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<SEC-DOCUMENT>0001047469-03-036555.txt : 20031110
<SEC-HEADER>0001047469-03-036555.hdr.sgml : 20031110
<ACCEPTANCE-DATETIME>20031110133308
ACCESSION NUMBER:		0001047469-03-036555
CONFORMED SUBMISSION TYPE:	F-4
PUBLIC DOCUMENT COUNT:		13
FILED AS OF DATE:		20031110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CELESTICA INC
		CENTRAL INDEX KEY:			0001030894
		STANDARD INDUSTRIAL CLASSIFICATION:	PRINTED CIRCUIT BOARDS [3672]
		IRS NUMBER:				980185558
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-110362
		FILM NUMBER:		03987623

	BUSINESS ADDRESS:	
		STREET 1:		12 CONCORD PL
		STREET 2:		7TH FL
		CITY:			ONTARIO CANADA
		STATE:			A6
		ZIP:			M3C 1V7
		BUSINESS PHONE:		416442211
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-4
<SEQUENCE>1
<FILENAME>a2121685zf-4.htm
<DESCRIPTION>F-4
<TEXT>
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<FONT SIZE=3 ><A HREF="#03TOR2147_1">QuickLinks</A></FONT>
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<P ALIGN="CENTER"><FONT SIZE=2><B>As filed with the Securities and Exchange Commission on November 7, 2003  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2><B> Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=4><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington,&nbsp;D.C. 20549  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=4><B>FORM&nbsp;F-4<BR>  </B></FONT><FONT SIZE=2><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=4><B>Celestica&nbsp;Inc.<BR>  </B></FONT><FONT SIZE=2>(Exact name of Registrant as specified in its charter) </FONT></P>

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<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2><B>Ontario, Canada</B></FONT><FONT SIZE=2><BR>
(State or other jurisdiction<BR>
of incorporation or organization)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2><B>3342</B></FONT><FONT SIZE=2><BR>
(Primary Standard Industrial<BR>
Classification Code Number)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2><B>N/A</B></FONT><FONT SIZE=2><BR>
(I.R.S. Employer<BR>
Identification Number)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=5 ALIGN="CENTER" VALIGN="TOP"><BR><FONT SIZE=2><B>1150 Eglinton Avenue East<BR>
Toronto, Ontario M3C&nbsp;1H7 Canada<BR>
(416)&nbsp;448-5800</B></FONT><FONT SIZE=2><BR>
(Address, including zip code, and telephone number,<BR>
including area code, of Registrant's principal executive offices)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=5 ALIGN="CENTER" VALIGN="TOP"><BR><FONT SIZE=2><B>Kaye Scholer&nbsp;LLP<BR>
Attention: Managing Attorney<BR>
425 Park Avenue<BR>
New&nbsp;York, New&nbsp;York 10022<BR>
(212)&nbsp;836-8000</B></FONT><FONT SIZE=2><BR>
(Name, address, including zip code, and telephone number, including area code, of agent for service)</FONT></TD>
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<TD COLSPAN=3 ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2><B>Copies to:</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%" ALIGN="CENTER"><FONT SIZE=2><B>Lynn Toby Fisher, Esq.<BR>
Joel I. Greenberg, Esq.<BR>
Kaye Scholer&nbsp;LLP<BR>
425 Park Avenue<BR>
New&nbsp;York, New&nbsp;York 10022<BR>
(212)&nbsp;836-8000</B></FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%" ALIGN="CENTER"><FONT SIZE=2><B>Jay E. Bothwick, Esq.<BR>
Thomas S. Ward, Esq.<BR>
Hale and Dorr&nbsp;LLP<BR>
60 State Street<BR>
Boston, Massachusetts 02109<BR>
(617)&nbsp;526-6000</B></FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2><B>Approximate date of commencement of proposed sale to the public:<BR>
Upon completion of the merger described herein. <FONT FACE="WINGDINGS">&#111;</FONT>  </B></FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the securities being registered on this form are being offered in connection with the formation of a holding company and there is compliance with General
Instruction&nbsp;G, check the following box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering. <FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the form is a post-effective amendment filed pursuant to Rule&nbsp;462(d) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B>CALCULATION OF REGISTRATION FEE  </B></FONT></P>

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</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="52%" ALIGN="CENTER"><FONT SIZE=1><B>Title of Each Class of<BR>
Securities to be Registered</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Amount to<BR>
be Registered(1)</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed Maximum<BR>
Aggregate Offering Price(2)</B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Amount of<BR>
Registration Fee</B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="52%"><FONT SIZE=2>Subordinate voting shares, without par value</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2>20,551,647</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2>$337,321,033</FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER" VALIGN="BOTTOM"><FONT SIZE=2>$27,289.27</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=7><HR NOSHADE></TD>
</TR>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Based
upon the maximum number of Celestica subordinate voting shares that may be issued in connection with the merger described herein. </FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Pursuant
to paragraphs&nbsp;(c) and (f)(1) of Rule&nbsp;457, and&nbsp;estimated solely for purposes of calculating the registration fee, the proposed maximum aggregate offering
price is $337,321,033, which equals (i)&nbsp;the product of (A)&nbsp;the average of the high and low sales prices of MSL common stock, of $6.155, as reported on The New&nbsp;York Stock Exchange
on November 4, 2003, multiplied by (B)&nbsp;54,804,392, representing the maximum number of shares of MSL common stock outstanding on November&nbsp;4, 2003 (including 9,499,797 shares of MSL common
stock issuable upon exercise of options and warrants outstanding and 10,897,816 shares issuable upon conversion of outstanding preferred stock outstanding). </FONT></DD></DL>
<BR>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall
file&nbsp;a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities Act of 1933 or
until this registration statement shall become effective on such date as the Securities Exchange Commission, acting pursuant to said Section&nbsp;8(a), may determine.  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information in this proxy statement/prospectus is not complete and may be changed. Celestica may not sell these securities until the registration statement
filed with the United&nbsp;States Securities and Exchange Commission is effective. This proxy statement/prospectus is not an offer to sell these securities and it is not soliciting an offer to buy
these securities in any state where the offer or sale is not permitted. </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Subject to completion, dated November&nbsp;7, 2003</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>[MSL LOGO]</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>300 Baker Avenue<BR>
Suite&nbsp;106<BR>
Concord, Massachusetts 01742<BR>
(978)&nbsp;287-5630  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>&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;, 2003 </FONT></P>

<P><FONT SIZE=2>Dear
Stockholder of Manufacturers' Services Limited: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manufacturers'
Services Limited ("MSL") cordially invites you to attend a special meeting of stockholders of MSL to be held on&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003, at
10:00&nbsp;a.m., local time, at the offices of Hale and Dorr&nbsp;LLP, 60 State Street, Boston, Massachusetts 02109. At the special meeting, MSL will ask you to consider and vote upon a proposal
to adopt the merger agreement that we entered into on October&nbsp;14, 2003 with Celestica&nbsp;Inc. ("Celestica") and its wholly-owned subsidiary, MSL Acquisition Sub&nbsp;Inc. The merger
agreement provides for the merger of MSL with and into a wholly-owned subsidiary of Celestica, with Celestica's wholly-owned subsidiary surviving. MSL will cease to exist as a separate legal entity at
the effective time of the merger. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the completion of the merger, each share of MSL common stock will be converted into the right to receive 0.375 of a Celestica subordinate voting share, subject to adjustment as
described below. Celestica subordinate voting shares are listed and traded on The New&nbsp;York Stock Exchange and the Toronto Stock Exchange under the symbol "CLS". In addition, the holders of
shares of MSL Series&nbsp;A and Series&nbsp;B preferred stock will be entitled to receive, at the stockholder's election, either (a)&nbsp;$52.50 per share, plus accrued and unpaid dividends,
payable in cash or (b)&nbsp;a number of Celestica subordinate voting shares equal to 0.375 times the number of shares of MSL common stock into which the Series&nbsp;A and Series&nbsp;B stock may
be converted, subject to adjustment as described below, plus, in the case of holders of Series&nbsp;B preferred shares electing to receive Celestica subordinate voting shares, a
"make-whole" payment of $2.25 per share payable, at the option of MSL as directed by Celestica, in either cash or Celestica subordinate voting shares. The share exchange ratio will be
adjusted, if necessary, to ensure that the value of the consideration received for each share of MSL common stock (based on the 20 consecutive trading day volume weighted average closing price of the
Celestica subordinate voting shares on The New&nbsp;York Stock Exchange determined on the third business day prior to the completion of the transaction) will be not less than $6.00 and not more than
$7.25. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL's
board of directors has unanimously approved and declared the merger, the merger agreement and the transactions contemplated by the merger agreement advisable, and
has declared that it is in the best interests of MSL's stockholders that MSL enter into the merger agreement and consummate the merger on the terms and conditions set forth in the
merger agreement. </FONT><FONT SIZE=2><B>MSL's board of directors recommends that you vote "FOR" adoption of the merger agreement at the special meeting.</B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your
vote is very important. MSL cannot complete the proposed merger unless the merger agreement is adopted by the affirmative vote of the holders of a majority of the voting power of
the shares of MSL capital stock outstanding at the close of business on the record date. Whether or not you plan to attend the special meeting, if you are a holder of MSL common stock or preferred
stock please take the time to vote by completing, signing, dating and mailing the enclosed proxy card to&nbsp;MSL. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proxy statement/prospectus attached to this letter provides you with detailed information about the proposed merger and related matters. We encourage you to read carefully the entire
proxy statement/prospectus, including the annexes. Please pay particular attention to the risk factors </FONT></P>

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<A NAME="page_bc2147_1_2"> </A>
<BR>

<P><FONT SIZE=2>beginning
on page&nbsp;18 of this proxy statement/prospectus for a discussion of the description of risks related to the merger. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the merger agreement is adopted and the merger is completed, you will be sent written instructions for exchanging your certificates for Celestica shares. Please do not send your
certificates in until you have received these instructions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
behalf of MSL's board of directors, I thank you for your support and appreciate your consideration of this matter. </FONT></P>

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<TD WIDTH="59%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>ROBERT C. BRADSHAW</FONT><BR>
<FONT SIZE=2><I>Chairman, President and Chief Executive<BR>
Officer</I></FONT></TD>
</TR>
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<P><BR><FONT SIZE=2><B>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved the Celestica subordinate voting shares to be issued in the
merger or determined if this document is truthful or complete. Any representation to the contrary is a criminal offense.  </B></FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This document is dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003 and is first
being mailed to MSL stockholders on or about&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003.
 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_be2147_1"> </A>
<BR></FONT><FONT SIZE=2><B>NOTICE OF SPECIAL MEETING OF STOCKHOLDERS    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>MANUFACTURERS' SERVICES LIMITED<BR>
300 BAKER AVENUE<BR>
CONCORD, MA 01742  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2>NOTICE OF A SPECIAL MEETING OF STOCKHOLDERS<BR>
To be Held on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003 at 10:00&nbsp;a.m., local time </FONT></P>

<P><FONT SIZE=2>To
the Stockholders of Manufacturers' Services Limited: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice
is hereby given that a special meeting of the stockholders of Manufacturers' Services Limited, a Delaware corporation ("MSL"), will be held at the offices of Hale
and Dorr&nbsp;LLP, 60&nbsp;State&nbsp;Street, Boston, Massachusetts 02109 on&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;, 2003, 10:00&nbsp;a.m., local time, for the following purpose: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
consider and vote upon a proposal to adopt the merger agreement by and among Celestica&nbsp;Inc. ("Celestica"), MSL Acquisition Sub&nbsp;Inc., a wholly-owned subsidiary of
Celestica, and MSL, pursuant to which MSL will be merged with and into the wholly-owned subsidiary of Celestica. Under the merger agreement, each outstanding share of MSL common stock will be
converted into the right to receive 0.375 of a Celestica subordinate voting share, subject to adjustment as described below. In addition, each share of outstanding MSL Series&nbsp;A and
Series&nbsp;B preferred stock will be entitled to receive, at the stockholder's election, either (a)&nbsp;$52.50 per share, plus accrued but unpaid dividends payable in cash or (b)&nbsp;a number
of Celestica subordinate voting shares equal to 0.375 times the number of shares of MSL common stock into which the MSL Series&nbsp;A and Series&nbsp;B stock may be converted, subject to
adjustment as described below, plus, in the case of holders of Series&nbsp;B preferred shares electing to receive Celestica subordinate voting shares, a "make-whole" payment of $2.25 per
share payable, at the option of MSL as directed by Celestica, in either cash or Celestica subordinate voting shares. The share exchange ratio will be adjusted, if necessary, to ensure that the value
of the consideration received for each share of MSL common stock (based on the 20 consecutive trading day volume weighted average NYSE closing price of the Celestica subordinate voting shares
determined on the third business day prior to the completion of the transaction) will be not less than $6.00 and not more than $7.25. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
other business will be transacted at the special meeting, other than possible adjournments or postponements of the special meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of record of shares of MSL common stock, Series&nbsp;A preferred stock and Series&nbsp;B preferred stock at the close of business on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003,
the record date for the special meeting, are entitled to notice of, and to vote at, the special meeting and any adjournments or postponements of the special&nbsp;meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your
vote is very important. MSL cannot complete the proposed merger unless the merger agreement is adopted by the affirmative vote of the holders of a majority of the voting power of
the shares of MSL capital stock outstanding at the close of business on the record date. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
notice is accompanied by a form of proxy and a proxy statement containing more detailed information with respect to the matters to be considered at the special meeting, including a
copy of the merger agreement. You should not send any certificates representing your MSL common stock, Series&nbsp;A preferred stock or Series&nbsp;B preferred stock with your proxy. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether
or not you plan to attend the special meeting, please sign, date and return the enclosed proxy card. Executed proxies with no instructions indicated thereon will be voted "FOR"
the adoption of the merger agreement. Even if you have returned your proxy, you may still vote in person if you attend the special meeting. Please note, however, that if your shares are held of record
by a broker, bank or other nominee and you wish to vote at the special meeting, you must obtain from the record holder a proxy issued in your name. If you fail to return your proxy or to vote in
person at the special meeting, your shares will not be counted for purposes of determining whether a quorum is present at the special meeting, and will effectively be counted a vote against the
adoption of the merger agreement. </FONT></P>

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<TD WIDTH="47%"><FONT SIZE=2>By order of the Board of Directors,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
Alan R. Cormier<BR>
Secretary<BR></FONT>
</TD>
</TR>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concord,
Massachusetts<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003 </FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>No person is authorized in connection with any offering made by this proxy statement/prospectus to give any information or make any representation not contained
in, or incorporated by reference into, this proxy statement/prospectus. If given or made, any such information or representation must not be relied on as having been authorized by Celestica or MSL.
This proxy statement/prospectus does not constitute an offer to sell, or a solicitation of an offer to purchase, the securities offered by this proxy statement/prospectus, or the solicitation of a
proxy, in any jurisdiction to or from any person to whom or from whom it is unlawful to make such offer, solicitation of an offer or proxy solicitation in such jurisdiction. Neither the delivery of
this proxy statement/prospectus nor any distribution of securities pursuant to this proxy statement/prospectus shall, under any circumstances, create any implication that there has been no change in
the information set forth or incorporated into this proxy statement/prospectus by reference or in our affairs since the date of this proxy statement/prospectus.</B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg2147_table_of_contents"> </A>
<A NAME="toc_bg2147_1"> </A>
<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="79%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>Page</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>QUESTIONS AND ANSWERS REGARDING THE MERGER</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>SUMMARY</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>The Companies</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>The Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Reasons for the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>MSL Special Meeting</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Stockholder Agreements</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Opinions of MSL's Financial Advisors</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>12</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Interests of Certain Persons in the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>12</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>When the Merger Will Occur</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>What MSL Stockholders Will Receive in the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Material United&nbsp;States Federal Income Tax Consequences</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>14</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Appraisal Rights</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>14</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Conditions to the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>15</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Affiliate Agreements</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>15</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Accounting Treatment</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>15</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Regulatory Approvals</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Termination of the Merger Agreement</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Expenses and Termination Fee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Ownership of Celestica Following the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>17</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Markets and Market Prices</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>17</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>RISK FACTORS</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>18</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Risks Related to the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>18</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Risks Related to Receiving Celestica Subordinate Voting Shares</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>20</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>SUMMARY SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA OF CELESTICA</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>22</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>SUMMARY SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA OF MSL</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>26</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>COMPARATIVE HISTORICAL AND PRO&nbsp;FORMA DATA</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>28</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>COMPARATIVE PER SHARE MARKET PRICE DATA</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>31</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>THE SPECIAL MEETING OF MSL STOCKHOLDERS</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>32</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Date, Time and Place of the Special Meeting</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>32</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Matter for Consideration</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>32</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Board of Directors' Recommendation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>32</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Record Date; Shares Held by Directors and Executive Officers</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>32</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Quorum and Vote Required</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>33</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Adjournment and Postponement</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>33</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Voting of Proxies</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>33</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>How to Revoke a Proxy</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>34</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Solicitation of Proxies and Expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>34</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>THE MERGER</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>35</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Background of the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>35</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>MSL's Reasons for the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>39</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Recommendation of the Merger by the MSL Board of Directors</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>41</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Opinion of MSL's Financial Advisors</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>41</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Celestica's Reasons for the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>51</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Interests of MSL's Directors and Executive Officers in the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>52</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Material United&nbsp;States Federal Income Tax Consequences</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>57</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Principal Canadian Federal Income Tax Considerations</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>62</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Accounting Treatment of the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>63</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Regulatory Filings and Approvals Required to Complete the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>64</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Listing of Celestica Subordinate Voting Shares Issued in the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>64</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Delisting and Deregistration of MSL Common Stock After the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>65</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Restrictions on Sales of Celestica Subordinate Voting Shares Received in the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>65</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Appraisal Rights for MSL Series&nbsp;A and Series&nbsp;B Preferred Stock; No Appraisal Rights for MSL Common Stock</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>65</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>THE MERGER AGREEMENT</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>66</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Structure of the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>66</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Completion and Effectiveness of the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>66</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Conversion of MSL Common Stock and Series&nbsp;A and Series&nbsp;B Preferred Stock in the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>66</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Fractional Shares</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>68</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Stock Elections Relating to MSL Preferred Stock</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>68</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Exchange of Stock Certificates</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>68</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>i</FONT></P>

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<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Dissenting Shares</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>69</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Distributions with Respect to Unexchanged Shares</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>69</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Transfers of Ownership and Lost Stock Certificates</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>69</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Representations and Warranties</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>70</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>MSL's Conduct of Business Before Completion of the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>72</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>MSL Prohibited from Soliciting Other Offers</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>73</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Obligations of the MSL Board of Directors with Respect to Its Recommendation and Holding a Meeting of MSL's Stockholders</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>75</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Treatment of MSL Stock Options and Warrants</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>75</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Treatment of Rights under the MSL Employee Stock Purchase Plan</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>76</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Treatment of MSL Employees</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>76</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Director and Officer Indemnification and Insurance</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>76</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Regulatory Filings; Antitrust Matters; Reasonable Efforts to Obtain Regulatory Approvals</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>77</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Limitation on Efforts to Obtain Regulatory Approvals</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>77</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Conditions to Completion of the Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>78</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Definition of Material Adverse Effect</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>80</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Termination of the Merger Agreement</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>81</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Payment of Expenses and Termination Fee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>83</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="88%"><FONT SIZE=2>Extension, Waiver and Amendment of the Merger Agreement</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>84</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>THE STOCKHOLDER AGREEMENTS</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>84</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>COMPARISON OF CELESTICA AND MSL STOCKHOLDERS' RIGHTS</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>87</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>APPRAISAL RIGHTS FOR MSL PREFERRED STOCK</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>105</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>FUTURE MSL STOCKHOLDER PROPOSALS</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>108</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>LEGAL MATTERS</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>108</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>EXPERTS</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>109</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><B>WHERE YOU CAN FIND MORE<BR>
INFORMATION</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>109</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>ANNEX A: Agreement and Plan of Merger</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>A-1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>ANNEX B-1: Stockholder Agreement among Celestica, Merger Sub and Institutional Stockholders</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>B-1-1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>ANNEX B-2: Form of Stockholder Agreement among Celestica, Merger Sub and Executives of&nbsp;MSL</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>B-2-1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>ANNEX C: Opinion of Credit Suisse First Boston&nbsp;LLC</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>C-1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>ANNEX D: Opinion of Sonenshine Pastor&nbsp;Advisors&nbsp;LLC</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>D-1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>ANNEX E: Section&nbsp;262 of the Delaware General Corporation Law</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>E-1</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg2147_enforceability_of_civil_liabilities"> </A>
<A NAME="toc_bg2147_2"> </A>
<BR></FONT><FONT SIZE=2><B>ENFORCEABILITY OF CIVIL LIABILITIES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica is incorporated under the laws of the Province of Ontario, Canada. Substantially all of Celestica's directors, controlling persons and officers and
certain of the experts named in this proxy statement/prospectus are residents of Canada, and all or a substantial portion of the assets of Celestica and such persons are located outside the
United&nbsp;States. As a result, it may be difficult for investors to effect service of process within the United&nbsp;States upon Celestica or such other persons, or to enforce
against Celestica or them in the United&nbsp;States, judgments of courts of the United&nbsp;States predicated upon the civil liability provisions of the U.S.&nbsp;federal securities laws or
other laws of the United&nbsp;States. Celestica has been advised that there is doubt as to the enforceability in Canada against Celestica, its directors, controlling persons and officers and the
experts named in this proxy statement/prospectus who are not residents of the United&nbsp;States, in original actions or in actions for enforcements of judgment of U.S.&nbsp;courts, of liabilities
predicated solely upon U.S.&nbsp;federal securities laws. </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
dollar amounts in this proxy statement/prospectus are expressed in United&nbsp;States dollars, except where indicated otherwise. In this proxy statement/prospectus, all references
to "$" are to U.S.&nbsp;dollars. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada
has no system of exchange controls. There are no Canadian restrictions on the repatriation of capital or earnings of a Canadian public company to non-resident
investors. There are no laws of Canada or exchange restrictions affecting the remittance of dividends, interest, royalties or similar payments to non-resident holders of Celestica's
securities, except as described under "</FONT><FONT SIZE=2><I>The Merger&#151;Principal Canadian Federal Income Tax Considerations</I></FONT><FONT SIZE=2>" beginning on page&nbsp;62 of this
proxy statement/prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>ii</FONT></P>

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<A NAME="page_bg2147_1_3"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>This proxy statement/prospectus incorporates important business and financial information about Celestica and MSL from documents that each company has filed with
the Securities and Exchange Commission but that have not been included in or delivered with this proxy statement/prospectus. For a listing of documents incorporated by reference into this proxy
statement/prospectus, please see the section entitled "</B></FONT><FONT SIZE=2><B><I>Where You Can Find More Information</I></B></FONT><FONT SIZE=2><B>" beginning on page&nbsp;109 of this proxy
statement/prospectus.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Celestica will provide you with copies of this information relating to Celestica (excluding all exhibits unless Celestica has specifically incorporated by
reference an exhibit in this proxy statement/prospectus), without charge, upon written or oral request to:</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Celestica&nbsp;Inc.<BR>
1150 Eglinton Avenue East<BR>
Toronto, Ontario M3C&nbsp;1H7<BR>
Canada<BR>
Attention: Investor Relations<BR>
(416)&nbsp;448-2211  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>MSL will provide you with copies of this information relating to MSL (excluding all exhibits unless MSL has specifically incorporated by
reference an exhibit in this proxy statement/prospectus), without charge, upon written or oral request to:</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Manufacturers' Services Limited<BR>
300 Baker Avenue<BR>
Suite&nbsp;106<BR>
Concord, Massachusetts 01742<BR>
Attention: Investor Relations<BR>
(978)&nbsp;371-5495  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>In order to receive timely delivery of the documents, you must make your requests no later
than&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;2003.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>iii</FONT></P>

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<BR>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da2147_cautionary_statement_re__da202415"> </A>
<A NAME="toc_da2147_1"> </A>
<BR></FONT><FONT SIZE=2><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement/prospectus and the documents incorporated by reference into this proxy statement/prospectus contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, as well as assumptions, that, if they never materialize or prove incorrect, could cause the
results of Celestica or MSL to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could
be deemed forward-looking statements, including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
projections of earnings, revenues, synergies, cost savings or other financial items;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
statements of the plans, strategies and objectives of management for future operations, including the execution of integration plans and the anticipated timing of
filings and approvals relating to the merger;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
statements regarding future economic conditions or performance;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
statements of belief; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
statements of assumptions underlying any of the foregoing. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
risks, uncertainties and assumptions referred to above include: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
possibility that the merger may not close or that Celestica or MSL may be required to modify some aspects of the merger in order to obtain regulatory approvals;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
challenges of integration associated with the merger and the challenges of achieving anticipated synergies; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>other
risks that are described in the section entitled "Risk Factors," beginning on page&nbsp;18 of this proxy statement/prospectus, and in the documents that are
incorporated by reference into this proxy statement/prospectus. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any of these risks or uncertainties materialize or any of these assumptions prove incorrect, results of Celestica and MSL could differ materially from the expectations in these
statements. Celestica and MSL are not under any obligation and do not intend to update their respective forward-looking statements. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da2147_questions_and_answers_regarding_the_merger"> </A>
<A NAME="toc_da2147_2"> </A>
<BR></FONT><FONT SIZE=2><B>QUESTIONS AND ANSWERS REGARDING THE MERGER    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following is important information in a question-and-answer format regarding the special meeting and this
proxy statement/prospectus</I></FONT><FONT SIZE=2>. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da2147_general_questions_and_answers"> </A>
<A NAME="toc_da2147_3"> </A>
<BR></FONT><FONT SIZE=3><B>General Questions and Answers  <BR>  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>Why am I receiving this proxy statement/prospectus?
<BR><BR> </B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>Celestica has agreed to acquire MSL under the terms of a merger agreement that is described in this proxy statement/prospectus. Please see the section entitled
"</FONT><FONT SIZE=2><I>The Merger Agreement</I></FONT><FONT SIZE=2>" beginning on page&nbsp;66 of this proxy statement/prospectus. A copy of the merger agreement is attached to this proxy
statement/prospectus as Annex A. </FONT></DD></DL>
<BR>
<UL>

<P><FONT SIZE=2>In
order to complete the merger, MSL stockholders must adopt the merger agreement, and all other conditions to the merger must be satisfied or waived. MSL will hold a special meeting of its
stockholders to obtain this stockholder approval. This proxy statement/prospectus contains important information about the merger agreement, the merger and the special meeting, and you should read it
carefully. The enclosed voting materials for the special meeting allow you to vote your shares of MSL common stock, Series&nbsp;A preferred stock and Series&nbsp;B preferred stock without
attending the special meeting. Stockholders of Celestica are not required to approve the merger, the issuance of Celestica subordinate voting shares in the merger or any matter relating to the </FONT></P>

</UL>
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<A NAME="page_da2147_1_2"> </A>
<UL>

<P><FONT SIZE=2>merger.
Accordingly, Celestica will not hold a special meeting of its stockholders in connection with the merger. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>How does MSL's board of directors recommend that stockholders vote on the merger proposal?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>After careful consideration, MSL's board of directors unanimously determined that the merger is advisable and in the best
interests of MSL and its stockholders and approved the merger agreement and the merger. Accordingly, MSL's board of directors unanimously recommends that you vote "FOR" the proposal to
adopt the merger agreement.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>Why does the MSL board recommend the merger?
<BR><BR> </B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>The MSL board considered many factors in determining to recommend the merger, including:
<BR><BR></FONT>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
strategic advantages they believe are available to larger EMS companies resulting from their larger scale, and that these advantages could be made available to MSL
stockholders through their equity participation in Celestica;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
opportunity for MSL stockholders to attain greater liquidity through their ownership of Celestica subordinate voting shares than they have in their MSL capital stock;
and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
treatment of the merger as a reorganization for tax purposes. </FONT></DD></DL>
</UL>
</DD></DL>
<UL>

<P><FONT SIZE=2>Please
see the sections entitled "</FONT><FONT SIZE=2><I>The Merger&#151;MSL's Reasons for the Merger</I></FONT><FONT SIZE=2>" beginning on page&nbsp;39 of this proxy
statement/prospectus and "&#151;</FONT><FONT SIZE=2><I>Recommendation of the Merger by the MSL Board at Directors</I></FONT><FONT SIZE=2>" beginning on page&nbsp;41 of this proxy
statement/prospectus for the numerous factors considered by the board of directors of MSL in recommending that MSL stockholders vote "FOR" the proposal to adopt the merger agreement. Please see the
section entitled "</FONT><FONT SIZE=2><I>The Merger&#151;Celestica's Reasons for the Merger</I></FONT><FONT SIZE=2>" beginning on page&nbsp;51 of this proxy statement/prospectus for
Celestica's reasons for the&nbsp;merger. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>What will I be entitled to receive in the merger?
<BR><BR> </B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>If the merger agreement is adopted by MSL's stockholders, the other conditions to the merger are satisfied or waived and the merger is completed,
you will be entitled to receive:
<BR><BR></FONT>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>for
each share of MSL common stock you own, 0.375 of a Celestica subordinate voting share, subject to adjustment as described below;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>for
each share of Series&nbsp;A or Series&nbsp;B preferred stock you own, for which you do not seek appraisal rights and do not make a valid stock election, a cash
payment equal to $52.50 plus any accrued and unpaid dividends through the date of the closing of the merger;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>for
each share of Series&nbsp;A preferred stock for which you do not seek appraisal rights and make a valid stock election, a number of Celestica subordinate voting shares
equal to the product of:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>0.375,
subject to adjustment as described below, and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
number of shares of MSL common stock into which a share of Series&nbsp;A preferred stock is convertible immediately prior to the closing of the merger; and
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>for
each share of Series&nbsp;B preferred stock for which you do not seek appraisal rights and make a valid stock election, the sum of:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>an
amount in cash equal to $2.25 or, at the election of MSL (as directed by Celestica), a number of Celestica subordinate voting shares equal to the product of:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>0.375,
subject to adjustment as described below, and </FONT></DD></DL>
</DD></DL>
</DD></DL>
</UL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<UL>
<UL>
<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
number of shares of MSL common stock issuable in satisfaction of the "optional make whole payment" under the provisions of MSL's certificate of
incorporation governing the Series&nbsp;B preferred stock; and
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
number of Celestica subordinate voting shares equal to the product of:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>0.375,
subject to adjustment as described below, and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
number of shares of MSL common stock into which a share of Series&nbsp;B preferred stock is convertible immediately prior to the closing of the merger. </FONT></DD></DL>
</DD></DL>
</UL>
</UL>
</UL>
<BR>
<UL>

<P><FONT SIZE=2>As
we describe in response to the next question, the 0.375 of a Celestica subordinate voting share you will be entitled to receive for each share of MSL common stock will be adjusted to ensure that
the value of the consideration will be not more than $7.25 and not less than $6.00. We refer to the ratio of subordinate voting shares for MSL common stock as the "share exchange ratio". Similarly,
the number of Celestica subordinate voting shares you will be entitled to receive if you make a valid stock election for MSL preferred stock will be determined by the share exchange ratio. </FONT></P>

<P><FONT SIZE=2>You
will not be entitled to receive fractional subordinate voting shares. Instead, you will receive the cash value, without interest, of any fractional subordinate voting shares that you might
otherwise have been entitled to receive. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>What is the "share exchange ratio"? Will the number of Celestica subordinate voting shares I will be entitled to receive in the merger be changed for any
reason?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>Generally, for each share of MSL common stock you own, you will be entitled to receive in the merger 0.375 of a Celestica subordinate
voting share. We refer to the fraction of a Celestica subordinate voting share you will be entitled to receive for one share of MSL common stock as the "share exchange ratio". The number of Celestica
subordinate voting shares you will be entitled to receive for your MSL preferred stock, if you make a valid stock election, will be based on the share exchange ratio for the MSL common stock. </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>The
share exchange ratio will be adjusted if the market price (which we describe below) of a Celestica subordinate voting share just prior to the merger is $19.33 or more or $16.00 or less, to ensure
that the market price of the consideration for one share of MSL common stock will be not more than $7.25 and not less than $6.00. Accordingly, the share exchange ratio will be: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>0.375
of a subordinate voting share, if the Celestica subordinate voting share market price is less than $19.33 and more than $16.00;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>that
fraction of a subordinate voting share with a market price of $7.25, if the Celestica subordinate voting share market price is $19.33 or more; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>that
fraction of a subordinate voting share with a market price of $6.00, if the Celestica subordinate voting share market price is $16.00 or less. </FONT></DD></DL>
</UL>
</UL>
<UL>

<P><FONT SIZE=2>The
"market price" we refer to in describing the determination of the share exchange ratio is not the trading price at a single point in time. Instead, it is the weighted average closing price of the
Celestica subordinate voting shares on The New&nbsp;York Stock Exchange for the 20 consecutive trading days ending on the third business day prior to the day the merger is completed. This market
price is not likely to be the trading price of the subordinate voting shares on the day the merger is completed. </FONT></P>

<P><FONT SIZE=2>Based
on the closing sale price of Celestica subordinate voting shares on The New&nbsp;York Stock Exchange on October&nbsp;14, 2003, the last full trading day in New&nbsp;York prior to the
announcement of the merger, the implied value per share of MSL common stock was $6.63. Based on the closing sale price of Celestica subordinate voting shares on The New&nbsp;York Stock Exchange on
November&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<UL>
<BR>

<P><FONT SIZE=2>,
2003, the last full trading day in New&nbsp;York before printing this proxy statement/prospectus, the implied value per share of MSL common stock was $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>What is a subordinate voting share?
<BR><BR> </B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>A subordinate voting share is a share of common stock of Celestica that has the right to one vote per share. The subordinate voting shares are listed on The
New&nbsp;York Stock Exchange and the Toronto Stock Exchange under the symbol "CLS." Celestica also has multiple voting shares, which are common stock with the right to 25 votes per share. The
multiple voting shares are all held by Onex Corporation and its affiliates and represent approximately 85% of the voting interest in Celestica prior to the completion of the merger.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>What should I do now?
<BR><BR> </B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>Please carefully review this proxy statement/prospectus and, whether or not you plan to attend the special meeting, vote each proxy card and voting instruction
card you receive as soon as possible.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>If I hold MSL Series&nbsp;A or Series&nbsp;B preferred stock, how do I make an election to receive Celestica subordinate voting shares in the
merger?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>If you are a holder of Series&nbsp;A or Series&nbsp;B preferred stock, you may make an election to receive the merger consideration
relating to your MSL preferred stock in Celestica subordinate voting shares rather than in cash, as described above, by completing, signing, dating and returning the stock election form in the
pre-addressed envelope provided with these voting materials. For your election to be considered a "valid stock election", your properly completed and signed stock election form must be
actually received by MSL prior to the completion of the merger. We anticipate that the merger will be completed immediately following the MSL special meeting. For further information on making a valid
stock election, please see the section entitled "</FONT><FONT SIZE=2><I>The Merger Agreement&#151;Stock Elections Relating to MSL Preferred Stock</I></FONT><FONT SIZE=2>" beginning on
page&nbsp;68 of this proxy statement/prospectus.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>Do I need to send in my MSL stock certificate now?
<BR><BR> </B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>No. You should not send in your MSL stock certificates now. Following the merger, a letter of transmittal will be sent to MSL stockholders informing them where
to deliver their MSL stock certificates in order to receive Celestica subordinate voting shares, the cash consideration and any cash in lieu of a fractional Celestica subordinate voting share. You
should not send in your MSL stock certificates before receiving this letter of transmittal.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>What vote is required to adopt the merger agreement?
<BR><BR> </B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>The proposal to adopt the merger agreement requires the affirmative vote of holders of the outstanding shares of MSL common stock, Series&nbsp;A preferred
stock and Series&nbsp;B preferred stock, voting together as a single class, representing a majority of the votes entitled to be cast at the MSL special meeting of stockholders.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>Are there any stockholders already committed to voting in favor of the merger?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>Yes. Some executives of MSL and certain institutional stockholders of MSL have agreed to vote all of their shares of MSL common stock
and Series&nbsp;A preferred stock in favor of adoption of the merger agreement. At the record date, the shares held by these stockholders represented approximately 41.5% of the votes entitled to be
cast on the merger proposal. For more information, please see the section entitled "</FONT><FONT SIZE=2><I>The Stockholder Agreements</I></FONT><FONT SIZE=2>" beginning on page&nbsp;84 of this
proxy statement/prospectus. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>When do you expect to complete the merger?
<BR><BR> </B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>Celestica and MSL are working toward completing the merger as quickly as possible. The merger is expected to close in late 2003 or early 2004. However, because
completion of the merger is subject to governmental and regulatory approvals and other conditions, we cannot predict the exact timing of the merger or whether the merger will occur at all.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>As an MSL stockholder, will I be able to trade the Celestica subordinate voting shares I receive in connection with the merger?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>The Celestica subordinate voting shares issued in connection with the merger will be freely tradable, unless you are an "affiliate" of
MSL, as defined in the Securities Act of 1933, as amended. If you are an affiliate of MSL, you will be required to comply with the applicable restrictions of Rule&nbsp;145 of the Securities Act in
order to resell the Celestica subordinate voting shares you receive in the merger. You will be notified if you are an affiliate of MSL.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>Where will my new subordinate voting shares trade after the merger?
<BR><BR> </B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>The Celestica subordinate voting shares you will receive will be listed on each of The New&nbsp;York Stock Exchange and the Toronto Stock Exchange.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>What has been the dividend policy of MSL and Celestica?
<BR><BR> </B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>To date, MSL has not paid cash dividends on its common stock and Celestica has not paid cash dividends on its subordinate voting shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>What periodic reports can I expect to receive as a Celestica shareholder?
<BR><BR> </B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>After the merger, you will receive the same periodic reports that Celestica currently provides to its shareholders under Canadian law and the
U.S.&nbsp;securities laws. These reports include annual reports (which include audited annual consolidated financial statements prepared in accordance with Canadian GAAP with a reconciliation to
U.S.&nbsp;GAAP), unaudited quarterly consolidated financial statements (unless you notify Celestica of your desire not to receive these reports) and proxy statements and related materials for annual
and special meetings of Celestica shareholders. Celestica also files various other reports with the Securities and Exchange Commission.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>Am I entitled to appraisal rights with respect to my shares of MSL common stock?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>No. Because the MSL common stock is listed on The New&nbsp;York Stock Exchange and the Celestica subordinate voting shares you will
receive in exchange for your MSL common stock will be listed on The New&nbsp;York Stock Exchange, you are not entitled to appraisal rights under Delaware law.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>Am I entitled to appraisal rights with respect to my shares of MSL Series&nbsp;A and Series&nbsp;B preferred stock?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>Yes. Holders of the Series&nbsp;A and Series&nbsp;B preferred stock may exercise appraisal rights in connection with the merger. The
provisions of Delaware law governing appraisal rights are complex, and you should study them carefully if you wish to exercise appraisal rights. A stockholder may take actions that prevent that
stockholder from successfully asserting these rights, and multiple steps must be taken to properly exercise and perfect the rights. A copy of Section&nbsp;262 of the Delaware General Corporation Law
is attached to this proxy statement/prospectus as Annex E. Please see the section entitled "</FONT><FONT SIZE=2><I>Appraisal Rights for MSL Preferred Stock</I></FONT><FONT SIZE=2>" beginning on
page&nbsp;105 of this proxy statement/prospectus for information regarding the actions that you must take in order to exercise appraisal rights. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>What will happen to MSL's outstanding stock options and warrants in the merger?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>MSL's outstanding stock options and warrants will be assumed by Celestica in the merger. Each stock option and warrant
will thereafter represent a stock option or warrant to purchase a number of Celestica subordinate voting shares equal to the number of shares of MSL common stock subject to the stock option or warrant
immediately prior to the merger (whether or not vested) multiplied by 0.375 or, if applicable, the adjusted share exchange ratio, rounded up or down to the nearest whole share. </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>The
exercise price per Celestica subordinate voting shares of the assumed stock option and warrant will be adjusted to an amount determined by dividing the exercise price per share of MSL common stock
subject to the stock option or warrant immediately prior to the merger by 0.375 or, if applicable, the adjusted share exchange ratio, rounded up or down to the nearest whole cent. Other than with
respect to the number of shares subject to the stock option and the exercise price, each of which will be subject to adjustment as described above, the assumed stock options and warrants will continue
to have the same terms and conditions as they had prior to their assumption, except that substantially all employee and director stock options will vest as a result of the merger. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>How will the merger affect my participation in the MSL employee stock purchase plan?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>MSL will terminate the MSL employee stock purchase plan before the merger is completed, and any purchase period then in effect will be
shortened. MSL will make adjustments under the MSL employee stock purchase plan to reflect the shortened purchase period. Each outstanding share of MSL common stock purchased during the shortened
offering period will be converted into the right to receive 0.375 of a Celestica subordinate voting share or, if applicable, the adjusted share exchange ratio.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>What are the tax consequences of the merger to me?
<BR><BR> </B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>We intend that the merger qualify as a reorganization within the meaning of section&nbsp;368(a) of the U.S.&nbsp;Internal Revenue Code. If the merger
qualifies as a reorganization and you receive solely Celestica subordinate voting shares as merger consideration, you generally will not recognize taxable gain or loss in the merger (other than gain
with respect to cash you receive in lieu of a fractional share, which will be subject to tax). If you receive solely cash as merger consideration, you will recognize taxable gain or loss equal to the
difference between the amount of cash you receive and your tax basis in the shares of MSL preferred stock you surrender. If you receive both Celestica subordinate voting shares and cash (other than
cash received in lieu of a fractional share) as merger consideration, the tax consequences of the merger may differ depending on your individual circumstances, as described in more detail in </FONT> <FONT SIZE=2><I>"The
Merger&nbsp;&#151;&nbsp;Material United&nbsp;States Federal Income Tax Consequences"</I></FONT><FONT SIZE=2> beginning on page&nbsp;57 of this
proxy statement/prospectus. The merger agreement does not require MSL or Celestica to obtain a ruling from the IRS as to the tax consequences of the merger. In connection with the merger agreement,
each of MSL and Celestica will receive an opinion from its legal counsel that, based on certain assumptions and certifications, the merger will constitute a reorganization for U.S.&nbsp;federal
income tax purposes. For more information, please see "</FONT><FONT SIZE=2><I>The Merger&#151;Material United&nbsp;States Federal Income Tax Consequences</I></FONT><FONT SIZE=2>" beginning
on page&nbsp;57 of this proxy statement/prospectus.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>Are there any risks related to the proposed transaction or any risks related to owning Celestica subordinate voting shares?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>Yes. You should carefully review the section entitled "Risk Factors" beginning on page&nbsp;18 of this proxy statement/prospectus. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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NAME="da2147_questions_and_answers_about_the_msl_special_meeting"> </A>
<A NAME="toc_da2147_4"> </A>
<BR></FONT><FONT SIZE=3><B>Questions and Answers About the MSL Special Meeting  <BR>  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>When and where will the MSL special meeting of stockholders be held?
<BR><BR> </B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>The special meeting will take place on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003, at the offices of Hale and Dorr&nbsp;LLP,
60&nbsp;State&nbsp;Street, Boston, Massachusetts
02109, commencing at 10:00&nbsp;a.m., local time.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>How can I vote?
<BR><BR> </B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>If you are a stockholder of record, you may submit a proxy for the special meeting by completing, signing, dating and returning the proxy card in the
pre-addressed envelope provided. </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>If
you hold your shares of MSL common stock in a stock brokerage account or if your shares are held by a bank or nominee (</FONT><FONT SIZE=2><I>i.e.</I></FONT><FONT SIZE=2>, in "street name"), you
must provide the record holder of your shares with instructions on how to vote your shares. Please check the voting instruction card included by your broker or nominee for directions on providing
instructions to vote your shares. </FONT></P>

