal Action by Directors</U>. Any action required or permitted to be taken by the
Board of Directors or a committee thereof at a meeting may be taken without a meeting if a consent
in writing, setting forth the action so taken, shall be signed by all the directors or all the
committee members entitled to vote with respect to the subject matter thereof.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-15<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.10 <U>Vacancies</U>. Any vacancy occurring on the Board of Directors may be filled by the
affirmative vote of a majority of the remaining directors though less than a quorum of the Board of
Directors. A director elected to fill a vacancy shall be elected for the unexpired term of his or
her predecessor in office, and shall hold such office until his or her successor is duly elected
and shall qualify. Any directorship to be filled by reason of an increase in the number of
directors shall be filled by the affirmative vote of a majority of the directors then in office or
by an election at an annual meeting, or at a special meeting of shareholders called for that
purpose. A director chosen to fill
a position resulting from an increase in the number of directors shall hold office only until the
next election of directors by the shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.11 <U>Compensation</U>. By resolution of the Board of Directors, each director may be paid
his or her expenses, if any, of attendance at each meeting of the Board of Directors, and may be
paid a stated salary as a director or a fixed sum for attendance at each meeting of the Board of
Directors or both. No such payment shall preclude any director from serving the corporation in any
other capacity and receiving compensation therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.12 <U>Removal of Directors</U>. Any director or directors of the corporation may be
removed at any time, with or without cause, in the manner provided in the Delaware Corporation
Law.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-16<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.13
<U>Resignations</U>. A director of the corporation may resign at any time by giving
written notice to the Board of Directors, President or Secretary of the corporation. The
resignation shall take effect upon the date of receipt of such notice, or at any later period of
time specified therein. The acceptance of such resignation shall not be necessary to make it
effective, unless the resignation requires it to be effective as such.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.14 <U>General Powers</U>. The business and affairs of the corporation shall be managed by
the Board of Directions, which may exercise all such powers of the corporation and do all such
lawful acts and things as are not by statute or by the Certificate of Incorporation or by these
Bylaws directed or required to be exercised or done by the shareholders. The directors shall pass
upon any and all bills or claims or officers for salaries and other compensation and, if deemed
advisable, shall contract with officers, employees, directors, attorneys, accountants, and other
persons to render services to the corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.15 <U>Indemnity</U>. In addition to the provisions in the Articles of Incorporation for
the elimination or reduction of the personal liability of the members of the Board of Directors for
monetary damages for breach or alleged breach of their duty of care, the corporation shall
indemnify the directors and officers to the full extent permitted by Delaware law, including in
circumstances in which indemnification is otherwise discretionary under Delaware law.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-17<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE V</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><U>OFFICERS</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.1 <U>Term and Compensation</U>. The elective officers of the corporation shall consist of
at least a President, a Secretary and a Treasurer, each of whom shall be eighteen years or older
and who shall be elected by the Board of Directors at its annual meeting. Unless removed in
accordance with procedures established by law and these Bylaws, the said officers shall serve until
the next succeeding annual meeting of the Board of Directors and until their respective successors
are elected and shall qualify. Any number of offices, but not more than two, may be held by the
same person at the same time, except that one person may not simultaneously hold the offices of
President and Secretary. The Board may elect or appoint such other officers and agents as it may
deem advisable, who shall hold office at the pleasure of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.2 <U>Powers, Duties and Functions</U>. The officers of the corporation shall exercise and
perform the respective powers, duties and functions stated below, and as may be assigned to them by
the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;The President shall, subject to the control of the Board of Directors, have general
supervision, direction and control of the business and the officers of the corporation, unless the
Board of Directors shall have constituted the position
of Chief Executive Officer, in which case the person appointed as CEO shall have general
supervision, direction and control of the business and the officers of the corporation. The
President shall preside, when present, at all meetings of the shareholders and of the Board of
Directors unless a different chairman of such meetings is elected by the Board of Directors.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-18<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;In the absence or disability of the President, the Vice-President or Vice-Presidents, if
any, in order designated by the Board of Directors, shall perform all the duties of the President,
and while so acting shall have all the powers of, and be subject to, all the restrictions on the
President. Each Vice-President shall have such other powers and perform such other duties as may
from time to time be assigned to him or her by the President or the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;The Secretary shall keep accurate minutes of all meetings of the shareholders and the
Board of Directors unless a different Secretary of such meetings is elected by the Board of
Directors. The Secretary shall keep, or cause to be kept, a record of the shareholders of the
corporation and shall be responsible for the giving of notice of meetings of the shareholders or
the Board of Directors. The Secretary shall be custodian of the records and of the seal of the
corporation and shall attest to the affixing of the seal of the corporation when so authorized.
The Secretary, along with the Chairman of the Board, the President or the Treasurer, may sign all
stock certificates. The Secretary shall perform all duties commonly
incident to his or her office and such other duties as may from time to time be assigned to him or
her by the President or the Board of Directors.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-19<!-- /Folio -->
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;An Assistant Secretary may, at the request of the Secretary, or in the absence or
disability of the Secretary, perform all of the duties of the Secretary. He or she shall perform
such other duties as may be assigned to him or her by the President or Secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;The Treasurer, subject to the order of the Board of Directors, shall have the care and
custody of the money, funds, valuable papers and documents of the corporation. He or she shall
keep accurate books of accounts of the corporation&#146;s transactions, which shall be the property of
the corporation, and shall render financial reports and statements of condition of the corporation
when so requested by the Board of Directors or President. The Treasurer shall perform all duties
commonly incident to his or her office and such other duties as may from time to time be assigned
to him or her by the President or the Board of Directors. In the absence or disability of the
President and Vice President or Vice-Presidents, the Treasurer shall perform the duties of the
President.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;An Assistant Treasurer may, at the request of the Treasurer, or in the absence or
disability of the Treasurer, preform all of the duties of the Treasurer. He or she shall perform
such other duties as may be assigned to him or her by the President or by the Treasurer.
</DIV>


<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-20<!-- /Folio -->
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.3 <U>Compensation</U>. All officers of the corporation may receive salaries or other
compensation if so ordered and fixed by the Board of Directors. The Board of Directors shall have
authority to fix salaries in advance for stated periods or to render the same retroactive as the
Board may deem advisable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.4 <U>Delegation of Duties</U>. In the event of the absence or inability of any officer to
act, the Board of Directors may delegate the powers or duties of such officer to any other officer,
director or person whom it may select.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.5 <U>Bonds</U>. If the Board of Directors by resolution shall so require, any officer or
agent of the corporation shall give bond to the corporation in such amount and with such surety as
the Board of Directors may deem sufficient, conditioned upon the faithful performance of his or her
respective duties and offices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.6 <U>Removal</U>. Any officer or agent may be removed by the Board of Directors or by
the executive committee, if any, whenever in its judgment the best interest of the corporation
will be served thereby, but such removal shall be without prejudice to the contract rights, if
any, of the person so removed. Election or appointment of an officer or agent shall not, of
itself, create contract rights.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE VI</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><u>FINANCE</u>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.1 <U>Reserve Funds</U>. The Board of Directors, in its absolute discretion, may set aside
from time to time, out of the net
profits or earned surplus of the corporation, such sum or sums as it deems expedient as a reserve
fund to meet contingencies, for equalizing dividends, for maintaining any property of the
corporation, and for any other purpose.
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-21<!-- /Folio -->
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.2 <U>Banking</U>. The moneys of the corporation shall be deposited in the name of the
corporation in such bank or banks or trust company or companies, as the Board of Directors shall
designate, and may be drawn out only on checks signed in the name of the corporation by such person
or persons as the Board of Directors, by appropriate resolution, may direct. Notes and commercial
paper, when authorized by the Board, shall be signed in the name of the corporation by such officer
or officers or agent or agents as shall be authorized from time to time.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE VII</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><U>DIVIDENDS</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Subject to the provisions of the Certificate of Incorporation and the statutes of the
State of Delaware, the Board of Directors may declare dividends whenever, and in such amounts,
as in the Board&#146;s opinion the condition of affairs of the corporation shall render advisable.
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-22<!-- /Folio -->
</DIV>