<P><FONT SIZE=2>If
you are a stockholder of record, you may also vote at the special meeting. If you hold shares in street name, you may not vote in person at the special meeting unless you obtain a signed proxy from
the record holder giving you the right to vote the shares. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>How will my proxy be exercised with respect to the proposal regarding the merger?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>All valid proxies received before the meeting will be exercised. All shares represented by a proxy will be voted, and where a
stockholder specifies by means of his or her proxy a choice with respect to the merger proposal, the shares will be voted in accordance with the specification so made.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>Will any other business be conducted at the special meeting?
<BR><BR> </B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>No business will be considered at the special meeting other than the merger proposal described in this proxy statement/prospectus.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>What happens if I do not indicate how to vote on my proxy card?
<BR><BR> </B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>If you sign and send in your proxy card and do not indicate how you want to vote, your proxy will be counted as a vote "FOR" adoption of the merger agreement.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>What happens if I do not return a proxy card or vote?
<BR><BR> </B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>If you do not sign and send in your proxy card or vote at the special meeting, or if you mark the "ABSTAIN" box on the proxy card, it will have the same effect
as a vote against the adoption of the merger agreement.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>If my shares are held in "street name" by my broker, will my broker vote my shares for me?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>Your broker will vote your shares only if you provide instructions on how to vote. Therefore, you should be sure to provide your broker
with instructions on how to vote your shares. Without instructions, your shares will not be voted, which will have the effect of a vote against the adoption of the merger agreement.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>What should I do if I receive more than one set of voting materials?
<BR><BR> </B></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>Please complete, sign, date and return each proxy card and voting instruction card you receive. You may receive more than one set of voting materials, including
multiple copies of this proxy statement/prospectus and multiple proxy cards or voting instruction cards. For example, if you hold shares in more than one brokerage account, you will receive a separate
voting instruction card for each brokerage account in which you hold shares. If your shares are held in more than one name, you will receive more than one proxy or voting instruction card.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>May I change my vote after I have mailed my signed proxy or voting instruction card?</B></FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>Yes. If you have completed a proxy, you may change your vote at any time before your proxy is voted at the MSL special meeting of
stockholders. You can do this one of three ways:
<BR><BR></FONT>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>First,
you can send a written, dated notice to the Secretary of MSL stating that you would like to revoke your proxy;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Second,
you can complete, date and submit a new, later-dated proxy card; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Third,
you can attend the special meeting and vote in person. Your attendance alone will not revoke your proxy. </FONT></DD></DL>
</UL>
</DD></DL>
<UL>

<P><FONT SIZE=2>If
you have instructed a broker or bank to vote your shares of MSL capital stock by executing a voting instruction card, you must follow the directions received from your broker or bank to change your
instructions. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>Q:</B></FONT></DT><DD><FONT SIZE=2><B>Who can answer my questions about the merger or MSL's special meeting of stockholders?</B></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><B>A:</B></FONT></DT><DD><FONT SIZE=2>If you would like additional copies of this proxy statement/prospectus without charge or if you have questions about the merger or
MSL's special meeting of stockholders, including the procedures for voting your shares, you should contact: </FONT></DD></DL>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2>Manufacturers' Services Limited<BR>
300 Baker Avenue<BR>
Suite&nbsp;106<BR>
Concord, Massachusetts 01742<BR>
Attention: Investor Relations<BR>
(978)&nbsp;371-5495 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_dc2147_1"> </A>
<BR></FONT><FONT SIZE=2><B>SUMMARY    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>This summary highlights selected information found in greater detail elsewhere in this proxy statement/ prospectus. This summary does not
contain all of the information that is important to you. To understand the merger fully and for a more complete description of the legal terms of the merger, we urge you to carefully read the entire
proxy statement/prospectus (including the annexes) and the documents to which we have referred you before you decide how to vote and, if you hold MSL preferred stock, whether to elect to receive
Celestica subordinate voting shares rather than cash in the merger. For instructions on how to obtain additional information regarding Celestica and MSL, please see the section entitled "Where You Can
Find More Information" beginning on page&nbsp;109 of this proxy statement/prospectus.</I></FONT></P>

<P><FONT SIZE=2><B>The Companies  </B></FONT></P>

<P><FONT SIZE=2><B>Manufacturers' Services Limited</B></FONT><FONT SIZE=2><BR>
300 Baker Avenue<BR>
Suite&nbsp;106<BR>
Concord, Massachusetts 01742<BR>
(978)&nbsp;287-5630 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manufacturers'
Services Limited, or MSL, is a leading global provider of advanced electronics manufacturing services, or EMS, to original equipment manufacturers, or OEMs.&nbsp;MSL has
developed relationships with leading OEMs&nbsp;in a diverse range of industries, including industrial equipment, commercial avionics, retail infrastructure, medical products, voice and data
communications, network storage, office equipment, computers, computer peripherals and consumer electronics. MSL provides OEMs&nbsp;with a range of integrated supply chain solutions designed to
address all states of its customers' product life cycle, including engineering and design, new product introduction, global supply chain management, printed circuit board assembly, high speed
automated manufacturing, final product assembly including configure-to-order and build-to-order, integration and testing of complex systems, fulfillment
and distribution, and after market services. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL
was incorporated on December&nbsp;1, 1994 under the Delaware General Corporation Law</FONT><FONT SIZE=2><I>.</I></FONT></P>

<P><FONT SIZE=2><B>Celestica&nbsp;Inc.</B></FONT><FONT SIZE=2><BR>
1150 Eglinton Avenue East<BR>
Toronto, Ontario M3C IH7<BR>
Canada<BR>
(416)&nbsp;448-5800 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica&nbsp;Inc.,
or Celestica, is a world leader in the delivery of innovative electronics manufacturing services. Celestica operates a highly sophisticated global manufacturing
network with operations in Asia, Europe and the Americas, providing a broad range of services to leading original equipment manufacturers. A recognized leader in quality, technology and supply chain
management, Celestica provides a competitive advantage to its customers by improving their time-to-market, scalability and manufacturing efficiency. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica
was incorporated on September&nbsp;27, 1996 under the Business Corporations Act (Ontario). </FONT></P>

<P><FONT SIZE=2><B>MSL Acquisition Sub&nbsp;Inc.</B></FONT><FONT SIZE=2><BR>
1150 Eglinton Avenue East<BR>
Toronto, Ontario M3C&nbsp;1H7<BR>
Canada<BR>
(416)&nbsp;448-5800 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL
Acquisition Sub&nbsp;Inc., or Merger Sub, was incorporated on October&nbsp;14, 2003, under the Delaware General Corporation Law, for the purpose of effecting the merger. Merger
Sub is a wholly-owned subsidiary of Celestica. </FONT></P>


<P><FONT SIZE=2><B>The Merger  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more information on the terms of the merger, please see "</FONT><FONT SIZE=2><I>The Merger Agreement</I></FONT><FONT SIZE=2>" beginning on page&nbsp;66 of
this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>The Agreement and Plan of Merger, dated as of October&nbsp;14, 2003, among Celestica, Merger Sub and MSL is attached as Annex A to this proxy
statement/prospectus. We encourage you to read the merger agreement. It is the legal document governing the merger</I></FONT><FONT SIZE=2>. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the merger, MSL will be merged into Merger Sub, with Merger Sub surviving as a wholly-owned subsidiary of Celestica. Holders of MSL common stock will receive Celestica
subordinate voting shares. Holders of Series&nbsp;A and Series&nbsp;B preferred stock will receive cash or, at their election, Celestica subordinate voting shares and, in certain circumstances,
cash. </FONT></P>

<P><FONT SIZE=2><B>Reasons for the Merger  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of MSL, or the MSL board, believes the merger may result in a number of benefits to MSL's stockholders, including, among
other benefits: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
combined company will have broader geographic reach and will be more diversified and better positioned to capitalize on market opportunities resulting from its greater
scale, and MSL stockholders will have the opportunity to participate in the potential for growth of the combined company after the merger through their ownership of Celestica subordinate voting
shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL
stockholders will have the opportunity to attain greater stockholder liquidity through ownership of Celestica subordinate voting shares than they have in their
MSL&nbsp;capital stock.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
merger will be treated as a reorganization for tax purposes. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
review the background and reasons for the merger in greater detail, as well as the risks of the merger, please see "</FONT><FONT SIZE=2><I>The Merger&#151;Background of the
Merger</I></FONT><FONT SIZE=2>" beginning on page&nbsp;35 of this proxy statement/prospectus, "</FONT><FONT SIZE=2><I>&#151;MSL's Reasons for the
Merger</I></FONT><FONT SIZE=2>" beginning on page&nbsp;39 of&nbsp;this proxy statement/prospectus,<BR>
"</FONT><FONT SIZE=2><I>&#151;Recommendation of the Merger by the MSL Board of Directors</I></FONT><FONT SIZE=2>" beginning on page&nbsp;41 of this proxy statement/prospectus,
"</FONT><FONT SIZE=2><I>&#151;Celestica's Reasons for the Merger</I></FONT><FONT SIZE=2>" beginning on
page&nbsp;51 of this proxy statement/prospectus and "</FONT><FONT SIZE=2><I>Risk Factors&#151;Risks Related to the Merger</I></FONT><FONT SIZE=2>" beginning on page&nbsp;18 of this proxy
statement/prospectus. </FONT></P>

<P><FONT SIZE=2><B>MSL Special Meeting  </B></FONT></P>

<P><FONT SIZE=2><B><I>Date, Time and Place of MSL Special Meeting  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The MSL special meeting of stockholders will be held at the offices of Hale and Dorr&nbsp;LLP, 60&nbsp;State Street, Boston, Massachusetts 02109, on
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003 at 10:00&nbsp;a.m. local time. </FONT></P>

<P><FONT SIZE=2><B><I>Purpose  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the MSL special meeting is to adopt the merger agreement. MSL stockholders may also consider and vote upon such other matters as may be properly
brought before the MSL special meeting or any adjournments thereof. </FONT></P>


<P><FONT SIZE=2><B><I>Record Date and Outstanding Shares  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only stockholders of record of MSL common stock, MSL Series&nbsp;A preferred stock and MSL Series&nbsp;B preferred stock as of the close of business on
November&nbsp;&nbsp;&nbsp;&nbsp;, 2003, the record date, are entitled to notice of, and to vote at, the MSL special meeting. As of the record date, there were approximately&nbsp;&nbsp;&nbsp;&nbsp;holders of record
holding an aggregate of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of MSL common stock,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;holders of record holding an aggregate of 830,000 shares of Series&nbsp;A preferred stock
and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
holders of record holding an aggregate of 500,000 shares of Series&nbsp;B preferred stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
or about&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003, this proxy statement/prospectus, which includes a notice meeting the requirements of
Delaware law, is being mailed to all MSL stockholders of record as
of the record date. </FONT></P>

<P><FONT SIZE=2><B><I>Vote Required  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to adopt the merger agreement, the holders of shares of MSL common stock, Series&nbsp;A preferred stock and MSL Series&nbsp;B preferred stock, voting
together as a single class, representing a majority of the votes entitled to be cast at the MSL special meeting, must be present in person or represented by proxy and vote "FOR" the adoption of the
merger agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

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<P><FONT SIZE=2><B><I>Share Ownership of Management and Certain Holders  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the record date, the directors and executive officers of MSL, as a group, held together with their affiliates approximately 41.5% of the outstanding MSL
common stock, on an as-converted basis and approximately 41.5% of the votes entitled to be cast on the merger proposal. See "&#151;Stockholder Agreements", below. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
"&#151;Ownership of Celestica Following the Merger", below, for information on Celestica shares owned by its directors, executive officers and their affiliates. </FONT></P>

<P><FONT SIZE=2><B><I>Recommendation of MSL Board of Directors  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>The MSL board has unanimously approved the merger agreement and the transactions contemplated thereby and has determined that the merger
is advisable and in the best interests of MSL and its stockholders. After careful consideration, the MSL board unanimously recommends a vote "FOR" the adoption of the merger
agreement.</B></FONT></P>

<P><FONT SIZE=2><B><I>Voting and Solicitation  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the MSL special meeting, each stockholder is entitled to one vote for each share of common stock, and a number of votes for the holder's shares of
Series&nbsp;A preferred stock and Series&nbsp;B preferred stock equal to the number of shares of common stock into which the preferred stock is convertible. The holders of a majority of the shares
of MSL common stock and preferred stock, on an as-converted basis, issued and outstanding and entitled to vote, whether present in person or represented by proxy, will constitute a quorum
for the transaction of business at the MSL special meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
that are voted "FOR," "AGAINST" or "ABSTAIN" with respect to a matter are treated as being present at the MSL special meeting for purposes of establishing a quorum. For purposes
of obtaining the required vote of a majority of the votes entitled to be cast to adopt the merger agreement, the effect of an abstention or a broker non-vote is the same as a vote against
the proposal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
valid proxies received prior to the MSL special meeting will be voted. All shares represented by a proxy will be voted, and where a stockholder specifies by means of the proxy a
choice ("FOR," "AGAINST" or "ABSTAIN") with respect to the proposal to adopt the merger agreement, the shares will be voted in accordance with the specification so made. </FONT><FONT SIZE=2><B>If no
choice is indicated on the proxy, the shares will be voted "FOR" the adoption of the merger agreement (other than instances of broker non-votes</B></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><B>which will not be voted).</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
cost of this solicitation will be borne by MSL. In addition, MSL may reimburse brokerage firms, banks and other fiduciaries representing owners of MSL capital stock for expenses
incurred in forwarding solicitation material to the beneficial owners. Proxies also may be solicited by certain of MSL's directors, officers and regular employees, personally or by
telephone or telecopier. These persons will not receive additional compensation, but may be reimbursed for reasonable out-of-pocket expenses. </FONT></P>

<P><FONT SIZE=2><B>Stockholder Agreements  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date of the merger agreement, certain affiliated stockholders of MSL owned 16,353,979&nbsp;outstanding shares of MSL common and 300,000 shares of
Series&nbsp;A preferred stock (which are convertible into approximately 2,331,000 shares of MSL common stock), representing approximately 41.4% of the votes entitled to be cast on the merger
proposal. These MSL stockholders, referred to together as the institutional stockholders, have agreed with Celestica and Merger Sub that they will vote their shares of MSL common stock and
Series&nbsp;A preferred stock, together with any shares of MSL common stock or preferred stock they may subsequently acquire, in favor of adoption of the merger agreement. In addition, the
institutional stockholders have agreed to vote against any proposal that would result in a breach by MSL of the merger agreement or any other action or </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

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<P><FONT SIZE=2>agreement
that would be reasonably likely to impede, interfere with or delay the merger. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, some executives of MSL who own, in the aggregate, 18,478 shares of MSL common stock, have each agreed that they will vote their shares of MSL common stock, together with any
shares of MSL common stock they may subsequently acquire, in favor of adoption of the merger agreement. These management stockholders have also agreed to vote against any proposal that would result in
a
breach by MSL of the merger agreement and any other action or agreement that would be reasonably likely to impede, interfere with or delay the merger. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
institutional stockholders and the management stockholders have granted proxies to Celestica to vote all of their shares of MSL capital stock with respect to these matters. The
proxies cannot be revoked. At October&nbsp;14, 2003, these proxies represented approximately 41.5% of the votes entitled to be cast on the merger proposal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
institutional stockholders have each also granted to Celestica an option to purchase a portion of their shares of MSL common stock, totaling 13,525,328 shares of MSL common stock, at
an exercise price of $6.5992, payable in cash, for each share of MSL common stock. The options are exercisable by Celestica only if the merger agreement is terminated because the MSL board has
authorized another acquisition proposal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
agreements, referred to collectively as the stockholder agreements, which include the related irrevocable proxies and options, are included as Annexes B-l and
B-2 to this proxy statement/ prospectus. For more information on the stockholder agreements, please see "</FONT><FONT SIZE=2><I>The Stockholder Agreements</I></FONT><FONT SIZE=2>"
beginning on page&nbsp;84 of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2><B>Opinions of MSL's Financial Advisors  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the merger, Credit Suisse First Boston&nbsp;LLC and Sonenshine Pastor&nbsp;Advisors&nbsp;LLC delivered written opinions to the MSL board
as to the fairness, from a financial point of view, to the holders of MSL common stock (other than, in the case of Credit Suisse First Boston's opinion, private equity funds affiliated with Credit
Suisse First Boston and those holders of MSL common stock who have entered into stockholder agreements in connection with the merger and their respective affiliates) of the share exchange ratio
provided for in the merger. The full text of the written opinions of Credit Suisse First Boston and Sonenshine Pastor, each dated October&nbsp;14, 2003, are attached to this proxy
statement/prospectus as Annex C and Annex D, respectively. We encourage you to read these opinions carefully in their entirety for a description of the procedures followed, assumptions made, matters
considered and limitations on the review undertaken. </FONT><FONT SIZE=2><B>Each of the written opinions of Credit Suisse First Boston and Sonenshine Pastor was provided to the MSL board in
connection with its evaluation of the share exchange ratio, does not address any other aspect of the merger and does not constitute a recommendation to any stockholder as to any matters relating to
the merger.</B></FONT><FONT SIZE=2> For more information, please see "</FONT><FONT SIZE=2><I>The Merger&#151;Opinions of MSL's Financial Advisors</I></FONT><FONT SIZE=2>"
beginning on page&nbsp;41 of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2><B>Interests of Certain Persons in the Merger  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL stockholders should note that certain members of MSL management and the MSL board have interests in the merger as employees and/or directors that may be
different from, or in addition to, your interests as a stockholder. If Celestica and MSL complete the merger, Celestica will continue certain indemnification arrangements for persons serving as
directors and officers of MSL at the time of the merger. Celestica will also maintain a policy of directors' and officers' liability insurance for the benefit of those persons for six years after the
merger. Celestica has had discussions with several of MSL's executive officers concerning their employment opportunities with Celestica after the merger. For more information, please
see "</FONT><FONT SIZE=2><I>The Merger&#151;Interests of MSL's Directors and Executive Officers in the Merger</I></FONT><FONT SIZE=2>" beginning on page&nbsp;52 of this proxy
statement/prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

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<P><FONT SIZE=2><B>When the Merger Will Occur  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless Celestica and MSL otherwise agree, the merger will take place no later than the fifth business day after all of the conditions to closing contained in the
merger agreement have been satisfied or waived. Assuming that both companies satisfy or waive all of the conditions in the merger agreement, we anticipate that the merger will occur in late 2003 or
early 2004. For more information on regulatory matters and conditions to the merger, please see "</FONT><FONT SIZE=2><I>The Merger Agreement&#151;Conditions to the
Merger</I></FONT><FONT SIZE=2>" beginning on page&nbsp;78 of this proxy statement/prospectus. We sometimes refer to the time when the merger is completed as the "effective time" of the merger. </FONT></P>

<P><FONT SIZE=2><B>What MSL Stockholders Will Receive in the Merger  </B></FONT></P>

<P><FONT SIZE=2><B><I>MSL Common Stock  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If MSL stockholders adopt the merger agreement, holders of MSL common stock will be entitled to receive 0.375 of a Celestica subordinate voting share for each
share of MSL common stock, subject to adjustment. We refer to the fraction of a Celestica subordinate voting share to be issued for each share of MSL common stock as the "share exchange ratio". If the
market price for Celestica subordinate voting shares, determined as we describe below, is $19.33 or more, the share exchange ratio will be adjusted so that each share of MSL common stock is exchanged
for that fraction of a Celestica subordinate voting shares with a market price equal to $7.25. If the market price of a Celestica
subordinate voting share is $16.00 or less, the share exchange ratio will be adjusted so that each share of MSL common stock is exchanged for that fraction of a Celestica subordinate voting shares
with a market price equal to $6.00. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
"market price" we refer to in describing the determination of the share exchange ratio is not the trading price at a single point in time. Instead, it is the weighted average closing
price of Celestica subordinate voting shares on The New&nbsp;York Stock Exchange for the 20 consecutive trading days ending on the third business day prior to the day on which the effective time of
the merger occurs. This market price is not likely to be the trading price of Celestica subordinate voting shares on the day the merger is completed. For more information, please see
"</FONT><FONT SIZE=2><I>Risk Factors&#151;Risks Related to the Merger</I></FONT><FONT SIZE=2>" beginning on page&nbsp;18 of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2><B><I>Preferred Stock  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the MSL stockholders adopt the merger agreement, each holder of Series&nbsp;A preferred stock and Series&nbsp;B preferred stock will have the choice of
receiving for each share of preferred stock: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>$52.50
in cash, plus dividends accrued and unpaid to the effective time, or </FONT></DD></DL>
</UL>
<UL>

<P><FONT SIZE=2><I>for Series&nbsp;A preferred</I></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
number of Celestica subordinate voting shares (which may be less than one) equal to (i)&nbsp;7.77 times (ii)&nbsp;the share exchange ratio, and </FONT></DD></DL>

<P><FONT SIZE=2><I>for Series&nbsp;B preferred</I></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
number of Celestica subordinate voting shares (which may be less than one) equal to (i)&nbsp;8.4745 times (ii)&nbsp;the share exchange ratio, </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><I>plus</I></FONT><FONT SIZE=2>, in the case of Series&nbsp;B preferred stock for which the holder elects to receive Celestica subordinate voting shares, a payment of $2.25 per
share in cash or, at the election of MSL (as directed by Celestica), a number of Celestica subordinate voting shares issuable in satisfaction of the "optional make whole payment" under the provisions
of MSL's certificate of incorporation governing the Series&nbsp;B
preferred stock. For further information, please see "</FONT><FONT SIZE=2><I>The Merger Agreement&#151;Conversion of MSL Common Stock and Series&nbsp;A and Series&nbsp;B Preferred Stock in
the Merger</I></FONT><FONT SIZE=2>" beginning on page&nbsp;66 of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2><B><I>MSL Stock Options and Warrants  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each stock option or warrant to purchase MSL common stock will convert into a stock option or warrant to purchase 0.375 (or, if adjusted, the share exchange
ratio) of a Celestica subordinate voting share for each share subject </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

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<P><FONT SIZE=2>to
the stock option or warrant, at an adjusted exercise price. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms and conditions that will apply to the new options and warrants will be substantially the same as the terms and conditions that apply to the existing options and warrants. For
more information on conversion of the MSL options and warrants, please see "</FONT><FONT SIZE=2><I>The Merger Agreement&#151;Treatment of MSL Stock Options and
Warrants</I></FONT><FONT SIZE=2>" beginning on page&nbsp;75 of this proxy statement/prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>*
* * </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consideration payable with respect to MSL&nbsp;capital stock in the merger, whether in Celestica subordinate voting shares or cash, is collectively referred to in this document as
the merger consideration. </FONT></P>


<P><FONT SIZE=2><B><I>Stock Elections Relating to MSL Preferred Stock  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To make a valid election to receive the merger consideration in connection with your shares of Series&nbsp;A or Series&nbsp;B preferred stock in Celestica
subordinate voting shares rather than in cash, you must complete and return the stock election form provided with this proxy statement/prospectus prior to the completion of the merger. We anticipate
that the merger will be completed immediately following the MSL special meeting. For further information on making a valid stock election, please see the section entitled "</FONT><FONT SIZE=2><I>The
Merger Agreement&#151;Stock Elections Relating to MSL Preferred Stock</I></FONT><FONT SIZE=2>" beginning on page&nbsp;68 of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2><B><I>Exchange of Stock Certificates  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should not surrender your MSL stock certificates until after the merger and until you receive a letter of transmittal. For information on exchanging your
stock certificates, please see the section entitled "</FONT><FONT SIZE=2><I>The Merger Agreement&#151;Exchange of Stock Certificates</I></FONT><FONT SIZE=2>" beginning on page&nbsp;68 of
this proxy statement/prospectus. </FONT></P>


<P><FONT SIZE=2><B>Material United&nbsp;States Federal Income Tax Consequences  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend that the merger qualify as a reorganization within the meaning of section&nbsp;368(a) of the U.S.&nbsp;Internal Revenue Code. If the merger
qualifies as a reorganization and you receive solely Celestica subordinate voting shares as merger consideration, you generally will not recognize taxable gain or loss in the merger (other than gain
with respect to cash received in lieu of a fractional share, which will be subject to tax). If you receive solely cash as merger consideration, you will recognize taxable gain or loss equal to the
difference between the amount of cash you receive and your tax basis in the shares of MSL preferred stock you surrender. If you receive both Celestica subordinate voting shares and cash (other than
cash received in lieu of a fractional share) as merger consideration, the tax consequences of the merger may differ depending on your individual circumstances, as described in more detail in </FONT> <FONT SIZE=2><I>"The
Merger&nbsp;&#151;&nbsp;Material United&nbsp;States Federal Income Tax Consequences"</I></FONT><FONT SIZE=2> beginning on page&nbsp;57 of this
proxy statement/prospectus. The merger agreement does not require MSL or Celestica to obtain a ruling from the IRS as to the tax consequences of the merger. In connection with the merger agreement,
each of MSL and Celestica will receive an opinion from its legal counsel that, based on certain assumptions and certifications, the merger will constitute a reorganization for U.S.&nbsp;federal
income tax purposes. For more information, please see </FONT><FONT SIZE=2><I>"The Merger&#151;Material United&nbsp;States Federal Income Tax Consequences"</I></FONT><FONT SIZE=2> beginning
on page&nbsp;57 of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The summary of tax consequences provided in this proxy statement/prospectus describes only material United&nbsp;States federal income tax consequences of the
merger. Tax matters are very complicated. The tax consequences of the merger to you will depend on the facts of your own situation. We urge you to consult your own tax advisor as to the specific tax
consequences of the merger, including the applicable federal, state, local and foreign taxes.</B></FONT></P>

<P><FONT SIZE=2><B>Appraisal Rights  </B></FONT></P>

<P><FONT SIZE=2><I>Common Stock  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the merger, a holder of MSL common stock is not entitled to appraisal </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

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<P><FONT SIZE=2>rights
under Delaware law. Please see "</FONT><FONT SIZE=2><I>The Merger&#151;Appraisal Rights for MSL&nbsp;Series&nbsp;A and Series&nbsp;B Preferred Stock; No Appraisal Rights for
MSL&nbsp;Common Stock</I></FONT><FONT SIZE=2>" beginning on page&nbsp;65 and "</FONT><FONT SIZE=2><I>Comparison of Celestica and MSL Stockholders' Rights&#151;Appraisal and Dissent
Rights&#151;MSL</I></FONT><FONT SIZE=2>" beginning on page&nbsp;87 of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2><I>Preferred Stock  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the merger, a holder of Series&nbsp;A or Series&nbsp;B preferred stock is entitled to appraisal rights under Delaware law. Please see
"</FONT><FONT SIZE=2><I>The Merger&#151;Appraisal Rights for MSL&nbsp;Series&nbsp;A and Series&nbsp;B Preferred Stock; No Appraisal Rights for MSL&nbsp;Common
Stock</I></FONT><FONT SIZE=2>", beginning on page&nbsp;65 "</FONT><FONT SIZE=2><I>Comparison of Celestica and MSL Stockholders' Rights&#151;Appraisal and Dissent
Rights&#151;MSL</I></FONT><FONT SIZE=2>" beginning on page&nbsp;87 and "</FONT><FONT SIZE=2><I>Appraisal Rights for MSL Preferred Stock</I></FONT><FONT SIZE=2>" beginning on page&nbsp;65
of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2><B>Conditions to the Merger  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica will complete the merger only if a number of conditions are either satisfied or waived by Celestica, some of which include: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL
performs certain covenants and obligations contained in the merger agreement in all material respects;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
MSL stockholders adopt the merger agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>there
is no material adverse change with respect to MSL;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>there
are no laws, restraining orders, injunctions or other orders preventing the completion of the merger;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>there
are no proceedings by a governmental body challenging the merger or that would materially and adversely affect Celestica's ownership and control of
MSL's operations; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL
does not receive any notice from which it can reasonably conclude that it is reasonably likely that MSL will not achieve certain sales or profit margin targets in fiscal
year&nbsp;2004. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL
will complete the merger only if a number of conditions are satisfied or waived by MSL, some of which include: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica
performs certain covenants and obligations contained in the merger agreement in all material respects;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
Celestica subordinate voting shares to be issued in the merger are approved for listing on The New&nbsp;York Stock Exchange;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>there
are no laws, restraining orders, injunctions or other orders preventing the completion of the merger; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>there
are no proceedings by a governmental body seeking a remedy against an MSL officer or director and relating to the merger. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
more information on the conditions to the Merger, please see "</FONT><FONT SIZE=2><I>The Merger Agreement&#151;Conditions to the Merger</I></FONT><FONT SIZE=2>" beginning on
page&nbsp;78 of this proxy statement/prospectus. </FONT></P>


<P><FONT SIZE=2><B>Affiliate Agreements  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL has agreed to use its reasonable efforts to cause certain persons who might be considered affiliates of MSL under applicable securities laws to enter into
affiliate agreements. These agreements restrict such persons' ability to dispose of Celestica subordinate voting shares they may receive in the merger. The purpose of these agreements is to comply
with the requirements of certain U.S.&nbsp;federal securities laws. A form of these affiliate agreements is included as Exhibit&nbsp;D to&nbsp;the merger agreement. For more information on these
agreements, please see "</FONT><FONT SIZE=2><I>The Merger&#151;Restrictions on Sale of Celestica Subordinate Voting Shares Received in the Merger;</I></FONT><FONT SIZE=2>" beginning on
page&nbsp;65 of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2><B>Accounting Treatment  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger will be accounted for as a purchase. For more information, please see "</FONT><FONT SIZE=2><I>The Merger&#151;Accounting Treatment of the
Merger</I></FONT><FONT SIZE=2>" beginning on page&nbsp;63 of this proxy statement/prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

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<P><FONT SIZE=2><B>Regulatory Approvals  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger must comply with the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, or the HSR Act. We have made the notifications
required under the HSR Act and have furnished certain information to the Federal Trade Commission and the Antitrust Division of the Department of Justice, </FONT> <FONT SIZE=2><B>[</B></FONT><FONT SIZE=2>and the waiting period under the HSR Act has
been terminated</FONT><FONT SIZE=2><B>]</B></FONT><FONT SIZE=2>. The merger must
also comply with federal and state securities laws and applicable foreign antitrust laws, including the laws of the European Union, Brazil, the Czech Republic and Mexico. </FONT></P>

<P><FONT SIZE=2><B>Termination of the Merger Agreement  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Either Celestica or MSL may terminate the merger agreement at any time prior to the effective time, whether before or after MSL obtains the requisite stockholder
approval, if: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica
and MSL mutually consent;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>we
do not complete the merger by May&nbsp;31, 2004;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
governmental entity issues an order, decree or ruling or takes any other action which permanently prevents us from completing the merger;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL
stockholders do not adopt the merger agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
MSL board approves another acquisition proposal; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
other party's representations and warranties are inaccurate or it has breached a covenant, and the closing conditions cannot be met. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica
may terminate the merger agreement at any time prior to the effective time, whether before or after MSL stockholders approve the merger, if the MSL board withdraws or adversely
modifies its recommendation to the MSL stockholders regarding the merger agreement. </FONT></P>

<P><FONT SIZE=2><B>Expenses and Termination Fee  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL and Celestica will each pay their own fees and expenses in connection with the merger, whether or not the merger is completed, except that MSL and Celestica
will share equally fees and expenses in connection with the filing and printing of this proxy statement/prospectus and the filing of pre-merger notifications under the HSR Act and
applicable foreign antitrust laws. MSL has agreed to reimburse Celestica for its expenses in connection with the merger, up to a maximum of $2.0&nbsp;million, if the merger agreement is terminated
because: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>we
do not complete the merger by May&nbsp;31, 2004;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL
stockholders do not approve the merger; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>at
or prior to the termination, another acquisition proposal has been publicly announced and not withdrawn. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, MSL has agreed to pay to Celestica a termination fee of $10.0&nbsp;million (less expenses previously reimbursed) if: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica
terminates the merger agreement because the MSL board withdraws or adversely modifies its recommendation to the MSL stockholders regarding the merger agreement; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL
terminates the merger agreement because the MSL board has approved another acquisition proposal; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>either
MSL or Celestica terminates the merger agreement because we do not complete the merger by May&nbsp;31, 2004 (unless Celestica declines to extend this date under
certain circumstances), </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2><I>and</I></FONT></P>

<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>another
acquisition proposal for MSL is announced and not withdrawn before the merger agreement is terminated, and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL
enters into another acquisition agreement and consummates another acquisition within specified time periods. </FONT></DD></DL>
</UL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
more information, please see "</FONT><FONT SIZE=2><I>The Merger Agreement&#151;Payment of Expenses and Termination Fee</I></FONT><FONT SIZE=2>" beginning on page&nbsp;81 of
this proxy statement/prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

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<P><FONT SIZE=2><B>Ownership of Celestica Following the Merger  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the number of shares of MSL common stock issued and outstanding on the record date and a 0.375 share exchange ratio, and if no MSL preferred
stockholder elects to receive subordinate voting shares, Celestica would issue an aggregate of approximately 12,900,000 Celestica subordinate voting shares in connection with the merger (excluding
shares that may be issued in the future upon exercise of MSL stock options and warrants). Based on the number of issued and outstanding subordinate voting shares and multiple voting shares of
Celestica as of the record date (not including outstanding stock options or warrants), and if no MSL preferred stockholder elects to receive Celestica subordinate voting shares, the former holders of
MSL common stock would hold approximately 7.0% of the total number of subordinate voting shares of Celestica issued and outstanding after completion of the merger, representing approximately a
<U>1.1</U>% voting interest. If all of the holders of Series&nbsp;A and Series&nbsp;B preferred stock elect to receive Celestica subordinate voting shares rather than cash,
and if Celestica subordinate voting shares are issued to pay the "optional make whole payment" for the Series&nbsp;B preferred stock, approximately 4,100,000 additional subordinate voting shares
will be issued in the merger. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the number of outstanding stock options and warrants to purchase MSL common stock as of the record date and a 0.375 share exchange ratio, the total number of outstanding MSL
stock options and warrants will become stock options and warrants to purchase an aggregate of approximately 3,600,000&nbsp;Celestica subordinate voting shares in connection with the merger. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onex
Corporation owns or has the right to vote shares that represent approximately <U>85</U>% of the voting interest in Celestica (approximately
<U>84</U>% of the voting interest if 12,900,000 subordinate voting shares are issued in the merger). Celestica's directors, executive officers and their affiliates, including
Onex, own or have the right to vote shares that represent approximately <U>86</U>% of the voting interest in Celestica. </FONT></P>

<P><FONT SIZE=2><B>Markets and Market Prices  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica subordinate voting shares are listed on The New&nbsp;York Stock Exchange and the Toronto Stock Exchange under the symbol "CLS." MSL common stock is
listed on The New&nbsp;York Stock Exchange
under the symbol "MSV." Following the completion of the merger, MSL common stock will cease to be listed on The New&nbsp;York Stock Exchange. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth the closing sale price per subordinate voting share as reported on The New&nbsp;York Stock Exchange, the closing sale price per share of MSL common stock
as reported on The New&nbsp;York Stock Exchange and the equivalent per share price of MSL common stock (representing 0.375 of the price of one subordinate voting share) on October&nbsp;14, 2003,
the last trading day before Celestica and MSL announced that they signed the merger agreement. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="85%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="59%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Subordinate Voting Share Price</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>MSL Share Price</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Equivalent MSL Per Share Price</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="59%"><FONT SIZE=2>October&nbsp;14, 2003</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>17.69</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>5.60</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>6.63</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
cannot guarantee or predict the actual share prices of Celestica subordinate voting shares and MSL common stock prior to or at the time Celestica and MSL complete the merger. For more
information on this risk, please see "</FONT><FONT SIZE=2><I>Risk Factors&#151;Risks Related to the Merger</I></FONT><FONT SIZE=2>" beginning on page&nbsp;18 and
"</FONT><FONT SIZE=2><I>&#151;Risks Related to Receiving Celestica Subordinate Voting Shares</I></FONT><FONT SIZE=2>" beginning on page&nbsp;20&nbsp;of this proxy statement/prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dd2147_risk_factors"> </A>
<A NAME="toc_dd2147_1"> </A>
<BR></FONT><FONT SIZE=2><B>RISK FACTORS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the other information contained in, or incorporated by reference into, this proxy statement/prospectus, you should carefully consider the risks
described below before deciding how to vote your shares and, if you hold MSL Series&nbsp;A or Series&nbsp;B preferred stock, whether you should elect to receive Celestica subordinate voting shares
in the merger. Additional risks and uncertainties not presently known to Celestica and MSL or that currently are not believed to be important to you, if they materialize, also may adversely affect the
merger and Celestica after the merger. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
proxy statement/prospectus contains forward-looking statements that involve known and unknown risks and uncertainties. Please see "</FONT><FONT SIZE=2><I>Cautionary Statement
Concerning Forward-Looking Statements</I></FONT><FONT SIZE=2>" on page&nbsp;1 of this proxy statement/prospectus. In addition to the factors we describe below, please also refer to the risk factors
identified in the periodic reports of Celestica and MSL incorporated by reference into this document and listed in the section entitled "</FONT><FONT SIZE=2><I>Where You Can Find More
Information</I></FONT><FONT SIZE=2>" beginning on page&nbsp;109 of this proxy statement/prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dd2147_risks_related_to_the_merger"> </A>
<A NAME="toc_dd2147_2"> </A>
<BR></FONT><FONT SIZE=2><B>Risks Related to the Merger    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B><I>Although Celestica and MSL expect that the merger will result in benefits to Celestica, Celestica may not realize those benefits because of integration
and other challenges.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger will not achieve its anticipated benefits unless Celestica can successfully integrate MSL's operations into its business in a timely
manner. Realizing the benefits of the merger will depend in part on the integration of technology, operations and personnel. The integration of the companies is a complex, time-consuming
and expensive process that, without proper planning and implementation, could significantly disrupt Celestica's and MSL's businesses. The challenges involved in this integration include
the following: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>preserving
customer, supplier and other important relationships of both Celestica and MSL and resolving potential conflicts that may arise;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>minimizing
the diversion of management's attention from ongoing business concerns;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>combining
product and service offerings;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>addressing
differences in the business cultures of Celestica and MSL, maintaining employee morale and retaining key employees; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>coordinating
and combining overseas operations, relationships and facilities, which may be subject to additional constraints imposed by geographic distance, local laws and
regulations. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica
may not successfully integrate the operations of Celestica and MSL in a timely manner, or at all, and the costs of such integration may be greater than anticipated.
Additionally, Celestica may not realize the anticipated benefits or synergies of the merger to the extent, or in the timeframe, anticipated. The anticipated benefits and synergies are based on
projections and assumptions, not actual experience, and assume a successful integration. </FONT></P>

<P><FONT SIZE=2><B><I>The Celestica subordinate voting shares that MSL stockholders will receive as part of the merger consideration may not maintain their value.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the closing of the merger, each share of MSL common stock will be exchanged for 0.375 of a subordinate voting share. There will be no adjustment in the number
of Celestica subordinate voting shares issued as merger consideration because of changes in the market price of either Celestica subordinate voting shares or MSL common stock unless the market price
of Celestica subordinate </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

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<P><FONT SIZE=2>voting
shares (for the 20 consecutive trading days ending on the third business day prior to the day on which the merger is completed) is: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>$19.33
or more (in which event MSL stockholders will receive a fraction of a Celestica subordinate voting share with a market price of $7.25, and will therefore receive
fewer Celestica subordinate voting shares in exchange for MSL common stock), or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>$16.00
or less (in which event MSL stockholders will receive a fraction of a Celestica subordinate voting share with a market price of $6.00, and will therefore receive more
subordinate voting shares in exchange for MSL common stock). </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
"market price" for purposes of determining the share exchange ratio will be based on the weighted average closing price of Celestica subordinate voting shares for the 20 consecutive
trading days ending on the third business day prior to the day on which the merger is completed. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordingly,
the specific dollar value of Celestica subordinate voting shares that MSL stockholders will receive upon completion of the merger will depend to a large extent upon the
market value of Celestica subordinate voting shares leading up to the time the merger is completed. This value may be as low as $6.00. Moreover, completion of the merger may occur some time after MSL
stockholder approval has been obtained, so that the dollar value of Celestica subordinate voting shares that MSL stockholders will receive upon completion of the merger may substantially decrease from
the date of the special meeting of MSL stockholders. In addition, MSL may not terminate the merger agreement or refuse to complete the merger solely because of changes in the market price of Celestica
subordinate voting shares or MSL common stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
share prices of Celestica subordinate voting shares and MSL common stock are by nature subject to the general price fluctuations in the market for publicly-traded equity securities,
and the prices of both companies' common equity have experienced volatility in the past. We urge you to obtain recent market quotations for Celestica subordinate voting shares and MSL common stock.
Neither Celestica nor MSL can predict or give any assurances as to the respective market prices of its common equity at any time before or after the completion of the merger. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
historical and current market prices of Celestica subordinate voting shares and MSL common stock, please see the section entitled "</FONT><FONT SIZE=2><I>Comparative Historical and
Pro&nbsp;Forma Per Share Data</I></FONT><FONT SIZE=2>" and "</FONT><FONT SIZE=2><I>Comparative Per Share Market Price Data</I></FONT><FONT SIZE=2>" beginning on page&nbsp;28 and on
page&nbsp;31, respectively, of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2><B><I>Some of the directors and executive officers of MSL have interests and arrangements that could affect their decision to support or approve the merger.  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors and executive officers of MSL will receive continuing indemnification against liabilities and some of the directors and executive officers have MSL
stock options that provide them with interests in the merger, such as accelerated vesting upon completion of the merger in certain cases, that may be different from, or are in addition to, your
interests in the merger. MSL's executive officers are entitled to receive severance benefits pursuant to change of control agreements with MSL if their employment is terminated
following the merger under certain circumstances. In addition, Celestica is in discussions with several of MSL's executive officers concerning their employment opportunities with
Celestica after the merger. As a result, these directors and officers could be viewed as more likely to vote to approve the merger agreement and the merger and recommend that you adopt the merger
agreement than if they did not have these interests. Some of the executives of MSL and the institutional stockholders, which are affiliates of one of MSL's directors, have already
agreed to vote their shares of MSL capital stock, representing approximately 41.5% of all votes entitled to be cast on the merger, in favor of the proposal to adopt the merger agreement. For a
description of some of these interests, please see the section entitled "</FONT><FONT SIZE=2><I>The Merger&#151;Interests of MSL Directors and Executive  </I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

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<BR>

<P><FONT SIZE=2><I> Officers in the Merger</I></FONT><FONT SIZE=2>" beginning on page&nbsp;52 of this proxy statement/prospectus. In addition, the institutional stockholders have each also granted to Celestica an
option to purchase a portion of their shares of MSL common stock, totaling 13,525,328 shares of MSL common stock. The options are exercisable by Celestica only if the merger agreement is terminated
because the MSL board has authorized another acquisition proposal. For a description of these options, please see the section entitled "</FONT><FONT SIZE=2><I>The Stockholder
Agreements</I></FONT><FONT SIZE=2>" beginning on page&nbsp;84 of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2><B><I>The stock price and business of MSL may be adversely affected if the merger is not completed</I></B></FONT><FONT SIZE=2><B>.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Completion of the merger is subject to several closing conditions, including obtaining MSL stockholder approval, requisite regulatory approvals and certain
consents. Celestica and MSL may be unable to obtain such approvals on a timely basis or at all. If the merger is not completed, the price of MSL common stock may decline to the extent that the current
market prices of MSL common stock reflects a market assumption that the merger will be completed. In addition, MSL's operations may be harmed to the extent that customers believe that
MSL cannot effectively compete in the marketplace without the merger, or there is uncertainty surrounding the future direction of the product and service offerings and strategy of MSL on a stand-alone
basis. MSL will also be required to pay significant costs incurred in connection with the merger, including legal, accounting and a portion of the financial advisory fees, whether or not the merger is
completed. Moreover, under certain circumstances described in the section entitled "</FONT><FONT SIZE=2><I>The Merger Agreement&#151;Payment of Expenses and Termination
Fee</I></FONT><FONT SIZE=2>" beginning on page&nbsp;83 of this proxy statement/prospectus, MSL may be required to reimburse Celestica's expenses in connection with the merger agreement, up to a
maximum of $2.0&nbsp;million, and pay Celestica a termination fee of $10.0&nbsp;million (less any expense reimbursement) in connection with the termination of the merger agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dd2147_risks_related_to_receiving_cel__ris02545"> </A>
<A NAME="toc_dd2147_3"> </A>
<BR></FONT><FONT SIZE=2><B>Risks Related to Receiving Celestica Subordinate Voting Shares    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B><I>The rights of Celestica shareholders differ substantially from the rights of MSL stockholders  </I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon completion of the merger, MSL stockholders will become Celestica shareholders. There are important differences between the rights of stockholders of MSL and
shareholders of Celestica. For a description of these differences, please see the section entitled "</FONT><FONT SIZE=2><I>Comparison of Celestica and MSL Stockholders'
Rights</I></FONT><FONT SIZE=2>" beginning on page&nbsp;87 of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2><B><I>Control of Celestica by Onex Corporation  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onex Corporation owns, directly or indirectly, all of the multiple voting shares and less than 1% of the outstanding subordinate voting shares of Celestica. The
number of shares owned by Onex, together with those shares Onex has the right to vote, represents approximately 85% of the voting interest in Celestica and includes approximately 2.0% of the
outstanding subordinate voting shares. Following completion of the merger, based on the number of shares of MSL common stock issued and outstanding on the record date and assuming that no MSL
preferred stockholder elects to receive Celestica subordinate voting shares in the merger, the shares Onex owns and the shares Onex has the right to vote will represent, in the aggregate,
approximately 84% of the voting interest in Celestica and approximately 1.9% of the outstanding subordinate voting shares. Accordingly, Onex exercises a controlling influence over the business and
affairs of Celestica and has power to determine all matters submitted to a vote of Celestica's shareholders. Onex has the power to elect the directors and approve significant corporate transactions
such as amendments to Celestica's articles, mergers, amalgamations and the sale of all or substantially all of Celestica's assets. Onex's voting power could have the effect of deterring or preventing
a change in control of Celestica that might otherwise be beneficial to Celestica shareholders. Gerald W. Schwartz, the Chairman, President and Chief Executive Officer of Onex and a director of
Celestica, owns shares with a majority of the voting rights of the shares of Onex. Mr.&nbsp;Schwartz, therefore, effectively controls the affairs of Celestica. Please see the section entitled </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>20</FONT></P>

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<P><FONT SIZE=2>"</FONT><FONT
SIZE=2><I>Comparison of Celestica and MSL Stockholders' Rights</I></FONT><FONT SIZE=2>" beginning on page&nbsp;87 of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2><B><I>Shareholders' ability to bring legal action against Celestica under United States securities laws may be limited  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica is incorporated under the laws of the Province of Ontario, Canada. Substantially all of Celestica's directors, controlling persons and officers are
residents of Canada and all or a substantial portion of the assets of Celestica and such persons are located outside of the United&nbsp;States. As a result, it may be difficult for Celestica
shareholders to effect service within the United&nbsp;States upon those directors, controlling persons and officers who are not residents of the United&nbsp;States or to realize in the
United&nbsp;States upon judgments of courts of the United&nbsp;States predicated upon the civil liability provisions of the U.S.&nbsp;federal securities laws. </FONT></P>

<P><FONT SIZE=2><B><I>The price of Celestica subordinate voting shares has been volatile and may continue to be volatile in the future  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The markets for Celestica subordinate voting shares and MSL common stock are highly volatile. The trading price of Celestica subordinate voting shares could
fluctuate widely in response to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>quarterly
variations in operations and financial results of Celestica;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>announcements
of technological innovations or new products by Celestica or its competitors;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>changes
in prices of Celestica's or its competitors' products and services;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>changes
in growth rates for Celestica as a whole or for particular segments of Celestica's business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>general
conditions in the EMS industry; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>systemic
fluctuations in the stock market. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2><B><I>Shares eligible for public sale after the merger could adversely affect Celestica's share price  </I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of October&nbsp;14, 2003, Celestica had 170,327,693 subordinate voting shares outstanding. Celestica and MSL also have a substantial number of stock options
outstanding and shares issuable to employees under their respective employee stock option or stock grant plans, as well as other securities that are exercisable or exchangeable for common stock. As a
result, a substantial number of subordinate voting shares of Celestica will be eligible for sale in the public market at various times in the future. Sales of substantial amounts of such shares would
dilute the holdings of Celestica shareholders and could adversely affect the market price of Celestica subordinate voting shares. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>21</FONT></P>

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<BR></FONT><FONT SIZE=2><B>SUMMARY SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA OF CELESTICA    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below presents a summary of selected historical consolidated financial data with respect to Celestica as of the dates and for the periods indicated. The
historical consolidated statement of earnings (loss) data presented below for the fiscal years ended December&nbsp;31, 2002, 2001 and 2000 and the historical balance sheet data as of
December&nbsp;31, 2002 and 2001 have been derived from Celestica's audited historical consolidated financial statements which are incorporated by reference into this proxy statement/prospectus and
which have been audited by KPMG&nbsp;LLP, independent accountants. The historical consolidated statement of earnings (loss) data for the nine months ended September&nbsp;30, 2003 and 2002 and the
historical balance sheet data as of September&nbsp;30, 2003 and 2002 have been derived from Celestica's unaudited historical interim consolidated financial statements which are incorporated by
reference into this proxy statement/prospectus. Operating results of the nine months ended September&nbsp;30, 2003 and 2002 are not necessarily indicative of the results that may be expected for the
entire year ending December&nbsp;31, 2003 or any other period. In the opinion of Celestica's management, the accompanying unaudited financial data include all adjustments necessary for their fair
presentation. The historical consolidated statement of earnings (loss) data presented below for the fiscal years ended December&nbsp;31, 1999 and 1998 and the historical balance sheet data as of
December&nbsp;31, 2000, 1999 and 1998 are derived from Celestica's audited historical consolidated financial statements which are not incorporated by reference into this proxy statement/prospectus,
and which were also audited by KPMG&nbsp;LLP. The historical results are not necessarily indicative of results to be expected for any future period. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should read the summary consolidated financial data set forth below in conjunction with Celestica's annual report on Form&nbsp;20-F for&nbsp;the fiscal year ended
December&nbsp;31, 2002 and its report on Form&nbsp;6-K furnished to the Securities and Exchange Commission on November&nbsp;3, 2003 and the financial statements and management's
discussion and analysis of such financial statements included therein, all of which are incorporated by reference into this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica's
consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles, or GAAP. These principles conform in all material
respects with U.S.&nbsp;GAAP except as described in note&nbsp;22 to&nbsp;the consolidated financial statements included in Celestica's annual report on Form&nbsp;20-F.
For&nbsp;all the years presented, the selected financial data is prepared in accordance with Canadian GAAP. The differences between the line items under Canadian GAAP and those as determined under
U.S.&nbsp;GAAP are not significant except that, under U.S.&nbsp;GAAP: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica's
net loss for the year ended December&nbsp;31, 1998 would be $6.2&nbsp;million greater due to non-cash charges for compensation expense;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica's
net earnings for the year ended December&nbsp;31, 1999 would be $1.9&nbsp;million less due to non-cash charges for compensation expense;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica's
net earnings for the year ended December&nbsp;31, 2000 would be $2.5&nbsp;million less due to non-cash charges for compensation expense and
$6.8&nbsp;million less due to interest on the convertible debt Celestica issued in August&nbsp;2000, in the principal amount of $1,813.6&nbsp;million, that would be classified as a
long-term liability rather than as an equity instrument;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica's
net loss for the year ended December&nbsp;31, 2001 would be $3.2&nbsp;million greater due to non-cash charges for compensation expense,
$17.7&nbsp;million greater due to interest on convertible debt classified as a long-term liability rather than as an equity instrument, $2.7&nbsp;million greater due to other charges,
and $12.1&nbsp;million less due to the gain on a foreign exchange contract;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica's
net loss for the year ended December&nbsp;31, 2002 would be $3.8&nbsp;million greater due to non-cash charges for compensation expense,
$27.8&nbsp;million greater due to interest on convertible debt classified as a long-term liability rather than as an equity instrument, $26.5&nbsp;million greater </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

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<UL>

<P><FONT SIZE=2>due
to impairment charges to write-down certain assets, and $8.4&nbsp;million less due to gain on repurchase of convertible debt; </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica's
net loss for the nine months ended September&nbsp;30, 2002 would be&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;and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica's
net loss for the nine months ended September&nbsp;30, 2003 would be&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica's
report on Form&nbsp;6-K furnished to the Securities and Exchange Commission on November&nbsp;&nbsp;&nbsp;&nbsp;, 2003 describes the reconciliation of Celestica's
financial information for the nine months ended September&nbsp;30, 2003 and 2002 to U.S.&nbsp;GAAP. </FONT></P>

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<TH COLSPAN=14 ALIGN="CENTER"><FONT SIZE=1><B>Year ended December&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Nine months<BR>
ended September&nbsp;30,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="27%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>1998(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>1999(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2000(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2001(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002(1)</B></FONT><HR NOSHADE></TH>
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<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003(1)</B></FONT><HR NOSHADE></TH>
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<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>(unaudited)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
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<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=20 ALIGN="CENTER"><FONT SIZE=1><B>(in millions, except per share amounts)<BR>
(Canadian GAAP)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="27%"><FONT SIZE=1><B>Consolidated Statements of Earnings (Loss) Data:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="27%"><FONT SIZE=1>Revenue</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>3,249.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>5,297.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>9,752.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>10,004.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>8,271.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>6,359.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>4,820.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="27%"><FONT SIZE=1>Cost of sales</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>3,018.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>4,914.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>9,064.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>9,291.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>7,715.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>5,914.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>4,631.7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="27%"><FONT SIZE=1>Gross profit</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>230.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>382.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>688.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>712.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>555.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>445.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>188.8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="27%"><FONT SIZE=1>Selling, general and administrative expenses(2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>130.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>202.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>326.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>341.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>298.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>230.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>197.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="27%"><FONT SIZE=1>Amortization of goodwill and intangible assets(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>45.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>55.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>88.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>125.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>95.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>72.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>36.5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="27%"><FONT SIZE=1>Integration costs related to acquisitions(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>8.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>9.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>16.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>22.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>21.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>17.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="27%"><FONT SIZE=1>Other charges(5)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>64.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>273.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>677.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>136.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>69.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="27%"><FONT SIZE=1>Operating income (loss)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(18.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>115.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>256.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(49.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(537.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(10.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(114.3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="27%"><FONT SIZE=1>Interest expense (income), net(6)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>32.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>10.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(19.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(7.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(1.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>2.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(5.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="27%"><FONT SIZE=1>Earnings (loss) before income taxes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(50.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>104.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>275.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(41.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(536.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(12.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(109.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="27%"><FONT SIZE=1>Income tax expense (recovery)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(2.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>36.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>69.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(2.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(91.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(2.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(8.2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="27%"><FONT SIZE=1>Net earnings (loss)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(48.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>68.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>206.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(39.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(445.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(10.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(101.0</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="27%"><FONT SIZE=1>Basic earnings (loss) per share(7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(0.47</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>0.41</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>1.01</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(0.26</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(1.98</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(0.09</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(0.45</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="27%"><FONT SIZE=1>Diluted earnings (loss) per share(7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(0.47</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>0.40</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>0.98</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(0.26</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(1.98</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(0.09</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(0.45</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="27%"><BR><FONT SIZE=1><B>Other Data:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="27%"><FONT SIZE=1>Capital expenditures</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>65.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>211.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>282.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>199.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>151.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>119.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>87.1</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="30%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER"><FONT SIZE=1><B>As at December&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>As at September&nbsp;30,</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="30%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>1998</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>1999</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2000</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="30%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>(unaudited)<BR> </B></FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="30%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=20 ALIGN="CENTER"><FONT SIZE=1><B>(in millions)<BR>
(Canadian GAAP)<BR> </B></FONT><BR></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="30%"><FONT SIZE=1><B>Consolidated Balance Sheet Data:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="30%"><FONT SIZE=1>Cash and short-term investments</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>31.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>371.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>883.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>1,342.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>1,851.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>1,848.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>1,209.5</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="30%"><FONT SIZE=1>Working capital(8)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>356.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>1,000.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>2,262.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>2,339.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>2,093.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>2,265.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>1,581.0</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="30%"><FONT SIZE=1>Capital assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>214.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>365.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>633.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>915.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>727.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>831.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>688.1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="30%"><FONT SIZE=1>Total assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>1,636.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>2,655.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>5,938.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>6,632.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>5,806.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>6,491.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>5,168.9</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="30%"><FONT SIZE=1>Total long-term debt, including current portion(9)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>135.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>134.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>132.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>147.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>6.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>7.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>4.4</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="30%"><FONT SIZE=1>Shareholders' equity</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>859.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>1,658.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>3,469.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>4,745.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>4,203.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>4,701.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>3,646.2</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="60">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>1.</FONT></DT><DD><FONT SIZE=1>The
consolidated statements of earnings (loss) data for:
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><BR></DT><DD><FONT SIZE=1>1998,
1999, 2000, 2001 and 2002 and the nine months ended September&nbsp;30, 2002 and 2003 include the results of operations of the manufacturing
operation acquired from Madge Networks&nbsp;N.V. in February&nbsp;1998, the manufacturing operation acquired from Lucent Technologies&nbsp;Inc. in April&nbsp;1998, Analytic Design,&nbsp;Inc.
acquired in May&nbsp;1998, the manufacturing operation acquired from Silicon Graphics&nbsp;Inc. in June&nbsp;1998, and AccuTronics,&nbsp;Inc. acquired in September&nbsp;1998; </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=30,EFW="2121685",CP="CELESTICA",DN="1",CHK=17438,FOLIO='23',FILE='DISK022:[03TOR7.03TOR2147]DE2147A.;14',USER='RCHAN',CD=';6-NOV-2003;09:50' -->
<A NAME="page_de2147_1_24"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><BR></DT><DD><FONT SIZE=1>1999,
2000, 2001 and 2002 and the nine months ended September&nbsp;30, 2002 and 2003 include the results of operations of International Manufacturing
Services,&nbsp;Inc., or IMS, acquired December&nbsp;1998, Signar SRO acquired in April&nbsp;1999, greenfield operations established in Brazil and Malaysia in June&nbsp;1999, VXI
Electronics,&nbsp;Inc. acquired in September&nbsp;1999, the assets acquired from Hewlett-Packard's Healthcare Group in October&nbsp;1999, EPS Wireless,&nbsp;Inc. acquired in
December&nbsp;1999, and certain assets acquired from Fujitsu-ICL Systems&nbsp;Inc. in December&nbsp;1999;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><BR></DT><DD><FONT SIZE=1>2000,
2001 and 2002 and the nine months ended September&nbsp;30, 2002 and 2003 include the results of operations of the assets of the Enterprise System
Group and the Microelectronics Division of IBM in Minnesota and in Italy acquired in February and May&nbsp;2000, respectively, NDB Industrial&nbsp;Ltda. acquired in June&nbsp;2000, Bull
Electronics&nbsp;Inc. acquired in August&nbsp;2000, and NEC Technologies (UK)&nbsp;Ltd. acquired in November&nbsp;2000;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><BR></DT><DD><FONT SIZE=1>2001
and 2002 and the nine months ended September&nbsp;30, 2002 and 2003 include the results of operations of Excel Electronics,&nbsp;Inc. acquired in
January&nbsp;2001, certain assets of Motorola&nbsp;Inc. in Ireland and Iowa acquired in February&nbsp;2001, certain assets of a repair facility of N.K. Techno&nbsp;Co.,&nbsp;Ltd. in Japan
acquired in March&nbsp;2001, certain assets of Avaya&nbsp;Inc. in Arkansas and Colorado acquired in May&nbsp;2001, Sagem CR s.r.o. acquired in June&nbsp;2001, certain assets of
Avaya&nbsp;Inc. in France acquired in August&nbsp;2001, certain assets of Lucent Technologies&nbsp;Inc. in Ohio and Oklahoma acquired in August&nbsp;2001, Primetech Electronics&nbsp;Inc.
acquired in August&nbsp;2001, and Omni Industries Limited acquired in October&nbsp;2001; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><BR></DT><DD><FONT SIZE=1>2002
and the nine months ended September&nbsp;30, 2002 and 2003 include the results of operations of certain assets of NEC Corporation in Miyagi and
Yamanashi, Japan acquired in March&nbsp;2002, and certain assets of Corvis Corporation in the United&nbsp;States acquired in August&nbsp;2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>2.</FONT></DT><DD><FONT SIZE=1>Selling,
general and administrative expenses includes research and development costs.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>3.</FONT></DT><DD><FONT SIZE=1>Effective
January&nbsp;1, 1998, Celestica revised the estimated useful life of its goodwill and intellectual property for accounting purposes from 20&nbsp;years each to
10&nbsp;years and 5&nbsp;years, respectively.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><BR></DT><DD><FONT SIZE=1>In
2001, the Canadian Institute of Chartered Accountants (CICA) approved Handbook Sections&nbsp;1581, "Business combinations" and 3062, "Goodwill and
other intangible assets." The new standards mandate the purchase method of accounting for business combinations and require that the value of the shares issued in a business combination be measured
using the average share price for a reasonable period before and after the date the terms of the acquisition are agreed to and announced. The new standards are substantially consistent with
U.S.&nbsp;GAAP.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><BR></DT><DD><FONT SIZE=1>Effective
July&nbsp;1, 2001, goodwill acquired in business combinations completed after June&nbsp;30, 2001 has not been amortized. Celestica has fully
adopted these new standards as of January&nbsp;1, 2002, and discontinued amortization of all existing goodwill. Celestica also evaluated existing intangible assets, including estimates of remaining
useful lives, and has reclassed $9.1&nbsp;million from intellectual property to goodwill, as of January&nbsp;1, 2002, to conform with the new criteria.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><BR></DT><DD><FONT SIZE=1>Section&nbsp;3062
required the completion of a transitional goodwill impairment evaluation within six months of adoption. Any transitional impairment
would have been recognized as an effect of a change in accounting principle and would have been charged to opening retained earnings as of January&nbsp;1, 2002. Celestica completed the transitional
goodwill impairment assessment during the second quarter of 2002, and determined that no impairment existed as of the date of adoption. Under U.S.&nbsp;GAAP, any transitional impairment charge would
have been recognized in earnings as a cumulative effect of a change in accounting principle.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><BR></DT><DD><FONT SIZE=1>Effective
January&nbsp;1, 2002, Celestica had unamortized goodwill of $1,137.9&nbsp;million which is no longer being amortized. This change in
accounting policy is not applied retroactively and the amounts presented for prior periods have not been restated for this change. The following table shows the impact of this change as if the policy
had been applied retroactively to 2001: </FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="74%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Year ended December&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="74%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="74%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>(in millions, except per share amounts)<BR> </B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=1>Net loss as reported</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(39.8</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(445.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=1>Add back: goodwill amortization</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>39.2</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=1>Net loss before goodwill amortization</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(0.6</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(445.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=1>Basic loss per share:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=1>As reported</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(0.26</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(1.98</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=1>Before goodwill amortization</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(0.07</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(1.98</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=1>Diluted loss per share:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=1>As reported</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(0.26</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(1.98</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="74%"><FONT SIZE=1>Before goodwill amortization</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(0.07</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>(1.98</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
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<A NAME="page_de2147_1_25"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>4.</FONT></DT><DD><FONT SIZE=1>These
costs include costs to implement new information systems and processes, including salary and other costs directly related to the integration activities in newly acquired
facilities.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>5.</FONT></DT><DD><FONT SIZE=1>In
1998, other charges totaled $64.7&nbsp;million comprised of non-cash charges of $35.0&nbsp;million relating to the write-down of intellectual property,
$6.8&nbsp;million of goodwill which became impaired as a result of the merger with IMS, a write-off of deferred financing fees and debt redemption fees of $17.8&nbsp;million relating
to the prepayment of debt with the net proceeds of Celestica's initial public offering, and other charges of $5.1&nbsp;million.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><BR></DT><DD><FONT SIZE=1>In
2001, other charges totaled $273.1&nbsp;million comprised of (a)&nbsp;a $237.0&nbsp;million restructuring charge, and (b)&nbsp;a
non-cash charge of $36.1&nbsp;million relating to the annual impairment assessment of long-lived assets, comprised primarily of a write-down of goodwill and
intangible assets.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><BR></DT><DD><FONT SIZE=1>In
2002, other charges totaled $677.8&nbsp;million comprised primarily of (a)&nbsp;a $385.4&nbsp;million restructuring charge, (b)&nbsp;a
non-cash write-down of $203.7&nbsp;million relating to the annual goodwill impairment assessment, (c)&nbsp;a non-cash write-down of
$81.7&nbsp;million relating to the annual impairment assessment of long-lived assets, primarily a write-down of intangible assets, and (d)&nbsp;a $9.6&nbsp;million charge
for the premium paid and related deferred financing costs on the redemption of Celestica's Senior Subordinated Notes.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><BR></DT><DD><FONT SIZE=1>In
the nine months ended September&nbsp;30, 2002, other charges totaled $136.4&nbsp;million comprised primarily of (a)&nbsp;a $126.8&nbsp;million
restructuring charge and (b)&nbsp;a $9.6&nbsp;million charge for the premium paid and related deferred financing costs on the redemption of Celestica's Senior Subordinated Notes.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><BR></DT><DD><FONT SIZE=1>In
the nine months ended September&nbsp;30, 2003, other charges totaled $69.1&nbsp;million comprised primarily of a $70.7&nbsp;million restructuring
charge.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><BR></DT><DD><FONT SIZE=1>Effective
January&nbsp;1, 2003, Celestica adopted the new CICA Handbook Section&nbsp;3063, "Impairment or Disposal of Long-Lived Assets" and
the revised Section&nbsp;3475, "Disposal of Long-Lived Assets and Discontinued Operations," which are consistent with U.S.&nbsp;GAAP. These sections establish standards for
recognizing, measuring and disclosing impairment for long-lived assets held-for-use, and for measuring and separately classifying assets
available-for-sale. Previously, long-lived assets were written down to net recoverable value if the undiscounted future cash flows were less than net book value.
Under the new standard, assets must be classified as either held-for-use or available-for-sale. Impairment losses for assets
held-for-use are measured based on fair value which is measured by discounted cash flows. Available-for-sale assets are measured based on expected
proceeds less direct costs to sell.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><BR></DT><DD><FONT SIZE=1>Effective
January&nbsp;1, 2003, Celestica adopted the new CICA Emerging Issues Committee Abstracts EIC-134, "Accounting for Severance and
Termination Benefits," and EIC-135, "Accounting for Costs Associated with Exit and Disposal Activities," which establishes standards for recognizing, measuring and disclosing costs
relating to an exit or disposal activity. These standards are similar to U.S.&nbsp;GAAP. The Company has applied the new standards to restructuring plans initiated after January&nbsp;1, 2003.
These EICs allow recognition of a liability for an exit or disposal activity only when the costs are incurred and can be measured at fair value. Previously, a commitment to an exit or disposal plan
was sufficient to record the majority of costs.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>6.</FONT></DT><DD><FONT SIZE=1>Interest
expense (income) is comprised primarily of interest expense incurred on indebtedness less interest income earned on cash and short-term investments.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>7.</FONT></DT><DD><FONT SIZE=1>In
2001, Celestica retroactively adopted the new CICA Handbook Section&nbsp;3500, "Earnings per share," which requires the retroactive use of the treasury stock method for
calculating diluted earnings per share. This change results in an earnings (loss) per share calculation which is consistent with U.S.&nbsp;GAAP.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><BR></DT><DD><FONT SIZE=1>For
purposes of the basic and diluted earnings (loss) per share calculations, the weighted average number of shares outstanding were: </FONT></DD></DL>
<BR>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="45%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=9 ALIGN="CENTER"><FONT SIZE=1><B>Year ended December&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Nine months ended<BR>
September&nbsp;30,</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="45%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>1998</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>1999</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>2000</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="45%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>(unaudited)<BR> </B></FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="45%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=13 ALIGN="CENTER"><FONT SIZE=1><B>(in millions)<BR> </B></FONT><BR></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=1>Basic</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>103.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>167.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>199.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>213.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>229.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>230.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>218.9</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=1>Diluted</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>103.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>171.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>211.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>213.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>229.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>230.0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=1>218.9</FONT></TD>
</TR>
</TABLE>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>8.</FONT></DT><DD><FONT SIZE=1>Calculated
as current assets less current liabilities.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>9.</FONT></DT><DD><FONT SIZE=1>Long-term
debt includes capital lease obligations. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=1><A
NAME="de2147_summary_selected_historical_co__sum02493"> </A>
<A NAME="toc_de2147_2"> </A>
<BR></FONT><FONT SIZE=2><B>SUMMARY SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA OF MSL    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below presents a summary of selected historical consolidated financial data with respect to MSL as of the dates and for the periods indicated. The
historical consolidated statement of operations data presented below for the fiscal years ended December&nbsp;31, 2002, 2001 and 2000 and the historical balance sheet data as of December&nbsp;31,
2002 and 2001 have been derived from MSL's audited historical consolidated financial statements which are incorporated by reference into this proxy statement/prospectus and which have
been audited by PricewaterhouseCoopers&nbsp;LLP, independent accountants. The historical consolidated statement of operations data for the nine months ended September&nbsp;28, 2003 and
September&nbsp;29, 2002 and the historical balance sheet data as of September&nbsp;28, 2003 and September&nbsp;29, 2002 have been derived from MSL's unaudited historical interim
consolidated financial statements which are incorporated by reference into this proxy statement/prospectus. Operating results of the nine months ended September&nbsp;28, 2003 and
September&nbsp;29, 2002 are not necessarily indicative of the results that may be expected for the entire year ending December&nbsp;31, 2003 or any other period. In the opinion of
MSL's management, the accompanying unaudited financial data included all adjustments (consisting only of normal recurring adjustments) necessary for their fair presentation. The
historical consolidated statement of operations data presented below for the fiscal years ended December&nbsp;31, 1999 and 1998 and the historical balance sheet data as of December&nbsp;31, 2000,
1999 and 1998 are derived from MSL's audited historical consolidated financial statements which are not incorporated by reference into this proxy statement/prospectus, and which were
also audited by PricewaterhouseCoopers&nbsp;LLP. The historical results are not necessarily indicative of results to be expected for any future period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL
adopted Statement of Financial Accounting Standards, or FAS, No.&nbsp;145, "Rescission of FASB Statements No.&nbsp;4, 44 and 64, Amendment to FASB Statement No.&nbsp;13,
and&nbsp;Technical Corrections" as of January&nbsp;1, 2003. The adoption of FAS&nbsp;No.&nbsp;145 retroactively changes guidance related to the reporting of gains and losses from
extinguishment of debt as extraordinary items. The effect of FAS&nbsp;No.&nbsp;145 on MSL's statement of operations data for the five years ended December&nbsp;31, 2002, and for
the nine months ended September&nbsp;29, 2002 is for amounts previously recorded as "Extraordinary loss on extinguishment of debt" to instead be recorded as "Loss from extinguishment of debt" in
deriving "Income (loss) from operations before provision for income taxes". MSL has reclassified extraordinary losses of $2.2&nbsp;million, $3.1&nbsp;million and $4.0&nbsp;million for the years
ended December&nbsp;31, 1998, 2000 and 2002, respectively. There were no extraordinary items in the years ended December&nbsp;31,&nbsp;1999 and&nbsp;2001. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should read the summary consolidated financial data set forth below in conjunction with MSL's annual report on Form&nbsp;10-K for&nbsp;the fiscal year
ended December&nbsp;31, 2002 and its report on Form&nbsp;10-Q filed with the Securities and Exchange Commission on November&nbsp;3, 2003 and the financial </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=5,SEQ=33,EFW="2121685",CP="CELESTICA",DN="1",CHK=805302,FOLIO='26',FILE='DISK022:[03TOR7.03TOR2147]DE2147B.;8',USER='RCHAN',CD=';6-NOV-2003;09:50' -->
<A NAME="page_de2147_1_27"> </A>
<BR>

<P><FONT SIZE=2>statements
and management's discussion and analysis of such financial statements included therein, all of which are incorporated by reference into this proxy statement/prospectus. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="18%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=14 ALIGN="CENTER"><FONT SIZE=1><B>Year ended December&nbsp;31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Nine months ended</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="18%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>1998</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>1999</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2000</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>September&nbsp;29, 2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>September&nbsp;28, 2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="18%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>(unaudited)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="18%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=20 ALIGN="CENTER"><FONT SIZE=1><B>(in thousands, except per share amounts)<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="18%"><FONT SIZE=1><B>Statement of Operations Data:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="18%"><FONT SIZE=1>Net sales (a)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>837,993</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>920,722</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,758,101</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>1,522,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>853,745</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>644,790</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>532,531</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="18%"><FONT SIZE=1>Gross profit</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>45,259</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>55,233</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>97,790</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>110,023</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>75,612</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>58,232</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>43,085</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="18%"><FONT SIZE=1>Operating income (loss) (b)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>8,695</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>16,411</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>21,449</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(86,094</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(8,219</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(5,860</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(2,005</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="18%"><FONT SIZE=1>Net income (loss)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(6,241</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>2,010</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(4,035</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(95,140</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(20,728</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(15,380</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(5,085</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="18%"><FONT SIZE=1>Net income (loss) applicable to common stockholders</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(6,241</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>1,201</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(25,959</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(95,140</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(23,390</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(17,107</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(8,103</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="18%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="18%"><BR><FONT SIZE=1><B>Basic income (loss) per share:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="18%"><FONT SIZE=1>Net income (loss)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(0.33</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>0.06</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(0.98</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(2.86</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(0.72</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(0.53</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(0.24</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="18%"><FONT SIZE=1>Weighted average shares outstanding</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>18,746</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>19,384</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>26,411</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>33,304</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>32,622</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>32,474</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>33,607</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="18%"><BR><FONT SIZE=1><B>Diluted income (loss) per share:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="18%"><FONT SIZE=1>Net income (loss)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(0.33</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>0.06</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(0.98</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(2.86</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>(0.72</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(0.53</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>(0.24</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="18%"><FONT SIZE=1>Weighted average shares outstanding</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>18,746</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>19,608</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>26,411</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>33,304</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>32,622</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>32,474</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>33,607</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="18%"><BR><FONT SIZE=1><B>Balance Sheet Data:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="18%"><FONT SIZE=1>Working capital</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>54,340</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>98,273</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>234,425</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>151,999</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>106,914</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>105,922</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>127,212</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="18%"><FONT SIZE=1>Total assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>277,608</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>411,783</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>933,517</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>436,820</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>331,407</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>333,121</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>358,280</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="18%"><FONT SIZE=1>Total long-term debt and capital lease obligations, including current portion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>62,127</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>127,343</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>189,081</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>120,560</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>23,657</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>23,243</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>24,206</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="18%"><FONT SIZE=1>Preferred stock</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>39,204</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>35,551</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>36,258</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>58,484</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="18%"><FONT SIZE=1>Total stockholders' equity</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>39,174</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>48,621</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>215,448</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>113,706</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>100,697</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>102,065</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>102,265</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="60">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(a)</FONT></DT><DD><FONT SIZE=1>Increase
in revenues from 1999 to 2000 mainly resulted from the purchase of certain assets from 3Com in November&nbsp;1999 and September&nbsp;2000, which included its Salt Lake
City manufacturing facility in November&nbsp;1999. Revenues related to these acquisitions contributed to $546&nbsp;million of revenue in 2000.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(b)</FONT></DT><DD><FONT SIZE=1>During
2001, MSL recorded restructuring charges totaling $91.9&nbsp;million, mainly related to the closure of its Salt Lake City facility. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=6,SEQ=34,EFW="2121685",CP="CELESTICA",DN="1",CHK=1042155,FOLIO='27',FILE='DISK022:[03TOR7.03TOR2147]DE2147B.;8',USER='RCHAN',CD=';6-NOV-2003;09:50' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dg2147_1_28"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg2147_comparative_historical_and_pro_forma_data"> </A>
<A NAME="toc_dg2147_1"> </A>
<BR></FONT><FONT SIZE=2><B>COMPARATIVE HISTORICAL AND PRO&nbsp;FORMA DATA    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents certain unaudited historical per share data of MSL and Celestica and unaudited combined pro&nbsp;forma per share and other selected
financial data of MSL and Celestica after giving effect to the acquisition of MSL by Celestica using the purchase method of accounting. The unaudited combined pro&nbsp;forma data includes the
effects of the proposed acquisition of MSL by Celestica. The unaudited combined pro&nbsp;forma data does not purport to be indicative of the results of future operations or the results that would
have occurred had the acquisition been consummated at the beginning of the periods presented. The information set forth below should be read in conjunction with the historical consolidated financial
statements and notes thereto of Celestica and MSL, both of which are incorporated by reference in this proxy statement/prospectus. The unaudited combined pro&nbsp;forma and unaudited
pro&nbsp;forma per equivalent MSL share data and unaudited combined pro&nbsp;forma selected financial data combine the results of operations of Celestica and MSL for the year ended
December&nbsp;31, 2002, the results of operations of Celestica and MSL for the nine months ended September&nbsp;30, 2003 and September&nbsp;28, 2003, respectively, and Celestica's financial
position at September&nbsp;30, 2003 with MSL's financial position at September&nbsp;28, 2003. The historical and unaudited combined pro&nbsp;forma data for Celestica and MSL is
prepared in accordance with U.S.&nbsp;GAAP. To date, no cash dividends have been declared or paid on Celestica subordinate voting shares or MSL common stock. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg2147_celestica_(u.s._gaap)"> </A>
<A NAME="toc_dg2147_2"> </A>
<BR></FONT><FONT SIZE=2><B>Celestica<BR>  (U.S.&nbsp;GAAP)    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="54%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31, 2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Nine months ended<BR>
September&nbsp;30, 2003</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="54%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1>(unaudited)<BR></FONT>
<BR></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="54%"><FONT SIZE=2><B>Historical per share data:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="54%"><FONT SIZE=2>Net loss per basic share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>(2.15</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="54%"><FONT SIZE=2>Net loss per diluted share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>(2.15</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="54%"><FONT SIZE=2>Net book value per share (1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>14.63</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg2147_msl_(u.s._gaap)"> </A>
<A NAME="toc_dg2147_3"> </A>
<BR></FONT><FONT SIZE=2><B>MSL<BR>  (U.S.&nbsp;GAAP)    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="53%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31, 2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Nine months ended<BR>
September&nbsp;28, 2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="53%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1>(unaudited)<BR></FONT>
<BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><B>Historical per common share data:</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2>Net income (loss) per basic share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>(0.72</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>(0.24</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2>Net income (loss) per diluted share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>(0.72</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>(0.24</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2>Net book value per share (1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT"><FONT SIZE=2>3.04</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>3.01</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=35,EFW="2121685",CP="CELESTICA",DN="1",CHK=576210,FOLIO='28',FILE='DISK022:[03TOR7.03TOR2147]DG2147A.;27',USER='BHOLLIN',CD=';5-NOV-2003;19:05' -->
<A NAME="page_dg2147_1_29"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg2147_celestica_and_msl_(u.s._gaap)"> </A>
<A NAME="toc_dg2147_4"> </A>
<BR></FONT><FONT SIZE=2><B>Celestica and MSL<BR>  (U.S.&nbsp;GAAP)    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="54%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Year ended<BR>
December&nbsp;31, 2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Nine months ended<BR>
September&nbsp;30, 2003</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="54%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1>(unaudited)<BR></FONT>
<BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="54%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1>(in millions, except per share amounts)<BR></FONT>
<BR></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="54%"><FONT SIZE=2><B>Pro&nbsp;forma combined selected financial data</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="54%"><FONT SIZE=2>Revenue</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>9,125.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="54%"><FONT SIZE=2>Operating loss&nbsp;(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>(579.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="54%"><FONT SIZE=2>Net loss&nbsp;(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>(517.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="54%"><FONT SIZE=2>Total assets&nbsp;(5)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="54%"><FONT SIZE=2>Shareholders' equity&nbsp;(6)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="54%"><FONT SIZE=2>Capital stock&nbsp;(6)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="54%"><BR><FONT SIZE=2><B>Pro&nbsp;forma combined per share data</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="19%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="19%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="54%"><FONT SIZE=2>Net loss per combined company's basic share (2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>(2.13</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="54%"><FONT SIZE=2>Net loss per combined company's diluted share (2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>(2.13</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="54%"><FONT SIZE=2>Net loss per equivalent MSL basic share (3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>(0.80</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="54%"><FONT SIZE=2>Net loss per equivalent MSL diluted share (3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>(0.80</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="54%"><FONT SIZE=2><BR>
Net book value per combined company's share (1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2><BR>
14.90</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="54%"><FONT SIZE=2>Net book value per equivalent MSL share (3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>5.59</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="60">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>The
historical net book value per Celestica share is computed by dividing shareholders' equity by the number of subordinate voting shares and multiple voting shares outstanding at the
specified dates. The historical net book value per MSL share is computed by dividing stockholders' equity by the number of shares of common stock outstanding at the specified dates. The
pro&nbsp;forma net book value per combined company's share is computed by dividing the pro&nbsp;forma shareholders' equity by the pro&nbsp;forma number of Celestica subordinate voting shares and
multiple voting shares outstanding as of the specified dates, assuming the merger had occurred as of that date.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>Shares
used to calculate unaudited combined pro&nbsp;forma net loss per basic share were computed by adding 12,900,000 subordinate voting shares assumed to be issued in the merger in
exchange for the outstanding MSL common stock (assuming no subordinate voting shares are issued in respect of Series&nbsp;A or Series&nbsp;B preferred stock) to Celestica's weighted average shares
outstanding. Shares used to calculate unaudited combined pro&nbsp;forma net loss per diluted share were computed by adding 12,900,000 subordinate voting shares to Celestica's weighted average shares
outstanding. The weighted average shares outstanding excludes the effects of all options and convertible securities, as they are anti-dilutive. The number of Celestica subordinate voting
shares issued in the merger is subject to change based on the finalization of the share exchange ratio and any stock elections made by holders of Series&nbsp;A or Series&nbsp;B preferred stock.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>The
unaudited combined pro&nbsp;forma per equivalent MSL share is calculated by multiplying the pro&nbsp;forma combined amounts by the exchange ratio of 0.375 of a Celestica
subordinate voting share for each share of MSL common stock.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>The
unaudited combined pro&nbsp;forma operating loss and net loss include estimated amortization expense of $1.9&nbsp;million for intangible assets acquired in the merger,
amortized over a five year useful life. Celestica will be obtaining third party valuations of intangible assets and, therefore, the purchase price allocation and estimated amortization expense are
subject to change.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD><FONT SIZE=2>Assuming
12,900,000 subordinate voting shares are issued in exchange for all the outstanding common stock of MSL and no subordinate voting shares are issued in respect of
Series&nbsp;A or </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
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<A NAME="page_dg2147_1_30"> </A>
<UL>