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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE VIII</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><U>CONTRACTS, LOANS AND CHECKS</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.1 <U>Execution of Contracts</U>. Except as otherwise provided by the statutes of the
State of Delaware or by these Bylaws, the Board of Directors may authorize any officer or agent of the corporation to enter into any
contract, or execute and deliver any instrument in the name of, and on behalf of, the corporation.
Authority may be general or confined to specific instances and, unless so authorized, no officer,
agent or employee shall have any power to bind the corporation for any purpose, except as may be
necessary to enable the corporation to carry on its normal and ordinary course of business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.2 <U>Loans</U>. No loans shall be contracted on behalf of the corporation and no
negotiable paper shall be issued in its name unless authorized by the Board of Directors. When so
authorized, any officer or agent of the corporation may effect loans and advances at any time for
the corporation from any bank, trust company, or institution, firm, corporation, or individual. An
agent so authorized may make and deliver promissory notes or other evidence of indebtedness of the
corporation and may
mortgage, pledge, hypothecate or transfer any real or personal property held by the corporation as
security for the payment of such loans. Such authority, in the Board of Director&#146;s discretion, may
be general or confined to specific instances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.3 <U>Checks</U>. Checks, notes, drafts and demands for money or other evidence of
indebtedness issued in the name of the corporation shall be signed by such person or persons as
designated by the Board of Directors and in the manner the Board of Directors prescribes.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-23 <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE IX</u>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><u>FISCAL YEAR</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The
fiscal year of the corporation shall commence on May 1 and end on April&nbsp;30 of the
following year.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE X</u>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><u>CORPORATE SEAL</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Board of Directors shall provide a corporate seal which shall be circular in form and
shall have inscribed thereon the name of the corporation and the state of incorporation and the
words &#147;CORPORATE SEAL.&#148;
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE XI</u>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><u>AMENDMENTS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">These Bylaws may be altered, amended or repealed and new Bylaws may be adopted by a majority
of the directors present at any meeting of the Board of Directors of the corporation at which a
quorum is present.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE XII</u>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><u>EXECUTIVE COMMITTEE</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.1 <U>Appointment</U>. The Board of Directors by resolution adopted by a majority of
the full Board, may designate two or more of its members to constitute an executive committee.
The designation of such committee and the delegation thereto of
authority shall not operate to relieve the Board of Directors, or any member thereof, of any
responsibility imposed by law.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-24 <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.2 <U>Authority</U>. The executive committee, when the Board of Directors is not in
session, shall have and may exercise all of the authority of the Board of Directors except to the
extent, if any, that such authority shall be limited by the resolution appointing the executive
committee and except also that the executive committee shall not have the authority of the Board of
Directors in reference to amending the Certificate of Incorporation, adopting a plan of merger or
consolidation, recommending to the shareholders the sale, lease or other disposition of all or
substantially all of the property and assets of the corporation otherwise than in the usual and
regular course of its business, recommending to the shareholders a voluntary dissolution of the
corporation or a revocation thereof, or amending the Bylaws of the corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.3 <U>Tenure</U>. Each member of the executive committee shall hold office until the next
regular annual meeting of the Board of Directors following his or her designation or, until his or
her successor is chosen, or until the committee is disbanded.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-25 <!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.4 <U>Meetings</U>. Regular meetings of the executive committee may be held without notice
at such times and places as the executive committee may fix from time to time by resolution.
Special meetings of the executive committee may be called by any member thereof upon not less than
one day&#146;s notice stating the place, date and hour of the meeting, which notice may be written
or oral, and if mailed, shall be deemed to be delivered when deposited in the United States mail
addressed to the member of the executive committee at his or her business address. Any member of
the executive committee may waive notice of any meeting and no notice of any meeting need be given
to any member thereof who attends in person. The notice of a meeting of the executive committee
need not state the business proposed to be transacted at the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.5 <U>Quorum</U>. A majority of the members of the executive committee shall constitute a
quorum for the transaction of business at any meeting thereof, and action of the executive
committee must be authorized by the affirmative vote of a majority of the members present at a
meeting at which a quorum is present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.6 <U>Informal Action by Executive Committee</U>. Any action required or permitted to be
taken by the executive committee at a meeting may be take without a meeting if a consent in
writing, setting forth the action so taken, shall be signed by all of the members of the committee
entitled to vote with respect to the subject matter thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.7 <U>Vacancies</U>. Any vacancy on the executive committee may be filled by a resolution
adopted by a majority of the full Board of Directors.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-26 <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.8 <U>Resignation and Removal</U>. Any member of the executive committee may be removed at
any time with or without cause by resolution adopted by a majority of the full Board of Directors.
Any member of the executive committee may resign from the executive committee at any time by giving
written notice to the President or Secretary of the corporation, and unless otherwise specified
therein, the acceptance of such resignation shall not be necessary to make it effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.9 <U>Procedure</U>. The executive committee shall elect a presiding officer from its
members and may fix its own rules of procedure which shall not be inconsistent with these Bylaws.
It shall keep regular minutes of its proceedings and report the same to the Board of Directors for
its information at the meeting thereof next held after the proceedings shall have been taken.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>ARTICLE XIII</u>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><u>EMERGENCY BYLAWS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Emergency Bylaws provided for in this Article shall be operative during any emergency in
the conduct of the business of the corporation resulting from an attack on the United States or any
nuclear or atomic disaster, notwithstanding any different provision in the preceding articles of
the Bylaws or in the Certificate of Incorporation of the corporation or in the statutes of the
State of Delaware. To the extent not inconsistent with the provisions of this Article, the Bylaws
provided in the preceding articles shall remain in effect during such emergency and upon its
termination the Emergency Bylaws shall cease to be operative.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-27 <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">During any such emergency:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;A meeting of the Board of Directors may be called by any officer or director of the
corporation. Notice of the time and place of the meeting shall be given by the person calling the
meeting to such of the directors as it may be feasible to reach by any available means of
communication. Such notice shall be given at such time in advance of the meeting as circumstances
permit in the judgment of the person calling the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;At any such meeting of the Board of Directors, a quorum shall consist of the number of
directors in attendance at such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;The Board of Directors, either before or during any such emergency, may, effective in the
emergency, change the principal office or designate several alternative principal offices or
regional offices, or authorize the officers so to do.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;The Board of Directors, either before or during any such emergency, may provide and from
time to time modify, lines of succession in the event that during such an emergency any or all
officers or agents of the corporation shall for any reason be rendered incapable of discharging
their duties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;No officer, director, or employee acting in
accordance with these Emergency Bylaws shall be liable except for willful misconduct.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-28 <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;These Emergency Bylaws shall be subject to repeal or change by further action of the Board
of Directors or by
action of the shareholders, but no such repeal or change shall modify the provisions of the next
preceding paragraph with regard to action taken prior to the time of such repeal or change. These
Emergency Bylaws may be amended to make any further or different
provision that may be practical
and necessary for the circumstances of the emergency.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>CERTIFICATE</U>
</DIV>


<DIV align="left" style="margin-top: 10pt; margin-right: 3%; font-size: 10pt; text-indent: 4%">I hereby certify that the foregoing Bylaws, consisting of 29 pages, including this page,
constitute the Bylaws of International Groups, Inc., as revised and restated by the Board of
Directors of the corporation as of the 16th day of January, 1986.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><DIV align="right"><DIV style="font-size: 3pt; margin-top: 16pt; width: 50%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Bylaws amended February&nbsp;26, 1988.
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><DIV align="right"><DIV style="font-size: 3pt; margin-top: 16pt; width: 50%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->Bylaws-29 <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">AMENDMENTS TO BYLAWS
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">As of September&nbsp;29, 1989
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The third sentence of Article&nbsp;II, Section&nbsp;2.7, was deleted in its entirety, and substituted
in lieu thereof was the following:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">In lieu of closing the stock transfer books, the Board of Directors may
fix a date in advance as the record date for any such determination of
shareholders, such date in any case to be not more than sixty (60)&nbsp;days
and, in case of a meeting of shareholders, not less then ten (10)&nbsp;days
prior to the date on which the particular action requiring such
determination of shareholders is to be taken.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Adopted as of May&nbsp;17, 1988.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;4.1 of Article&nbsp;IV was deleted in its entirety, and substituted in lieu thereof was
the following:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Section&nbsp;4.1 <U>Board of Directors</U>. Unless otherwise provided by
statute, the Corporation&#146;s Certificate of Incorporation or these Bylaws,
the business and affairs of the corporation shall be managed by a Board
of Directors. The number of Directors of the corporation shall be seven
(7), subject to increase or decrease as hereinafter provided. Directors
need not be shareholders of the corporation nor residents of the State
of Delaware. Directors shall be elected at the annual meeting of
shareholders or some adjournment thereof. Directors shall hold office
until the next succeeding annual meeting of shareholders and until their
successors shall have been elected and qualified, or until their earlier
resignation, removal from office or death. The Board of Directors may by
resolution increase or decrease, but not to less than one, the number of
Directors, provided that the tenure of office of no Director shall be
affected thereby.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Adopted as of August&nbsp;1, 1988.
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bylaws were amended to provide for the indemnification by the Company of all officers and
directors for actions taken by them on behalf of the Company.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Adopted April&nbsp;22, 1986.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --> <!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="c89311c8931103.gif" alt="(CHAMPIONS SPORTS, INC. LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">Corporate Headquarters<BR>
200 North Glebe Road<BR>
Suite&nbsp;808<BR>
Arlington, VA 22203 USA<BR>
(703) 524-6000<BR>
Fax: (703) 522-8870</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">January&nbsp;26, 1994
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Commonwealth of Virginia<BR>
<FONT style="font-variant: SMALL-CAPS">P.O. </FONT>Box 1197<BR>
Richmond, VA 23209

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Attn: Charter Division
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Dear Sir or Madam:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Subject: Champions Sports, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Enclosed is a certified copy of the Certificate of Amendment of Champions Sports, Inc. filed
with the Secretary of State of the State of Delaware evidencing the increase in authorized
shares of common stock to fifty million (50,000,00) shares, par value $0.001.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The filing fee of $25.00 is enclosed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Sincerely,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Elizabeth A. Carbone<BR>
Corporate Secretary
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Enclosures
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">bcc: Howard Weinreich, Esq.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS">Good Food Good Times Good Sports</FONT>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>4
<FILENAME>c89311exv10w4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 10.4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;10.4</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="c89311c8931104.gif" alt="(CHAMPIONS BIOTECHNOLOGY, INC. LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">1820 East Ray Road <B>&#149;</B> Chandler, AZ 85225<br>
Phone: 480.656.8325<br>
www.championsbiotechnology.com<br></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">January&nbsp;5, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Mark Schonau<BR>
1748 East Queen Palm Drive<BR>
Gilbert, Arizona 85234

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Dear Mark,
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On behalf of Champions Biotechnology, Inc., we are pleased to offer you the position of Chief
Financial Officer. You will be reporting to Doug Burkett, President of Champions Biotechnology,
Inc. (CBI)&nbsp;currently located in Chandler, Arizona. This letter outlines the terms of your proposed
employment offer as a full-time employee:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U>Commencement of Employment:</U> Your employment start date will be January&nbsp;19,
2009. Your employment with the Company at all times will be at-will, meaning either
you or the Company can terminate the employment relationship, with or without cause,
and with or without notice, at any time.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U>Compensation:</U> Your gross salary per pay period (24 periods per year) will
be $7,708.33, which is $185,000 annually. Your salary is based on a minimum 40-hour
standard workweek whether working in the Chandler, Arizona office, or traveling for
the company.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U>Champions Biotechnology Stock Option Grant:</U> Upon commencement of
employment, and subject to approval by the Company&#146;s Board of Directors, you will be
granted an option to purchase 233,000 shares of the Company&#146;s common stock under the
terms of the Company&#146;s 2008 Equity Incentive Plan and the terms set forth in the
option grant agreement, which will be provided to you after you commence employment.
The share price for the stock options will be based on the fair market value of
Champions Biotechnology stock on the date of approval by the Board of Directors. Your
stock will vest over a three year period. Upon completion of one full year of
service, 1/3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> of your options will be fully vested. Upon completion of
two full years of service, 2/3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> of your options will be fully vested.
Upon completion of three full years of service, 100% of your stock options will be
fully vested. Options shall not vest on any pro rata basis for any partial years of
employment.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U>Executive Benefit Programs.</U> As an Executive, you shall be permitted to
participate in all employee benefit programs implemented by the Company for the
benefit of any of its full-time employees, including, without limitation, disability
insurance, group and other life insurance, sickness, and accident and health insurance
programs, as listed below, provided that you qualify or are otherwise eligible to
participate under the terms of such programs. Except as may be limited by applicable
law, the Company reserves the right to modify, suspend, or discontinue any benefit
plans, policies, and practices at any time without notice to or recourse by Executive,
so long as such action is taken generally with respect to other similarly situated
persons.</DIV></TD>
</TR>