<P><FONT SIZE=2>Series&nbsp;B
preferred stock, the preliminary purchase price is estimated at $327.1&nbsp;million, primarily comprised of the issuance of $253.8&nbsp;million of Celestica subordinate voting
shares, options and warrants and cash of $69.8&nbsp;million paid to holders of Series&nbsp;A and Series&nbsp;B preferred stock. The pro&nbsp;forma total assets reflects a preliminary
allocation of the purchase price to total assets, including goodwill and amortizable intangible assets of $173.5&nbsp;million. The valuation of the purchase consideration is subject to change if the
share exchange ratio is adjusted and if any Celestica subordinate voting shares are issued to holders of Series&nbsp;A or Series&nbsp;B preferred stock. The allocation of the purchase price to net
assets and liabilities is subject to change when fair value information and any restructuring plans are finalized. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD><FONT SIZE=2>The
unaudited pro&nbsp;forma combined shareholders' equity and capital stock reflect the issuance of $253.8&nbsp;million of Celestica subordinate voting shares, options and
warrants as purchase consideration. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
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<A NAME="page_dg2147_1_31"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg2147_comparative_per_share_market_price_data"> </A>
<A NAME="toc_dg2147_5"> </A>
<BR></FONT><FONT SIZE=2><B>COMPARATIVE PER SHARE MARKET PRICE DATA    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica subordinate voting shares trade on The New&nbsp;York Stock Exchange and the Toronto Stock Exchange under the symbol "CLS." MSL common stock trades on
The New&nbsp;York Stock Exchange under the symbol "MSV." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table shows the closing sales prices per Celestica subordinate voting share and per share of MSL common stock, each as reported on The New&nbsp;York Stock Exchange on
(1)&nbsp;October&nbsp;14, 2003, the last full trading day preceding the public announcement that Celestica and MSL had entered into the merger agreement, and (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003, the
last full trading day for which closing sales prices were available before the printing of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
table also includes the equivalent closing sales prices per share of MSL common stock on those dates. These equivalent closing sales prices per share reflect the value of the 0.375
of a Celestica subordinate voting share that MSL stockholders would receive in exchange for each share of MSL common stock if the merger was completed on either of these dates. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="41%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Celestica<BR>
Subordinate Voting Shares</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>MSL<BR>
Common Stock</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Equivalent MSL<BR>
Price Per Share</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="41%"><FONT SIZE=2>October&nbsp;14, 2003</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>17.69</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>5.60</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>6.63</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="41%"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
above table shows only historical comparisons. These comparisons may not provide meaningful information to MSL stockholders in determining whether to adopt the merger agreement, or
whether a holder of Series&nbsp;A or Series&nbsp;B preferred stock should elect to receive Celestica subordinate voting shares
in the merger. MSL stockholders are urged to obtain current market quotations for Celestica subordinate voting shares and MSL common stock and to review carefully the other information contained in
this proxy statement/prospectus or incorporated by reference into this proxy statement/prospectus in considering whether to adopt the merger agreement and, in the case of holders of MSL preferred
stock, whether to elect to receive Celestica subordinate voting shares. For a description of the adjustment in the share exchange ratio under certain circumstances, please see
"</FONT><FONT SIZE=2><I>The Merger Agreement&#151;Conversion of MSL Common Stock and Series&nbsp;A and Series&nbsp;B Preferred Stock in the Merger</I></FONT><FONT SIZE=2>" beginning on
page 66 of this proxy statement/prospectus. Please also see the section entitled "</FONT><FONT SIZE=2><I>Where You Can Find More Information</I></FONT><FONT SIZE=2>" beginning on page 109 of this
proxy statement/prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
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<A NAME="page_dg2147_1_32"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg2147_the_special_meeting_of_msl_stockholders"> </A>
<A NAME="toc_dg2147_6"> </A>
<BR></FONT><FONT SIZE=2><B>THE SPECIAL MEETING OF MSL STOCKHOLDERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement/prospectus is being sent to you as an MSL stockholder in order to provide you with important information regarding the proposed merger in
connection with the solicitation of proxies by MSL's board for use at the special meeting of MSL stockholders and at any adjournment or postponement of the special meeting. </FONT></P>

<P><FONT SIZE=2><B>Date, Time and Place of the Special Meeting  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL will hold a special meeting of its stockholders on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003, at 10:00&nbsp;a.m., local time, at the offices of
Hale and Dorr&nbsp;LLP, 60
State Street, Boston, Massachusetts 02109. </FONT></P>

<P><FONT SIZE=2><B>Matter for Consideration  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the MSL special meeting, MSL stockholders will be asked to consider and vote upon a proposal to adopt the merger agreement. MSL does not currently contemplate
that any other matters will be presented at the special meeting. MSL's by-laws provide that no matter may be brought before a special meeting which is not related to the
purpose or purposes stated in the notice of the special meeting. </FONT></P>

<P><FONT SIZE=2><B>Board of Directors' Recommendation  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After careful consideration, the MSL board has unanimously approved the merger agreement and the merger. The MSL board has unanimously declared the merger
agreement and the transactions contemplated by the merger agreement advisable, and has declared that it is in the best interests of MSL's stockholders that MSL consummate the merger on
the terms and conditions set forth in the merger agreement. The MSL board unanimously recommends that the MSL stockholders vote "FOR" the adoption of the merger agreement. </FONT></P>

<P><FONT SIZE=2><B>Record Date; Shares Held by Directors and Executive Officers  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The record date for determining the MSL stockholders entitled to vote at the special meeting is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003. Only
holders of record of MSL common stock
and Series&nbsp;A and Series&nbsp;B preferred stock as of the close of business on that date are entitled to vote at the special meeting. As of the record date, there
were&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of MSL common stock issued and outstanding, held of record by approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;holders, 830,000 shares of Series&nbsp;A preferred stock issued and outstanding, held of record by
approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;holders, and 500,000 shares of Series&nbsp;B preferred stock issued and outstanding, held of record by
approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;holders. Each share of MSL common
stock is entitled to one vote, the 830,000 shares of Series&nbsp;A preferred stock are entitled to a total of 6,449,100 votes in the aggregate (7.77 votes per share) and the 500,000 shares of
Series&nbsp;B preferred stock are entitled to a total of 4,237,250 votes (8.4745 votes per share), on all matters that may properly come before the special meeting. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the record date, the directors and executive officers of MSL and their affiliates held 16,379,363 outstanding shares of MSL common stock and 300,000 shares of Series&nbsp;A
preferred stock, or approximately 48.6% of the outstanding MSL common stock on an as-converted basis. Some executives of MSL and the institutional stockholders, which are affiliates of one
of MSL's directors, have entered into stockholder agreements with respect to MSL capital stock representing approximately 41.5% of the votes entitled to be cast on the merger proposal.
Under the stockholder agreements, these stockholders have granted to Merger Sub a proxy to vote their shares in favor of adoption of the merger agreement. For more information regarding the
stockholder agreements, please see the section entitled "</FONT><FONT SIZE=2><I>The Stockholder Agreements</I></FONT><FONT SIZE=2>" beginning on page 84 of this proxy statement/prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>32</FONT></P>

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<BR>

<P><FONT SIZE=2><B>Quorum and Vote Required  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to conduct business at the special meeting, a quorum must be present. The holders of a majority of the common stock and the Series&nbsp;A and
Series&nbsp;B preferred stock, on an
as-converted basis, issued and outstanding on the record date for the special meeting, present in person or represented by proxy at the special meeting, constitute a quorum under
MSL's by-laws. MSL will treat shares of capital stock represented by a properly signed and returned proxy, including abstentions and broker non-votes, as present
at the meeting for purposes of determining the existence of a quorum. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
affirmative vote of the holders of shares of MSL's common stock and Series&nbsp;A and Series&nbsp;B preferred stock, voting together as a single class,
representing a majority of the votes entitled to be cast at the special meeting, is required to adopt the merger agreement. The inspector of elections appointed for the special meeting will tabulate
the votes. </FONT></P>

<P><FONT SIZE=2><B>Adjournment and Postponement  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a quorum is not present or represented at a meeting, MSL's by-laws permit a majority of the stockholders entitled to vote at the
special meeting, present in person or represented by proxy, to adjourn the meeting, without notice other than announcement at the meeting, until a quorum is present or represented. If sufficient votes
to constitute a quorum or to adopt the merger agreement are not received by the date of the special meeting, MSL anticipates that the persons named as proxies may propose one or more adjournments of
the meeting to permit further solicitation of proxies and would generally exercise their authority to vote in favor of adjournment. </FONT></P>

<P><FONT SIZE=2><B>Voting of Proxies  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The MSL proxy accompanying this proxy statement/prospectus is solicited on behalf of the MSL board for use at the MSL special meeting. Albert&nbsp;A. Notini and
Alan&nbsp;R. Cormier, officers of MSL, are named as the proxy holders in the accompanying proxy. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> General  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares represented by a properly signed and dated proxy will be voted at the special meeting in accordance with the instructions indicated on the proxy. Proxies
that are properly signed and dated but which do not contain voting instructions will be voted "FOR" the adoption of the merger agreement. The proxy holder may vote the proxy in its discretion as to
any other matter that may properly come before the MSL special meeting. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Abstentions  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL will count a properly executed proxy marked "ABSTAIN" as present for purposes of determining whether a quorum is present, but the shares represented by that
proxy will not be voted at the special meeting. Because the affirmative vote of the holders of shares of MSL common stock and Series&nbsp;A and Series&nbsp;B preferred stock, voting together as a
single class, representing a majority of the votes entitled to be cast is required to adopt the merger agreement, if you mark your proxy "ABSTAIN," it will have the effect of a vote against the
adoption of the merger agreement. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Broker Non-Votes  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If your shares are held in street name, your broker will vote your shares for you only if you provide instructions to your broker on how to vote your shares. You
should follow the directions provided by your broker regarding how to instruct your broker to vote your shares. Your broker cannot vote your shares of MSL capital stock without specific instructions
from you. Because the affirmative vote of the holders of shares of MSL common stock and Series&nbsp;A and Series&nbsp;B preferred stock, voting </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>33</FONT></P>

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<A NAME="page_dg2147_1_34"> </A>

<P><FONT SIZE=2>together
as a single class, representing a majority of the votes entitled to be cast is required to adopt the merger agreement, if you do not instruct your broker how to vote, it will have the effect
of a vote against the adoption of the merger agreement. Please review the voting instruction card provided with this proxy statement/prospectus or contact your bank or brokerage firm for information. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Voting Shares in Person that Are Held in Street Name  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If your shares are held in street name and you wish to vote those shares in person at the special meeting, you must obtain from your broker holding your MSL
capital stock a properly executed legal proxy identifying you as an MSL stockholder, authorizing you to act on behalf of the nominee at the special meeting and identifying the number of shares with
respect to which the authorization is granted. </FONT></P>

<P><FONT SIZE=2><B>How to Revoke a Proxy  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you submit a proxy, you may revoke it at any time before it is voted by: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>delivering
to the Corporate Secretary of MSL a written notice, dated later than the proxy you wish to revoke, stating that the proxy is revoked;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>submitting
to the Corporate Secretary of MSL a new, signed proxy with a date later than the proxy you wish to revoke; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>attending
the special meeting and voting in person. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices
to the Corporate Secretary of MSL should be addressed to Corporate Secretary, Manufacturers' Services Limited, 300 Baker Avenue, Concord, Massachusetts 01742. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you hold your shares in street name, you must give new instructions to your broker prior to the special meeting or obtain a signed "legal proxy" from the broker to revoke your prior
instructions and vote in person at the meeting. </FONT></P>

<P><FONT SIZE=2><B>Solicitation of Proxies and Expenses  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL has retained a proxy solicitation firm, Georgeson Shareholder Communications, to assist in the solicitations of proxies from MSL stockholders. MSL will pay
that firm an estimated fee of $12,000, plus reimbursement of expenses. Certain directors, officers and employees of MSL may solicit proxies, without additional remuneration, by telephone, facsimile,
electronic mail, telegraph and in person. Following the mailing of this proxy statement/prospectus, MSL will request brokers, custodians, nominees and other record holders to forward copies of this
proxy statement/prospectus to persons for whom they hold shares of MSL capital stock and to request authority for the exercise of proxies. In such cases, MSL, upon the request of the record holder,
will reimburse such holder for their reasonable expenses. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>34</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di2147_the_merger"> </A>
<A NAME="toc_di2147_1"> </A>
<BR></FONT><FONT SIZE=2><B>THE MERGER    <BR>    </B></FONT></P>


<P><FONT SIZE=2><B>Background of the Merger  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since its incorporation in 1994, MSL has pursued a strategy of growth through acquisitions and combinations. MSL management believes that the electronic
manufacturing services industry has undergone, and will continue to experience consolidation. In connection with this strategy, MSL has had discussions concerning potential transactions, both as a
buyer and seller, with other industry participants in connection with possible industry consolidation scenarios and the role that MSL might play in this consolidation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
September&nbsp;2001, members of MSL's senior management, including Kevin Melia, the then chief executive officer, Robert Donahue, the then chief operating officer,
and Albert Notini, chief financial officer, met with senior management of Celestica, including Eugene Polistuk, chief executive officer, and Anthony Puppi, chief financial officer. They discussed,
generally, the electronics manufacturing services industry and trends, as well as the potential benefits of a possible strategic combination between MSL and Celestica. No specific proposals were made
by either MSL or Celestica and it was mutually determined not to pursue further discussions at that time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;27, 2003, Robert Bradshaw, chief executive officer of MSL, and Mr.&nbsp;Polistuk spoke by telephone and determined that it would be appropriate to meet and discuss trends
in the industry and prospects for a possible combination. On May&nbsp;29, 2003, MSL and Celestica executed a mutual non-disclosure agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;16, 2003, Messrs.&nbsp;Bradshaw, Notini and Santosh Rao, the executive vice president and chief operating officer of MSL, met in Toronto with Messrs.&nbsp;Polistuk,
Puppi and Rahul&nbsp;Suri, senior vice president of corporate development, marketing and integration for Celestica. The MSL representatives provided publicly available information regarding MSL and
discussed with the Celestica representatives the industry generally, and their respective product and service offerings. The participants at the meeting also discussed the potential benefits of a
possible strategic combination of the two entities.
Later that month, Mr.&nbsp;Suri reported to Mr.&nbsp;Notini that Celestica had an interest in receiving additional information regarding MSL to further consider a possible transaction. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
special telephonic meeting of the board of directors of MSL was held on July&nbsp;2, 2003 at which management reported on the discussions with, and the feedback from, Celestica. The
MSL board authorized management to provide non-public information to Celestica under the terms of the previously executed non-disclosure agreement. The MSL board also authorized management
to retain one or more financial advisors to advise MSL specifically in connection with a possible transaction should discussions progress to a point where the need for external financial advisory
services might arise. At the meeting representatives of Credit Suisse First Boston&nbsp;LLC presented a general overview of the electronic manufacturing services industry. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
several days beginning on July&nbsp;7, 2003, management representatives of MSL and Celestica met in Boston to review certain MSL financial information. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;10, 2003, Messrs.&nbsp;Bradshaw and Notini spoke by telephone with Messrs.&nbsp;Polistuk and Suri to discuss the potential strategic merits of a business combination
based upon the information previously disclosed. Messrs.&nbsp;Polistuk and Suri communicated Celestica's preliminary determination not to proceed with a transaction unless there were significant
benefits to be derived from an acquisition. The Celestica representatives outlined additional information they would need in order to determine the potential benefits of an acquisition. During the
week of July&nbsp;13, 2003 representatives of MSL and Celestica met at Celestica's offices in Toronto and continued to discuss financial information, the potential benefits of a combination and
other industry information relating to MSL. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July&nbsp;23, 2003, Messrs.&nbsp;Notini, Rao and Michael Rossi, director of corporate development for MSL, met with Mr.&nbsp;Suri and Darren Myers, director of corporate
development for Celestica, in </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>35</FONT></P>

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<P><FONT SIZE=2>Toronto
to discuss MSL's capabilities and position in the industry, as well as the potential benefits to the respective customers of each entity that might flow from a business
combination. On July&nbsp;28, Mr.&nbsp;Suri telephoned Mr.&nbsp;Notini and indicated that Celestica would like to commence a review of certain operations of MSL. From the date of that call and
continuing through September&nbsp;8, 2003, representatives of MSL and Celestica had numerous telephone conversations regarding preliminary financial and operational due diligence to be performed by
Celestica and its legal and accounting advisors, and MSL provided financial, industry and operating data to Celestica. During the weeks of August&nbsp;11 and 18, representatives of Celestica toured
operating facilities of MSL in Charlotte, North Carolina, Reynosa, Mexico, Arden Hills, Minnesota and Valencia, Spain. On August&nbsp;18, representatives of MSL and Celestica met to discuss
MSL's financial performance and to review customer and program management information. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;20, 2003, at a regularly scheduled meeting of the MSL board, management provided an update on the status of discussions with representatives of Celestica and were
authorized to continue such discussions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
a September&nbsp;3, 2003 conference call between Messrs.&nbsp;Notini and Rossi for MSL and Messrs.&nbsp;Suri and Myers for Celestica, Mr.&nbsp;Suri indicated that Celestica
would like to perform additional financial due diligence, including the inspection of various financial records, and to commence legal due diligence. It was agreed that MSL would establish a data room
for such a purpose. Mr.&nbsp;Suri also indicated that Celestica would provide MSL with a preliminary transaction proposal on or before September&nbsp;11, 2003, subject to completing the required
due diligence. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the week of September&nbsp;8, 2003, representatives of Celestica, as well as representatives of its legal counsel and its independent auditors, commenced due diligence at the
MSL data room. This financial and legal due diligence continued at various points at the data room, through in person meetings, and by exchange of documents through October&nbsp;14, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;11, 2003, Celestica delivered a preliminary expression of interest for a proposed acquisition of MSL. This expression of interest contained a preliminary indication
of valuation, and indicated the material terms Celestica would require in a merger agreement and a voting and option agreement with certain stockholders. On that day Messrs.&nbsp;Notini and Rossi of
MSL spoke by telephone with Messrs.&nbsp;Suri, Myers and Robert Kowalik, manager of corporate development for Celestica, regarding Celestica's expression of interest. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;12, 2003, a special telephonic meeting of the MSL board was held to review the expression of interest received from Celestica. At that meeting, representatives of
Credit Suisse First Boston reviewed with the MSL board the terms of Celestica's proposal, as well as electronic manufacturing services industry trends. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the week of September&nbsp;15, 2003, representatives of Credit Suisse First Boston, on behalf of MSL, had telephone conversations with representatives of Celestica, seeking
clarifications of and potential improvements to Celestica's September&nbsp;11 proposal. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;18, 2003, a special meeting of the MSL board was held in Boston at which representatives of Credit Suisse First Boston, Sonenshine Pastor and Hale and
Dorr&nbsp;LLP, counsel to MSL, were present. Hale and Dorr made a presentation to the MSL board regarding its legal duties and responsibilities in connection with considering a potential
acquisition. MSL management reviewed the status of discussions with representatives of Celestica, as well as the history of prior negotiations with other industry participants, the historical and
expected future consolidation of the industry and other potential alternatives for MSL, including remaining an independent, stand-alone entity. Representatives of Credit Suisse First Boston and
Sonenshine Pastor again reviewed with the MSL board the Celestica proposal and certain clarifications that had been made by Celestica, financial information of MSL provided to the financial advisors
by MSL management, and trends and prospects </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>36</FONT></P>

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<P><FONT SIZE=2>for
the electronic manufacturing services industry. The MSL board authorized management and its advisors to continue negotiations with representatives of Celestica. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;22, 2003, Messrs.&nbsp;Notini and Rossi of MSL and representatives of Credit Suisse First Boston and Sonenshine Pastor attended a meeting in Boston with
Messrs.&nbsp;Suri, Myers and Kowalik to discuss Celestica's September&nbsp;11 proposal and the basis for any possible modifications to the proposal, including the prospects for an increase in the
valuation contained in the proposal. Through the remainder of that week, representatives of MSL and Celestica further discussed financial information, including potential benefits of a business
combination. On September&nbsp;25, Kaye Scholer provided an initial draft of the merger agreement. From September&nbsp;25 through October&nbsp;14, 2003, Kaye Scholer&nbsp;LLP, legal counsel to
Celestica, and MSL negotiated the terms of the definitive merger agreement and related documents. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;24, 2003, Messrs.&nbsp;Bradshaw and Polistuk had a telephone conference call during which they discussed their respective rationales for the proposed transaction
and trends in the electronic manufacturing services industry. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;29, 2003, Messrs.&nbsp;Notini and Rossi of MSL met with Messrs.&nbsp;Suri, Myers and Kowalik of Celestica at Celestica's offices in Toronto. At this meeting there
was a further review of the financial information for MSL, as well as continued discussion of potential benefits that might result from the combination. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;30, 2003, Celestica provided a revised expression of interest. This expression of interest indicated that it would expire on October&nbsp;4, 2003 at
5:00&nbsp;p.m. unless agreed to in principle and, if agreed to in principle, Celestica would expect MSL to deal with Celestica exclusively to finalize due diligence and the negotiation of definitive
documentation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;2, 2003, a special telephonic meeting of the MSL board was held to discuss the revised expression of interest from Celestica. At the meeting, management updated the
directors on the status of negotiations and representatives of Credit Suisse First Boston and Sonenshine Pastor reviewed with the board the terms of Celestica's revised proposal and potential
alternatives to a transaction with Celestica, and responded to questions regarding Celestica and the electronic manufacturing services industry as a whole. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
this meeting and through October&nbsp;4, 2003, representatives of Credit Suisse First Boston, at the direction of MSL, had several telephone conversations with representatives of
Celestica relating to Celestica's revised proposal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;3, 2003, a special meeting of the MSL board was held by telephone conference call to further discuss Celestica's revised proposal. Representatives of Credit Suisse
First Boston reported on their discussions with Celestica. The MSL board also discussed potential alternatives to the proposed transaction, including the prospect of remaining an independent entity.
The MSL board authorized management and its financial advisors to continue negotiations and to seek an improvement in the financial terms of Celestica's revised proposal. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;3, 2003, in a conversation between a representative of Credit Suisse First Boston and Mr.&nbsp;Suri, Mr.&nbsp;Suri indicated that Celestica would be willing to
further modify its proposal and explained the proposed modification. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;4, 2003, a special telephonic meeting of the MSL board was held. Representatives of Credit Suisse First Boston reported that Celestica had modified its revised
proposal. Representatives of Credit Suisse First Boston and Sonenshine Pastor reviewed the modified proposal and potential strategic alternatives with the MSL board. The MSL directors discussed the
modified proposal, as well as the possibility of remaining an independent entity or seeking a business combination with other industry participants. The MSL board authorized management to indicate to
Celestica its conceptual </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>37</FONT></P>

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<P><FONT SIZE=2>approval
of the modified Celestica proposal, subject to the negotiation of appropriate documentation, including resolution of issues relating to the requested merger and stockholder agreements. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;6, 2003, Messrs.&nbsp;Bradshaw and Polistuk discussed the proposed transaction, including employment arrangements that Celestica would seek to put into place in
connection with the transaction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;6, 2003, a special meeting of the MSL board was held by telephone conference call. MSL management reported on discussions with representatives of Celestica regarding
the proposed
transaction. Representatives of Credit Suisse First Boston and Sonenshine Pastor reported on Celestica's modified proposal and other potential alternatives that might be available to MSL. The MSL
board authorized management and its financial and legal advisors to continue negotiations with Celestica. Later that day, representatives of Celestica requested that MSL execute an exclusivity
agreement as a precondition to further negotiations. On October&nbsp;7, a special meeting of the MSL board was held by telephone conference call. After discussion, the MSL board authorized MSL to
execute an exclusivity agreement with Celestica through October&nbsp;15, 2003. The exclusivity agreement was executed on October&nbsp;8, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;9, 10 and 11, 2003, legal counsel to and representatives of Celestica and MSL met in Boston to negotiate the definitive acquisition agreements, including the merger
agreement. During this period, legal counsel to and representatives of Celestica also negotiated the terms of the stockholder agreements with the relevant parties and their counsel. Such negotiations
continued by telephone through October&nbsp;14, 2003. On October&nbsp;10, 2003, a special meeting of the MSL board was held by telephone conference call to review the current status of those
negotiations. At this meeting, representatives of Credit Suisse First Boston and Sonenshine Pastor reported on certain financial due diligence they had performed with respect to Celestica, including
two telephone conferences with senior Celestica management, including Messrs.&nbsp;Polistuk and Puppi. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
a meeting held on October&nbsp;10, 2003, Mr.&nbsp;Polistuk and other members of senior management of Celestica reviewed with the board of directors of Celestica
MSL's business and results of operations, the strategic rationale for the acquisition and the principal proposed terms of the merger and stockholder agreements. The merger was
unanimously approved by the directors present at the meeting and Celestica senior management was authorized to proceed to finalize the terms of the merger agreement and the merger and related matters. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;12, 2003, a special telephonic meeting of the MSL board was held at which representatives of Hale and Dorr reviewed the terms of the proposed merger agreement and the
related agreements with certain stockholders and executive officers. The MSL board authorized management and legal counsel to continue negotiations of the definitive documentation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;14, 2003, a special meeting of the MSL board was held in Boston. Representatives of Hale and Dorr reported on the definitive merger agreement and the related
stockholder agreements, identifying the differences from the documents presented at the October&nbsp;12 board meeting. Management of MSL again reviewed the strategic rationale for the proposed
transaction and representatives of Credit Suisse First Boston and Sonenshine Pastor delivered oral opinions, confirmed by delivery of written opinions, each to the effect that, based upon and subject
to the matters stated in their opinions, the share exchange ratio in the merger was fair, from a financial point of view, to the holders of MSL common stock (other than, in the case of Credit Suisse
First Boston's opinion, certain private equity funds affiliated or associated with Credit Suisse First Boston and those holders who had entered into stockholder agreements in connection with the
merger). Following these presentations, the MSL board further discussed the potential merger. Thereafter, by unanimous vote of all directors, the MSL board determined that the merger was advisable and
in the best interests of MSL and its stockholders, approved the merger agreement and related matters, and recommended that the MSL stockholders adopt the merger agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>38</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
a meeting held on October&nbsp;14, 2003, the board of directors of Merger Sub determined that the merger was advisable and in the best interests of Celestica, its sole stockholder,
and unanimously approved the merger agreement and the merger and related matters. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the early morning of October&nbsp;15, 2003, Celestica, MSL and the other parties thereto executed the merger agreement and the related stockholder agreements. Prior to the
opening of trading on October&nbsp;15, 2003, Celestica and MSL issued a joint press release announcing the merger. </FONT></P>

<P><FONT SIZE=2><B>MSL's Reasons for the Merger  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>The MSL board of directors has unanimously approved the merger agreement and recommends that the holders of shares of MSL common and
preferred stock vote "FOR" the adoption of the merger agreement.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the course of reaching its decision to approve the merger agreement and the merger, the MSL board of directors consulted with senior management, as well as MSL's
financial advisors and outside legal counsel, and considered the following material factors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
MSL board reviewed the current electronic manufacturing services industry and believed it to be highly competitive from both a price and service perspective, with relatively low
operating and profit margins. They observed a distinction between many significantly larger companies and several other smaller industry participants, including MSL, that had annual revenues of
$3&nbsp;billion or less. The MSL
board identified a number of strategic advantages they believed are available to the larger companies in the electronic manufacturing services industry resulting from their greater scale, including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
operation of manufacturing facilities in many more low cost geographic locations throughout the world, in particular in China and elsewhere in Asia, resulting in better
overall manufacturing cost efficiencies;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
ability to negotiate greater savings as a result of higher volume purchases of components and other materials;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>lower
general and administrative expense levels, as a percentage of revenues, resulting from an ability to spread fixed costs over larger sales volumes;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
trend among certain customers for electronic manufacturing services to view size and financial stability of the service provider as factors to consider when making their
purchasing decisions;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>increased
customer diversification resulting from higher revenue levels and an increased number of customers; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
ability to offer a broader array of services to customers who are increasingly looking to outsource design and post-sale services such as warranty repair,
returns and replacements. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>The
MSL board believed these strategic advantages were reflected in the trading multiples of companies in the industry, with higher multiples generally being afforded to the larger participants. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
MSL board believed that these benefits could be made available to MSL stockholders, employees and customers through a continuing equity participation in Celestica as a significantly
larger participant in the industry following the merger. The MSL board believes that MSL, as an independent entity, would face significant challenges in achieving and sustaining profitable growth in
light of these competitive advantages enjoyed by the many other significantly larger players in the industry. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
MSL board considered the following additional factors weighing in favor of the merger: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
historical market prices and recent trading activity and trading range of MSL's and Celestica's common stock, including the fact that the 0.375 exchange
ratio offered to MSL's common stockholders in the merger represented a premium of approximately 18.5% and 17.8% </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>39</FONT></P>

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<UL>

<P><FONT SIZE=2>over
MSL's common stock price one day and 30&nbsp;days, respectively, prior to the public announcement of the merger by MSL and Celestica; </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
financial condition, results of operations and cash flows of MSL, as well as the current and likely future economic and market conditions affecting MSL as a stand-alone
entity, including its limited ability to access the capital markets and the need for significant working capital levels in the electronic manufacturing services industry;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>increased
competition from original design manufacturing companies that are beginning to successfully target services previously offered by electronic manufacturing services
companies;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
opinions of Credit Suisse First Boston and Sonenshine Pastor delivered on October&nbsp;14, 2003, to the effect that, as of such date and based upon and subject to the
matters stated in the opinions, the exchange ratio is fair, from a financial point of view, to holders of MSL common stock (other than, in the case of Credit Suisse First Boston's opinion, certain
private equity funds affiliated or associated with Credit Suisse First Boston and those holders party to stockholder agreements);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>presentations
by, and discussions with, senior management of MSL and representatives of MSL's financial and legal advisors regarding the merger and the merger
agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
fact that the MSL board could, under certain circumstances, terminate the merger agreement to enter into an agreement with respect to a superior proposal (as defined in
the merger agreement);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
opportunity for MSL stockholders to receive stock in an entity with a significantly larger capitalization and greater liquidity than the MSL common stock;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
treatment of the merger as a reorganization for tax purposes; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
economic effects on the employees, customers, suppliers and other constituents of MSL and its subsidiaries and other communities in which MSL and its subsidiaries
operate or are located. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
MSL board also considered the following material factors potentially adverse to the merger: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
possibility that the merger would not be consummated and the effect of the public announcement of the merger on MSL sales and operating results and MSL's
ability to attract and retain customers, as well as key management, sales and marketing personnel;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
risk that the potential benefits sought in the merger might not be realized fully or within the timeframe contemplated, if at all, and the potential restructuring costs
that may be associated with integrating the combined operations;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
fact that, pursuant to the merger agreement, MSL and its representatives may not participate in discussions or negotiations with any third party who might submit an
unsolicited acquisition proposal (as defined in the merger agreement) unless the board of directors (1)&nbsp;determines that the offer specifies a valuation that, if entered into, would be on terms
the board determines in good faith would be more favorable to the MSL stockholders than the merger and is reasonably likely to result in a superior proposal (as defined by the merger agreement) and
(2)&nbsp;concludes in good faith, after consultation with its outside legal counsel, that such action is required to comply with the board's fiduciary obligations to the MSL stockholders; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
fact that the termination fee and expense reimbursement required by the terms of the merger agreement to be paid by MSL under certain circumstances would make it more
costly for another potential purchaser to acquire MSL. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
MSL board believes that the potential benefits of the merger outweigh the potential negative factors. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>40</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
above discussion addresses the material information and factors considered by MSL's board of directors and their consideration of the merger, including factors that
support the merger, as well as those that may weigh against it. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
evaluating the merger, the members of the MSL board considered their knowledge of the business, financial condition and prospects of MSL, and the views of its senior management,
financial and legal advisors. In view of the variety of factors considered in connection with this evaluation of the merger, the MSL board did not find it practicable to, and did not, quantify or
otherwise assign relative weights to the specific factors considered in reaching its determinations and recommendations. In addition, individual members of the MSL board may have given different
weights to different factors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than in their capacity as members of the MSL board, no director or executive officer of MSL has made a recommendation either in support of or in opposition to the transaction. </FONT></P>

<P><FONT SIZE=2><B>Recommendation of the Merger by the MSL Board of Directors  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>For the reasons discussed above, the MSL board of directors has approved the merger agreement and recommends that holders of shares of MSL
common stock and preferred stock vote "FOR" the adoption of the merger agreement.</B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
considering the recommendation of the MSL board of directors with respect to the merger agreement, you should be aware that some of the directors and officers of MSL have interests in
the merger that may be different from, or are in addition to, the interests of holders of MSL common stock and preferred stock generally. Please see the section entitled
"&#151;</FONT><FONT SIZE=2><I>Interests of MSL</I></FONT><FONT SIZE=2>'</FONT><FONT SIZE=2><I>s Directors and Executive Officers in the Merger</I></FONT><FONT SIZE=2>" beginning on page 52 of
this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2><B>Opinion of MSL's Financial Advisors  </B></FONT></P>

<UL>

<P><FONT SIZE=2><B> Credit Suisse First Boston  </B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse First Boston has acted as MSL's financial advisor in connection with the merger. MSL selected Credit Suisse First Boston based on
Credit Suisse First Boston's experience and reputation, and its familiarity with MSL and its business. Credit Suisse First Boston is an internationally recognized investment banking firm and is
regularly engaged in the valuation of businesses and securities in connection with mergers and acquisitions, leveraged buyouts, negotiated underwritings, competitive biddings, secondary distributions
of listed and unlisted securities, private placements and valuations for corporate and other purposes. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with Credit Suisse First Boston's engagement, MSL requested that Credit Suisse First Boston evaluate the fairness, from a financial point of view, to the holders of MSL
common stock of the share exchange ratio provided for in the merger agreement. On October&nbsp;14, 2003, at a meeting of the MSL board held to evaluate the merger, Credit Suisse First Boston
rendered to the MSL board an oral opinion, which opinion was confirmed by delivery of a written opinion dated October&nbsp;14, 2003, to the effect that, as of that date and based on and subject to
the matters described in its opinion, the share exchange ratio was fair, from a financial point of view, to the holders of MSL common stock (other than certain private equity funds affiliated with
Credit Suisse First Boston and those holders of MSL common stock who have entered into stockholder agreements in connection with the merger and their respective affiliates). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The full text of Credit Suisse First Boston's written opinion, dated October&nbsp;14, 2003, to the MSL board which sets forth the procedures followed,
assumptions made, matters considered and limitations on the review undertaken, is attached as Annex C and is incorporated by reference into this proxy statement/prospectus. Holders of MSL common stock
are encouraged to read this opinion carefully in its entirety. Credit Suisse First Boston's opinion is addressed to the MSL board and relates only to the fairness, from a financial point of view, of
the share exchange ratio, does not address any other aspect  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>41</FONT></P>

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<BR>

<P><FONT SIZE=2><B> of the merger or any related transaction and does not constitute a recommendation to any MSL stockholder as to any matters relating to the merger. The summary of Credit Suisse First Boston's opinion
in this proxy statement/prospectus is qualified in its entirety by reference to the full text of the opinion.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
arriving at its opinion, Credit Suisse First Boston reviewed the merger agreement and related documents, as well as publicly available business and financial information relating to
MSL and Celestica. Credit Suisse First Boston also reviewed other information relating to MSL and Celestica, including internal financial forecasts in the case of MSL and publicly available financial
forecasts in the case of Celestica, provided to or discussed with Credit Suisse First Boston by MSL and Celestica. Credit Suisse First Boston also met with the managements of MSL and Celestica to
discuss the businesses and prospects of MSL and Celestica. Credit Suisse First Boston also considered financial and stock market data of MSL and Celestica, and compared such data with similar data for
publicly held companies in businesses that Credit Suisse First Boston deemed similar to MSL and Celestica and considered, to the extent publicly available, the financial terms of other business
combinations and transactions which have been announced or effected. Credit Suisse First Boston also considered other information, financial studies, analyses and investigations and financial,
economic and market criteria that it deemed relevant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with its review, Credit Suisse First Boston did not assume any responsibility for independent verification of any of the information that was provided to or otherwise
reviewed by it and relied on that information being complete and accurate in all material respects. With respect to the financial forecasts relating to MSL, Credit Suisse First Boston was advised, and
assumed, that the forecasts were reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of MSL as to the future financial performance of MSL.
With respect to the publicly available financial forecasts relating to Celestica referred to above, Credit Suisse First Boston reviewed and discussed such forecasts with Celestica management and has
been advised with respect to the forecasts for 2003 generally, and based on such discussions has assumed, with MSL's consent, with respect to all such forecasts that such forecasts represented
reasonable estimates as to the future financial performance of Celestica. Credit Suisse First Boston also assumed, with MSL's consent, that the merger would be treated as a
tax-free reorganization for federal income tax purposes. Credit Suisse First Boston further assumed, with MSL's consent, that the merger would be consummated in accordance
with the terms of the merger agreement, without amendment, modification or waiver of any material term, condition or agreement contained in the merger agreement, and that, in the course of obtaining
any necessary regulatory and third party approvals and consents relating to the merger, no modification, condition, restriction, limitation or delay would be imposed that would have an adverse effect
on MSL, Celestica or the contemplated benefits of the merger. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit
Suisse First Boston was not requested to make, and has not made, an independent evaluation or appraisal of the assets or liabilities, contingent or otherwise, of MSL or Celestica,
and Credit Suisse First Boston was not furnished with any such evaluations or appraisals. Credit Suisse First Boston's opinion was necessarily based on information available to it as of the date of
the opinion, and financial, economic, market and other conditions as they existed and could be evaluated as of the date of the opinion. Credit Suisse First Boston did not express any opinion as to the
actual value of Celestica subordinate voting shares when issued in the merger or the prices at which Celestica subordinate voting shares would trade at any time. In connection with its engagement,
Credit Suisse First Boston was not requested to, and it did not, solicit third party indications of interest in acquiring all or a part of MSL. Credit Suisse First Boston's opinion did not address the
relative merits of the merger as compared to other business strategies that may be available to MSL, and it did not address the underlying business decision of MSL to engage in the merger. Although
Credit Suisse First Boston evaluated the fairness of the share exchange ratio from a financial point of view, Credit Suisse First Boston was not requested to, and it did not, recommend the specific
consideration payable in the merger, which consideration was determined between MSL and Celestica. Except as described above, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>42</FONT></P>