</TABLE>
</DIV>

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</DIV>


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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Confidential
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Bonus: Each year the Compensation Committee evaluates the Company&#146;s
performance objectives and market competitive executive compensation data to
determine and approve the goals and targets of the Executive Incentive Plan.
In fiscal year 2009, you are eligible to participate in the Company&#146;s
Executive Incentive Plan at up to 20% of your annual base salary, paid in
cash, stock or stock options, or any combination thereof, at the Company&#146;s
sole discretion, as well as eligible to receive a Restricted Stock Unit (RSU)
grant of 35,000 shares; as determined by your achievement of specific personal
and Company objectives, as determined by the Company in its sole discretion.
Bonus payment will be prorated based upon your start date in relation to the
Company fiscal year-end. Complete details of the Plan will be provided to you
following your hire.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">401(k) Alternative Match Opportunity: The Company at this time does not
offer a 401(k) to its employees and as such an employer match toward a 401(k)
is not currently available. If the Company adds 401(k) employee benefits at a
later date then your 401(k) benefits will be commensurate with benefits
provided to other Company employees.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Health Insurance: You will be eligible to join Champions Biotechnology
Group Medical &#038; Dental Plan on the first day of the month following your date
of hire. Participation in that plan shall be governed by the terms and
condition set forth in the plan documents.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">PTO: You will be eligible to begin accruing Paid Time Off the first day of
the month following 90 calendar days of employment. During the first year of
service you are eligible to accrue and use up to 18&nbsp;days of PTO. PTO accrual,
carryover, and payment of PTO upon termination of employment shall be subject
to and in accordance with the Company&#146;s PTO policies and practices.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Holidays: You will be eligible to take advantage of paid Holidays offered
by the Company. The Company offers 11 paid Holidays to full-time employees.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U>Other Reimbursement:</U> Employees who drive their own cars on business trips
are reimbursed the prevailing company/IRS mileage reimbursement rate plus parking and
tolls.</DIV></TD>
</TR>

</TABLE>
</DIV>

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</DIV>


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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Confidential
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><U>Severance:</U> In the event of an involuntary termination of your employment
by the Company due to a reduction in force/downsizing, a change in Company direction,
a relocation by the Company of Executive&#146;s principal work site to a facility located a
significant distance outside the greater Phoenix, Arizona metropolitan area, or job
elimination, the Company will provide a severance payment equivalent to six pay
periods, $46,250, based on annual base salary of $185,000, provided that you deliver
to the Company a full release acceptable to the Company. If termination is with
&#147;cause&#148; (as defined in the following sentence) no severance is payable. For purposes
of this letter, the term &#147;cause&#148; shall mean (i)&nbsp;the inability, failure or refusal of
the Executive to perform the duties or render the services reasonably assigned to him
from time to time by the President in a competent manner, (ii)&nbsp;negligence or willful
misconduct by the Executive in the performance of his duties as an employee of the
Company or the inability of the Executive to maintain a professional relationship with
the Company&#146;s staff and related persons, (iii)&nbsp;the charging or indictment of the
Executive in connection with a crime, (iv)&nbsp;the affiliation, directly or indirectly, of
the Executive, for his profit or financial benefit, with any person or entity that
competes, in any material way, with the Company, (v)&nbsp;the disclosing or using of any
confidential information or trade secrets of the Company at any time by the Executive,
except as required in connection with his duties to the Company, (vi)&nbsp;the breach by
the Executive of his fiduciary duty or duty of trust to the Company, (vii)&nbsp;chronic
absenteeism, (viii)&nbsp;substance abuse, or (ix)&nbsp;any other material breach by the
Executive of any of the terms or provisions of this letter or any other agreement
between the Company and the Executive, which other material breach is not cured within
ten (10)&nbsp;business days of notice by the Company or which is not curable.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In order to comply with the Immigration Reform and Control Act of 1986 and applicable state law,
you will be required to verify your legal right to work in the United States through the
presentation of documents establishing your identity and authorizing your right to work in the
United States within three business days of beginning your new position.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Finally, as a condition of your employment with the Company, you must also execute the Company&#146;s
Business Protection Agreement, a copy of which will be provided to you. Like all Company
employees, you may in the future be required, in the Company&#146;s reasonable discretion, to execute
agreements relating to other Company policies or substantive matters. Also, as with all of the
Company&#146;s offers to prospective employees, this offer is contingent upon satisfactory completion of
those portions of the Company&#146;s standard due diligence (including background and reference checks
as may be applicable to your prospective employment).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">This letter supersedes any previous correspondence or offer and contains the Company&#146;s entire
offer. This letter does not constitute an employment contract, nor should it be construed as a
guarantee that employment or any benefit program or other term or condition of employment will be
continued for any period of time. Any salary figures are
not intended to create an employment contract for any specific period of time and thus your
employment is at-will; either you or the company can terminate it at anytime with or without cause.
</DIV>

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</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

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<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.20in">




<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Confidential
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Should you agree and accept the Company&#146;s offer, by doing so, you represent and warrant that you
are free to accept this offer of employment and that you doing so does not breach any contract or
agreement which you have any other entity and is not in violation of any legal duty you have to any
other entity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mark, we look forward to you joining the Champions Biotechnology team. We believe you will enjoy
the challenges and opportunities that lie ahead in our dynamic business and that you have the
skills and talent necessary to be a strong contributor to our mutual growth.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">To formally accept this offer, please sign, date and return this letter via PDF or facsimile
(480-656-8326) and mail the original to my attention by no later than January&nbsp;8, 2009 confirming
your acceptance of this offer. Should you have any questions, please do not hesitate to call me.
Congratulations on your new position, and I look forward to your contribution to Champions
Biotechnology. If you have any questions please do not hesitate to contact me.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Sincerely,
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Douglas D. Burkett
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Douglas D. Burkett, Ph.D.<br>
President<br>
Champions Biotechnology, Inc.<br>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Accepted:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Mark R. Schonau
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Date
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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</DIV>


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</DIV>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>5
<FILENAME>c89311exv10w5.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 10.5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;10.5</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">CONSULTING AGREEMENT
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">THIS CONSULTING AGREEMENT (&#147;Agreement&#148;) made this May&nbsp;18, 2009, by and between James Martell,
(the &#147;Consultant&#148;) whose address is 2200 Wilson Blvd., Suite&nbsp;102-316, Arlington, VA, and CHAMPIONS
BIOTECHNOLOGY, INC. (the &#147;Company&#148;) whose principal office is Science &#038; Technology Park at Johns
Hopkins, 855 N. Wolfe Street, Baltimore, MD.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">RECITALS:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Consultant is the Founder and Director of the Company and as such has provided a
valuable direction and purpose to the Company since its inception in 1985;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Consultant&#146;s knowledge and insights continue to be important to the future
development and growth of the Company;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, Consultant was formerly Chairman, President, Chief Executive Officer and the Chief
Administrative Officer of the Company, and the Company now desires to retain Consultant to perform
certain consulting services;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">WHEREAS, the Parties wish to enter into this Agreement to set forth the obligations and
responsibilities of each in connection with their contractual relationship;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and
valuable consideration, the Parties hereto agree as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">1. <U>Duties and Status</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">1.1. <U>Engagement</U>. The Company hereby engages Consultant to serve the Company, and
Consultant hereby accepts such engagement, upon the terms and conditions hereinafter set forth.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">1.2. <U>Scope of Services</U>. During the term of this Agreement, Consultant shall devote
such time and his best commercial efforts to faithfully, loyally and competently perform all of his
duties under this Agreement, and the Company will provide all necessary information and other
support appropriate to the performance of the services. Consultant will report to the President of
the Company or his designee and shall, at all times, exercise his own discretion and control with
respect to each and every project to which he is assigned by the Company. Consultant will not take
any action which may interfere with, or may adversely affect the business, properties or prospects
of the Company or any of its affiliates, or the performance of his duties hereunder in any way.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">1.3. <U>Responsibilities</U>. During the Term (as hereinafter defined) of this Agreement,
Consultant will carry out projects as assigned by the President or his designee that may include:
(i)&nbsp;assistance in designated projects concerning aspects of the Company&#146;s Personalized Oncology
business; (ii)&nbsp;assistance with designated projects concerning aspects of
business development for the Company, and (iii)&nbsp;being reasonably available at convenient times
to confer with the Company regarding historical, strategic and tactical issues that arise.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">1.4. <U>Time Requirements</U>. It is expected that Consultant shall generally devote at
least 25 hours per week to his services to the Company under this Agreement. It is understood that
Consultant is free to work for and/or provide services to any other business and/or entity provided
such work or services shall not interfere with Consultant&#146;s provision of services to the Company
pursuant to this Agreement, and further provided that such work or services shall not violate his
duties under the Company&#146;s Business Protection Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">1.5. <U>Contracting</U>. Consultant shall not possess authority to bind the Company in any
manner whatsoever, including but in no way limited to binding the Company to contracts. Consultant
shall not enter into any contracts of any kind, verbal or written, on behalf of the Company or in
furtherance of the business of the Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">1.6. <U>Hold Harmless, Defend, and Indemnify</U>. Consultant hereby agrees to defend,
indemnify, and hold the Company harmless from and for any and all claims, lawsuits, administrative
complaints, criminal complaints, damages, attorneys&#146; fees, litigation costs, and any other harm
arising out of or in any way relating to Consultant&#146;s breach of any and all undertakings, duties,
and/or restrictions on authority set forth in this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Term</U>. The term of this Agreement shall commence on May&nbsp;18, 2009 (the &#147;Effective
Date&#148;) and shall continue until the close of business on the day immediately preceding the second
anniversary of the date of the Effective Date (the &#147;Original Term&#148;). This Agreement will be
renewed at the expiration of the Original Term only in the event that the parties enter into a new
written consulting Agreement, and shall not automatically renew or otherwise operate as a hold-over
without express written consent of all the parties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Compensation and Reimbursement</U>. As compensation for Consultant&#146;s services
hereunder, Consultant shall be paid the sum of $100,000 annually, payable in twelve equal monthly
installments of $8,333, or pro rata for each month or portion of a month in the event that
Consultant provides services for less than one full year. The Company shall make no deductions or
withholdings from this amount and shall issue a Form&nbsp;1099 to account for all such payments.
Consultant understands and agrees that he shall be responsible for any and all tax consequences of
these independent contractor payments, including assessments and/or penalties imposed by taxing
authorities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Consultant shall not be entitled to participate in any employee benefit programs implemented by the
Company for the benefit of any of its full-time employees, including, without limitation, any
retirement plans, disability insurance, life insurance, health and medical insurance, and shall not
be paid vacation, holiday or sick time.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">3.2. <U>Reimbursement</U>. The Company shall reimburse Consultant for any reasonable and
necessary expenses actually and properly incurred by Consultant in connection with performance of
services described in 1.2 and 1.3 upon presentation of such expenses per Company policy.
Notwithstanding the preceding, any expenses over $350 will be subject to prior approval by the
Company.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">4. <U>Consultant&#146;s Representations and Warranties</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">4.1. <U>No Prior Agreements</U>. Consultant represents and warrants that he is not a party
to or otherwise subject to or bound by the terms of any contract, agreement or understanding which
in any manner would limit or otherwise affect his ability to perform contractor services hereunder,
including without limitation any contract, agreement or understanding containing terms and
provisions restricting competition, protecting confidential information, or relating to ownership
or assignment of intellectual property.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">4.2. <U>Confidential Information of Others</U>. Consultant represents warrants and covenants
he will not disclose to the Company or otherwise use, in the course of his engagement with the
Company, any confidential information which he is restricted from disclosing or using pursuant to
any other agreement or duty to any other person.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">4.3. <U>Non-Competition Covenants</U>. Consultant represents and warrants to the Company
that he is not bound by any non-competition or non-solicitation agreement or similar restriction
which would prohibit him from accepting engagement with the Company or performing any contractor
services on behalf of the Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">4.4. <U>No Restrictions</U>. Consultant represents that his performance of services
hereunder does not and will not conflict with or breach any agreement or arrangement he has with
any third party. In the event that Consultant enters into a relationship described above,
Consultant shall immediately provide written notice to the Company of such relationship, subject to
the provision that such notification shall not breach confidentiality provisions or understandings
regarding confidentiality. Consultant will notify Company in the event that he becomes aware of a
conflict between any policies and obligations of any other client or employer and this Agreement to
the extent that such notification does not breach confidentiality provisions or understandings
regarding confidentiality.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">4.5. <U>Return of Company Property</U>. Consultant agrees that upon termination of
engagement he will promptly return to the Company all Confidential Information, all Intellectual
Property of the Company and all other property of the Company, including all correspondence,
manuals, notebooks, lists of customers and suppliers, prototypes, computer programs, disks and any
documents, materials or property, whether written or stored on computerized medium, and all copies
in Consultant&#146;s possession or control, he shall not shall not take any action to preserve or regain
access to such information through any means, including but not limited to access to the Company&#146;s
facilities or through a computer or other digital or electronic means, and shall promptly pay all
amounts due, owing or otherwise payable by Consultant to the Company. Consultant expressly
authorizes the Company to withhold any amounts payable to him, including for wages, compensation,
reimbursement and otherwise, until he has complied with this Section.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">4.6. <U>Business Protection Agreement</U>. Consultant acknowledges that this Agreement is
contingent upon Consultant&#146;s acceptance of and agreement to be bound by all of the terms and
provisions of the Company&#146;s Business Protection Agreement, a copy of which has been delivered to
Consultant. Accordingly, Consultant covenants and agrees to be bound
and abide by all terms and provisions of the Business Protection Agreement, regardless of
whether such agreement has ever been signed or delivered by Consultant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">4.7. <U>Company&#146;s Remedies for Breach</U>. Consultant acknowledges that, as the violation by
Consultant of the provisions of Section&nbsp;4 would cause irreparable injury to the Company, and there
is no adequate remedy at law for such violation, the Company shall have the right in addition to
any other remedies available, at law or in equity, to seek to enjoin Consultant in a court of
equity from violating such provisions. Consultant hereby waives any and all defenses he may have
on the ground of lack of jurisdiction or competence of the court to grant such an injunction or
other equitable relief.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U>Termination</U>. Either party may terminate this Agreement for any reason or for no
reason upon 90&nbsp;days prior written notice, provided, however, that any termination by the Company
must receive the prior written approval of David Sidransky, the Chairman of the Board of Directors
of the Company. Upon the termination of Consultant&#146;s engagement for any reason or no reason, the
Company shall have no further obligation to Consultant whatsoever except as expressly stated in
this Section. The Company may immediately terminate this Agreement upon Consultant&#146;s breach of any
provisions, undertakings, duties, and/or restrictions on authority set forth in this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U>Relationship</U>. Consultant acknowledges and agrees that he is acting solely as an
independent contractor hereunder and is not an employee of the Company. Consultant will not be
eligible for any employee benefits and will be responsible for payment of any taxes relating to
services provided hereunder. Consultant shall have no authority to enter into contracts which bind
the Company or create any obligation on behalf of the Company except as authorized and approved by
the Company. Under no circumstances shall Consultant hold himself out to be an employee of the
Company. This Agreement shall not be construed as creating any partnership, joint venture or any
other form of joint operation or organization wherein the parties hereto are deemed to be partners.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">7. <U>Miscellaneous</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">7.1. <U>Entire Agreement</U>. The Company has made no representations other than as set
forth herein. No modification or amendment of this Agreement, nor waiver of any of its provisions,
shall be valid or enforceable unless in writing and signed by all parties.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">7.2. <U>Benefit</U>. This Agreement shall be binding upon and inure to the benefit of the
Company, its successors and assigns. This Agreement shall be binding upon Consultant and his
heirs, personal and legal representatives, and guardians, and shall inure to the benefit of
Consultant. This Agreement may not be assigned by Consultant in whole or in part.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">7.3. <U>Separability</U>. The invalidity or unenforceability of any provision of this
Agreement shall not affect any other provision hereof, and the Agreement shall be construed in all
respects as though such invalid or unenforceable provisions were omitted.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">7.4. <U>Notices</U>. Any notice required to be given pursuant to this Agreement shall be in
writing and delivered in person, or sent by certified mail, return receipt requested, if to the
Company, at its principal office and if to Consultant, at his residence address as contained in the
records of the Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">7.5. <U>Governing Law; Waiver of Jury Trial; Jurisdiction</U>. This Agreement has been made
in and shall be governed by and construed in accordance with the laws of the State of Maryland,
without regard to any conflicts of laws principles which would apply the law of another
jurisdiction. The parties hereby waive trial by jury in any action arising under this Agreement.
Any action arising under this Agreement shall be brought in and shall be subject to the exclusive
jurisdiction and venue of the state or federal courts located in Maryland, except where injunctive
relief is sought in any other jurisdiction in connection with the enforcement of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">7.6. <U>Waiver</U>. The failure of any party to fully enforce any provision hereof shall not
be deemed to be a waiver of such provision or any part thereof, and the waiver by any party of any
provision hereof shall not be deemed to be a waiver of any other provision hereof or a waiver with
respect to any other incidence of non-compliance therewith. No waiver shall be effective unless in
writing and signed by the party so waiving.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">7.7. <U>Survival</U>. The provisions of Section&nbsp;4 hereof shall survive the termination of
this Agreement and Consultant&#146;s engagement hereunder.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;<I>Signature Page Follows</I>&#093;
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties have executed this Agreement under seal, with the intent that
this be a sealed instrument, on the day and year first above written.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">COMPANY: Champions Biotechnology, Inc.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">By: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (SEAL)
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">CONSULTANT: James Martell.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>