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<BR>

<P><FONT SIZE=2>MSL
imposed no other limitations on Credit Suisse First Boston with respect to the investigations made or procedures followed in rendering its opinion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
preparing its opinion to the MSL board, Credit Suisse First Boston performed a variety of financial and comparative analyses, including those described below. The summary of Credit
Suisse First Boston's analyses described below is not a complete description of the analyses underlying Credit Suisse First Boston's opinion. The preparation of a fairness opinion is a complex process
involving various determinations as to the most appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances and, therefore, a fairness
opinion is not readily susceptible to partial analysis or summary description. In arriving at its opinion, Credit Suisse First Boston made qualitative judgments as to the significance and relevance of
each analysis and factor that it considered. Accordingly, Credit Suisse First Boston believes that its analyses must be considered as a whole and that selecting portions of its analyses and factors or
focusing on information presented in tabular format, without considering all analyses and factors or the narrative description of the analyses, could create a misleading or incomplete view of the
processes underlying its analyses and opinion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
its analyses, Credit Suisse First Boston considered industry performance, general business, economic, market and financial conditions and other matters, many of which are beyond the
control of MSL and Celestica. No company, transaction or business used in Credit Suisse First Boston's analyses as a comparison is identical to MSL or Celestica or the merger, and an evaluation of the
results of those analyses is not entirely mathematical. Rather, the analyses involve complex considerations and judgments concerning financial and operating characteristics and other factors that
could affect the acquisition, public trading or other values of the companies, business segments or transactions analyzed. The estimates contained in Credit Suisse First Boston's analyses and the
ranges of valuations resulting from any particular analysis are not necessarily indicative of actual values or predictive of future results or values, which may be significantly more or less favorable
than those suggested by the analyses. In addition, analyses relating to the value of businesses or securities do not purport to be appraisals or to reflect the prices at which businesses or securities
actually may be sold. Accordingly, Credit Suisse First Boston's analyses and estimates are inherently subject to substantial uncertainty. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit
Suisse First Boston's opinion and financial analyses were only one of many factors considered by the MSL board in its evaluation of the proposed merger and should not be viewed as
determinative of the views of the MSL board or management with respect to the merger or the share exchange ratio. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of the material financial analyses underlying Credit Suisse First Boston's opinion dated October&nbsp;14, 2003 delivered to the MSL board in connection with
the merger. </FONT><FONT SIZE=2><B>The financial analyses summarized below include information presented in tabular format. In order to fully understand Credit Suisse First Boston's financial
analyses, the tables must be read together with the text of each summary. The tables alone do not constitute a complete description of the financial analyses. Considering the data in the tables below
without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of
Credit Suisse First Boston's financial analyses.</B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selected Companies Analysis.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse First Boston compared financial, operating and stock market data of MSL to the
following eight publicly traded companies in the electronics manufacturing </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>43</FONT></P>

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<BR>

<P><FONT SIZE=2>services
industry, referred to as the EMS companies, five of which had revenues of $3&nbsp;billion or more in fiscal year 2002 and three of which had revenues of less than $3&nbsp;billion in
fiscal year 2002: </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="48%" ALIGN="CENTER"><FONT SIZE=1><B>EMS Companies with<BR>
$3&nbsp;billion or more in Revenue</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="48%" ALIGN="CENTER"><FONT SIZE=1><B>EMS Companies with<BR>
less than $3&nbsp;billion in Revenue</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Celestica&nbsp;Inc.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Electronics,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Flextronics International&nbsp;Ltd.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Pemstar&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Jabil Circuit,&nbsp;Inc.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Plexus Corp.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Sanmina-SCI Corporation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Solectron Corporation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit
Suisse First Boston reviewed, among other things, enterprise values, calculated as equity value, plus net debt, as multiples of estimated calendar years 2003 and 2004 revenue and
earnings before interest, taxes, depreciation and amortization, commonly referred to as EBITDA. Credit Suisse First Boston also reviewed equity values per share of the selected companies as a multiple
of estimated calendar years 2003 and 2004 earnings per share, commonly referred to as EPS. Estimated financial data for the selected companies were based on publicly available research analysts'
estimates. All multiples were based on closing stock prices on October&nbsp;13, 2003. Credit Suisse First Boston then applied ranges of selected multiples derived from publicly available financial
data described above for the selected EMS companies to corresponding financial data of MSL based on two scenarios for MSL&#151;the Management Base Case and the Adjusted Case. The Management
Base Case was based on MSL management's internal estimates for fiscal years 2003 through 2008. The Adjusted Case was based on adjustments by MSL's management to the estimates for fiscal
years 2004 through 2008 in the Management Base Case to reflect, among other things, generally flat revenues in fiscal year 2004 and lower growth in revenues and lower profitability in future periods
from those estimated in the Management Base Case. Credit Suisse First Boston then derived the following implied exchange ratio reference ranges based on Celestica's closing stock price on
October&nbsp;13, 2003 of $18.10, as compared to the share exchange ratio provided for in the merger: </FONT></P>

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<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Implied Exchange<BR>
Ratio Reference Range</B></FONT><HR NOSHADE></TH>
<TH WIDTH="18%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="27%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="26%" ALIGN="CENTER"><FONT SIZE=1><B>Management Base Case</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="26%" ALIGN="CENTER"><FONT SIZE=1><B>Adjusted Case</B></FONT><HR NOSHADE></TH>
<TH WIDTH="18%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="27%" ALIGN="CENTER"><FONT SIZE=1><B>Share Exchange Ratio<BR>
in the Merger</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2>0.271x to 0.411x</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2>0.041x to 0.234x</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="27%" ALIGN="RIGHT"><FONT SIZE=2>0.375x</FONT></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selected Transactions Analysis.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse First Boston reviewed the enterprise values of the following 12 selected
transactions involving EMS companies: </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="48%" ALIGN="CENTER"><FONT SIZE=1><B>Acquiror</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="48%" ALIGN="CENTER"><FONT SIZE=1><B>Target</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Flextronics International&nbsp;Ltd.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Microcell Group</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Plexus Corp.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;MCMS,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Solectron Corporation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;C-MAC Industries&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corporation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;SCI Systems,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Celestica&nbsp;Inc.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Omni Industries Limited</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corporation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;AB Segerstrom&nbsp;&amp; Svensson</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Solectron Corporation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Centennial Technologies,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Solectron Corporation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;NatSteel Electronics&nbsp;Ltd.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="48%" VALIGN="TOP"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Flextronics International&nbsp;Ltd.</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%" VALIGN="TOP"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;JIT Holdings&nbsp;Ltd.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corporation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Hadco Corporation</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="48%" VALIGN="TOP"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Flextronics International&nbsp;Ltd.</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%" VALIGN="TOP"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;The Dii Group,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;Solectron Corporation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&#149;&nbsp;&nbsp;&nbsp;&nbsp;SMART Modular Technologies,&nbsp;Inc.</FONT></TD>
</TR>
</TABLE></DIV>
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<P ALIGN="CENTER"><FONT SIZE=2>44</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit
Suisse First Boston compared enterprise values in the selected transactions as multiples of latest 12&nbsp;months revenue and EBITDA. Credit Suisse First Boston also reviewed
equity values per share in the selected transactions as a multiple of latest 12&nbsp;months EPS. All multiples for the selected transactions were based on information available at the time of the
relevant transaction. Credit Suisse First Boston then applied a range of selected multiples derived from the selected transactions to the corresponding estimated fiscal year 2003 financial data for
MSL. Credit Suisse First Boston then derived the following implied exchange ratio reference range based on Celestica's closing stock price on October&nbsp;13, 2003 of $18.10, as compared to the
share exchange ratio provided for in the merger: </FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="33%" ALIGN="CENTER"><FONT SIZE=1><B>Implied Exchange<BR>
Ratio Reference Range</B></FONT><HR NOSHADE></TH>
<TH WIDTH="32%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=1><B>Share Exchange Ratio<BR>
in the Merger</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="33%"><FONT SIZE=2>0.242x to 0.411x</FONT></TD>
<TD WIDTH="32%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="RIGHT"><FONT SIZE=2>0.375x</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums Paid Analysis.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse First Boston analyzed the premiums paid in stock-for-stock
acquisitions since January&nbsp;1, 2001. The median premiums based on the target's stock price one day and four weeks prior to the merger announcement were applied to MSL's closing
stock prices one day prior and four weeks prior to October&nbsp;14, 2003. Credit Suisse First Boston then derived the following implied exchange ratio reference range based on Celestica's closing
stock price on October&nbsp;13, 2003 of $18.10, as compared to the share exchange ratio provided for in the merger: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="32%" ALIGN="CENTER"><FONT SIZE=1><B>Implied Exchange<BR>
Ratio Reference Range</B></FONT><HR NOSHADE></TH>
<TH WIDTH="32%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="36%" ALIGN="CENTER"><FONT SIZE=1><B>Share Exchange Ratio<BR>
in the Merger</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%"><FONT SIZE=2>0.372x to 0.457x</FONT></TD>
<TD WIDTH="32%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="36%" ALIGN="RIGHT"><FONT SIZE=2>0.375x</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discounted Cash Flow Analysis.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse First Boston calculated the estimated present value of the stand-alone,
unlevered, after-tax free cash flows that MSL could generate for fiscal years 2004 through 2008 under the Management Base Case and the Adjusted Case. Credit Suisse First Boston calculated
ranges of estimated terminal values for MSL by multiplying the estimated fiscal year 2008 EBITDA of MSL by selected multiples ranging from 6.0x to 8.0x. The estimated after-tax free cash
flows and terminal values were then discounted to present value using discount rates of 15% to 19%. Credit Suisse First Boston then derived the following implied exchange ratio reference ranges based
on Celestica's closing stock price on October&nbsp;13, 2003 of $18.10, as compared to the share exchange ratio provided for in the merger: </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Implied Exchange Ratio Reference Range</B></FONT><HR NOSHADE></TH>
<TH WIDTH="20%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="21%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="28%" ALIGN="CENTER"><FONT SIZE=1><B>Management Base Case</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="28%" ALIGN="CENTER"><FONT SIZE=1><B>Adjusted Case</B></FONT><HR NOSHADE></TH>
<TH WIDTH="20%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="21%" ALIGN="CENTER"><FONT SIZE=1><B>Share Exchange Ratio in the Merger</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2>0.270x to 0.400x</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="28%" ALIGN="RIGHT"><FONT SIZE=2>0.136x to 0.235x</FONT></TD>
<TD WIDTH="20%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>0.375x</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Trading Analysis.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse First Boston reviewed the high and low closing stock price for MSL over the
52-week period ending on October&nbsp;13, 2003. Credit Suisse First Boston then derived the following implied exchange ratio range based on Celestica's closing stock price on
October&nbsp;13, 2003 of $18.10, as compared to the share exchange ratio provided for in the merger: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="33%" ALIGN="CENTER"><FONT SIZE=1><B>Implied Exchange<BR>
Ratio Reference Range</B></FONT><HR NOSHADE></TH>
<TH WIDTH="32%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=1><B>Share Exchange Ratio<BR>
in the Merger</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="33%"><FONT SIZE=2>0.174x to 0.334x</FONT></TD>
<TD WIDTH="32%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="RIGHT"><FONT SIZE=2>0.375x</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Factors.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the course of preparing its opinion, Credit Suisse First Boston also reviewed and considered other
information and data, including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>historical
price performance and trading volumes of MSL common stock and Celestica subordinate voting shares during the 12-month period from October&nbsp;10,
2002 to October&nbsp;13,&nbsp;2003; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>45</FONT></P>

<HR NOSHADE>
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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
relationship between movements in MSL common stock, movements in Celestica subordinate voting shares, movements in the common stock of selected EMS companies and
movements in the Standard&nbsp;&amp; Poor's index from December&nbsp;31, 2002 to October&nbsp;13, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>selected
publicly available research analysts' reports for MSL and Celestica, including EPS, revenue and share price targets of those analysts for MSL and Celestica;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>potential
cost savings and other synergies anticipated by the management of MSL to result from the merger; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
potential pro&nbsp;forma effect of the merger on Celestica's estimated EPS for calendar years 2003 and 2004 under both the Management Base Case and the Adjusted Case. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;MSL has agreed to pay Credit Suisse First Boston customary fees for its financial advisory services in
connection with the merger. MSL also has agreed to reimburse Credit Suisse First Boston for its expenses arising out of its engagement, including reasonable fees and expenses of legal counsel and any
other advisor retained by Credit Suisse First Boston, and to indemnify Credit Suisse First Boston and related parties against liabilities, including liabilities under the federal securities laws,
arising out of its engagement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit
Suisse First Boston and its affiliates in the past have provided, currently are providing and may in the future provide, financial and investment banking services to MSL and
Celestica unrelated to the merger, for which services they have received, and expect to receive, compensation. Certain private equity funds affiliated or associated with Credit Suisse First Boston own
approximately 47.5% of the outstanding shares of MSL common stock, as well as shares of Series&nbsp;A preferred stock and have entered into a stockholder agreement with Celestica. Please see the
section entitled "</FONT><FONT SIZE=2><I>The Stockholder Agreement</I></FONT><FONT SIZE=2>" beginning on page&nbsp;84 of the proxy statement/prospectus. In the ordinary course of business, Credit
Suisse First Boston and its affiliates may actively trade the securities of MSL and Celestica for their own accounts and for the accounts of customers and, accordingly, may at any time hold long or
short positions in those securities. </FONT></P>

<P><FONT SIZE=2><B>Sonenshine Pastor  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonenshine Pastor has acted as MSL's financial advisor in connection with the merger. MSL selected Sonenshine Pastor based on Sonenshine Pastor's
experience and reputation, and its familiarity with MSL and its business. Sonenshine Pastor is an investment banking firm that advises companies on mergers, acquisitions, restructurings and other
corporate finance transactions. The firm is regularly engaged in the valuation of businesses and securities in connection with these activities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with Sonenshine Pastor's engagement, MSL requested that Sonenshine Pastor evaluate the fairness, from a financial point of view, to the holders of MSL common stock of the
share exchange ratio provided for in the merger. On October&nbsp;14, 2003, at a meeting of the MSL board held to evaluate the merger, Sonenshine Pastor rendered to the MSL board an oral opinion,
which opinion was subsequently confirmed by delivery of a written opinion dated October&nbsp;14, 2003, to the effect that, as of that date and based on and subject to the matters described in its
opinion, the share exchange ratio was fair, from a financial point of view, to the holders of MSL common stock. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The full text of Sonenshine Pastor's written opinion, dated October&nbsp;14, 2003, to the MSL board, which sets forth the procedures followed, assumptions made,
matters considered and limitations on the review undertaken, is attached as Annex D and is incorporated into this document by reference. Holders of MSL common stock are encouraged to read this opinion
carefully in its entirety. Sonenshine Pastor's opinion is addressed to the MSL board and relates only to the fairness, from a financial point of view, of the share exchange ratio, does not address any
other aspect of the proposed merger or any related transaction and does not constitute a recommendation to any stockholder as to  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>46</FONT></P>

<HR NOSHADE>
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<A NAME="page_di2147_1_47"> </A>
<BR>

<P><FONT SIZE=2><B> any matters relating to the merger. The summary of Sonenshine Pastor's opinion in this document is qualified in its entirety by reference to the full text of the opinion.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
arriving at its opinion, Sonenshine Pastor: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>reviewed
the merger agreement and related documents, as well as publicly available business and financial information relating to MSL and Celestica;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>reviewed
other information relating to MSL and Celestica, including internal financial forecasts in the case of MSL and publicly available financial information, including
certain publicly
available forward-looking information in the case of Celestica, provided to or discussed with Sonenshine Pastor by MSL and Celestica;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>conducted
discussions with members of the management of each of MSL and Celestica concerning the businesses and prospects of MSL and Celestica on a stand-alone basis and in
the context of the merger;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>considered
financial and stock market data of MSL and Celestica, and compared those data with similar data for publicly held companies in businesses similar to MSL and
Celestica;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>considered,
to the extent publicly available, the financial terms of other business combinations and transactions which have been announced or effected; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>considered
such other information, financial studies, analyses and investigations and financial, economic and market criteria as Sonenshine Pastor deemed relevant. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with its review, Sonenshine Pastor did not assume any responsibility for independent verification of any of the information that was provided to or otherwise reviewed by it
and relied on that information being complete and accurate in all material respects. With respect to the financial forecasts relating to MSL, Sonenshine Pastor was advised, and assumed, that the
forecasts were reasonably prepared on bases reflecting the best currently available estimates and judgments of the managements of MSL as to the future financial performance of MSL. In addition, in the
case of information concerning Celestica, Sonenshine Pastor has been asked to rely and has relied solely on certain publicly available information and certain additional information provided orally by
MSL or certain representatives of senior management of Celestica, all without independent verification by Sonenshine Pastor or any other party. Sonenshine Pastor also assumed, with
MSL's consent, that the merger would be treated as a tax-free reorganization for federal income tax purposes, that the merger would be consummated in accordance with the
terms of the merger agreement, without amendment, modification or waiver of any material term, condition or agreement contained in the merger agreement, and that, in the course of obtaining any
necessary regulatory and third party approvals and consents relating to the merger, no modification, condition, restriction, limitation or delay would be imposed that would have an adverse effect on
MSL, Celestica or the contemplated benefits of the merger. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonenshine
Pastor was not requested to make, and has not made, an independent evaluation or appraisal of the assets or liabilities, contingent or otherwise, of MSL or Celestica, and
Sonenshine Pastor was not furnished with any such evaluations or appraisals. Sonenshine Pastor's opinion was necessarily based on information available to it as of the date of the opinion, and
financial, economic, market and other conditions as they existed and could be evaluated as of the date of the opinion. Sonenshine Pastor did not express any opinion as to the actual value of Celestica
subordinate voting shares when issued in the merger or the prices at which Celestica subordinate voting shares would trade at any time. In connection with its engagement, Sonenshine Pastor was not
requested to, and it did not, solicit third party indications of interest in acquiring all or a part of MSL. Sonenshine Pastor's opinion did not address the relative merits of the merger as compared
to other business strategies that may be available to MSL, and it did not address the underlying business decision of MSL to engage in the merger. Although Sonenshine Pastor evaluated the share
exchange ratio from a financial point of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>47</FONT></P>

<HR NOSHADE>
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<A NAME="page_di2147_1_48"> </A>
<BR>

<P><FONT SIZE=2>view,
Sonenshine Pastor was not requested to, and it did not, recommend the specific consideration payable in the merger, which consideration was determined between MSL and Celestica. Except as
described above, MSL imposed no other limitations on Sonenshine Pastor with respect to the investigations made or procedures followed in rendering its opinion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
preparing its opinion to the MSL board, Sonenshine Pastor performed a variety of financial and comparative analyses, including those described below. The summary of Sonenshine
Pastor's analyses described below is not a complete description of the analyses underlying Sonenshine Pastor's opinion. The preparation of a fairness opinion is a complex process involving various
determinations as to the most appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances and, therefore, a fairness opinion is not
readily susceptible to partial analysis or summary description. In arriving at its opinion, Sonenshine Pastor made qualitative judgments as to the significance and relevance of each analysis and
factor that it considered. Accordingly, Sonenshine Pastor believes that its analyses must be considered as a whole and that selecting portions of its analyses and factors or focusing on information
presented in tabular format, without considering all analyses and factors or the narrative description of the analyses, could create a misleading or incomplete view of the processes underlying its
analyses and opinion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
its analyses, Sonenshine Pastor considered industry performance, general business, economic, market and financial conditions and other matters, many of which are beyond the control of
MSL and Celestica. No company, transaction or business used in Sonenshine Pastor's analyses as a comparison is identical to MSL or Celestica or the merger, and an evaluation of the results of those
analyses is not entirely mathematical. Rather, the analyses involve complex considerations and judgments concerning financial and operating characteristics and other factors that could affect the
acquisition, public trading or other values of the companies, business segments or transactions analyzed. The estimates contained in Sonenshine Pastor's analyses and the ranges of valuations resulting
from any particular analysis are not necessarily indicative of actual values or predictive of future results or values, which may be significantly more or less favorable than those suggested by the
analyses. In addition, analyses relating to the value of businesses or securities do not purport to be appraisals or to reflect the prices at which businesses or securities actually may be sold.
Accordingly, Sonenshine Pastor's analyses and estimates are inherently subject to substantial uncertainty. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonenshine
Pastor's opinion and financial analyses were only one of many factors considered by the MSL board in its evaluation of the merger and should not be viewed as determinative of
the views of the MSL board or management with respect to the merger or the share exchange ratio. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of the material financial analyses underlying Sonenshine Pastor's opinion dated October&nbsp;14, 2003 delivered to the MSL board connection with the merger. </FONT> <FONT SIZE=2><B>The financial analyses summarized below
include information presented in tabular format. In order to fully understand Sonenshine Pastor's financial analyses, the tables must be
read together with the text of each summary. The tables alone do not constitute a complete description of the financial analyses. Considering the data in the tables below without considering the full
narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of Sonenshine Pastor's financial
analyses.</B></FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selected Companies Analysis.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Sonenshine Pastor compared financial, operating and stock market data of
MSL to the following twelve publicly traded companies in the electronics manufacturing services industry, referred to as the EMS companies, five of which had revenues of $3&nbsp;billion or more </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>48</FONT></P>

<HR NOSHADE>
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<A NAME="page_di2147_1_49"> </A>
<BR>

<P><FONT SIZE=2>in
fiscal year 2002, two of which had revenues $700&nbsp;million&nbsp;&#151;&nbsp;$3&nbsp;billion in fiscal year 2002, and five of which had revenues below
$700&nbsp;million in fiscal year 2002: </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="70%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="36%" ALIGN="CENTER"><FONT SIZE=1><B>EMS Companies with<BR>
$3&nbsp;billion or more in Revenue</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="33%" ALIGN="CENTER"><FONT SIZE=1><B>EMS Companies with<BR>
$700&nbsp;million-$3&nbsp;billion in Revenue</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="26%" ALIGN="CENTER"><FONT SIZE=1><B>EMS Companies with<BR>
Below $700&nbsp;million in Revenue</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Celestica&nbsp;Inc.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Benchmark Electronics</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2>&#149;&nbsp;&nbsp;IEC Electronics</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="36%" VALIGN="TOP"><FONT SIZE=2>&#149;&nbsp;&nbsp;Flextronics International&nbsp;Ltd.</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP"><FONT SIZE=2>&#149;&nbsp;&nbsp;Plexus Corp.</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP"><FONT SIZE=2>&#149;&nbsp;&nbsp;Merix</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Jabil Circuit,&nbsp;Inc.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Pemstar</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="36%" VALIGN="TOP"><FONT SIZE=2>&#149;&nbsp;&nbsp;Sanmina-SCI Corporation</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%" VALIGN="TOP"><FONT SIZE=2>&#149;&nbsp;&nbsp;SMTC</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Solectron Corporation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2>&#149;&nbsp;&nbsp;TTM Technologies</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonenshine
Pastor reviewed, among other things, enterprise values, calculated as equity value, plus net debt, as a multiple of revenues, earnings before interest and taxes, also referred
to as EBIT, and earnings before interest, taxes, depreciation and amortization, also referred to as EBITDA, all on an actual latest twelve month basis, as well as enterprise values as a multiple of
estimated calendar year 2003 revenues. Sonenshine Pastor also reviewed equity values per share of the selected EMS companies as a multiple of estimated calendar years 2003 and 2004 earnings per share,
commonly referred to as EPS, as well as book equity per share. Estimated financial data for the selected EMS companies were based on publicly available research analysts' estimates. All multiples were
based on closing stock prices on October&nbsp;13, 2003. Sonenshine Pastor then applied ranges of selected multiples derived from publicly available financial data described above for the selected
companies to corresponding financial data of MSL based on MSL's Management Base Case. Management Base Case was based on MSL management's internal estimates for fiscal years 2003 through
2008. Sonenshine Pastor then derived the following implied consideration reference ranges, as compared to the implicit consideration provided for in the merger. "Floor" represents the implicit value
assuming that Celestica's closing stock price upon closing of the merger is $16.00 or below, "Current" represents the implicit value based on Celestica's closing stock price as of October&nbsp;13,
2003, and "Ceiling" represents the implicit value assuming that Celestica's closing stock price upon closing of the merger is $19.33 or above. </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="43%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="34%" ALIGN="CENTER"><FONT SIZE=1><B>Implied Consideration</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER"><FONT SIZE=1><B>Merger Consideration</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="34%" ALIGN="CENTER"><FONT SIZE=1><B>Reference Range</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Floor</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Current</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Ceiling</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2>$4.87&nbsp;&#150;&nbsp;$7.77</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>6.00</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>6.79</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>7.25</FONT></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selected Transactions Analysis.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Sonenshine Pastor reviewed the enterprise values of the following six
selected transactions involving EMS companies: </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="58%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="34%" ALIGN="LEFT"><FONT SIZE=1><B>Acquiror<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="21%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="45%" ALIGN="LEFT"><FONT SIZE=1><B>Target<BR> </B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2>&#149;&nbsp;&nbsp;Solectron Corporation</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>&#149;&nbsp;&nbsp;C-MAC Industries&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="34%" VALIGN="TOP"><FONT SIZE=2>&#149;&nbsp;&nbsp;Sanmina Corporation</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>&#149;&nbsp;&nbsp;SCI Systems,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Celestica&nbsp;Inc.</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Omni Industries Limited</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Celestica&nbsp;Inc.</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Primetech Electronics&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Solectron Corporation</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Centennial Technologies,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Avnet,&nbsp;Inc.</FONT></TD>
<TD WIDTH="21%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Savoir Technology Group Inc</FONT></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonenshine
Pastor compared enterprise values in the selected transactions as multiples of latest 12&nbsp;months earnings before interest and taxes, where available. All multiples for
the selected transactions were based on information available at the time of the relevant transaction. Sonenshine Pastor then applied a range of selected multiples derived from the selected
transactions to the corresponding estimated fiscal year 2003 financial data for MSL. Sonenshine Pastor then derived the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>49</FONT></P>

<HR NOSHADE>
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<A NAME="page_di2147_1_50"> </A>
<BR>

<P><FONT SIZE=2>following
implied consideration reference range, as compared to the consideration provided for in the merger: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="42%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="31%" ALIGN="CENTER"><FONT SIZE=1><B>Implied Consideration</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER"><FONT SIZE=1><B>Merger Consideration</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="31%" ALIGN="CENTER"><FONT SIZE=1><B>Reference Range</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Floor</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Current</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Ceiling</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2>NM&nbsp;&#150;&nbsp;$3.16</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>6.00</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>6.79</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>7.25</FONT></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums Paid Analysis.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Sonenshine Pastor analyzed the premiums paid in the same transactions shown
above as well as in the following additional transactions involving EMS companies: </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="62%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="40%" ALIGN="LEFT"><FONT SIZE=1><B>Acquiror<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="20%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="40%" ALIGN="LEFT"><FONT SIZE=1><B>Target<BR> </B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Andrew Corp</FONT></TD>
<TD WIDTH="20%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Allen Telecom Inc</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Teradyne&nbsp;Inc.</FONT></TD>
<TD WIDTH="20%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2>&#149;&nbsp;&nbsp;GenRad,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Sanmina Corporation</FONT></TD>
<TD WIDTH="20%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Segerstrom&nbsp;&amp; Svensson AB</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Flextronics International&nbsp;Ltd.</FONT></TD>
<TD WIDTH="20%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2>&#149;&nbsp;&nbsp;Li Xin Industries&nbsp;Ltd.</FONT></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonenshine
Pastor also reviewed selected recent transactions in the range of $250&nbsp;million&nbsp;&#151;&nbsp;$500&nbsp;million of total enterprise value
across all industries and recent low-premium transactions across all industries. The selected premium ranges derived from the transactions reviewed were applied to MSL's
closing stock price one day prior to October&nbsp;14, 2003 and to MSL's average closing stock price for the thirty days prior to October&nbsp;14, 2003. Sonenshine Pastor then
derived the following implied consideration reference range, as compared to the price provided for in the&nbsp;merger: </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="43%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="34%" ALIGN="CENTER"><FONT SIZE=1><B>Implied Consideration</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER"><FONT SIZE=1><B>Merger Consideration</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="34%" ALIGN="CENTER"><FONT SIZE=1><B>Reference&nbsp;Range</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Floor</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Current</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Ceiling</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2>$5.38&nbsp;&#150;&nbsp;$7.29</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>6.00</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>6.79</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>7.25</FONT></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discounted Cash Flow Analysis.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Sonenshine Pastor calculated the estimated present value of the stand-
alone, unlevered, after-tax free cash flows that MSL could generate for fiscal years 2004 through 2008 based on three scenarios for MSL: Management Base Case, Adjusted Case and Adjusted
Case&nbsp;2. Management Base Case was based on MSL management's internal estimates for fiscal years 2003 through 2008. Adjusted Case was based on adjustments by MSL's management to
the estimates for fiscal years 2004 through 2008 in Management Base Case to reflect, among other things, generally flat revenue in 2004 and lower growth in revenues and lower profitability in future
periods from those estimated in Management Base Case. Adjusted Case&nbsp;2 was also based on further adjustments by MSL's management to the estimates for fiscal years 2004 through
2008 in Management Base Case to reflect, among other things, the potential for future decreases in revenue and profitability associated with the loss of certain large, global customers due to a
preference for the services of larger electronic manufacturing services companies, generally with greater than $3&nbsp;billion of annual revenues, combined with a significant and prolonged downturn
in industry spending. Adjusted Case&nbsp;2 takes into consideration attributes of larger electronic manufacturing services companies such as more complete global networks of manufacturing facilities
(including an established presence in low-cost manufacturing locales, particularly China) and a more robust suite of manufacturing service offerings, including advanced design services, as
compared to smaller companies in the industry. Sonenshine Pastor calculated ranges of estimated terminal values for MSL by multiplying the estimated fiscal year 2008 EBITDA of MSL by selected
multiples ranging from 6.0x to 8.0x. The estimated after-tax free cash flows and terminal values were then discounted to present value using discount rates of 12% to 16%. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>50</FONT></P>

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2>Sonenshine
Pastor then derived the following implied consideration reference ranges, as compared to the consideration provided for in the&nbsp;merger: </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="77%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=5 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Implied Consideration Reference Range</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="3%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Merger Consideration</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="19%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Management Base Case</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="19%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="19%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1><B>Adjusted Case</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1><B>Adjusted Case 2</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Floor</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Current</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Ceiling</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="19%"><FONT SIZE=2>$5.67&nbsp;&#150;&nbsp;$8.07</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>$2.96&nbsp;&#150;&nbsp;$5.02</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>$0.92&nbsp;&#150;&nbsp;$1.78</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>6.00</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>6.79</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>7.25</FONT></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Trading Analysis.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Sonenshine Pastor reviewed the high and low closing stock price for MSL over
the 52-week period ending on October&nbsp;13, 2003. Sonenshine Pastor then derived the following implied consideration reference range, as compared to the implied consideration provided
for in the&nbsp;merger: </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="43%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="34%" ALIGN="CENTER"><FONT SIZE=1><B>Implied Consideration</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER"><FONT SIZE=1><B>Merger Consideration</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="34%" ALIGN="CENTER"><FONT SIZE=1><B>Reference&nbsp;Range</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Floor</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Current</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Ceiling</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="34%"><FONT SIZE=2>$3.00&nbsp;&#150;&nbsp;$6.20</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>6.00</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>6.79</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>7.25</FONT></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Factors.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the course of preparing its opinion, Sonenshine Pastor also reviewed and considered
other information and data, consisting of: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
relative historical stock prices, expressed as a percentage, and trading volumes, of MSL common stock and Celestica subordinate voting shares since MSL's
initial public offering on June&nbsp;23, 2000, and for various periods of time since then. Sonenshine Pastor then compared these exchange ratios to the share exchange ratio in the merger of 0.375,
subject to adjustments pursuant to the merger agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
relationship between movements in MSL common stock, movements in Celestica subordinate voting shares, movements in the common stock of selected EMS companies and
movements in the Standard&nbsp;&amp; Poor index from June&nbsp;23, 2000 to October&nbsp;13, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>selected
publicly available research analysts' reports for MSL and Celestica, including EPS, revenue and share price targets of those analysts for MSL and Celestica;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>recent
general mergers and acquisitions transactions between $250&nbsp;million and $500&nbsp;million of enterprise value and recent trends concerning premiums paid in
certain merger and acquisition transactions; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>potential
cost savings and other synergies anticipated by the management of MSL to result from the merger, and the potential effects of such synergies, to the extent
realized, on the future value of the pro&nbsp;forma combined business. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;MSL has agreed to pay Sonenshine Pastor customary fees for its financial advisory
services in connection with the merger, a portion of which was payable upon the delivery of its opinion and a portion of which will be payable upon the consummation of the merger. MSL also has agreed
to reimburse Sonenshine Pastor for its expenses, including reasonable fees and expenses of legal counsel and any other advisor retained by Sonenshine Pastor, and to indemnify Sonenshine Pastor and
related parties against liabilities, including liabilities under the federal securities laws, arising out of its engagement. </FONT></P>

<P><FONT SIZE=2><B>Celestica's Reasons for the Merger  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer and end-market diversification are important components of Celestica's growth strategy. The acquisition of MSL will provide Celestica with
additional access to a broad customer base in diversified end markets, including industrial and avionics. The acquisition also supports Celestica's strategy to continue to expand and deepen its suite
of integrated services and solutions. Celestica </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>51</FONT></P>

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2>believes
that MSL's strengths in order fulfillment, build-to-order assembly and high-speed automated manufacturing will complement Celestica's
existing offerings. </FONT></P>


<P><FONT SIZE=2><B>Interests of MSL's Directors and Executive Officers in the Merger  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In considering the recommendation of MSL's board of directors that you, as an MSL stockholder, adopt the merger agreement, you should be aware that
some of MSL's executive officers and directors have interests in the transaction that may be different from, or in addition to, your interests as an MSL stockholder. The MSL board of
directors was aware of these interests and took these interests into account in approving the merger agreement and the merger. These interests are summarized below. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Change of Control Agreements  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL has an employment contract with Robert C. Bradshaw, MSL's chief executive officer and president. The contract provides that in the event of
termination, other than for Cause, after a change of control, Mr.&nbsp;Bradshaw will be entitled to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>his
base salary and his target annual bonus in monthly increments until January&nbsp;7, 2005;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>acceleration
of any stock options to purchase shares in MSL which will become exercisable for up to four years after the event of termination;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>continue
to participate, during the period commencing on the Termination Date and ending on the earlier of January&nbsp;7, 2005 and the date Mr.&nbsp;Bradshaw becomes
eligible for comparable benefits from a subsequent employer, in MSL's or the successor to its business' plans, programs or arrangements for its senior executives and their family
members in the same manner as provided before the Termination Date; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>be
paid any accrued but unpaid benefits in accordance with MSL's or the successor to its business' plans programs or arrangements in effect for its senior
executives on the Termination Date. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
under the employment contract, Mr.&nbsp;Bradshaw has agreed that, until January&nbsp;7, 2005 or such longer period as Mr.&nbsp;Bradshaw is employed by MSL, he will
not (1)&nbsp;own, manage, control or otherwise participate in any business competing with the business of MSL or (2)&nbsp;induce any employee of MSL to leave the employ of MSL or any of its
subsidiaries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
employment contract generally defines the terms used as follows: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Cause
means that the executive:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>is
convicted of or pleads guilty or </FONT><FONT SIZE=2><I>nolo contendere</I></FONT><FONT SIZE=2> to a felony or to a crime which has a materially detrimental effect
to the property of MSL or the successor to its business,
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>commits
any act involving dishonesty, fraud or disloyalty, or breach of his fiduciary duty to MSL or the successor to its business which is materially detrimental to
MSL or the successor to its business,
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>continually
fails in any material respect or refuses to perform his duties as directed by the board or continually does not direct his attention and give his best
effort to the affairs of MSL or the successor to its business,
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>engages
in gross negligence or willful misconduct with respect to his duties, or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD><FONT SIZE=2>engages
in any breach of the employment contract.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Termination
Date means the date the executive's employment is terminated. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL
also has entered into change of control severance agreements with John Boucher, Gerald&nbsp;Campenella, Alan&nbsp;R. Cormier, Richard Gaynor, Sean Lannan, Bruce Leasure, Albert
A. Notini, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>52</FONT></P>

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<BR>

<P><FONT SIZE=2>Santosh&nbsp;Rao
and Dewayne Rideout, who are executives of MSL. The merger constitutes a change of control for purposes of these agreements. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
change in control agreements provide for the following in the event of a change of control: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the executive fails to perform his duties to the company as a result of incapacity due to physical or mental illness, MSL or the successor to its business shall pay the executive's
base salary plus all compensation and benefits payable under the terms of any compensation or benefit plan, program or arrangement until the executive is terminated for disability. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, if the executive is terminated for any reason, he will be entitled to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>his
base salary and all compensation and benefits payable to him through the Date of Termination under the terms of MSL's or the successor to its business'
compensation and benefits plans as in effect immediately prior to the Date of Termination, and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>his
normal post-termination compensation and benefits as they become due. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, if an executive's employment is terminated within 36&nbsp;months of a change in control of MSL (1)&nbsp;other than for Cause, (2)&nbsp;by reason of death or Disability
or (3)&nbsp;by the executive for Good Reason, MSL or the successor to its business will provide the following to the executive: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
lump sum in cash equal to 2.5 times the sum of (a)&nbsp;the executive's base salary, and (b)&nbsp;the target annual bonus available to the executive pursuant to any
annual bonus or incentive plan of the company during the fiscal year in which the Date of Termination occurs;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
pro-rated portion of the executive's bonus compensation for the fiscal year in which the Date of Termination occurs calculated by multiplying (a)&nbsp;the
maximum amount of such bonus by (b)&nbsp;a fraction with the numerator being the number of days in the fiscal year through termination and the denominator being 365;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
lump sum amount in cash equal to the sum of (a)&nbsp;any unpaid incentive compensation awarded or allocated to the executive for a completed fiscal year preceding the
Date of Termination which is contingent on the continued employment of the executive until a particular date, and (b)&nbsp;a pro&nbsp;rata portion to the Date of Termination of the aggregate value
of all contingent incentive compensation awards to the executive for all uncompleted periods under the plan calculated as to each award by multiplying the (i)&nbsp;award amount to be received on the
last day of such period (assuming achievement of the performance goals established for such award) by (ii)&nbsp;a fraction in which the numerator is the number of full months and any fractional
month during the performance award period until the Date of Termination and the denominator is the number of months contained in such period;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>for
18&nbsp;months following the Date of Termination, MSL or the successor to its business shall arrange for the executive and his dependents to receive life, disability
and accident health insurance benefits substantially similar to the benefits received prior to the Date of Termination; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
any payment received by the executive is subject to excise tax, the executive shall receive any amount such that the net amount retained by the executive, after deduction
of such excise tax amount and any tax on this additional receipt, shall be equal to the payments received or to be received in connection with the change in control. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>53</FONT></P>

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<UL>
<UL>
</UL>
</UL>
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<P><FONT SIZE=2><A
NAME="page_dk2147_1_54"> </A> </FONT> <FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, MSL or the successor to its business will be liable for all legal fees and expenses incurred by the executive in disputing in good faith any issues relating to the
termination of his employment, in seeking in good faith to obtain or enforce any benefit or right provided for in the change in control agreement or in connection with any tax audit to the extent
attributable to the application of section&nbsp;4999 of the Code to any payment or benefit provided under the change in control agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
change in control agreements generally define the terms used as follows: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Cause
means:
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>willful
and continued failure of the executive to substantially perform his duties with the company not cured within 30&nbsp;days of written demand for substantial
performance, or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>willful
engagement in conduct resulting in demonstrable and material monetary harm to the MSL or the successor to its business.
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Date
of Termination means:
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
the employment is terminated for Disability, 30&nbsp;days after Notice of Termination is given if the executive has not returned to his full-time duties
during those thirty days, and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
the employment is terminated for any other reason, the date specified in the Notice of Termination.
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Good
Reason means:
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>assignment
of duties inconsistent with the executive's position or diminution or alteration of such position;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>reduction
of or failure to pay the executive's base salary or reduction in the executive's total cash and stock compensation opportunity to less than 100% of the opportunity
made available the previous year;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>relocation
of the executive's principal place of employment by more than 40 miles;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>failure
by MSL or the successor to its business to pay the executive any compensation within seven days of the date such compensation is due;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>failure
of MSL or the successor to its business to continue any material compensation plans, unless an equitable arrangement has been made on terms no less favorable than
the existing plan in which the executive participates;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>failure
by MSL or the successor to its business, directly or indirectly, to continue benefits substantially similar to those enjoyed by the executive prior to any change in
control;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
purported termination of the executive's employment which is not effected pursuant to the terms of the applicable agreement.
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Disability
means an executive's absence from full-time performance of his duties with MSL or the successor to its business for a period of six consecutive
months, plus 30&nbsp;days after a Notice of Termination has been sent as a result of the executive's incapacity due to physical or mental illness.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Notice
of Termination means a notice indicating the specific termination provision of the change of control agreement relied on and setting forth the facts and circumstances
claimed to provide a basis for termination under such provision. </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>54</FONT></P>

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<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messrs.
Boucher, Campenella, Cormier, Gaynor, Lannan, Leasure, Rao and Rideout is each also party to a non-competition, invention and non-disclosure agreement with MSL. Under these
agreements, each executive agrees generally&nbsp;that: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>all
inventions, developments and other discoveries devised or made by him during his employment with MSL are the exclusive property of&nbsp;MSL;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>during
his employment with MSL and thereafter he will not disclose or otherwise publish, other than in the ordinary course of MSL business, any proprietary or confidential
information of MSL;&nbsp;and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>for
one year following the termination of his employment with MSL, he will not
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>engage
or have any financial interest in any business that competes with MSL, </FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>induce
employees of MSL to join in any business that competes with MSL or </FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>solicit
any customers or suppliers of MSL in competition with&nbsp;MSL. </FONT></DD></DL>
</DD></DL>
</UL>
<BR>
<UL>