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<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>6
<FILENAME>c89311exv10w6.htm
<DESCRIPTION>EXHIBIT 10.6
<TEXT>
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<HEAD>
<TITLE>Exhibit 10.6</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;10.6</B>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>STOCK PURCHASE AGREEMENT</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">THIS STOCK PURCHASE AGREEMENT (this &#147;<U>Agreement</U>&#148;) is made and entered into as of the

&nbsp;18<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>&nbsp;
day of
&nbsp;May, 2009, by and between Champions Biotechnology, Inc., a Delaware corporation
(the &#147;<U>Company</U>&#148;), and James M. Martell, an individual (the &#147;<U>Seller</U>&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>RECITALS</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A.&nbsp;The Seller owns 8,348,000 shares of the Company&#146;s outstanding common stock, par value $.001
per share (&#147;<U>Stock</U>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">B.&nbsp;The Seller wishes to sell to the Company up to 2,250,000 shares of Stock (the
&#147;<U>Shares</U>&#148;), and the Company wishes to purchase the Shares on the terms and subject to the
conditions set forth in this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>AGREEMENT</U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">NOW, THEREFORE, in consideration of the foregoing recitals and the mutual obligations set
forth in this Agreement, the parties hereto agree as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Purchase and Delivery of the Shares</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Purchase of Shares</U>. Subject to the terms and conditions hereof and in reliance upon the representations,
warranties, covenants, and agreements set forth and contained herein, the Seller hereby agrees to
sell to the Company, and the Company agrees to purchase from the Seller at each Closing (as
hereinafter defined), the number of Shares set forth in <U>Section&nbsp;1(b)</U> below. The purchase
and sale of the Shares will occur in multiple closings, as described below.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Closings</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;The closing of the purchase and sale to the Company of the first installment of the Shares
(the &#147;<U>Initial Closing</U>&#148;) shall take place at such time and place upon which the Company and
the Seller shall agree, but in no event shall the Initial Closing be later than April&nbsp;15, 2009. At
the Initial Closing, the Company shall purchase such number of Shares (rounded to the nearest whole
Share) as is determined by dividing $125,000 by the Purchase Price (as defined below).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(ii)&nbsp;For so long as that certain Consulting Agreement, dated as of the date hereof, by and
between the Company and the Seller (such agreement and any renewal thereof, the &#147;<U>Consulting
Agreement</U>&#148;), shall remain in effect, the Company shall purchase an aggregate of $31,250 of
Shares each calendar quarter. The first such quarterly purchase of
Shares (the &#147;<U>Initial Quarterly Closing</U>&#148;) shall be made no later than July&nbsp;31, 2009
with respect to the quarter ending July&nbsp;31, 2009, and future quarterly purchases of Shares (each a
&#147;<U>Quarterly Closing</U>&#148;) shall be made no later than October&nbsp;31, January&nbsp;31, April&nbsp;30, and July
31 occurring during the term of the Consulting Agreement. At each Quarterly Closing, the Company
shall purchase such number of Shares (rounded to the nearest whole Share) as is determined by
dividing $31,250 by the Purchase Price. If at any time the Consulting Agreement is terminated or
not renewed pursuant to its terms, then the Company&#146;s obligation to purchase Shares under this
<U>Section&nbsp;1(b)(ii)</U> shall immediately cease. The Initial Closing, the Initial Quarterly
Closing, each Quarterly Closing, and any purchase and sale of Shares pursuant to <U>Section
1(c)</U> shall be referred to as a &#147;<U>Closing</U>.&#148;
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 12%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Option to Purchase Additional Shares</U>. The Company shall have the option (the &#147;Option&#148;), at any time and from time to time
following the date of this Agreement through the third anniversary of the termination of the
Consulting Agreement, to purchase all or any part of the Shares that have not otherwise previously
been purchased hereunder. In the event the Company, in its sole discretion, exercises the Option,
the Company shall do so by providing written notice to the Seller in accordance with the terms
hereof, and by paying the Purchase Price for the number of Shares to be purchased upon exercise of
the Option. The Option may be exercised in multiple Closings at the Company&#146;s sole discretion;
provided, however, that in no event shall the aggregate number of Shares purchased under this
Agreement exceed 2,250,000 Shares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Notice of Closing</U>. The Company shall notify the Seller in writing in accordance with the terms hereof as to
the date of each Closing at least ten (10)&nbsp;days prior to such Closing (the &#147;<U>Closing
Notice</U>&#148;). The Closing Notice shall set forth the Purchase Price to be paid for the Shares at
such Closing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Purchase Price</U>. The purchase price to be paid by the Company to the Seller for the Shares to be acquired
pursuant to <U>Section&nbsp;1</U> (the &#147;<U>Purchase Price</U>&#148;) shall be equal to the lesser of (A)
$0.50 per Share and (B)&nbsp;the volume-weighted average closing price of the Stock as quoted on the OTC
Bulletin Board (or other quotation medium that publishes quotes of the Stock) for the
30-trading-day period ending on the day before the date of the Closing Notice. In the event that
the volume-weighted average closing price is not available, the Purchase Price shall be the average
of the closing prices for the 30-trading-day period ending on the day before the date of the
Closing Notice. In the event the calculation of the number of Shares to be purchased at a Closing
would result in the issuance of fractional shares, the number of Shares to be purchased at such
Closing shall be rounded to the nearest whole Share.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(f)&nbsp;<U>Delivery</U>. At each Closing, the Seller shall deliver to the Company (1)&nbsp;certificates evidencing the
Shares, such certificates from the Seller to be validly endorsed by the Seller in blank or with a
duly executed and medallion guaranteed Assignment Separate From Certificate attached, and (2)&nbsp;a
certificate in the form of <U>Exhibit&nbsp;A</U> hereto executed by the Seller to the effect that the
conditions set forth in <U>Section&nbsp;6</U> have been satisfied.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Representations and Warranties of the Seller</U>. The Seller represents and warrants as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authorization of Transaction; Agreement Binding</U>. The Seller has full power and authority to execute and deliver, and to perform his
obligations under, this Agreement. This Agreement constitutes the valid and legally binding
obligation of the Seller, enforceable in accordance with its terms, except as such enforcement may
be limited by general equitable principles or by applicable bankruptcy, insolvency, or similar laws
affecting creditors&#146; rights generally.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>No Conflict</U>. The execution, delivery, and performance of this Agreement by the Seller does not and will
not violate, conflict with, or result in a breach of or a default under (A)&nbsp;any applicable law,
order, judgment or decree, or (B)&nbsp;any agreement, contract or other obligation to which the Seller
is a party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Title to Shares</U>. The Seller is the lawful owner of the Shares. The Seller owns the Shares free of any
liens, claims, charges, pledges, encumbrances, or security interests of any kind. Upon payment of
the Purchase Price at each Closing, legal and equitable title to the Shares will pass to the
Company free and clear of all liens, claims, charges, pledges, encumbrances, and security interests
of any kind.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Representations Regarding the Company</U>. The Company has made no representations to the Seller regarding the sale of the Shares or
regarding its financial condition or future prospects. The Seller acknowledges that the Purchase
Price may not necessarily reflect the fair market value of the Stock, and could be significantly
lower than the price which the Company eventually obtains if it sells the Shares. The Seller has
been afforded the opportunity to ask questions of and receive answers from the Company concerning
the Company&#146;s financial condition and future prospects.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Representations and Warranties of the Company</U>. The Company represents and warrants as follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Authorization of Transaction; Agreement Binding</U>. The Company has full power and authority to execute and deliver, and to perform its
obligations under, this Agreement. This Agreement constitutes the valid and legally binding
obligation of the Company, enforceable in accordance with its terms, except as such enforcement may
be limited by general equitable principles or by applicable bankruptcy, insolvency, or similar laws
affecting creditors&#146; rights generally.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>No Conflict</U>. The execution, delivery, and performance of this Agreement by the Company does not and will
not violate, conflict with, or result in a breach of or default under (A)&nbsp;the Company&#146;s charter or
other governing instruments, (B)&nbsp;any applicable law, order, judgment, or decree, or (C)&nbsp;any
agreement, contract, or other obligation to which the Company is a party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.&nbsp;<U>Seller&#146;s Release</U>. The Seller hereby releases and forever discharges the Company and its officers, agents, and
affiliates, of and from any and all manner of action and actions, causes of action, claims,
demands, debts, accounts, judgments, and damages, whether known or unknown or suspected or
unsuspected, which the Seller ever had, now has, or may, shall, or can
hereafter have arising out of, related to, or in connection with this Agreement and the
purchase and sale of the Shares.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U>Further Assurances of Seller and the Company</U>. Each of the parties hereto shall execute and deliver any and all such other instruments,
documents, and agreements and take all such actions as either party may reasonably request from
time to time in order to effectuate the purposes of this Agreement. Seller hereby agrees not to
otherwise sell, agree to sell, or encumber in any way the Shares that may be sold hereunder until
expiration of the period set forth in <U>Section&nbsp;1(c)</U>.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U>Conditions to the Obligations of the Company</U>. The obligation of the Company to purchase the Shares being purchased by it at each Closing
is, at its option, subject to the representations and warranties contained in <U>Section&nbsp;2</U>
being true, complete, and correct on and as of the date of the Closing with the same effect as
though such representations and warranties had been made on and as of such date. The Seller shall,
at each Closing, deliver to the Company a certificate in the form of <U>Exhibit&nbsp;A</U> hereto
confirming that all representations and warranties of the Seller are true and correct at and as of
the Closing, and the Seller has performed and satisfied all agreements and covenants required by
this Agreement to be performed and satisfied by the Seller at or prior to the Closing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Conditions to the Obligations of the Seller</U>. The obligation of the Seller to sell the Shares being sold by him at each Closing is, at
his option, subject to the Company having delivered to the Seller the aggregate Purchase Price for
all of the Shares to be purchased by it on the Closing in accordance with the provisions of
<U>Section&nbsp;1</U> hereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Brokerage</U>. Each party hereto shall indemnify and hold harmless the other against and in respect of any
claim for brokerage or other commissions relating to this Agreement or to the transactions
contemplated hereby, based in any way on agreements, arrangements, or understandings made or
claimed to have been made by such party with any third party.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Miscellaneous</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(a)&nbsp;<U>Controlling Law</U>. This Agreement shall be governed by and construed in accordance with the laws of the state
of Delaware.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(b)&nbsp;<U>Binding Nature of Agreement; No Assignment</U>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns, except that no party may assign or transfer its rights or
obligations under this Agreement without the prior consent of the other party hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(c)&nbsp;<U>Notices</U>. All notices, requests, demands, claims, and other communications hereunder shall be in
writing. Any notice, request, demand, claim, or other communication hereunder shall be deemed duly
given if it is sent by registered or certified mail, return receipt requested, postage prepaid, and
addressed to the intended recipient as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If to the Seller:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James M. Martell</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1400 N. 14<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street<BR></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arlington, Virginia 22209</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If to the Company:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Champions Biotechnology, Inc.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Douglas D. Burkett</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ASU Research Park</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2050 E ASU Circle, Suite&nbsp;103</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tempe, Arizona 85284</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">with a copy (which shall not constitute notice) to:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Greenberg Traurig, LLP</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Brian H. Blaney</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2375 E. Camelback Road</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;700</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phoenix, Arizona 85016</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fax: (602)&nbsp;445-8603</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Any party hereto may send any notice, request, demand, claim, or other communication hereunder to
the intended recipient at the address set forth above using any other means (including personal
delivery, expedited courier, messenger service, telecopy, telex, ordinary mail, or electronic
mail), but no such notice, request, demand, claim, or other communication shall be deemed to have
been duly given unless and until it actually is received by the intended recipient. Any party
hereto may change the address to which notices, requests, demands, claims, and other communications
hereunder are to be delivered by giving the other party notice in the manner herein set forth.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(d)&nbsp;<U>Entire Agreement</U>. This Agreement contains the entire understanding between the parties hereto with respect to
the purchase and sale of the Shares, and supersedes all prior and contemporaneous agreements and
understandings, inducements, or conditions, express or implied, oral or written, between the
parties hereto, with respect to the purchase and sale of the Shares. This Agreement may not be
modified or amended other than by an agreement executed in writing by the parties hereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">(e)&nbsp;<U>Counterparts</U>. This Agreement may be executed on separate counterparts, each of which shall deemed to be
an original and all of which taken together shall constitute one and the same agreement. Any
telecopied signature shall be deemed a manually executed and delivered original.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;REMAINDER OF PAGE INTENTIONALLY LEFT BLANK&#093;
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the Company and the Seller have executed and delivered this Agreement as
of the day and year first above written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><U>SELLER</U>:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">JAMES M. MARTELL</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><U>COMPANY</U>:</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">CHAMPIONS BIOTECHNOLOGY, INC.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Douglas D. Burkett<BR>
President</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>Exhibit&nbsp;A</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Form of Closing Certificate
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Certificate is being delivered pursuant to <U>Section&nbsp;6</U> of that certain Stock
Purchase Agreement, dated as of ___ ___, 2009 (the &#147;<U>Agreement</U>&#148;), by and between
Champions Biotechnology, Inc., a Delaware corporation, and James M. Martell, an individual (the
&#147;<U>Seller</U>&#148;). Capitalized terms not defined herein shall have the meanings ascribed thereto
in the Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Seller hereby certifies that all representations and warranties of the Seller contained in
the Agreement are true and correct at and as of the Closing, and the Seller has performed and
satisfied all agreements and covenants required by the Agreement to be performed and satisfied by
the Seller at or prior to the Closing.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, this Certificate is executed as of
&nbsp;_____, 20____.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">JAMES M. MARTELL</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->A-1<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>7
<FILENAME>c89311exv21.htm
<DESCRIPTION>SUBSIDIARIES OF THE REGISTRANT
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 21</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><u><B>EXHIBIT 21</B></u>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SUBSIDIARIES OF CHAMPIONS BIOTECHNOLOGY, INC.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated in</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Biomerk, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Champions Biotechnology UK, Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United Kingdom</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>8
<FILENAME>c89311exv31w1.htm
<DESCRIPTION>RULE 13A-14(A)/15D-14A(A) CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 31.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">