<P><FONT SIZE=2><B><I> Non-Employee Directors' Stock Options  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that a non-employee director's membership on the MSL board terminates, any stock options previously granted by MSL and held by such
director will vest in full and be immediately exercisable. None of the current directors of MSL is expected to remain a director of MSL following the merger and, accordingly, all stock options held by
the non-employee directors will vest and become immediately exercisable, and will remain exercisable for one year. As of the record date, the non-employee directors of MSL
held, in the aggregate, stock options to purchase a total of 224,200&nbsp;shares of MSL common stock at a weighted average price of $5.74 per share. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Effect of the Merger on MSL Stock Options  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the merger is completed, Celestica will assume outstanding stock options to purchase shares of MSL common stock, except for stock options outstanding under
MSL's employee stock purchase plan, and will convert these stock options into stock options to purchase Celestica subordinate voting shares. Each assumed stock option will have the same
terms and conditions they have just prior to their assumption, adjusted as necessary to reflect the substitution of Celestica shares for MSL common stock, except that substantially all options granted
prior to the date of the merger agreement will vest as a result of the merger. Prior to the effective time of the merger, the MSL employee stock purchase plan will be terminated. Any offering period
then underway under the MSL employee stock purchase plan will be shortened by setting a new exercise date that is prior to the effective time of the merger, and each participant's option to purchase
MSL common stock under the employee stock purchase plan will be exercised automatically on the new exercise date. For more information, please see the sections entitled "</FONT><FONT SIZE=2><I>The
Merger Agreement&#151;Treatment of MSL Stock Options and Warrants</I></FONT><FONT SIZE=2>" beginning on page 75 of this proxy statement/prospectus and "</FONT><FONT SIZE=2><I>The Merger
Agreement&#151;Treatment of Rights under the MSL Employee Stock Purchase Plan</I></FONT><FONT SIZE=2>" beginning on page 76 of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to grants to each non-employee director under MSL's director compensation programs, stock options will become exercisable and vested when the
non-employee director ceases to be a member of MSL's board of directors. None of the current directors of MSL is expected to remain a director of MSL following the merger.
Accordingly, all stock options owned by the non-employee directors are expected to vest and be immediately exercisable upon completion of the merger, and remain exercisable for one year.
For more information, please see the section entitled "</FONT><FONT SIZE=2><I>&#151;Interests of MSL Directors and Executive Officers in the Merger&#151;Non-Employee
Directors' Stock Options</I></FONT><FONT SIZE=2>", above. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica
intends to file&nbsp;a registration statement on Form&nbsp;S-8 with the Securities and Exchange Commission as soon as practicable following the completion of
the merger, but not later than five </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>55</FONT></P>

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<P><FONT SIZE=2>business
days following the completion of the merger, in connection with the subordinate voting shares issuable on the exercise of the assumed MSL stock options. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Celestica Discussions Concerning Employment  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the merger, Celestica is in discussions with several of MSL's executive officers concerning their employment opportunities with
Celestica after the merger. Although no definitive arrangements have been reached with any officer, Celestica expects that anyone who joins Celestica will join within Celestica's current compensation
structure. </FONT></P>

<UL>


<P><FONT SIZE=2><B><I> Indemnification; Directors' and Officers' Insurance  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period from the effective time of the merger through the sixth anniversary of the effective time, Celestica and the company surviving the merger will
indemnify and hold harmless each person who is now, has been at any time, or becomes prior to the effective time of the merger, a director or officer of MSL or any of its subsidiaries against all
claims, losses, liabilities, damages, judgments, fines and reasonable fees, costs and expenses, including attorneys' fees and disbursements incurred in connection with any claim, action, suit,
proceeding or investigation, whether civil, criminal, administrative or investigative, arising out of or pertaining to the fact that such person is or was an officer or director of MSL or any of its
subsidiaries, whether asserted or claimed prior to, at or after the effective time of the merger. Each of these persons is also entitled to advancement of any expenses incurred in defense of any such
claim, action, suit, proceeding or investigation. In addition, Celestica has agreed to cause the certificate of incorporation and by-laws of the company surviving the merger to contain
provisions no less favorable than those contained in the current charter documents of MSL with respect to indemnification, advancement of expenses and exculpation of present and former directors and
officers of MSL and its subsidiaries. The certificate of incorporation and by-laws of MSL generally provide its current and former directors and officers indemnification to the fullest
extent permitted by applicable law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a period of six years after the effective time of the merger, Celestica also will cause the company surviving the merger to use all reasonable efforts to maintain directors' and
officers' liability insurance covering those directors and officers of MSL who are currently covered by MSL's directors' and officers' liability insurance on terms comparable to those
applicable to the current directors and officers with respect to matters existing or occurring at or prior to the effective time of the merger. However,
the company surviving the merger will not be required to pay, in total, an annual premium for the insurance described in this paragraph in excess of 200% of the current annual premium paid by MSL for
its existing insurance coverage. If the annual premiums of such insurance coverage exceed that amount, or if such insurance coverage expires, is terminated or cancelled within such
six-year period, the company surviving the merger will use all reasonable efforts to cause to be maintained the maximum amount of coverage as is available for 200% of MSL's
current annual premium. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the interests described above, certain executive officers and directors of MSL could be viewed as being more likely to vote "FOR", and recommend a vote "FOR", the adoption
of the merger agreement, than MSL's stockholders generally or than they would if they did not hold these interests. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Stockholder Agreements  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the merger agreement, Celestica has entered into stockholder agreements with each of John Boucher, Robert C. Bradshaw, Gerald Campenella,
Alan&nbsp;R. Cormier, Richard Gaynor, Sean Lannan, Bruce Leasure, Albert A. Notini, Santosh Rao and Dewayne Rideout, and certain institutional stockholders. Each of the named individuals is an
executive officer of MSL and Mr.&nbsp;Bradshaw and Mr.&nbsp;Notini are also directors. For a discussion of these stockholder agreements, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>56</FONT></P>

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<P><FONT SIZE=2>please
see the section entitled "</FONT><FONT SIZE=2><I>The Stockholder Agreements</I></FONT><FONT SIZE=2>" beginning on page 84 of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2><B>Material United&nbsp;States Federal Income Tax Consequences  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the material U.S.&nbsp;federal income tax consequences of the merger to U.S.&nbsp;Holders (as defined below) and the material
U.S.&nbsp;federal income tax considerations applicable to the ownership of Celestica subordinate voting shares by U.S.&nbsp;Holders following the merger. For purposes of this discussion, the term
"U.S.&nbsp;Holder" means a beneficial owner of MSL common stock, MSL preferred stock or Celestica subordinate voting shares that is: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>an
individual who is a citizen or resident of the United&nbsp;States;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
corporation, other entity taxable as a corporation, partnership or limited liability company, created or organized under the laws of the United&nbsp;States or any state
or political subdivision thereof;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>an
estate, the income of which is subject to U.S.&nbsp;federal income taxation regardless of its source; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
trust that (i)&nbsp;is subject to the primary supervision of a U.S.&nbsp;court and which has one or more U.S.&nbsp;fiduciaries who have the authority to control all
substantial decisions of the trust, or (ii)&nbsp;has a valid election in effect under applicable U.S.&nbsp;Treasury Regulations to be treated as a U.S.&nbsp;person. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary is based on the Internal Revenue Code of 1986, as amended, or the Code, and final, proposed and temporary U.S.&nbsp;Treasury Regulations, and administrative and judicial
interpretations thereof (all as of the date of this proxy statement/prospectus). Legislative, administrative or judicial changes or interpretations may be forthcoming that could alter or modify the
statements and conclusions set forth in this proxy statement/prospectus. Any such changes or interpretations may or may not be retroactive and could affect the tax consequences discussed below. We
cannot assure you that the U.S.&nbsp;Internal Revenue Service, or the IRS, will not take a contrary view to such statements and conclusions, and no ruling from the IRS has been, or will be, sought
on the issues discussed in this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary is not a complete analysis or description of all potential U.S.&nbsp;federal tax considerations that may be relevant to, or of the actual tax effect that any of the
matters described in this proxy statement/prospectus will have on, special classes of taxpayers, some which may be subject to special tax rules, such as S corporations, mutual funds, insurance
companies, banks and other financial institutions, small business investment companies, foreign companies, nonresident alien individuals and other taxpayers that are not U.S.&nbsp;Holders, regulated
investment companies, real estate investment trusts, dealers in securities or currencies, broker-dealers and tax-exempt organizations, persons who are owners of an interest in a
partnership or other pass-through entity that is a holder of shares, persons who are subject to the alternative minimum tax, persons who acquired their MSL stock pursuant to the exercise
of employee stock options or otherwise as compensation, persons who hold, directly, constructively or by attribution, 5% or more of either the total voting power or total value of the capital stock of
Celestica immediately after the merger, or 10% or more of the total voting power of the capital stock of Celestica at any time, persons that hold MSL common stock, MSL preferred stock or Celestica
subordinate voting shares as part of a position in a "straddle," or as part of a "hedging," "conversion" or other integrated investment transaction for U.S.&nbsp;federal income tax purposes, or
persons whose functional currency is not the U.S.&nbsp;dollar. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
summary below assumes that stockholders hold their shares of MSL common stock, MSL preferred stock or Celestica subordinate voting shares as capital assets within the meaning of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>57</FONT></P>

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<P><FONT SIZE=2>section&nbsp;1221
of the Code, and that MSL does not have current or accumulated earnings and profits as determined for U.S.&nbsp;federal income tax purposes. Currently, MSL does not have current
or accumulated earnings and profits and it does not anticipate that it will have any prior to the closing of the merger. Furthermore, the summary below does not discuss non-U.S. tax
consequences or state, local, estate, gift or other tax consequences. Finally, Celestica believes that it is not a "passive foreign investment company" within the meaning of section&nbsp;1297(a) of
the Code and the summary below so assumes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Each MSL stockholder is advised to consult his or her own tax advisor as to the U.S.&nbsp;federal income tax consequences to him, her or it of the merger and
the ownership and disposition of Celestica subordinate voting shares, in each case in light of the facts and circumstances that may be unique to him, her or it, and as to any U.S.&nbsp;estate, gift,
state, local and non-U.S.&nbsp;tax consequences of the merger.</B></FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Tax Opinions  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL has received an opinion of Hale and Dorr&nbsp;LLP and Celestica has received an opinion of Kaye Scholer&nbsp;LLP to the effect that (a)&nbsp;the merger
will constitute a reorganization within the meaning of section&nbsp;368(a) of the Code, which we refer to in this proxy statement/prospectus as a "reorganization" and (b)&nbsp;the discussion in
this section entitled "Material United&nbsp;States Federal Income Tax Consequences," insofar as it describes the U.S.&nbsp;federal income tax consequences of the merger to U.S.&nbsp;Holders and
the U.S.&nbsp;federal income tax considerations applicable to the ownership of Celestica subordinate voting shares by U.S.&nbsp;Holders following the merger, is accurate in all material respects. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is a condition to the obligations of MSL and Celestica to consummate the merger that each of MSL and Celestica shall have received opinions, dated the closing date, from Hale and
Dorr&nbsp;LLP and Kaye Scholer&nbsp;LLP, respectively, to the effect that for U.S.&nbsp;federal income tax purposes the merger will constitute a reorganization. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
opinions of Hale and Dorr&nbsp;LLP and Kaye Scholer&nbsp;LLP will be based on facts existing on the date of this proxy statement/prospectus and at the closing date, will assume
the absence of changes in existing facts and will rely on representations and covenants made by MSL, Celestica and Merger Sub. These opinions of counsel are not binding on the IRS. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Material Federal Income Tax Consequences of the Merger to MSL, Celestica, Holders of MSL Common Stock and Holders of MSL Preferred Stock  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the limitations and qualifications referred to in this section, and as a result of the merger qualifying as a reorganization, the following
U.S.&nbsp;federal income tax consequences will result: </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL and Celestica.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;MSL and Celestica will not have taxable gain or loss as a result of the merger. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders who receive solely Celestica subordinate voting shares.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Holders of MSL common stock and/or
MSL preferred stock who exchange their MSL common stock and MSL preferred stock solely for Celestica subordinate voting shares will not have taxable gain or loss as a result of the merger (except with
respect to any cash received in lieu of fractional shares, as described below). The aggregate tax basis of the Celestica subordinate voting shares received by any such holder will be equal to the
aggregate tax basis of the MSL common stock and MSL preferred stock surrendered (excluding any portion of the holder's tax basis allocated to fractional shares) and the holding period of the Celestica
subordinate voting shares will include the holding period of the MSL common stock and MSL preferred stock surrendered. </FONT></P>


<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of MSL preferred stock who do not own any shares of MSL common stock and who elect to receive solely
cash.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Holders of MSL preferred stock who do not own any shares of MSL common stock </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>58</FONT></P>

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<P><FONT SIZE=2>and
who elect to receive solely cash in exchange for their shares of MSL preferred stock will have taxable gain or loss equal to the difference between the amount of cash received and their tax basis
in the shares of MSL preferred stock surrendered. Any such gain or loss generally will constitute capital gain or loss, and will be long-term capital gain or loss with respect to MSL
shares held for more than one year at the effective time of the merger. The deductibility of capital losses is subject to limitations. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of MSL preferred stock who receive a combination of cash and Celestica subordinate voting shares.</I></B></FONT><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;Holders of MSL preferred stock may receive a combination of cash (excluding, for purposes of this discussion, cash received in lieu of fractional shares, as described below) and
Celestica subordinate voting shares by reason of electing to receive Celestica subordinate voting shares for only a portion of their MSL preferred stock, or by reason of owning both MSL common stock
and MSL preferred stock. Generally, such holders will have a gain or loss for each block of MSL preferred stock surrendered for which some cash is received measured by the difference between
(a)&nbsp;the sum of the amount of cash and the fair market value of Celestica subordinate voting shares received that is allocable to such block of MSL preferred stock and (b)&nbsp;the tax basis
of such block. Any such gain will be taxable to the extent of the amount of cash received that is allocable to such block, and no loss will be recognized. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
some circumstances, a portion of such taxable gain may be treated as a dividend. It is unclear under present law whether only the accumulated earnings and profits of MSL are
considered for purposes of treating taxable gain as a dividend, or whether the accumulated earnings and profits of Celestica are taken into account. MSL does not have accumulated earnings and profits,
but Celestica may. Even if the accumulated earnings and profits of Celestica are considered for purposes of treating taxable gain as a dividend, such dividend treatment would only be applicable if,
with respect to a holder, the receipt of cash in connection with the merger has the effect of the distribution of a dividend. For purposes of this determination, a holder would be treated as if the
holder had exchanged all of such holder's MSL preferred stock solely for Celestica subordinate voting shares and then Celestica immediately redeemed a portion of such shares in exchange for the cash
actually received by the holder in connection with the merger. Whether the cash received in this deemed redemption is treated as a dividend will depend upon the portion of Celestica capital stock
owned by the holder (and deemed purchased) and, possibly, the extent to which such redemption has resulted in a decrease in the holder's interest in Celestica, determined after taking into account
certain attribution of ownership rules. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is unlikely in the case of virtually all MSL stockholders that dividend treatment will result because the amount of Celestica stock deemed acquired and redeemed with respect to each
holder will constitute a small percentage of the total outstanding stock of Celestica. Therefore, any such taxable gain generally will constitute capital gain, and will be long-term
capital gain with respect to MSL shares held for more than one year at the effective time of the merger. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
tax basis of the Celestica subordinate voting shares received in exchange for a block of MSL stock will be equal to the tax basis of such surrendered block of MSL stock, decreased by
the amount of cash received in respect of such block and increased by the amount of gain recognized in respect of such block. The holding period of the Celestica subordinate voting shares will include
the holding period of such block of MSL stock surrendered. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash received in lieu of a fractional share.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A holder of MSL stock who receives cash in lieu of a
fractional Celestica subordinate voting share will be treated as having received such fractional share pursuant to the merger and then as having exchanged such fractional share for cash in a
redemption by Celestica. Any gain or loss attributable to a fractional share generally will be capital gain or loss. The amount of such gain or loss will be equal to the difference between the ratable
portion of the tax basis of the MSL stock surrendered in the merger that is allocated to such fractional share and the cash received in lieu thereof. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>59</FONT></P>

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<UL>

<P><FONT SIZE=2><B><I> Record Retention and Backup Withholding  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each holder of MSL stock that receives Celestica subordinate voting shares in the merger will be required to retain records and file with such holder's
U.S.&nbsp;federal income tax return a statement setting forth certain facts relating to the merger. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
a holder of MSL stock complies with certain reporting and/or certification procedures, or is an exempt recipient under applicable provisions of the Code and U.S.&nbsp;Treasury
Regulations promulgated thereunder, such holder may be subject to a 28% backup withholding tax with respect to any cash payments received pursuant to the merger. Holders of MSL stock should consult
their brokers to ensure compliance with such procedures. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TO
PREVENT BACKUP WITHHOLDING WITH RESPECT TO CASH PAYMENTS TO CERTAIN HOLDERS IN CONNECTION WITH THE MERGER, EACH HOLDER OF MSL STOCK MUST PROVIDE SUCH HOLDER'S CORRECT TAXPAYER
IDENTIFICATION NUMBER AND CERTIFY THAT SUCH HOLDER IS NOT SUBJECT TO BACKUP WITHHOLDING BY COMPLETING THE SUBSTITUTE W-9 IN THE ELECTION FORM. IF BACKUP WITHHOLDING APPLIES WITH RESPECT TO
A HOLDER, WITHHOLDING WILL BE REQUIRED IN AN AMOUNT EQUAL TO 28% OF ANY PAYMENTS THAT OTHERWISE WOULD BE MADE TO SUCH HOLDER. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Material Federal Income Tax Consequences of Holding Celestica Subordinate Voting Shares  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A holder of Celestica subordinate voting shares will be required to include in gross
income as dividend income the amount of any distributions (including constructive distributions) paid on the Celestica subordinate voting shares (including any foreign taxes withheld from the amount
received) on the date such distribution is includable in the income of a holder to the extent such distributions are paid out of Celestica's current or accumulated earnings and profits as determined
for U.S.&nbsp;federal income tax purposes. Subject to the discussion below under "&#151;&nbsp;Recent United&nbsp;States Tax Law Changes," dividend income is generally taxed as
ordinary income. Distributions in excess of Celestica's current and accumulated earnings and profits will be applied against, and will reduce, the holder's tax basis in the Celestica subordinate
voting shares and, to the extent in excess of such tax basis, will be treated as gain from the sale or exchange of the Celestica subordinate voting shares. Dividends paid on the Celestica subordinate
voting shares generally will not qualify for the dividends-received deduction available to corporations. Dividends paid in foreign currency will be included in the income of a holder in a
U.S.&nbsp;dollar amount calculated by reference to the exchange rate on the date the dividends are includable in the income of the holder. If the Canadian dollars received as a dividend are not
converted in U.S.&nbsp;dollars on the date the dividends are includable in the income of such holder, any
foreign currency gain or loss realized on a subsequent conversion or other disposition will be treated as ordinary income or loss. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
a holder will have the option of claiming the amount of Canadian tax withheld at source on the distribution of dividends on the Celestica subordinate voting shares as either a
deduction from adjusted gross income or as a dollar-for-dollar credit against the holder's U.S.&nbsp;federal income tax liability. If the holder elects to claim a credit for
such Canadian taxes, the election will be binding for all foreign taxes paid or accrued by the holder for such taxable year. Individuals who claim the standard deduction rather than itemized
deductions may not claim a deduction for foreign taxes withheld, but may claim such amount as a credit against the individual's U.S.&nbsp;federal income tax liability. The U.S.&nbsp;foreign tax
credit in any taxable year may not offset more than 90% of a holder's liability for U.S.&nbsp;individual or corporate alternative minimum tax. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
paid by Celestica generally will be treated as foreign source income and likely will constitute "passive" or "financial services" income for foreign tax credit purposes. The
amount of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>60</FONT></P>

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<P><FONT SIZE=2>foreign
income taxes for which a holder may claim a credit in any year is subject to complex limitations and restrictions that must be determined on an individual basis by each holder. Holders should
consult with their own tax advisors with regard to the availability of a U.S.&nbsp;foreign tax credit and the application of the U.S.&nbsp;foreign tax credit limitations to their particular
situations. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent United&nbsp;States Tax Law Changes.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Recent U.S.&nbsp;tax legislation has reduced the rates
of tax payable by individuals (as well as certain trusts and estates) on various items of income. Under the 2003 Act, the marginal tax rates applicable to ordinary income generally have been lowered
with effect from January&nbsp;1, 2003. Furthermore, "qualified dividend income" received by individuals in taxable years beginning after December&nbsp;31, 2002 and before January&nbsp;1, 2009
generally will be taxed at a maximum U.S.&nbsp;federal rate of 15% (rather than the higher tax rates generally applicable to items of ordinary income) provided certain holding period requirements
are met. Based upon current IRS pronouncements, Celestica believes that dividends paid by it with respect to its subordinate voting shares should constitute "qualified dividend income" for
United&nbsp;States federal income tax purposes and that holders who are individuals (as well as certain trusts and estates) should be entitled to the reduced rates of tax, as applicable. However,
the precise extent to which dividends paid by non-U.S.&nbsp;corporations will constitute "qualified dividend income" and the effect of such status on the ability of taxpayers to utilize
associated foreign tax credits is not entirely clear at present. It is anticipated that there will be administrative pronouncements concerning these provisions in the future. In the meantime, holders
are urged to consult their own tax advisors regarding the impact of the provisions of the 2003 Act on their particular situations, including related restrictions and special rules. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale, Exchange or Other Disposition.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A holder of Celestica subordinate voting shares will recognize
taxable gain or loss on any sale, exchange or other disposition of Celestica subordinate voting shares in an amount equal to the difference between the U.S.&nbsp;dollar value of the amount realized
on such sale,
exchange or other disposition and such holder's adjusted tax basis, determined in U.S.&nbsp;dollars, in such shares. Any such gain or loss generally will be capital gain or loss, and will be
long-term capital gain if the shares have been held for more than one year for U.S.&nbsp;federal income tax purposes. The deductibility of capital losses is subject to limitations. Any
gain generally will be treated as U.S.&nbsp;source income for U.S.&nbsp;foreign tax credit purposes. A holder who receives foreign currency upon the disposition of Celestica subordinate voting
shares and converts the currency into U.S.&nbsp;dollars subsequent to receipt generally will have foreign currency gain or loss based on any appreciation or depreciation of the value of the foreign
currency against the U.S.&nbsp;dollar. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Information Reporting and Backup Withholding  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A holder of Celestica subordinate voting shares may be subject to backup withholding (currently at the rate of 28%) with respect to "reportable payments," which
include dividends paid on, or the proceeds of a sale, exchange or redemption of, Celestica subordinate voting shares. Backup withholding will be required if (i)&nbsp;the payee fails to furnish a
Taxpayer Identification Number (TIN) to the payor in the manner required, (ii)&nbsp;the IRS notifies the payor that the TIN furnished by the payee is incorrect, (iii)&nbsp;there has been a
"notified payee underreporting" described in Section&nbsp;3406(c) of the Code, or (iv)&nbsp;there has been a failure of the payee to certify under penalty of perjury that the payee is not subject
to withholding under section&nbsp;3406(a)(l)(C) of the Code. As a result, if any one of the events listed above occurs, withholding will be required in an amount equal to the then applicable rate of
backup withholding from any dividend payment made with respect to Celestica subordinate voting shares or any payment or proceeds of a redemption of Celestica subordinate voting shares to a holder.
Amounts paid as backup withholding do not constitute an additional tax and will be credited against the holder's federal income tax liability, so long as the required information is provided to the
IRS. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>61</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount of any "reportable payments" for each calendar year and amount of tax withheld, if any, with respect to payments on Celestica subordinate voting shares generally will be
reported to the holders of Celestica subordinate voting shares and to the IRS. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE
FOREGOING SUMMARY DOES NOT DISCUSS ALL ASPECTS OF U.S.&nbsp;FEDERAL INCOME TAXATION THAT MAY BE RELEVANT TO A PARTICULAR HOLDER. HOLDERS OF MSL STOCK SHOULD CONSULT THEIR OWN TAX
ADVISORS AS TO THE PARTICULAR TAX CONSEQUENCES TO THEM OF THE MERGER AND OF THE OWNERSHIP AND DISPOSITION OF CELESTICA SUBORDINATE VOTING SHARES, INCLUDING THE APPLICABILITY AND EFFECT OF
NON-U.S., STATE, LOCAL, ESTATE, GIFT AND OTHER TAX LAWS AND THE EFFECT OF ANY PROPOSED CHANGES IN THE TAX LAWS. </FONT></P>

<P><FONT SIZE=2><B>Principal Canadian Federal Income Tax Considerations  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following general summary of the principal Canadian federal income tax considerations relating to holding and disposing of Celestica subordinate voting shares
acquired pursuant to the merger is generally applicable to a U.S.&nbsp;Holder who (a)&nbsp;acquires Celestica subordinate voting shares in the merger, (b)&nbsp;for the purposes of the Income
Tax&nbsp;Act (Canada), or the ITA, at all relevant times is not resident in Canada, deals at arm's length and is not affiliated with Celestica, holds the Celestica subordinate voting shares as
capital property and does not use or hold, and is not deemed to use or hold, the Celestica subordinate voting shares in the course of carrying on, or otherwise in connection with, a business in
Canada, and (c)&nbsp;for purposes of the Canada-United&nbsp;States Income Tax Convention (1980), or the Treaty, is a resident of the United&nbsp;States, has never been a resident of Canada, and
otherwise qualifies for the full benefits of the Treaty. Special rules, which are not discussed below, may apply to "financial institutions" (as defined in the ITA) and to non-resident
insurers carrying on an insurance business in Canada and elsewhere. This summary does not apply to a U.S.&nbsp;Holder that is a limited liability company or a partnership. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary is based on the current provisions of the ITA and the regulations thereunder, all specific proposals to amend the ITA or the regulations thereunder publicly announced by or
on behalf of the Minister of Finance (Canada) prior to the date of this proxy statement/prospectus, the current provisions of the Treaty and the current published administrative practices of the
Canada Customs and Revenue Agency. This summary is not exhaustive of all possible Canadian federal income tax considerations and, except as mentioned above, does not take into account or anticipate
any changes in law or administrative practice, whether by legislative, judicial or administrative action or decision, nor does it take into account any provincial, territorial or foreign tax
considerations, which may differ significantly from those discussed herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>This summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular U.S.&nbsp;Holder,
and no representation with respect to the Canadian federal income tax considerations to any particular U.S.&nbsp;Holder is made. The tax consequences to any particular U.S.&nbsp;Holder will vary
depending on that person's particular circumstances. Accordingly, U.S.&nbsp;Holders of MSL capital stock should consult their own tax advisors as to the particular Canadian tax considerations to
them of holding and disposing of Celestica subordinate voting shares acquired pursuant to the merger, as well as the application and effect of the income and other tax laws of any other
jurisdiction.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the ITA, each amount relating to the acquisition, holding or disposing of Celestica subordinate voting shares acquired pursuant to the merger, including dividends,
adjusted costs base and proceeds of disposition, must be converted into Canadian dollars based on the United&nbsp;States-Canadian dollar exchange rate applicable to the effective date of the related
acquisition, disposition or recognition of income. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>62</FONT></P>

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<UL>

<P><FONT SIZE=2><B><I> Dividends  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the ITA and the Treaty, dividends on the Celestica subordinate voting shares paid or credited, or deemed to be paid or credited, to a U.S.&nbsp;Holder who
is the beneficial owner of such dividends generally will be subject to Canadian withholding tax at the rate of 15% of their gross amount. Under the Treaty, if the U.S.&nbsp;Holder who is the
beneficial owner of such dividends is a company which owns at least 10% of Celestica's voting shares, the withholding tax rate is reduced from 15% to 5%. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Treaty, in certain circumstances dividends paid to religious, scientific, literary, educational or charitable organizations or certain pension organizations are exempt from
Canadian withholding tax where the dividend recipient is resident in, and is generally exempt from tax in, the United&nbsp;States and has complied with certain administrative procedures. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Disposition of Celestica Subordinate Voting Shares  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, a U.S.&nbsp;Holder will not be subject to tax under the ITA in respect of any gain realized by such U.S.&nbsp;Holder on the disposition of
Celestica subordinate voting shares unless the Celestica subordinate voting shares constitute taxable Canadian property of the U.S.&nbsp;Holder. As long as the Celestica subordinate voting shares
are listed on a prescribed stock exchange (which includes The New&nbsp;York Stock Exchange and the Toronto Stock Exchange), Celestica subordinate voting shares generally will not constitute taxable
Canadian property of a U.S.&nbsp;Holder, unless at any time during the 60-month period immediately preceding the disposition the U.S.&nbsp;Holder, persons with whom the
U.S.&nbsp;Holder did not deal at arm's length, or the U.S.&nbsp;Holder together with all such persons, owned 25% or more of the issued shares of any class or series of shares of the capital stock
of Celestica. If the Celestica subordinate voting shares are taxable Canadian property to a U.S.&nbsp;Holder, any capital gain realized by the U.S.&nbsp;Holder on a disposition or deemed
disposition of such Celestica subordinate voting shares will generally be exempt from tax under the ITA by virtue of the Treaty if the value of the Celestica subordinate voting shares is not derived
principally from real property situated in Canada (as defined by the Treaty) at the time of disposition. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
disposition of Celestica subordinate voting shares to Celestica (unless Celestica acquires such shares in the open market in the manner in which shares would normally be purchased by
any member of the public) will result in a deemed dividend to a U.S.&nbsp;Holder equal to the amount by which the consideration paid by Celestica to acquire the U.S.&nbsp;Holder's shares exceeds
the paid-up capital of such shares for purposes of the ITA. The amount of such deemed dividend will be subject to withholding tax, as described above. </FONT></P>

<P><FONT SIZE=2><B>Accounting Treatment of the Merger  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with U.S. and Canadian generally accepted accounting principles, Celestica will account for the merger using the purchase method of accounting.
Under this method of accounting, Celestica will record the market value (based on an average of the closing prices of Celestica subordinate voting shares for a range of two trading days before and
after the measurement date) of its subordinate voting shares issued in connection with the merger, the amount of cash consideration to be paid to holders of MSL preferred stock, the fair value of the
replacement options and warrants issued in connection with the merger and the amount of direct transaction costs associated with the merger as the estimated purchase price of acquiring MSL. The
measurement date has been established initially as October&nbsp;15, 2003, being the announcement date. However, if, prior to the closing date, the application of the share exchange ratio formula in
the merger agreement results in a change to the number of shares to be issued, the measurement date will be changed to that later date. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>63</FONT></P>

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica
will allocate the purchase price to the net assets and liabilities, including amortizable intangible assets acquired (including intellectual property, process technology and
customer contracts and relationships), based on their respective fair values at the date of the completion of the merger. Any excess of the estimated purchase price over those fair values will be
accounted for as goodwill. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortizable
intangible assets will generally be amortized over useful lives not exceeding five years. Goodwill resulting from the business combination will not be amortized but instead
will be tested for impairment at least annually (more frequently if certain indicators are present). In the event that the management of Celestica determines that the value of goodwill has become
impaired, Celestica will incur an accounting charge for the amount of impairment during the fiscal quarter in which the determination is made. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount of goodwill recorded will be finalized once Celestica has finalized the value of the purchase consideration (including finalizing the fair value of the options and warrants
issued in connection with the merger) and has obtained additional information with respect to any restructuring plans and the fair value of certain assets and liabilities, including third party
valuations of intangible assets. </FONT></P>


<P><FONT SIZE=2><B>Regulatory Filings and Approvals Required to Complete the Merger  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger is subject to review by the United&nbsp;States Federal Trade Commission, or FTC, and the Antitrust Division of the United&nbsp;States Department of
Justice, or DOJ, under the requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, or the HSR Act,
under which a transaction cannot be completed until required information and materials are furnished to the DOJ and the FTC and the statutory waiting period under the HSR Act expires or is terminated. </FONT> <FONT SIZE=2><B>[</B></FONT><FONT
SIZE=2>Celestica and MSL have made the required pre-merger notification filings under the HSR Act with the DOJ and the FTC, but will
not be permitted to complete the merger until the applicable statutory waiting period has expired or has been terminated.</FONT><FONT SIZE=2><B>]</B></FONT><FONT SIZE=2> In addition, the
merger is also subject to review by the governmental authorities of various other jurisdictions, including the European Union, Brazil, the Czech Republic and Mexico, under the antitrust laws of those
jurisdictions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
can be no assurance that the governmental reviewing authorities will permit the applicable statutory waiting periods to expire, terminate the applicable statutory waiting periods
or clear the merger at all or without restrictions or conditions that would have a materially adverse effect on the combined company if the merger is completed. These restrictions and conditions could
include a complete or partial license, divestiture, spin-off or the holding separate of assets or businesses. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, during or after the statutory waiting periods and clearance of the merger, and even after completion of the merger, either the DOJ, the FTC or other governmental authorities
could challenge or seek to block the merger under the antitrust laws, as it deems necessary or desirable in the public interest. Other competition agencies with jurisdiction over the merger could also
initiate action to challenge or block the merger. In addition, in some jurisdictions, a competitor, customer or other third party could initiate a private action under the antitrust laws challenging
or seeking to enjoin the merger, before or after it is completed. Celestica and MSL cannot be sure that a challenge to the merger will not be made or that, if a challenge is made, Celestica and MSL
will prevail. </FONT></P>

<P><FONT SIZE=2><B>Listing of Celestica Subordinate Voting Shares Issued in the Merger  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica has made application to The New&nbsp;York Stock Exchange for the listing of the Celestica subordinate voting shares to be issued in the merger, as
well as any subordinate voting shares which may be issued upon the exercise of any MSL stock option or warrant. The Toronto Stock Exchange has accepted notices filed by Celestica in respect of the
Celestica subordinate voting shares to be issued under the merger agreement. Application to the Toronto Stock Exchange has been made by Celestica </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>64</FONT></P>

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<P><FONT SIZE=2>to
approve, and the Toronto Stock Exchange has conditionally approved, the listing of the Celestica subordinate voting shares to be issued under the merger agreement. The listing is subject to
Celestica fulfilling all of the requirements of the Toronto Stock Exchange within five business days of the completion of the merger. </FONT></P>

<P><FONT SIZE=2><B>Delisting and Deregistration of MSL Common Stock After the Merger  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the merger is completed, MSL common stock will be delisted from The New&nbsp;York Stock Exchange and deregistered under the Securities Exchange Act of
1934, as amended. Upon such deregistration, MSL will no longer be required to make separate periodic filings under the Exchange Act. </FONT></P>

<P><FONT SIZE=2><B>Restrictions on Sales of Celestica Subordinate Voting Shares Received in the Merger  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Celestica subordinate voting shares to be issued in connection with the merger will be registered under the Securities Act of 1933 and will be freely
transferable, except for Celestica subordinate voting shares issued to any person who is deemed to be an "affiliate" of MSL prior to the merger. Persons who may be deemed to be affiliates of MSL prior
to the merger include individuals or entities that control, are controlled by, or are under common control with MSL, prior to the merger, and may include officers and directors, as well as principal
stockholders of MSL, prior to the merger. Affiliates of MSL will be notified separately of their affiliate status. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Persons
who may be deemed to be affiliates of MSL prior to the merger may not sell any of the Celestica subordinate voting shares received by them in connection with the merger except
pursuant to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>an
effective registration statement under the Securities Act of 1933 covering the resale of those shares;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>an
exemption under paragraph&nbsp;(d) of Rule&nbsp;145 under the Securities Act of 1933; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
other applicable exemption under the Securities Act of 1933. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica's
registration statement on Form&nbsp;F-4, of which this proxy statement/prospectus forms&nbsp;a part, does not cover the resale of Celestica subordinate voting
shares to be received in connection with the merger by persons who may be deemed to be affiliates of MSL prior to the merger. </FONT></P>

<P><FONT SIZE=2><B>Appraisal Rights for MSL Series&nbsp;A and Series&nbsp;B Preferred Stock; No Appraisal Rights for MSL Common Stock  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the merger is approved by MSL's stockholders, any holder of Series&nbsp;A or Series&nbsp;B preferred stock who does not vote in favor of the
merger and who has previously taken necessary steps under Delaware law may exercise rights of appraisal under Delaware law, rather than receive the merger consideration in the merger. Appraisal rights
are available only as to the holders of MSL Series&nbsp;A and Series&nbsp;B preferred stock and are not available as to MSL common stock. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of Delaware law governing appraisal rights are complex, and you should study them carefully if you wish to exercise appraisal rights. A stockholder may take actions that
prevent that stockholder from successfully asserting these rights, and multiple steps must be taken to properly perfect the rights. A copy of Section&nbsp;262 of the Delaware General Corporation Law
is attached to this proxy statement/prospectus as Annex E. For a detailed discussion of appraisal rights under Delaware law, please see the section entitled "</FONT><FONT SIZE=2><I>Appraisal Rights
for MSL Preferred Stock</I></FONT><FONT SIZE=2>" beginning on page 105 of this proxy statement/ prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>65</FONT></P>

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<BR></FONT><FONT SIZE=2><B>THE MERGER AGREEMENT    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following summary describes the material provisions of the merger agreement. The provisions of the merger agreement are complicated
and not easily summarized. This summary may not contain all of the information about the merger agreement that is important to you. The merger agreement is attached to this proxy statement/prospectus
as Annex A and is incorporated by reference into this proxy statement/prospectus, and we encourage you to read it carefully in its entirety for a more complete understanding of the merger
agreement.</I></FONT></P>

<P><FONT SIZE=2><B>Structure of the Merger  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger agreement provides for the merger of MSL with and into Merger Sub, a newly formed, wholly-owned subsidiary of Celestica. Merger Sub will survive the
merger as a wholly-owned subsidiary of Celestica. Merger Sub will be renamed "Manufacturers' Services Limited" at the effective time of the merger. </FONT></P>

<P><FONT SIZE=2><B>Completion and Effectiveness of the Merger  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will complete the merger when all of the conditions to completion of the merger contained in the merger agreement, which we describe in the section entitled
"</FONT><FONT SIZE=2><I>&#151;Conditions to Completion of the Merger</I></FONT><FONT SIZE=2>" beginning on page&nbsp;78 of this proxy statement/prospectus, are satisfied or waived, including
adoption of the merger agreement by the stockholders of MSL. The merger will become effective upon the filing of a certificate of merger with the Secretary of State of the State of Delaware. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are working to complete the merger as quickly as possible. We currently plan to complete the merger in late 2003 or early 2004. However, because completion of the merger is subject to
governmental and regulatory approvals and other conditions, we cannot predict the exact timing of the merger or whether the merger will occur at all. </FONT></P>

<P><FONT SIZE=2><B>Conversion of MSL Common Stock and Series&nbsp;A and Series&nbsp;B Preferred Stock in the Merger  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon completion of the merger, each share of capital stock of MSL will be converted as follows: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>for
each share of MSL common stock, 0.375 of a Celestica subordinate voting share, subject to adjustment as described below;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>for
each share of Series&nbsp;A or Series&nbsp;B preferred stock for which the MSL stockholder does not seek appraisal and does not make a valid stock election, a cash
payment equal to $52.50 plus any accrued and unpaid dividends through the effective time of the merger;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>for
each share of Series&nbsp;A preferred stock for which the MSL stockholder does not seek appraisal and makes a valid stock election, a number of Celestica subordinate
voting shares equal to the product of:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>0.375,
subject to adjustment as described below; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
number of shares of MSL common stock into which such share of Series&nbsp;A preferred stock is convertible immediately prior to the effective time of the merger; and
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>for
each share of Series&nbsp;B preferred stock for which the MSL stockholder does not seek appraisal and makes a valid stock election, the sum of:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>an
amount in cash equal to $2.25 or, at the election of MSL (as directed by Celestica), a number of Celestica subordinate voting shares equal to the product of
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>0.375,
subject to adjustment as described below, and </FONT></DD></DL>
</DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>66</FONT></P>

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<UL>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
number of shares of MSL common stock issuable in satisfaction of the "optional make whole payment" under the provisions of MSL's certificate of
incorporation governing the Series&nbsp;B preferred stock described below;&nbsp;and
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
number of Celestica subordinate voting shares equal to the product of
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>0.375,
subject to adjustment as described below, and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
number of shares of MSL common stock into which such share of Series&nbsp;B preferred stock is convertible immediately prior to the effective time of the merger. </FONT></DD></DL>
</DD></DL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
MSL's certificate of incorporation governing the Series&nbsp;B preferred stock, the number of shares of MSL common stock issuable in satisfaction of the "optional
make whole payment" per share of Series&nbsp;B preferred stock is determined by dividing (1)&nbsp;$2.25 by (2)&nbsp;95% of the average closing price of the MSL common stock on The
New&nbsp;York Stock Exchange for the ten consecutive trading days ending two business days prior to the day on which the merger is completed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
completion of the merger, Celestica also will assume outstanding options and warrants to purchase MSL common stock as described in the section entitled
"&#151;</FONT><FONT SIZE=2><I>Treatment of MSL Stock Options and Warrants</I></FONT><FONT SIZE=2>" beginning on page&nbsp;75 of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
share exchange ratio of 0.375 will be adjusted if the weighted average closing price of a Celestica subordinate voting share on The New&nbsp;York Stock Exchange for the 20
consecutive trading days ending on the third business day before the effective time of the merger, which we refer to as the "market price", is $19.33 or more or $16.00 or less. The share exchange
ratio will be: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>0.375
of a subordinate voting share, if the Celestica subordinate voting share market price is less than $19.33 and more than $16.00,
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>that
fraction of a subordinate voting share with a market price of $7.25, if the Celestica subordinate voting share market price is $19.33 or more, and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>that
fraction of a subordinate voting share with a market price of $6.00, if the Celestica subordinate voting share market price is $16.00 or less. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
share exchange ratio also will be adjusted to reflect the effect of any stock split, reverse stock split, stock dividend (including any dividend or distribution of securities
convertible into Celestica subordinate voting shares or MSL common stock), reorganization, recapitalization, reclassification or other like change with respect to Celestica subordinate voting shares
or MSL common stock having a record date after October&nbsp;14, 2003 and prior to the effective time of the merger. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
share of MSL common stock and Series&nbsp;A and Series&nbsp;B preferred stock held by MSL or owned by Celestica or any of their direct or indirect wholly-owned subsidiaries
immediately prior to the merger will be canceled and will cease to exist. None of MSL, Celestica or any of their direct or indirect subsidiaries will receive any securities of Celestica, cash or other
consideration in exchange for those shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the share exchange ratio of 0.375 and the number of shares of MSL common stock and stock options and warrants to purchase MSL common stock outstanding as of the record date, and
assuming all of the holders of the Series&nbsp;A or Series&nbsp;B preferred stock elect to receive Celestica subordinate voting shares in lieu of cash (and, in the case of the Series&nbsp;B
preferred stock, Celestica elects to issue subordinate voting shares in consideration for the "optional make whole payment"): </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
total of approximately 16,900,000 Celestica subordinate voting shares will be issued in connection with the merger to holders of MSL common stock and Series&nbsp;A and
Series&nbsp;B preferred stock; and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>67</FONT></P>