<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B><u>EXHIBIT 31.1</u></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION OF CHIEF EXECUTIVE OFFICER<BR>
Section&nbsp;302 Certification</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">I, Douglas D Burkett, certify that:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">I have reviewed this Annual Report on Form 10-K of Champions
Biotechnology, Inc., a Delaware corporation;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to
the period covered by this report;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the periods presented in this
report;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The registrant&#146;s other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Designed such disclosure controls and procedures, or
caused such disclosure controls and procedures to be
designed under our supervision, to ensure that
material information relating to the registrant,
including its consolidated subsidiaries, is made known
to us by others within those entities, particularly
during the period in which this report is being
prepared;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Designed such internal control over financial
reporting, or caused such internal control over
financial reporting to be designed under our
supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the
preparation of financial statements for external
purposes in accordance with generally accepted
accounting principles;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Evaluated the effectiveness of the registrant&#146;s
disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end
of the period covered by this report based on such
evaluation; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Disclosed in this report any change in the
registrant&#146;s internal control over financial reporting
that occurred during the Registrant&#146;s most recent
fiscal quarter (the Registrant&#146;s fourth fiscal quarter
in the case of an annual report) that has materially
affected, or is reasonably likely to materially
affect, the Registrant&#146;s internal control over
financial reporting; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The registrant&#146;s other certifying officer(s) and I have disclosed,
based on our most recent evaluation of internal control over financial
reporting, to the registrant&#146;s auditors and the audit committee of the
Registrant&#146;s board of directors (or persons performing the
equivalent functions):</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All significant deficiencies and material weaknesses
in the design or operation of internal control over
financial reporting which are reasonably likely to
adversely affect the registrant&#146;s ability to record,
process, summarize and report financial information;
and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any fraud, whether or not material, that involves
management or other employees who have a significant
role in the registrant&#146;s internal control over
financial reporting.</DIV></TD>
</TR>

</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: August 26, 2009&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Douglas D. Burkett
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Douglas D. Burkett&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">President and Principal Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>9
<FILENAME>c89311exv31w2.htm
<DESCRIPTION>RULE 13A-14(A)/15D-14A(A) CERTIFICATION OF CHIEF FINANCIAL OFFICER
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 31.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">




<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><U><B>EXHIBIT 31.2</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION OF CHIEF FINANCIAL OFFICER<BR>
Section&nbsp;302 Certification</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">I, Mark R. Schonau, certify that:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">I have reviewed this Annual Report on Form 10-K of Champions
Biotechnology, Inc., a Delaware corporation;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to
the period covered by this report;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the periods presented in this
report;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The registrant&#146;s other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and have:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Designed such disclosure controls and procedures, or
caused such disclosure controls and procedures to be
designed under our supervision, to ensure that
material information relating to the registrant,
including its consolidated subsidiaries, is made known
to us by others within those entities, particularly
during the period in which this report is being
prepared;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Designed such internal control over financial
reporting, or caused such internal control over
financial reporting to be designed under our
supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the
preparation of financial statements for external
purposes in accordance with generally accepted
accounting principles;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Evaluated the effectiveness of the registrant&#146;s
disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end
of the period covered by this report based on such
evaluation; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Disclosed in this report any change in the
registrant&#146;s internal control over financial reporting
that occurred during the Registrant&#146;s most recent
fiscal quarter (the Registrant&#146;s fourth fiscal quarter
in the case of an annual report) that has materially
affected, or is reasonably likely to materially
affect, the Registrant&#146;s internal control over
financial reporting; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The registrant&#146;s other certifying officer(s) and I have disclosed,
based on our most recent evaluation of internal control over financial
reporting, to the registrant&#146;s auditors and the audit committee of the
registrant&#146;s board of directors (or persons performing the equivalent
functions):</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">All significant deficiencies and material weaknesses
in the design or operation of internal control over
financial reporting which are reasonably likely to
adversely affect the registrant&#146;s ability to record,
process, summarize and report financial information;
and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 8pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any fraud, whether or not material, that involves
management or other employees who have a significant
role in the registrant&#146;s internal control over
financial reporting.</DIV></TD>
</TR>

</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: August 26, 2009&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Mark R. Schonau
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Mark R. Schonau&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>10
<FILENAME>c89311exv32w1.htm
<DESCRIPTION>SECTION 1350 CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 32.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><u><B>EXHIBIT 32.1</B></u>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In connection with the annual report of Champions Biotechnology, Inc. (the &#147;Company&#148;) on Form
10-K for the year ended April&nbsp;30, 2009 as filed with the Securities and Exchange Commission on the
date hereof (the &#147;Report&#148;), each of the undersigned, in the capacities and on the dates
indicated below, hereby certifies pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to
Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that to their knowledge:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">1.&nbsp;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.&nbsp;The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operation of the Company.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: August&nbsp;26, 2009&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Douglas D. Burkett
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Douglas D. Burkett&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Principal Executive Officer
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>





<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Mark R. Schonau
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Mark R. Schonau</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">

Chief Financial Officer
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