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<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
total of approximately 3,600,000 Celestica subordinate voting shares will be reserved for issuance upon the exercise of stock options and warrants to purchase MSL common
stock assumed by Celestica in connection with the merger. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>Fractional Shares  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica will not issue any fractional subordinate voting shares in connection with the merger. Instead, each holder of MSL common stock and Series&nbsp;A and
Series&nbsp;B preferred stock exchanged in connection with the merger who would otherwise be entitled to receive a fraction of a Celestica subordinate voting share will receive cash, without
interest, in an amount equal to the fraction multiplied by the "market price" of one Celestica subordinate voting share. </FONT></P>


<P><FONT SIZE=2><B>Stock Elections Relating to MSL Preferred Stock  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in the section entitled "</FONT><FONT SIZE=2><I>&#151;Conversion of MSL Common Stock and Series&nbsp;A and Series&nbsp;B Preferred Stock
in the Merger</I></FONT><FONT SIZE=2>" beginning on page&nbsp;66 of this proxy statement/prospectus, holders of Series&nbsp;A or Series&nbsp;B preferred stock may elect to receive the merger
consideration payable with respect to their shares of MSL preferred stock in Celestica subordinate voting shares rather than in cash. However, in the case of holders of Series&nbsp;B preferred stock
that elect to receive Celestica subordinate voting shares, the "optional make whole payment" will be paid in either Celestica subordinate voting shares or cash, at the election of MSL as directed by
Celestica. To make a valid stock election the stock election must be: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>in
writing, in the form provided by MSL and which accompanies this proxy statement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>dated
and signed by the record holder; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>actually
received by MSL prior to the effective time of the merger. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
urge you to complete, sign, date and return the stock election form prior to the start of the MSL special meeting. If MSL does not receive a valid stock election form prior to the
effective time of the
merger you will receive the merger consideration payable with respect to your MSL preferred stock in cash. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you submit a valid stock election and wish to change the number of shares of Series&nbsp;A or Series&nbsp;B preferred stock subject to the election, you may submit a later dated
stock election form to MSL. Such later dated stock election form will be effective only if it is actually received by MSL prior to the effective time of the merger. You may also revoke a valid stock
election by submitting to MSL written notification of your desire to revoke a previously submitted stock election form. Your written revocation will be effective only if it is actually received by MSL
prior to the effective time of the merger. We expect to complete the merger immediately after the MSL special meeting. </FONT></P>


<P><FONT SIZE=2><B>Exchange of Stock Certificates  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As soon as reasonably practicable, and in any event within ten days after the effective time of the merger, Celestica will cause Computershare Trust Company of
Canada, or Computershare, the exchange agent for the merger, to mail to each record holder of MSL common stock and each holder of Series&nbsp;A or Series&nbsp;B preferred stock a letter of
transmittal and instructions for surrendering the record holder's stock certificates in exchange for a certificate representing Celestica subordinate voting shares and/or cash in accordance with the
merger agreement. Holders of MSL stock who properly surrender their MSL stock certificates in accordance with the exchange agent's instructions will receive: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>the
number of whole Celestica subordinate voting shares the holder is entitled to receive pursuant to the merger agreement; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>68</FONT></P>

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<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>in
the case of Series&nbsp;A and Series&nbsp;B preferred stock, cash in the amount that holder is entitled to receive pursuant to the merger agreement if the holder has not made a
valid stock election, and, in the case of Series&nbsp;B preferred stock, cash in the amount the holder is entitled to receive for the "optional make-whole payment" if the holder has made
a valid stock election and MSL has not elected (at the direction of Celestica) to make that payment in Celestica subordinate voting shares;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>cash
in lieu of any fractional Celestica subordinate voting share; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>dividends
or other distributions, if any, to which they are entitled under the terms of the merger agreement. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
surrendered certificates representing MSL common stock, Series&nbsp;A preferred stock and Series&nbsp;B preferred stock will be canceled. After the effective time of the merger,
each certificate representing shares of MSL common stock or Series&nbsp;A or Series&nbsp;B preferred stock that has not been surrendered will represent only the right to receive each of
items&nbsp;(1) through&nbsp;(4) enumerated above. Following the effective time of the merger, MSL will not register any transfers of MSL common stock or Series&nbsp;A or Series&nbsp;B
preferred stock on its stock transfer books. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Holders of MSL common stock or Series&nbsp;A or Series&nbsp;B preferred stock should not send in their MSL stock certificates until they receive a letter of
transmittal from ComputerShare, the exchange agent for the merger, with instructions for the surrender of MSL stock certificates.</B></FONT></P>

<P><FONT SIZE=2><B>Dissenting Shares  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of MSL Series&nbsp;A and Series&nbsp;B preferred stock outstanding immediately prior to the effective time of the merger that are held by a holder who
has not voted in favor of the merger and who has demanded appraisal in accordance with the Delaware General Corporation Law (we refer to these shares as "dissenting shares") will not be converted into
the right to receive the merger consideration enumerated above, unless the holder fails to perfect, withdraws or is otherwise deemed not to have appraisal rights. If, after the effective time of the
merger, the holder of such shares fails to perfect, withdraws or loses its right to appraisal, or if it is determined that such holder does not have appraisal rights, then such shares will be treated
as if they had been converted at the effective time of the merger into the right to receive the merger consideration. For more information regarding dissenting shares, please see the section entitled
"</FONT><FONT SIZE=2><I>Appraisal Rights for MSL Preferred Stock</I></FONT><FONT SIZE=2>" beginning on page&nbsp;105 of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2><B>Distributions with Respect to Unexchanged Shares  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of MSL common stock and Series&nbsp;A and Series&nbsp;B preferred stock are not entitled to receive any dividends or other distributions on Celestica
subordinate voting shares until the merger is completed. After the merger is completed, holders of MSL common stock and Series&nbsp;A and Series&nbsp;B preferred stock will be entitled to
dividends and other distributions declared or made after the effective time of the merger with respect to the number of whole Celestica subordinate voting shares which they are entitled to receive
upon exchange of their MSL stock certificates. However, they will not be paid any dividends or other distributions on the Celestica subordinate voting shares until they surrender their MSL stock
certificates to the exchange agent in accordance with the exchange agent instructions. </FONT></P>

<P><FONT SIZE=2><B>Transfers of Ownership and Lost Stock Certificates  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica will issue (1)&nbsp;Celestica subordinate voting shares, (2)&nbsp;cash consideration, (3)&nbsp;cash in lieu of a fractional share and
(4)&nbsp;any dividends or distributions that may be payable in a name other than the name in which a surrendered MSL stock certificate is registered only if the person requesting such exchange
presents to the exchange agent all documents required to show, and to effect, the unrecorded </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>69</FONT></P>

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<P><FONT SIZE=2>transfer
of ownership and to show that such person paid any applicable stock transfer taxes. If an MSL stock certificate is lost, stolen or destroyed, the holder of such certificate may need to
deliver an affidavit or bond prior to receiving the merger consideration payable with respect to such stock. </FONT></P>


<P><FONT SIZE=2><B>Representations and Warranties  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL made a number of representations and warranties to Celestica in the merger agreement regarding aspects of its business, financial condition and structure, as
well as other facts pertinent to the merger, including representations and warranties relating to the following subject matters: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>corporate
organization, qualification to do business, good standing and corporate power and authority of MSL and its subsidiaries;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>absence
of any material violations of the certificate of incorporation and by-laws of MSL and the certificates of incorporation, by-laws and similar
organizational documents of its subsidiaries;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL's
capital structure and ownership of subsidiary capital stock and the absence of restrictions or encumbrances with respect to the capital stock of any
significant subsidiary;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>corporate
authorization to enter into the merger agreement and consummate the transactions under the merger agreement, and the enforceability of the merger agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
vote of MSL stockholders required to complete the merger;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>governmental
and regulatory approvals required to complete the merger;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>absence
of any conflict with or violation of the certificate of incorporation and by-laws of MSL and equivalent organizational documents of its subsidiaries, any
material contract of MSL or any of its subsidiaries, or any applicable legal requirements resulting from the execution of the merger agreement or the completion of the merger;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
effect of entering into and carrying out the obligations of the merger agreement on material contracts;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL's
filings and reports with the Securities and Exchange Commission;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>financial
statements and projections;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>absence
of material undisclosed liabilities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>absence
of certain changes and events affecting MSL and its subsidiaries, since June&nbsp;30, 2003 (and in certain cases, December&nbsp;31, 2002);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>taxes;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>good
and valid title to, or valid leasehold interests in, all tangible properties and assets material to its business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>sufficiency
and condition of material items of equipment and other tangible assets of MSL and its subsidiaries;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>relationships
with material customers of MSL's business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>intellectual
property and protection of intellectual property;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>compliance
with applicable legal requirements;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>possession
of, and compliance with, all permits required for the operation of the business of MSL and its subsidiaries;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>litigation;
</FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>70</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>employee
benefit plans and labor relations;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>environmental
matters;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>product
and service warranties;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>agreements,
contracts and commitments;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>absence
of breaches of material contracts;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>accuracy
of information supplied in this proxy statement/prospectus and the related registration statement filed by Celestica with the Securities and Exchange Commission;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>absence
of any stockholder rights plan or similar arrangement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
inapplicability of state takeover statutes to the merger during the pendency of the merger agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>approval
by the MSL board of the merger and merger agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>payment,
if any, required to be made to brokers and agents on account of the merger;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
receipt of opinions from Credit Suisse First Boston and Sonenshine Pastor to the effect that, as of the date of the opinions and based upon and subject to the matters
stated in the opinions, the share exchange ratio is fair, from a financial point of view, to the holders of MSL common stock (other than, in the case of Credit Suisse First Boston's opinion, certain
private equity funds affiliated or associated with Credit Suisse First Boston and those holders party to a stockholder&nbsp;agreement);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>insurance;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>inventory;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>accounts
receivable; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>interest
of MSL's officers and directors in any assets used in MSL's business. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica
and Merger Sub each made a number of representations and warranties to MSL in the merger agreement, including representations and warranties relating to the following subject
matters: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>corporate
organization, qualification to do business, good standing and corporate power and authority of Celestica and its subsidiaries;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>corporate
authorization to enter into the merger agreement and consummate the transactions under the merger agreement, and the enforceability of the merger agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>absence
of any conflict with, or violation of, the articles and by-laws of Celestica and Merger Sub or any applicable legal requirements resulting from the
execution of the merger agreement and the completion of the merger;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>governmental
and regulatory approvals required to complete the merger;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica's
capital structure;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica's
filings and reports with the Securities and Exchange Commission;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>financial
statements;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>absence
of undisclosed liabilities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>absence
of certain changes in Celestica's business from June&nbsp;30, 2003 to October&nbsp;14, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>litigation; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>71</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>accuracy
of information contained in this proxy statement/prospectus and the related registration statement filed by Celestica with the Securities and Exchange Commission;
and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>payment,
if any, required to be made to brokers and agents on account of the merger. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
representations and warranties contained in the merger agreement are complicated and not easily summarized. You are urged to read carefully Sections&nbsp;2 and&nbsp;3 of the
merger agreement attached as Annex A, entitled "</FONT><FONT SIZE=2><I>Representations and Warranties of the Company</I></FONT><FONT SIZE=2>" and "</FONT><FONT SIZE=2><I>Representations and
Warranties of Parent and Merger Sub</I></FONT><FONT SIZE=2>." </FONT></P>


<P><FONT SIZE=2><B>MSL's Conduct of Business Before Completion of the Merger  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the merger agreement, MSL has agreed that, until the earlier of the completion of the merger or termination of the merger agreement, or unless Celestica
consents in writing, it will use all reasonable efforts to carry on its business in the usual, regular and ordinary course, in substantially the same manner as previously conducted and in compliance,
in all material respects, with all legal requirements. MSL has also agreed to use all reasonable efforts to keep in full force and effect all of its insurance policies and preserve intact its present
business organization, and to continue to manage in the ordinary course its business relationships with third parties. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally,
under the merger agreement, MSL has agreed that, until the earlier of the completion of the merger or termination of the merger agreement, or unless Celestica consents in
writing, it will conduct its business in compliance with a number of specific restrictions and will not permit its subsidiaries to, subject to specified exceptions: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>declare
or pay any dividend or make any other distribution in respect of its capital stock, or other equity or voting securities, except for dividends payable on the
Series&nbsp;A or Series&nbsp;B preferred stock in accordance with their terms;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>change
its share capital, issue share capital or repurchase any share capital or any stock options to acquire any share capital, or amend any term of its debt securities,
other than:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
issuance of MSL common stock upon the exercise of MSL stock options outstanding on October&nbsp;14, 2003, pursuant to MSL's employee stock purchase plan
and on conversion of, or as a payment of dividends on, the Series&nbsp;A or Series&nbsp;B preferred stock, or in satisfaction of the "optional make whole payment" payable upon the Series&nbsp;B
preferred stock in accordance with its terms;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
grant of a limited number of stock options to employees hired after October&nbsp;14, 2003;
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>amend
or waive any of its rights under any stock option plans, or otherwise modify any term of any outstanding option, warrant or other security;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>subject
to applicable legal requirements, amend its certificate of incorporation or by-laws or other organizational documents, or effect or become a party to any
recapitalization, reclassification of shares, stock split, reverse stock split or similar transaction;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>form
any subsidiary or acquire any interest in any other entity;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>make
capital expenditures in excess of $3&nbsp;million per fiscal quarter;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>other
than in the ordinary course of business, enter into or amend any material contract;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>acquire,
encumber or dispose of any assets other than in the ordinary course of business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>lend
money to any third party, other than inter-company loans, or prepay or guarantee any indebtedness other than routine borrowings and repayments in the ordinary course of
business; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>72</FONT></P>

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<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>issue
or sell any debt securities or options to acquire any debt securities of any of its subsidiaries;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>except
as required by any applicable legal requirement, adopt or amend any employee benefit plan, pay any bonus to, or increase the amount of compensation payable to, any of
its directors, officers or employees, other than routine salary increases customary bonuses consistent with past practices payable in accordance with bonus plans or employment agreements in existence
on October&nbsp;14, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>hire
new employees or promote employees at specified salary levels;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>engage
consultants or independent contractors unless terminable upon 30&nbsp;days' notice;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>change
any personnel policies in any material respect;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>change
any of its methods of accounting or accounting policies except as required by U.S.&nbsp;GAAP or any legal requirement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>except
as required by any legal requirement, adopt or enter into any labor union contract;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>terminate
any employee that has a severance arrangement providing for payment in excess of amounts generally provided to its employees in the relevant jurisdictions;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>take
actions with respect to the accounting for and payment of taxes or make any material tax election;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>settle
material claims;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>waive
or transfer any right of material value other than in the ordinary course of business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>commence
any legal proceeding other than any legal proceeding related to the enforcement of MSL's rights under the merger agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>take
any action or omit to take any action that would reasonably be likely to cause MSL's representations or warranties set forth in the merger agreement not
to be true at the effective time of the merger; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>agree
or commit to take any of the foregoing actions. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
covenants contained in the merger agreement are complicated and not easily summarized. You are urged to read carefully Section&nbsp;4.2 of the merger agreement attached as Annex A,
entitled "</FONT><FONT SIZE=2><I>Operation of the Business; Certain Notices; Tax Returns</I></FONT><FONT SIZE=2>." </FONT></P>


<P><FONT SIZE=2><B>MSL Prohibited from Soliciting Other Offers  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of the merger agreement, subject to certain exceptions summarized below, MSL has agreed that it will not, and will not authorize or permit any of
its subsidiaries or any of the officers, directors, employees, agents, attorneys, accountants, advisors or representatives of MSL or any of its subsidiaries, directly or indirectly, to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>solicit,
initiate, or knowingly encourage, induce or facilitate the making, submission or announcement of, or take any action that could reasonably be expected to lead to,
any acquisition proposal, as defined below, by a third party;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>furnish
any information regarding MSL or any of its subsidiaries to any third party in connection with or in response to an acquisition proposal or an inquiry or indication
of interest that could reasonably be expected to lead to an acquisition proposal;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>engage
in discussions or negotiations with any third party with respect to any acquisition proposal; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>73</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>approve,
endorse or recommend any acquisition proposal; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>enter
into any letter of intent or similar document or any contract, agreement or commitment contemplating or otherwise relating to any acquisition proposal or any
transaction contemplated by the acquisition proposal. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
acquisition proposal is any offer, proposal, inquiry or indication of interest contemplating or otherwise relating to any transaction or series of transactions (other than the merger)
involving: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
purchase from MSL or any of its subsidiaries, or acquisition by any third party or group, of more than 20% of the outstanding securities of any class of voting
securities of MSL or any of its subsidiaries;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
tender offer or exchange offer in which MSL or any of its subsidiaries issues or sells, or any third party or group acquires, securities representing more than 20% of
the outstanding securities of any class of voting securities of MSL or any of its subsidiaries;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
merger, consolidation, business combination or similar transaction involving MSL or any of its subsidiaries; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
sale or lease (other than in the ordinary course of business), exchange, transfer, license (other than nonexclusive licenses in the ordinary course of business),
acquisition or disposition of any business or businesses or assets that constitute or account for 20% or more of the consolidated net revenues, net income or assets of MSL. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the merger agreement, MSL agreed to cease, as of October&nbsp;14, 2003, all then-existing activities, discussions or negotiations by MSL and its subsidiaries with any
third parties with respect to any acquisition proposal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL
is obligated to promptly notify Celestica orally and in writing upon receipt of any acquisition proposal or any request for nonpublic information relating to an acquisition proposal.
The notice must include the terms and conditions of the acquisition proposal, request or inquiry and, the identity of the person or group making the acquisition proposal. Following delivery of an
initial notice to Celestica, MSL must also keep Celestica informed on a current basis with respect to material developments relating to the acquisition proposal, request or inquiry and any material
modification or proposed modification thereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the prohibitions with respect to acquisition proposals summarized above, if, prior to the adoption of the merger agreement by the MSL stockholders, MSL receives an
unsolicited </FONT><FONT SIZE=2><I>bona&nbsp;fide</I></FONT><FONT SIZE=2> written acquisition proposal to acquire all of the outstanding MSL common stock and specifying a
valuation that, if entered into, would be on terms that the MSL board determines in good faith to be more favorable to MSL's stockholders than the merger, then MSL may furnish nonpublic
information to, and engage in discussions and negotiations with, the third party making the acquisition proposal, but only if: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>neither
MSL, any of its subsidiaries nor any of their officers, directors, employees, agents, attorneys, accountants, advisors or representatives has violated any of the "no
solicitation" restrictions contained in the merger agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
MSL board concludes in good faith, after consultation with its outside legal counsel, that such action is required in order for the MSL board to comply with its
fiduciary obligations to MSL's stockholders under applicable legal requirements;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>at
least two business days prior to furnishing any such nonpublic information to, or entering into discussions or negotiations with, such third party, MSL gives Celestica
written notice of the identity of such third party and of its intention to furnish nonpublic information to, or enter into discussions or negotiations with, such third party; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>74</FONT></P>

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<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL
receives from such third party an executed confidentiality agreement containing (1)&nbsp;customary limitations on the use and disclosure of all nonpublic written and
oral information furnished to such third party by or on behalf of MSL and (2)&nbsp;"standstill" provisions that prohibit such third party from purchasing any securities of MSL or commencing any
exchange or tender offer for securities of MSL other than pursuant to a definitive agreement with MSL for a negotiated transaction that constitutes a superior proposal that has been approved by the
MSL board; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>concurrently
with furnishing any such nonpublic information to such third party, MSL furnishes such nonpublic information to Celestica. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the merger agreement, a "superior proposal" means an unsolicited </FONT><FONT SIZE=2><I>bona fide</I></FONT><FONT SIZE=2> written offer made by a third party to purchase
all of the outstanding MSL common stock on terms that the MSL board determines in its good faith judgment, after consultation with an independent financial
advisor of nationally recognized reputation, to be more favorable to MSL's stockholders than the terms of the merger and is reasonably capable of being completed, </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>however</I></FONT><FONT SIZE=2>, that any such offer shall not be deemed to be a "superior proposal" if any financing
required to consummate the transaction contemplated by such offer is not committed and is not, in the good faith judgment of the MSL board, reasonably capable of being obtained by such third party. </FONT></P>

<P><FONT SIZE=2><B>Obligations of the MSL Board of Directors with Respect to Its Recommendation and Holding a Meeting of MSL'S Stockholders  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL has agreed to call, give notice of and hold a meeting of its stockholders as promptly as practicable after the registration statement of which this proxy
statement/prospectus forms&nbsp;a part is declared effective by the Securities and Exchange Commission. The MSL board also agreed to recommend the adoption of the merger agreement to the MSL
stockholders. Notwithstanding these obligations, the MSL board may withhold, withdraw or modify its recommendation to stockholders in favor of the merger if the board determines in good faith, after
consultation with MSL's outside legal counsel, that such action is required in order for the MSL board to comply with its fiduciary obligations to MSL's stockholders
under applicable legal requirements. </FONT></P>

<P><FONT SIZE=2><B>Treatment of MSL Stock Options and Warrants  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the merger is completed, Celestica will assume outstanding stock options and warrants to purchase shares of MSL common stock. Each assumed MSL stock option
or warrant will be converted into a stock option or warrant to purchase that number of Celestica subordinate voting shares equal to the number of shares of MSL common stock purchasable pursuant to the
MSL stock option or warrant immediately prior to the effective time of the merger, multiplied by the share exchange ratio, rounded up or down to the nearest whole Celestica subordinate voting share.
The exercise price per share under each stock option or warrant will be equal to the exercise price per share of MSL common stock divided by the share exchange ratio, rounded up or down to the nearest
whole cent. A stock option to purchase one share of MSL common stock will become a stock option to purchase 0.375 (or, if adjusted, the share exchange ratio) of a Celestica subordinate
voting&nbsp;share. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
assumed stock option will be subject to all other terms and conditions set forth in the applicable documents evidencing the MSL stock option or warrant remaining in effect after the
effective time of the merger, including restrictions on exercise, exercisability and vesting. As of the record date, stock options to purchase 6,452,264 shares of MSL common stock were outstanding in
the aggregate under various MSL stock option plans and warrants to purchase 3,047,533 shares of MSL common stock were outstanding. Upon the merger, substantially all of the MSL stock options will
become vested. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>75</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica
will file&nbsp;a registration statement on Form&nbsp;S-8 and&nbsp;a registration statement on Form&nbsp;F-3 with the Securities and Exchange
Commission for the Celestica subordinate voting shares issuable with respect to MSL stock options and MSL warrants, respectively, assumed by Celestica in connection with the merger as soon as
practicable after the merger, but not later than five business days following completion of the merger. </FONT></P>

<P><FONT SIZE=2><B>Treatment of Rights under the MSL Employee Stock Purchase Plan  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL's employee stock purchase plan permits eligible MSL employees to purchase MSL common stock at a discount. Prior to the effective time of the
merger, the MSL employee stock purchase plan will be terminated. Any offering period then underway under the plan will be shortened by setting a new exercise date under the plan which is prior to the
effective time of the merger. The shortened offering period will otherwise be treated as a fully effective and completed offering period for all purposes under the MSL employee stock purchase plan. </FONT></P>

<P><FONT SIZE=2><B>Treatment of MSL Employees  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger agreement contains covenants of Celestica with respect to the benefits for continuing employees of MSL customary for transactions of this type.
Generally, these employees will be eligible to participate in Celestica's health, vacation and other non-equity based employee benefit plans to substantially the same extent as employees
of Celestica, in similar positions. MSL continuing employees also will be credited with his or her periods of service with MSL for various purposes under Celestica plans. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
MSL employee has any rights of enforcement relating to these statements of benefits, and no MSL employee is intended to be a contractual beneficiary of the merger agreement. </FONT></P>

<P><FONT SIZE=2><B>Director and Officer Indemnification and Insurance  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica will indemnify each present and former officer and director of MSL or any of its subsidiaries against all claims, losses, liabilities, damages,
judgments, fines and reasonable fees, costs and expenses, including attorneys' fees and disbursements, incurred in connection with any claim, action, suit, proceeding or investigation, whether civil,
criminal, administrative or investigative, arising out of or pertaining to the fact that such person is or was an officer or director of MSL or any of its subsidiaries, to the fullest extent permitted
under the Delaware General Corporation Law. Additionally, Celestica has agreed that the certificate of incorporation and by-laws of the company surviving the merger will contain provisions
no less favorable with respect to indemnification, advancement of expenses and exculpation of present and former directors and officers of MSL and its subsidiaries than are presently set forth in the
certificate of incorporation and by-laws of MSL. These
provisions will continue for a period of six years from the effective time of the merger, and Celestica's indemnification agreement will continue as to any claim that is made within this
six-year period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
a period of six years from the effective time of the merger, Celestica will cause the company surviving the merger to maintain the current policies of the directors' and officers'
liability insurance maintained by MSL with respect to matters existing or occurring at or prior to the effective time of the merger. However, the company surviving the merger will not be required to
pay an annual premium for the insurance described in this paragraph in excess of 200% of the last annual premium paid by MSL for its existing coverage prior to completion of the merger. If
MSL's existing insurance expires, is terminated or canceled during such six-year period or exceeds 200% of the last annual premium paid by MSL for its existing coverage
prior to completion of the merger, the company surviving the merger will obtain the maximum amount of coverage as is available for 200% of such annual premium, on terms and conditions no less
advantageous to MSL's current and former officers and director than MSL's existing directors' and officers' liability insurance. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>76</FONT></P>

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<P><FONT SIZE=2><B>Regulatory Filings; Antitrust Matters; Reasonable Efforts to Obtain Regulatory Approvals  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of Celestica and MSL has agreed to coordinate and cooperate with one another and use all reasonable efforts to comply with, and refrain from actions that
would impede compliance with, applicable laws, regulations and any other requirements of any governmental entity. Celestica and MSL have also agreed to make all filings and submissions required by any
governmental entity in connection with the merger and the other transactions contemplated by the merger agreement, including the following: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>those
filings or submissions required under the HSR Act, as well as any other comparable merger notification or control laws of any applicable foreign jurisdiction;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
filing of this proxy statement/prospectus and the related registration statement of Celestica with the Securities and Exchange Commission, and any other filings required
under the Securities Act and the Exchange Act; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
filing necessary to obtain any other consents, approvals, orders, authorizations, registrations and declarations as may be required under applicable legal requirements. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the merger agreement, Celestica and MSL have agreed to do the following: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>respond
as promptly as practicable to any inquiries or requests received from any governmental entity in connection with antitrust laws or related matters;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>give
the other party prompt notice of the commencement or threat of commencement of any legal proceeding by or before any governmental entity with respect to the merger or
any of the other transactions contemplated by the merger agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>keep
the other party informed as to the status of any such legal proceeding or threat;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>promptly
inform the other party of any material communication concerning antitrust laws to or from any governmental entity regarding the merger;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>except
as may be prohibited by any governmental entity or by any legal requirement, consult and cooperate with one another in connection with any proceeding under or
relating to any antitrust laws;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>subject
to the foregoing, allow Celestica to be principally responsible for dealing with any governmental entity concerning the effect of applicable antitrust laws on the
merger or any other transactions contemplated by the merger agreement; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>promptly
provide the other party with copies of any submission made with any governmental entity. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of Celestica and MSL also has agreed to use all reasonable efforts to cause to be lifted any restraint, injunction or other legal bar to the completion of the merger and the other
transactions contemplated by the merger agreement. </FONT></P>

<P><FONT SIZE=2><B>Limitation on Efforts to Obtain Regulatory Approvals  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the merger agreement, in connection with obtaining any governmental approval, including under any antitrust laws: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL
has agreed to divest assets of MSL in connection with obtaining any approval required of a governmental entity, provided that any divestiture is conditional upon the
consummation of the merger; and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>77</FONT></P>

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<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica
is not required to:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>dispose
of or transfer any assets (other than immaterial assets);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>discontinue
offering any product or service;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>license
or otherwise make available to any third party, any technology, software or other proprietary asset (other than immaterial technology, software or other proprietary
assets);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>hold
separate any assets or operations (other than immaterial assets or operations);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>make
any commitment (to any governmental entity or otherwise) regarding its future operations; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>contest
any legal proceeding brought by a governmental body that challenges the merger under applicable antitrust laws. </FONT></DD></DL>
</DD></DL>
</UL>

<P><FONT SIZE=2><B>Conditions to Completion of the Merger  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The respective obligations of Celestica and Merger Sub, on the one hand, and MSL, on the other, to complete the merger and the other transactions contemplated by
the merger agreement are subject to the satisfaction or waiver of each of the following conditions before completion of the merger: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
merger agreement has been adopted by the vote of holders of the requisite number of shares of MSL common stock, Series&nbsp;A preferred stock and Series&nbsp;B
preferred stock voting together as a single class;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>no
statute, rule, regulation or order has been enacted or issued by a governmental entity of competent jurisdiction which is in effect and has the effect of making the
merger illegal or otherwise prohibiting completion of the merger (which illegality or prohibition would have a material impact on Celestica and its subsidiaries on a combined basis with MSL and its
subsidiaries, if the merger were completed notwithstanding such statute, rule, regulation or order);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
Securities and Exchange Commission has declared Celestica's registration statement effective, no stop order suspending its effectiveness has been issued and no
proceedings for suspension of the registration statement's effectiveness has been initiated or threatened by the Securities and Exchange Commission;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
waiting periods under the HSR Act and any foreign antitrust laws applicable to the merger and the other transactions contemplated by the merger agreement have expired or
been terminated;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica
and MSL shall each have received an opinion of counsel to the effect that the merger will constitute a "reorganization" within the meaning of section&nbsp;368(a)
of the Internal Revenue Code and such opinions have not been withdrawn;&nbsp;and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
Celestica subordinate voting shares to be issued in connection with the merger have been authorized for listing on The New&nbsp;York Stock Exchange and the Toronto
Stock Exchange, subject to official notice of issuance. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>78</FONT></P>

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<UL>
</UL>
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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the respective obligations of Celestica and Merger Sub on the one hand, and MSL on the other, to effect the merger and the other transactions contemplated by the merger
agreement are subject to the satisfaction or waiver of the following additional conditions: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
representations and warranties of the other party will have been true and correct as of October&nbsp;14, 2003 and are true and correct as of the effective time of the
merger as if made at and as of the effective time, except:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
the extent the representations and warranties of the other party address matters only as of a particular date, they must be true and correct as of that date; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>where
the failure to be true and correct (without regard to any materiality or material adverse effect qualifications contained in such representations and warranties),
individually or in the aggregate, has not had, and is not reasonably likely to have, a material adverse effect; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>in
the case of representations and warranties deemed made as of the effective time of the merger, for changes contemplated by the merger agreement;&nbsp;and
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
other party will have performed or complied in all material respects with all of its agreements and covenants required by the merger agreement to be performed or
complied with by it before completion of the merger. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the definition of the term "material adverse effect" as used in the merger agreement, please see the section entitled "&#151;</FONT><FONT SIZE=2><I>Definition of Material
Adverse Effect</I></FONT><FONT SIZE=2>" beginning on page&nbsp;80 of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica's
obligation to complete the merger is also subject to the satisfaction or waiver by Celestica of the following additional conditions: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>no
material adverse effect on MSL has occurred since October&nbsp;14, 2003 and is continuing, and no events shall have occurred or circumstances exist that is reasonably
likely to have a material adverse effect on MSL and its subsidiaries;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>there
is no pending or threatened legal proceeding instituted by a governmental entity:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>challenging
or seeking to restrain or prohibit the completion of the merger or any of the other transactions contemplated by the merger agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>relating
to the merger and seeking to obtain from Celestica or any of its subsidiaries any damages that, if adversely determined, would reasonably be likely to be material
to Celestica;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>seeking
to prohibit or limit in any material respect Celestica's ability to vote, receive dividends with respect to or otherwise exercise ownership rights with respect to
the stock of the company surviving the merger or its subsidiaries;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>which
would materially and adversely affect the right of the company surviving the merger to own the assets or operate the business of MSL or any of MSL's
subsidiaries;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>seeking
to compel Celestica or MSL or any of their subsidiaries to dispose of or hold separate any material assets, as a result of the merger or any of the other
transactions contemplated by the merger agreement; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>which,
if adversely determined, would reasonably be likely to have a material adverse effect on MSL and its subsidiaries or on Celestica;
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>senior
management of MSL has not received any written notice, or have knowledge of any other communication, from one or more customers of MSL or any of its subsidiaries from
which it can </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>79</FONT></P>

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<UL>
<UL>

<P><FONT SIZE=2>reasonably
be concluded that it is reasonably likely that certain sales or profit margin targets will not be achieved in fiscal year 2004; and </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL
has received consents and approvals required from third parties under certain of its material contracts. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>Definition of Material Adverse Effect  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the merger agreement, a material adverse effect on MSL is defined to mean any event, violation, inaccuracy, circumstance or other matter if such event,
violation, inaccuracy, circumstance or other matter (considered together with all other matters that would constitute exceptions to MSL's representations and warranties set forth in the
merger agreement, but for the presence of a material adverse effect or other materiality qualifications, or any similar qualifications, in such representations and warranties) has, had or would
reasonably be likely to have a material adverse effect on: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
business, condition, capitalization, assets, liabilities, results of operations or financial condition of MSL and its subsidiaries taken as a whole;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
ability of MSL to consummate the merger or any of the other transactions contemplated by the merger agreement or the stockholder agreements or to perform any of its
obligations under the merger agreement or the stockholder agreements; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica's
ability to vote, receive dividends with respect to, or otherwise exercise ownership rights with respect to, the stock of the company surviving the merger. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
with respect to the effect on the business, condition, capitalization, assets, liabilities, results of operations or financial condition of MSL and its subsidiaries, none of the
following will be taken into account in determining whether there has been or will be, a material adverse effect on MSL and its subsidiaries, taken as a whole: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
decline in MSL's stock price in isolation; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
direct and foreseeable effect of any action taken by Celestica following the public announcement of the merger agreement, including any unreasonable refusal by Celestica
to consent to any reasonable request by MSL to take any action otherwise prohibited by the provisions of the merger agreement that regulate the conduct of MSL's business prior to completion of the
merger or any breach by Celestica of its obligations regarding public announcements in relation to the merger and plans or proposals in connection with employees, customers or the operations of MSL
following completion of the merger. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result, any of the foregoing exceptions to the definition of material adverse effect, alone or in combination, may occur with respect to MSL without giving Celestica the right to
prevent the completion of the merger based on a failure to satisfy the condition to closing that no material adverse effect has occurred since October&nbsp;14, 2003. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the merger agreement, a material adverse effect on Celestica is defined to mean any event, violation, inaccuracy, circumstance or other matter if such event, violation, inaccuracy,
circumstance or other matter (considered together with all other matters that would constitute exceptions to Celestica's representations and warranties set forth in the merger agreement, but for the
presence of a material adverse effect or other materiality qualifications, or any similar qualifications, in such representations and warranties) has, had or would reasonably be likely to have a
material adverse effect on: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
business, condition, capitalization, assets, liabilities, results of operations or financial condition of Celestica and its subsidiaries taken as a whole; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
ability of Celestica to consummate the merger or any of the other transactions contemplated by the merger agreement or to perform any of its obligations under the merger
agreement. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>80</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
with respect to the effect on the business, condition, capitalization, assets, liabilities, results of operations or financial condition of Celestica and its subsidiaries, a
decline in Celestica's stock price will not, in and of itself, be deemed to constitute a material adverse effect on Celestica. </FONT></P>

<P><FONT SIZE=2><B>Termination of the Merger Agreement  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger agreement may be terminated in accordance with its terms at any time prior to completion of the merger, whether before or after the adoption of the
merger agreement by MSL stockholders: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
mutual written consent of Celestica and MSL;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
either Celestica or MSL by notice to the other if the merger is not completed by May&nbsp;31, 2004, </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that this
right is not available to any party whose failure to perform any material obligation required to be performed by it at or prior to the completion of the merger results in the failure of the merger to
be completed by May&nbsp;31, 2004;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
either Celestica or MSL by notice to the other if a court of competent jurisdiction or other governmental entity has issued a final and nonappealable order, decree or
ruling, or has taken any other action, having the effect of permanently restraining, enjoining or otherwise prohibiting the completion of the merger;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
either Celestica or MSL by notice to the other if the merger agreement fails to be adopted by the requisite affirmative vote of the MSL stockholders at a meeting of MSL
stockholders or any adjournments or postponements of that meeting, </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that this right is not available to any party if the failure to obtain such
stockholder approval results from a failure on the part of that party
to perform any material obligation required to be performed by it at or prior to the completion of the merger;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
Celestica by notice to MSL at any time prior to the adoption of the merger agreement by the requisite vote of the MSL stockholders if any of the following triggering
events occurs with respect to MSL:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>its
board of directors fails to recommend that MSL's stockholders vote to adopt the merger agreement, or withdraws or modifies such recommendation in a manner
adverse to Celestica, or MSL or its board of directors, in any written material filed with the Securities and Exchange Commission, mailed to MSL stockholders or otherwise made publicly available, or
in any stockholder or analyst call, press conference or similar public forum, has made any statements which can reasonably be interpreted to indicate that MSL's board of directors does
not believe that the merger is in the best interests of MSL's stockholders;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>it
fails to include in this proxy statement/prospectus the recommendation of, or a statement to the effect that, its board of directors has determined and believes that the
merger is in the best interests of MSL's stockholders;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>its
board of directors fails to reaffirm, without qualification, its recommendation that MSL's stockholders vote to adopt the merger agreement following
MSL's receipt of an acquisition proposal, or fails to publicly state, without qualification, that the merger is in the best interests of MSL's stockholders following a
public statement by a third party questioning the advisability of the merger for MSL's stockholders, within ten calendar days after Celestica reasonably requests in writing that such
action be taken;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>its
board of directors approves, endorses or recommends any acquisition proposal; </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>81</FONT></P>

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<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>it
fails to take all necessary action under all applicable legal requirements to call, give notice of and hold a meeting of its stockholders to vote on a proposal to adopt
the merger agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
tender or exchange offer relating to its securities is commenced and it does not send to its securityholders, within ten business days after the commencement of such
tender or exchange offer, a statement disclosing that its board of directors recommends rejection of such tender or exchange offer; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>it
or any of its subsidiaries, officers, directors, employees, attorneys, accountants, representatives, or agents breaches MSL's obligations and restrictions
under the "no solicitation" provisions of the merger agreement;
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
MSL by notice to Celestica if:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL
has complied with its obligations and restrictions contained in the "no solicitation" provisions of the merger agreement described above in all material respects; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL's
board of directors has authorized MSL, subject to complying with the terms of the merger agreement, to enter into a written agreement for a transaction
that constitutes a "superior proposal" and MSL has notified Celestica in writing that it intends to enter into such an agreement, attaching the most current version of such agreement to such notice;
and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica
does not make, within 72&nbsp;hours after receiving MSL's written notice of its intention to enter into a binding agreement for a superior
proposal, an offer from Celestica that MSL's board of directors, in its good faith judgment, after consultation with its financial and legal advisors, determines is at least as
favorable to the stockholders of MSL as the superior proposal, </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that this right to terminate the merger agreement will not be available to MSL
unless MSL has made the required termination payment described below;
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
Celestica by notice to MSL if any of MSL's representations and warranties were inaccurate as of October&nbsp;14, 2003 or become inaccurate as of a date
subsequent to October&nbsp;14, 2003 (as if made on such subsequent date), such that the conditions to the completion of the merger would not be satisfied and such inaccuracy is not capable of being
cured;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
Celestica by notice to MSL if any of MSL's covenants contained in the merger agreement are breached, such that the conditions to the completion of the
merger are not capable of being satisfied;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
MSL by notice to Celestica if any of Celestica's representations and warranties were inaccurate as of October&nbsp;14, 2003 or become inaccurate as of a date subsequent
to October&nbsp;14, 2003 (as if made on such subsequent date), such that the conditions to the completion of the merger would not be satisfied and such inaccuracy is not capable of being cured; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
MSL by notice to Celestica if any of Celestica's covenants contained in the merger agreement are breached such that the conditions to the completion of the merger are not
capable of being satisfied. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>82</FONT></P>

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<P><FONT SIZE=2><B>Payment of Expenses and Termination Fee  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica and MSL each has agreed to pay all of its fees and expenses incurred in connection with the merger, the merger agreement and the other transaction
contemplated by the merger agreement, except that: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica
and MSL will share equally the fees and expenses (other than attorney's and accountant's fees) incurred in connection with (1)&nbsp;the filing, printing and
mailing of this proxy statement/prospectus and the registration statement of which this proxy statement/prospectus is a part and (2)&nbsp;the filing of pre-merger notifications and other
reports under applicable antitrust laws;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL
has agreed to reimburse Celestica for its fees and expenses, not in excess of $2.0&nbsp;million, if the merger agreement is terminated:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>because
the merger is not completed by May&nbsp;31, 2004, </FONT><FONT SIZE=2><I>or</I></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>because
the merger agreement is not adopted by the requisite affirmative vote of the MSL stockholders at a meeting of MSL stockholders or any adjournments or postponements
of that meeting, </FONT><FONT SIZE=2><I>and</I></FONT></DD></DL>
</DD></DL>
</UL>

<P><FONT SIZE=2>at
the time of such termination, an acquisition proposal has been announced (and not withdrawn); </FONT><FONT SIZE=2><I>or</I></FONT></P>

<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
a material adverse effect occurs with respect to MSL, the merger agreement is terminated as a result of the merger not being completed by May&nbsp;31, 2004 and such
material adverse effect remains outstanding on the date of such termination, but reimbursement will be limited to expenses incurred after the occurrence of the material adverse effect. </FONT></DD></DL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL
has agreed to pay a termination fee of $10.0&nbsp;million (less the amount of expenses previously reimbursed to Celestica) if the merger agreement is terminated under any of the
following conditions: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
Celestica or MSL if the merger agreement is not adopted by the requisite affirmative vote of the MSL stockholders at a meeting of MSL stockholders or any adjournments or
postponements of that meeting;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
Celestica if the merger is not completed by May&nbsp;31, 2004, </FONT><FONT SIZE=2><I>and</I></FONT><FONT SIZE=2>:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>at
or prior to such termination of the merger agreement an acquisition proposal was announced (and not withdrawn prior to such termination) </FONT> <FONT SIZE=2><I>and</I></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>within
one year following such termination an acquisition proposal is consummated or MSL enters into an agreement relating to the consummation of an acquisition proposal and
that acquisition proposal is consummated within two years such termination of the merger agreement </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2><I>unless:</I></FONT></P>

<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
merger is not completed due to the failure of either Celestica or MSL to obtain the consent of a governmental entity necessary to complete the merger in accordance with
the merger agreement, </FONT><FONT SIZE=2><I>and</I></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL
offered to extend the termination date of May&nbsp;31, 2004 and Celestica declined such extension;
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
Celestica if any of the MSL triggering events occurs; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
MSL as a result of a superior proposal. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>83</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
see "</FONT><FONT SIZE=2><I>&#151;Termination of the Merger Agreement</I></FONT><FONT SIZE=2>" beginning on page&nbsp;81 of this proxy statement/prospectus for a
description of the triggering events. </FONT></P>


<P><FONT SIZE=2><B>Extension, Waiver and Amendment of the Merger Agreement  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica and MSL may amend the merger agreement before completion of the merger by mutual written consent. However, pursuant to the stockholder agreement with
the institutional stockholders, Celestica has agreed not to materially amend the merger agreement without the consent of the institutional stockholders. For further information regarding the
stockholder agreements, please see the section entitled "</FONT><FONT SIZE=2><I>The Stockholder Agreements</I></FONT><FONT SIZE=2>", below. No amendment will be made which by law requires further
approval of MSL's stockholders without the further approval of such stockholders. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Either
Celestica or MSL may extend the other's time for the performance of any of the obligations or other acts under the merger agreement, waive any inaccuracies in the other's
representations and warranties and waive compliance by the other with any of the agreements or conditions contained in the merger agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do2147_the_stockholder_agreements"> </A>
<A NAME="toc_do2147_1"> </A>
<BR></FONT><FONT SIZE=2><B>THE STOCKHOLDER AGREEMENTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contemporaneously with the execution and delivery of the merger agreement, some executives of MSL and certain institutional stockholders of MSL entered into
stockholder agreements with Celestica and Merger Sub. We refer to the stockholder agreement with the institution stockholders as the "institutional stockholder agreement" and the stockholder
agreements with the executive officers as the "management stockholder agreements". The institutional stockholders are certain private equity funds affiliated or associated with Credit Suisse First
Boston. The management stockholders are Messrs.&nbsp;Boucher, Bradshaw, Campenella, Cormier, Gaynor, Lannan, Leasure, Notini, Rao and Rideout. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
institutional stockholder agreement relates to 16,353,979 shares of MSL common stock and 300,000 shares of Series&nbsp;A preferred stock (convertible into approximately 2,331,000
shares of MSL common stock) outstanding on the record date, representing approximately 41.4% of the votes entitled to be cast on the merger proposal. The management stockholder agreements relate to an
aggregate of 18,478 shares of MSL common stock outstanding on the record date, representing less than 1% of the votes entitled to be cast on the merger proposal. Together, the stockholder agreements
relate to MSL capital stock representing approximately 41.5% of the shares of MSL common stock, on an as-converted basis, outstanding on the record date. We collectively refer to these
shares, together with any shares of MSL common stock or preferred stock the institutional stockholders or the management stockholders subsequently acquire, as the subject MSL shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following summary describes the material provisions of the stockholder agreements. The stockholder agreements are attached as Annexes B-l and B-2 to this
proxy statement/prospectus and are hereby incorporated by reference into this proxy statement/prospectus. We encourage you to read the stockholder agreements carefully in their entirety for a more
complete understanding of these agreements. </FONT></P>

<P><FONT SIZE=2><B>Agreement to Vote and Irrevocable Proxy  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period beginning October&nbsp;14, 2003 and ending on the earlier of the date the merger is completed and the termination of the merger agreement, which
we refer to as the stockholder agreement term, each institutional and management stockholder has agreed to vote their subject MSL shares at any meeting of the MSL stockholders (including any
adjournment or postponement thereof) and pursuant to action by written consent, as follows: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>in
favor of the adoption of the merger agreement and the approval of each other action contemplated by the merger agreement and the respective stockholder agreement; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>84</FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>against
any proposal that would result in a breach by MSL of the merger agreement or by such stockholder of the respective stockholder agreement; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>against
any action or agreement that is intended to, or would reasonably be likely to, impede, interfere with, delay, postpone, or attempt to discourage the merger. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, each institutional and management stockholder has granted to Merger Sub an irrevocable proxy to vote such stockholder's subject MSL shares as described above. These proxies
are valid for any meeting of MSL stockholders (including any adjournment or postponement thereof) and pursuant to action by written consent during the stockholder agreement term. </FONT></P>


<P><FONT SIZE=2><B>Transfer Restrictions  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, each institutional and management stockholder has agreed to certain restrictions on the transfer of their subject MSL shares for the stockholder
agreement term. Each institutional and management stockholder has agreed not to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>transfer,
or enter into any contract, option or other arrangement or understanding with respect to the transfer of, any of the subject MSL shares;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>enter
into any voting arrangement or understanding with respect to the subject MSL shares; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>take
any action that could make any of such stockholder's representations or warranties contained in the stockholder agreement untrue or incorrect in any material respect or
would have the effect of preventing or disabling such stockholder from performing any obligations under the respective stockholder agreement. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
restrictions on transfer do not prohibit the conversion by a stockholder of any shares of Series&nbsp;A or Series&nbsp;B preferred stock into common stock or the exercise of
any warrants or stock options to purchase MSL common stock. Any shares of MSL common stock obtained upon such conversion or exercise will be subject to the stockholder agreements. </FONT></P>


<P><FONT SIZE=2><B>Option  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The institutional stockholders have granted an irrevocable option to Merger Sub to purchase, in the aggregate, 13,525,328 shares of MSL common stock, which we
refer to as the option shares. Merger Sub may exercise the option, as a whole and not in part, at a price of $6.5992 per option share in cash, if MSL terminates the merger agreement to enter into an
agreement relating to a superior proposal. Merger Sub may exercise the option only during the period commencing on the termination of the merger agreement by MSL and ending 96&nbsp;hours after such
termination. If the purchase of the option shares does not occur within 90&nbsp;days after Merger Sub's exercise of the option, the option will terminate and be of no further force or effect, unless
such failure resulted from a failure of the institutional stockholders to comply with the institutional stockholder agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica,
Merger Sub and the institutional stockholders have also agreed to share the proceeds they receive on a transfer of the option shares under certain circumstances, as follows: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
Merger Sub, during the period commencing on exercise of the option and ending six months after Merger Sub's purchase of the option shares, does not consummate a tender
offer for the remaining MSL common stock or a merger with MSL and Merger Sub receives consideration for some or all of the option shares in connection with a business combination transaction with a
third party, Merger Sub will pay to the institutional stockholders an amount in cash equal to 50% of the excess, if any, of the value of such consideration received by Merger Sub over the aggregate
per share option price for the option shares transferred to such third party in connection with the third party business combination transaction; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>85</FONT></P>

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</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if,
within six months after purchasing the option shares Merger Sub consummates a tender or exchange offer for the remaining MSL common stock or a merger with MSL, in either
case at a price per share of MSL common stock in excess of the per share option price, Merger Sub will pay to the institutional stockholders an amount in cash equal to 50% of the product of
(1)&nbsp;the number of option shares sold to Merger Sub and (2)&nbsp;the excess, if any, of the price per share of MSL common stock paid in such transaction over the per share option price; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
the option expires unexercised and the institutional stockholders have not consummated a tender offer for the remaining MSL common stock or consummated a merger with MSL,
and they receive additional consideration for the option shares in connection with a third party business combination transaction during the period commencing 96&nbsp;hours after termination of the
merger agreement and ending on the six-month anniversary of such termination, the institutional stockholders will pay to Merger Sub an amount in cash equal to 50% of the excess, if any, of
the value of such consideration received over the product of the per share option price and the number of option shares sold by them in the third party business combination transaction. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>86</FONT></P>

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<UL>
<UL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do2147_comparison_of_celestica_and_msl_stockholders__rights"> </A>
<A NAME="toc_do2147_2"> </A>
<BR></FONT><FONT SIZE=2><B>COMPARISON OF CELESTICA AND MSL STOCKHOLDERS' RIGHTS    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon completion of the merger, the stockholders of MSL will be entitled to become shareholders of Celestica. The rights of Celestica shareholders currently are
governed by the Ontario Business Corporations Act, or the OBCA, Celestica's restated articles of incorporation, and Celestica's by-laws. The rights of MSL stockholders currently are
governed by the Delaware General Corporation Law, or the DGCL, MSL's Restated Certificate of Incorporation and MSL's Amended and Restated By-laws. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following are summaries of certain material differences between the rights of MSL stockholders and Celestica shareholders. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>The following is not a complete statement of the provisions affecting, and the differences between, the rights of MSL stockholders and Celestica shareholders.
This summary is qualified by reference to the complete text of the OBCA, the Celestica articles, the Celestica by-laws, the DGCL, the MSL certificate of incorporation and the MSL
by-laws. For information as to how you can obtain copies of the Celestica articles, the Celestica by-laws, the MSL certificate of incorporation and the MSL by-laws,
please see "Where You Can Find More Information" beginning on page&nbsp;109 of this proxy statement/prospectus.</I></FONT></P>


<P><FONT SIZE=2><B>Classes and Series of Capital Stock  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The MSL certificate of incorporation authorizes MSL to issue 5,000,000 shares of preferred stock, par value $0.001 per
share of which 2,000,000 shares have been designated as Senior Exchangeable preferred stock due 2006, 830,000 have been designated Series&nbsp;A preferred stock and 500,000 have been designated as
Series&nbsp;B preferred stock, and 150,000,000 shares of common stock, par value $0.001 per share. As of October&nbsp;14, 2003, 34,398,030 shares of common stock were outstanding and 830,000
shares of Series&nbsp;A preferred stock and 500,000 shares of Series&nbsp;B preferred stock were outstanding. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The authorized share capital of Celestica consists of an unlimited number of subordinate voting shares without
nominal or par value, an unlimited number of multiple voting shares without nominal or par value and an unlimited number of preference shares issuable in series without nominal or par value. As of
October&nbsp;14, 2003, 170,327,693 subordinate voting shares and 39,065,950 multiple voting shares were outstanding and no preference shares were outstanding. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of the attributes of the different classes of shares in the share capital of Celestica, and is given subject to the more detailed provisions of the Celestica
articles. </FONT></P>

<P><FONT SIZE=2><B>Celestica Multiple Voting Shares and Subordinate Voting Shares  </B></FONT></P>

<UL>

<P><FONT SIZE=2><I> Voting Rights  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of subordinate voting shares and multiple voting shares are entitled to notice of and to attend all meetings of shareholders and to vote at all such
meetings together as a single class, except in respect of matters where only the holders of shares of one class or series of shares are entitled to vote separately pursuant to applicable law. The
subordinate voting shares carry one vote per share and the multiple voting shares carry 25 votes per share. Generally, all matters to be voted on by shareholders must be approved by a simple majority
(or, in the case of an amalgamation or amendments to the Celestica articles, by two-thirds) of the votes cast in respect of multiple voting shares and subordinate voting shares held by
persons present in person or by proxy, voting together as a single class. The holders of multiple voting shares will be entitled to one vote per share held at meetings of holders of multiple voting
shares at which they are entitled to vote separately as a class. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>87</FONT></P>

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<UL>

<P><FONT SIZE=2><I> Dividends  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The subordinate voting shares and the multiple voting shares will be entitled to share ratably, as a single class, in any dividends declared by the board of
directors of Celestica, subject to any preferential rights of any outstanding preference shares in respect of the payment of dividends. Dividends consisting of subordinate voting shares and multiple
voting shares may be paid only as follows: (i)&nbsp;subordinate voting shares may be paid only to holders of subordinate voting shares, and multiple voting shares may be paid only to holders of
multiple voting shares; and (ii)&nbsp;proportionally with respect to each outstanding subordinate voting share and multiple voting share. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Conversion  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each multiple voting share is convertible at any time at the option of the holder thereof into one subordinate voting share. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multiple
voting shares will be converted automatically into subordinate voting shares upon any transfer thereof, except (a)&nbsp;a transfer to Onex Corporation or any affiliate of Onex
or (b)&nbsp;a transfer of 100% of the outstanding multiple voting shares to a purchaser who also has offered to purchase all of the outstanding subordinate voting shares for a per share
consideration identical to, and otherwise on the same terms as, that offered for the multiple voting shares and the multiple voting shares held by such purchaser thereafter shall be subject to the
provisions relating to conversion as if all references to Onex
were references to such purchaser. In addition, if (i)&nbsp;any holder of any multiple voting shares ceases to be an affiliate of Onex or (ii)&nbsp;Onex and its affiliates cease to have the right,
in all cases, to exercise the votes attached to, or to direct the voting of, any of the multiple voting shares held by Onex and its affiliates, such multiple voting shares shall convert automatically
into subordinate voting shares on a one-for-one basis. For these purposes, (w)&nbsp;"Onex" includes any successor corporation resulting from an amalgamation, merger,
arrangement, sale of all or substantially all of its assets, or other business combination or reorganization involving Onex, provided that such successor corporation beneficially owns directly or
indirectly all multiple voting shares beneficially owned directly or indirectly by Onex immediately prior to such transaction and is controlled by the same person or persons as controlled Onex prior
to the consummation of such transaction; (x)&nbsp;a corporation shall be deemed to be a subsidiary of another corporation if, but only if (A)&nbsp;it is controlled by that other, or that other and
one or more corporations each of which is controlled by that other, or two or more corporations each of which is controlled by that other, or (B)&nbsp;it is a subsidiary of a corporation that is
that other's subsidiary; (y)&nbsp;"affiliate" means a subsidiary of Onex or a corporation controlled by the same person or company that controls Onex; and (z)&nbsp;"control" means beneficial
ownership of, or control or direction over, securities carrying more than 50% of the votes that may be cast to elect directors if those votes, if cast, could elect more than 50% of the directors. For
these purposes, a person is deemed to beneficially own any security which is beneficially owned by a corporation controlled by such person. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, if at any time the number of outstanding multiple voting shares shall represent less than 5% of the aggregate number of the outstanding multiple voting shares and
subordinate voting shares, all of the outstanding multiple voting shares shall be automatically converted at such time into subordinate voting shares on a one-for-one basis. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onex,
which owns, directly or indirectly, all of the outstanding multiple voting shares, has entered into an agreement with Computershare, as trustee for the benefit of the holders of
the subordinate voting shares, that has the effect of preventing transactions that otherwise would deprive the holders of subordinate voting shares of rights under applicable provincial
take-over bid legislation to which they would have been entitled in the event of a take-over bid for the multiple voting shares if the multiple voting shares had been
subordinate voting shares. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>88</FONT></P>

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<BR>
<UL>

<P><FONT SIZE=2><I> Modification, Subdivision and Consolidation  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any modification to the provisions attaching to either the subordinate voting shares or the multiple voting shares requires the separate affirmative vote of
two-thirds of the votes cast by the holders of subordinate voting shares and multiple voting shares, respectively, voting as separate classes. Celestica may not subdivide or consolidate
the subordinate voting shares or the multiple voting shares without at the same time proportionally subdividing or consolidating the shares of the other class. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Creation of Other Voting Shares  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica may not create any class or series of shares, or issue any shares of any class or series (other than subordinate voting shares) having the right to vote
generally on all matters that may be submitted to a vote of shareholders (except matters for which applicable law requires the approval of holders of another class or series of shares voting
separately as a class or series) without the separate affirmative vote of two-thirds of the votes cast by the holders of the subordinate voting shares and the multiple voting shares,
respectively, voting as separate classes. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Rights on Dissolution  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to a distribution of assets in the event of a liquidation, dissolution or winding-up of Celestica, whether voluntary or involuntary, or
any other distribution of the assets of Celestica for the purposes of winding up its affairs, holders of subordinate voting shares and multiple voting shares will share ratably as a single class in
assets available for distribution to holders of subordinate voting shares and multiple voting shares after payment in full of the amounts required to be paid to holders of preference shares, if any. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Other Rights  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the subordinate voting shares nor the multiple voting shares will be redeemable nor will the holders of such shares have pre-emptive rights to
purchase additional shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of the outstanding subordinate voting shares and all of the outstanding multiple voting shares are fully paid and non-assessable. Upon issuance of the subordinate voting
shares in the merger, in accordance with the terms of the Merger Agreement, those shares will be fully paid and non-assessable. </FONT></P>

<P><FONT SIZE=2><B>Celestica Preference Shares  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Celestica articles permit the issuance of preference shares in series, without further approval of shareholders. The number of preference shares of each
series and the designation, rights, privileges, restrictions and conditions attaching to the shares of each series including, without limitation, any voting rights (other than general voting rights),
any rights to receive dividends or any terms of
redemption shall be determined by the board of directors. The holders of the preference shares are entitled to dividends in priority to the holders of multiple voting shares, the subordinate voting
shares or other shares ranking junior to the preference shares. With respect to a distribution of assets in the event of a liquidation, dissolution or winding up of Celestica, whether voluntary or
involuntary, or any other distribution of the assets of Celestica for the purposes of winding up its affairs, the preference shares rank in priority to the multiple voting shares, the subordinate
voting shares and any other shares ranking junior to the preference shares. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>89</FONT></P>

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<P><FONT SIZE=2><A
NAME="page_dq2147_1_90"> </A> </FONT> <FONT SIZE=2><B>MSL Common Stock  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of MSL common stock are entitled to receive such dividends as may be declared by the MSL board of directors and paid out of funds legally available
therefor. Holders of MSL common stock are entitled to one vote per share on all matters upon which stockholders have the right to vote. Cumulative voting of shares is not permitted. In the event of a
voluntary or involuntary liquidation, dissolution or winding up of MSL, the holders of MSL common stock are entitled to receive and share ratably in all assets remaining available for distribution to
stockholders, after payment of any preferential amounts to which the holders of preferred stock may be entitled. The MSL common stock has no preemptive rights and is not redeemable, assessable or
entitled to the benefits of any sinking fund. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of MSL common stock and holders of Series&nbsp;A preferred stock and Series&nbsp;B preferred stock vote together as a single class on all matters submitted to a vote of MSL </FONT> <FONT SIZE=2><I>other than</I></FONT><FONT SIZE=2> those matters
which, under the DGCL or the preferred stock governing documents, require a separate class vote. </FONT></P>


<P><FONT SIZE=2><B>MSL Preferred Stock  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of MSL is authorized, without further stockholder action, to authorize and issue any of the undesignated shares of preferred stock in one
or more series and to fix the voting powers, rights and preferences, as well as the qualifications, limitations and restrictions, of such shares of the preferred stock. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Series&nbsp;A Preferred Stock  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Series&nbsp;A preferred stock has a stated value of $50.00 per share. The Series&nbsp;A preferred stock accrues dividends quarterly at the rate of 5.25%
per annum, payable quarterly in common stock or cash, at MSL's option. The Series&nbsp;A preferred stock may be converted, at the holder's option, prior to the scheduled redemption
date of March&nbsp;14, 2007, into shares of MSL common stock at a conversion price of $6.44. In general, MSL may mandatorily convert some or all of the preferred stock prior to the scheduled
redemption date if the closing price of its common stock exceeds 150% of the conversion price for at least 15 of 20 consecutive trading days. The scheduled redemption date for the Series&nbsp;A
preferred stock is March&nbsp;14, 2007 and is redeemable for MSL's common stock or cash, at MSL's option. If MSL chooses to pay dividends in common stock or to redeem
the Series&nbsp;A preferred stock with common stock, the number of shares of common stock issued will be computed using 95% of the market value of the common stock at that date. Each share of
Series&nbsp;A preferred stock is entitled to a number of votes equal to the number of shares of common stock into which it is then convertible. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Series&nbsp;A preferred stock ranks senior to MSL common stock and on a parity with Series&nbsp;B preferred stock upon any dissolution, liquidation or winding up of MSL. Each
share of Series&nbsp;A preferred stock is entitled to a liquidation payment equal to $50.00 plus any accrued dividends prior to any amounts to be distributed to holders of common stock. Any change
of control of MSL is deemed a liquidation, dissolution or winding up and, if the change of control occurs prior to March&nbsp;14, 2004, the liquidation payment will be equal to $52.50 per share plus
any accrued and unpaid dividends. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Series&nbsp;B Preferred Stock  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Series&nbsp;B preferred stock has a stated value of $50.00 per share. The Series&nbsp;B preferred stock accrues dividends quarterly at the rate of 4.5%
per annum, payable quarterly in common stock or cash, at MSL's option. The Series&nbsp;B preferred stock may be converted into MSL's common stock at the option of the
holder prior to the scheduled redemption date of July&nbsp;3, 2008 at a conversion price of $5.90. If any holder of Series&nbsp;B preferred stock converts into common stock prior to July&nbsp;3,
2005, MSL will make an additional make whole payment to the holder of $2.25, in cash or common stock, at MSL's option, with respect to each share of Series&nbsp;B preferred stock so
converted. The preferred stock </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>90</FONT></P>

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<P><FONT SIZE=2>also
may be redeemed by MSL under certain circumstances at any time after July&nbsp;3, 2006, in cash or common stock, at MSL's option. If MSL chooses to pay dividends in common stock,
to satisfy the make whole payment with common stock or to redeem the Series&nbsp;A preferred stock with common stock, the number of shares of common stock issued will be computed using 95% of the
market value of the common stock at that date. Each share of Series&nbsp;B preferred stock is entitled to a number of votes equal to the number of shares of common stock into which it is then
convertible. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Series&nbsp;B preferred stock ranks senior to MSL common stock and on a parity with the Series&nbsp;A preferred stock upon any dissolution, liquidation or winding up of MSL. Each
share of Series&nbsp;B preferred stock is entitled to a liquidation payment equal to $50.00 plus any accrued dividends prior to any amounts to be distributed to holders of common stock. Any change
of control of MSL is deemed a liquidation, dissolution or winding up and, if the change of control occurs prior to July&nbsp;3, 2005, the liquidation payment will be equal to $52.50 per share plus
any accrued and unpaid dividends. </FONT></P>

<P><FONT SIZE=2><B>Annual Meetings of Stockholders  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the DGCL, if the annual meeting for the election of directors is not held on a date designated in a corporation's
by-laws, the directors are required to cause such meeting to be held as soon thereafter as may be convenient. If they fail to do so for a period of 30&nbsp;days after the designated
date, or if no date has been designated for a period of 13&nbsp;months after the latest to occur of the organization of the corporation, its last annual meeting or after the last action by written
consent to elect directors in lieu of an annual meeting, the Delaware Court of Chancery may summarily order a meeting to be held upon application of any stockholder or director. The shares of stock
represented at such meeting, either in person or by proxy, and entitled to vote thereat, shall constitute a quorum for the purposes of such meeting, notwithstanding any provision of the certificate of
incorporation or by-laws to the contrary. However, the DGCL does not provide for a stockholder to call such meeting other than by application to the Delaware Court of Chancery. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the OBCA, the directors of Celestica must call an annual meeting of shareholders not later than
15&nbsp;months after holding the last preceding annual meeting of Celestica shareholders. If an annual meeting is not called at the required time by the directors, it may be called by the holders of
not less than 5% of the issued and voting shares of Celestica, under the OBCA power of shareholders to requisition a meeting, as described under the section entitled "</FONT><FONT SIZE=2><I>Special
Meetings of Stockholders</I></FONT><FONT SIZE=2>", below. If for any reason it is impracticable to call such a meeting or to conduct such a meeting in the manner prescribed by the Celestica articles,
the Celestica by-laws and the OBCA, any director or shareholder entitled to vote at such a meeting may apply to a court for an order calling such a meeting. </FONT></P>

<P><FONT SIZE=2><B>Special Meetings of Stockholders  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the DGCL, special meetings of stockholders may be called only by the board of directors or such other persons as
may be authorized by the certificate of incorporation or by-laws. The MSL certificate of incorporation and by-laws provide that a special meeting of stockholders may only be
called by (a)&nbsp;the chairman of the board of directors, (b)&nbsp;the chief executive officer (or, if there is no chief executive officer, the president), or (c)&nbsp;by the board of directors
of MSL pursuant to a resolution adopted by the affirmative vote of a majority of the total number of directors then in office. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the OBCA, special meetings of shareholders may be called by the board of directors. In addition, the holders
of not less than 5% of the issued and voting shares of Celestica may request that the directors call a meeting of shareholders for the purposes stated in the request. If the request states a proper
purpose and the directors do not call a meeting within 21&nbsp;days after receiving the requisition, any shareholders who requested the directors to call the meeting may call the meeting. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>91</FONT></P>

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<P><FONT SIZE=2><B>Quorum of Stockholders  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the DGCL, a corporation's certificate of incorporation or by-laws may specify the number of shares
which, and/or the amount of other securities having voting power the holders of which, shall be present or represented by proxy at any meeting in order to constitute a quorum, but in no event may a
quorum at any stockholders' meeting be less than one-third (33<SUP>1</SUP>/<SMALL>3</SMALL>%) of the issued and outstanding stock entitled to vote at such meeting, present in person or by proxy. The
MSL by-laws provide that a quorum of stockholders consists of a majority of the outstanding shares of capital stock of MSL entitled to vote, represented in person or by proxy. Pursuant to
the MSL by-laws, a majority of the stockholders present or represented at a meeting, although less than a quorum, may adjourn a meeting to any other time and to any other place at which a
meeting of stockholders may be held under the by-laws. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the OBCA, unless the Celestica by-laws otherwise provide, a quorum of shareholders is present at
a meeting if the holders of a majority of the shares entitled to vote at that meeting are present in person or represented by proxy. The Celestica by-laws provide that a quorum at any
meeting of shareholders shall be at least two persons present in person and personally holding or representing by proxy not less than 35% of the total number of the issued shares of Celestica entitled
to vote at the meeting. </FONT></P>


<P><FONT SIZE=2><B>Stockholder Action Without a Meeting  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the DGCL, unless the certificate of incorporation provides otherwise, any action required by the DGCL to be taken
at any annual or special meeting of the stockholders of a corporation, or any action which may be taken at any annual or special meeting of the stockholders, may be taken without a meeting, without
prior notice and without a vote, if a consent in writing, setting forth the action so
taken, is signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled
to vote thereon were present and voted. The MSL certificate of incorporation provides that stockholders of MSL may not take any action by written consent in lieu of a meeting. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the OBCA, shareholder action without a meeting may be taken only by written resolution signed by all
shareholders who would be entitled to vote thereon at a meeting. </FONT></P>

<P><FONT SIZE=2><B>Notice of Stockholder Proposals  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the MSL by-laws, business may be brought before a meeting by a stockholder only if properly brought
before the meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
such business relates to the election of directors of MSL, the following conditions must be met: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Notice
must be mailed by first class US mail, and must be received by the Secretary of MSL no less than 60&nbsp;days, nor more than 90&nbsp;days, before the first
anniversary of the preceding year's meeting of stockholders. If the date of the meeting is not within 30&nbsp;days of anniversary of the preceding year's annual stockholder meeting, notice will be
timely if received no later than the tenth day following the earlier of day on which notice of the meeting is mailed or publicly disclosed, and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Such
notice shall set forth as to each proposed nominee (i)&nbsp;the name, age, business address and, if known, residence address of each such nominee, (ii)&nbsp;the
principal occupation or employment of each such nominee, (iii)&nbsp;the number of shares of the corporation which are beneficially owned by each such nominee, and (iv)&nbsp;any other information
concerning the nominee that must be disclosed as to nominees in proxy solicitations pursuant to Regulation&nbsp;14A under the Securities Exchange Act of 1934, including such person's written consent
to be named as a nominee and to serve as a director if elected, and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>92</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Such
notice shall set forth as to the stockholder giving the notice (i)&nbsp;the name and address, as they appear on the corporation's books, of such stockholder and
(ii)&nbsp;the class and number of shares of the corporation which are beneficially owned by such stockholder. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the business to be brought before the meeting relates to any other matter, the following conditions must be met: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Notice
must be received by the Secretary of MSL no less than 60&nbsp;days, nor more than 90&nbsp;days, before the first anniversary of the preceding year's meeting of
stockholders. If the date of the meeting is not within 30&nbsp;days of anniversary of the preceding year's annual stockholder meeting, notice will be timely if received no later than the tenth day
following the earlier of the day on which notice of the meeting is mailed or publicly disclosed, and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Such
notice shall set forth for each matter the stockholder proposes to bring before the annual meeting (a)&nbsp;a brief description of the business desired to be brought
before the annual meeting and the reasons for conducting such business at the annual meeting, (b)&nbsp;the name and address, as they appear on the corporation's books, of the stockholder proposing
such business, (c)&nbsp;the class and number of shares of the corporation which are beneficially owned by the stockholder and (d)&nbsp;any material interest of the stockholder in such business. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, any stockholder proposal which complies with Rule&nbsp;14a-8 of the proxy rules, under the Securities Exchange Act of 1934, and is to be included in the
corporation's proxy statement for an annual meeting of stockholders shall be deemed to have been properly brought. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the OBCA, a shareholder entitled to vote at a meeting of shareholders may submit to Celestica notice of any
matter that the shareholder proposes to raise at the meeting. If the proposal is submitted to Celestica at least 60&nbsp;days before the anniversary date of Celestica's previous annual meeting of
shareholders, if the matter is proposed to be raised at an annual meeting, or at least 60&nbsp;days before a meeting other than an annual meeting, Celestica is required, subject to certain
exceptions, to distribute the proposal and a supporting statement with the management information circular sent to shareholders to solicit proxies for the meeting. </FONT></P>


<P><FONT SIZE=2><B>Access to Corporate Records and Financial Statements  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the DGCL, on written demand under oath and for any proper purpose, any stockholder may, in person or by attorney
or other agents, inspect, during usual business hours, the corporation's stock ledger, a list of stockholders and its other books and records, and may make copies and extracts therefrom. A "proper
purpose" generally means a purpose reasonably related to such person's interest as a stockholder of the corporation. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the OBCA, a corporation is required to make available to its shareholders and creditors, their agents and
legal representatives, certain prescribed books and records during usual business hours of the corporation. Such persons may, free of charge, take extracts from these prescribed books and records and,
in the case of a corporation having outstanding securities which were issued as part of a distribution to the public, such as Celestica, any other person may take extracts from these books and records
upon payment of a reasonable fee. As well, in the case of such a corporation, shareholders and creditors, their agents and legal representatives, and any other person, upon payment of a reasonable fee
and sending to the corporation of a statutory declaration, may require the corporation to furnish a list of shareholders. In addition, directors of a corporation are entitled to examine certain
additional records, documents and instruments of the corporation. </FONT></P>

<P><FONT SIZE=2><B>Charter Amendments  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the DGCL, unless its certificate of incorporation or by-laws otherwise provide, amendments to a
corporation's certificate of incorporation generally require the approval of, and </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>93</FONT></P>

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<P><FONT SIZE=2>declaration
of the advisability by, the board of directors, the approval of the holders of a majority of the outstanding stock entitled to vote thereon and, if such amendments would affect certain
rights of holders of a particular class of stock, the approval of a majority of the outstanding stock of such class. The MSL certificate of incorporation requires the affirmative vote of least 75% of
the then outstanding shares of MSL capital stock entitled to vote in the election of directors to amend, repeal or adopt any provisions inconsistent with the provisions in the MSL certificate of
incorporation relating to the board of directors and stockholder proposals, including the existing provisions relating to the following matters: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>minimum
number of directors
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>division
of directors into three classes, term of directors and allocation of directors among classes
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>removal
of directors
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>filling
of board vacancies
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>notice
requirements for stockholder nominations and introduction of other business at a meeting </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the approval of the holders of the Series&nbsp;A preferred stock and Series&nbsp;B preferred stock, each voting a separate class, is required in connection with the
following actions by the votes indicated: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
holders of at least a majority of the Series&nbsp;A preferred stock:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
issuance of any security ranking senior to the Series&nbsp;A preferred stock, as the case may be, as to the payment of amounts distributed upon a liquidation,
dissolution or winding up of MSL or the authorization of additional shares of Series&nbsp;A preferred stock;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
payment of any dividend or distribution on common stock or any shares ranking junior to Series&nbsp;A preferred stock as to the payment of dividends other than in
connection with a liquidation, dissolution or winding up of MSL or dividends payable solely in shares of common stock; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>reclassifying
any shares common stock or other capital stock into shares ranking senior to the Series&nbsp;A preferred stock as to payments distributable upon a
liquidation, dissolution or winding up of MSL.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
holders of at least two-thirds of the Series&nbsp;A preferred stock:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
amendment or repeal of MSL's certificate of incorporation in a manner that would adversely affect the preferences, special rights or other powers of the
Series&nbsp;A preferred stock.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
holders of all outstanding shares of Series&nbsp;A preferred stock:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
amendment or repeal of MSL's certificate of incorporation with respect to the dividend rate, liquidation preference, redemption price, scheduled
redemption date or conversion price in a manner that would adversely affect the preferences, special rights or other powers of the Series&nbsp;A preferred stock; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>reduce
the percentage of outstanding shares of Series&nbsp;A preferred stock the holders of which are required to approve any amendment or repeal of the certificate of
incorporation. </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>94</FONT></P>

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<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
holders of at least a majority of the Series&nbsp;B preferred stock:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
issuance of any security ranking senior to the Series&nbsp;B preferred stock, as the case may be, as to the payment of amounts distributed upon a liquidation,
dissolution or winding up of MSL or the authorization of additional shares of Series&nbsp;B preferred stock;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
payment of any dividend or distribution on common stock or any shares ranking junior to Series&nbsp;B preferred stock as to the payment of dividends other than in
connection with a liquidation, dissolution or winding up of MSL or dividends payable solely in shares of common stock; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>reclassifying
any shares common stock or other capital stock into shares ranking senior to the Series&nbsp;B preferred stock as to payments distributable upon a
liquidation, dissolution or winding up of MSL.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
holders of at least two-thirds of the Series&nbsp;B preferred stock:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
amendment or repeal of MSL's certificate of incorporation in a manner that would adversely affect the preferences, special rights or other powers of the
Series&nbsp;B preferred stock.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>by
holders of all outstanding shares of Series&nbsp;B preferred stock:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
amendment of repeal of MSL's certificate of incorporation with respect to the dividend rate, liquidation preference, redemption price, scheduled
redemption date or conversion price in a manner that would adversely affect the preferences, special rights or other powers of the Series&nbsp;B preferred stock; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>reduce
the percentage of outstanding shares of Series&nbsp;B preferred stock the holders of which are required to approve any amendment or repeal of the certificate of
incorporation. </FONT></DD></DL>
</DD></DL>
</UL>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the OBCA, any amendment to a corporation's articles generally requires approval by special resolution, which
is a resolution passed by a majority of not less than two-thirds of the votes cast by the holders of all voting shares entitled to vote on the resolution and, if such amendment affects
certain rights of holders of a particular class of shares, a separate special resolution of those holders approved by the same vote as to such particular class. </FONT></P>


<P><FONT SIZE=2><B>By-Law Amendments  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the DGCL, the power to adopt, amend or repeal by-laws is vested in the voting stockholders. The
corporation may, however, in its certificate of incorporation, confer the power to adopt, amend or repeal by-laws upon the directors. The conferring of this power to the directors does not
divest the stockholders of the power, or limit their power, to adopt, amend or repeal by-laws. The MSL&nbsp;certificate of incorporation expressly grants the MSL board of directors the
power to adopt, amend and repeal the MSL by-laws and provides that stockholders have the power to amend the MSL by-laws only by the vote of at least 75% of the then outstanding
shares of MSL capital stock entitled to vote in the election of directors. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Celestica board of directors may, by resolution, make, amend or repeal any by-laws that regulate
the business or affairs of Celestica. The directors are required to submit a by-law, amendment or a repeal of a by-law to the shareholders at the next meeting of shareholders
of Celestica and the shareholders may, by a resolution passed by a majority of votes cast, confirm, reject or amend the by-law, amendment or repeal. A by-law, or an amendment
or a repeal of a by-law, is effective from the date of the resolution of the directors until it is confirmed, confirmed as amended or rejected by the shareholders of Celestica or, if not
submitted for approval at the next meeting of shareholders, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>95</FONT></P>

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<BR>

<P><FONT SIZE=2>until
the date of such meeting. A shareholder entitled to vote at an annual meeting of shareholders of Celestica may make a proposal to make, amend or repeal a by-law. </FONT></P>

<P><FONT SIZE=2><B>Sale or Lease of Assets  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the DGCL, the MSL board of directors may by resolution sell, lease or exchange all or substantially all of the
corporation's property and assets, when and as authorized by a resolution adopted by the holders of a majority of the outstanding stock entitled to vote on the resolution. Such sale requires the
approval of the holders of a majority of the outstanding capital stock of MSL, with the common stock and the Series&nbsp;A and Series&nbsp;B preferred stock voting together as a single class. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the OBCA, the sale, lease or exchange of all or substantially all of the property of a corporation, other
than in the ordinary course of business requires, in addition to a resolution of the Celestica Board of Directors, the general approval of the shareholders by special resolution, which is a resolution
by a majority of not less than two-thirds of the votes cast by the shareholders, each share carrying the right to vote whether or not it otherwise carries the right to vote. A separate
special resolution is also required from the holders of each class of shares which is particularly affected by the transaction. </FONT></P>

<P><FONT SIZE=2><B>Preemptive Rights  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The DGCL provides that security holders of a corporation only have such preemptive rights as may be provided in the
corporation's certificate of incorporation. The MSL certificate of incorporation does not provide for preemptive rights. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The OBCA provides that shareholders may have a preemptive right if the corporation's articles so provide.
Celestica's articles do not provide for preemptive rights. </FONT></P>

<P><FONT SIZE=2><B>Dividends and Distributions  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the DGCL, subject to any restriction contained in a corporation's certificate of incorporation, the board of
directors may declare, and the corporation may pay, dividends or other distributions upon the shares of its capital stock either (a)&nbsp;out of "surplus" or (b)&nbsp;in the event that there is no
surplus, out of the net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year, unless net assets (total assets in excess of total liabilities) are less than
the capital of all outstanding preferred stock. "Surplus" is defined as the excess of the net assets of the corporation over the amount determined to be the capital of the corporation by the board of
directors (which amount cannot be less than the aggregate par value of all issued shares of capital stock). </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the OBCA, subject to Celestica's articles, Celestica may declare or pay a dividend unless there are
reasonable grounds for believing that Celestica is, or would after the payment be, unable to pay its liabilities as they become due or the realizable value of Celestica's assets would thereby be less
than the aggregate of Celestica's liabilities and the stated capital of all classes of shares of Celestica. Celestica's articles do not supplement or alter the provisions of the&nbsp;OBCA. </FONT></P>

<P><FONT SIZE=2><B>Appraisal and Dissent Rights  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Stockholders of a Delaware corporation which is a constituent in a merger are, in certain instances, entitled to
appraisal rights, which ultimately require the surviving corporation to pay the stockholders demanding appraisal of the shares the fair value of the shares, as determined by the Delaware Court of
Chancery, in cash. There are, however, no statutory rights of appraisal with respect to stockholders of a Delaware corporation whose shares of stock, at the record date for the determination of
stockholders entitled to notice of and to vote at the meeting of stockholders to act upon the merger or consolidation, or on the record date with respect to action by written consent, are </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>96</FONT></P>

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<P><FONT SIZE=2>either
(a)&nbsp;listed on a national securities exchange or designated as a national market system security on an interdealer quotation system by the National Association of Securities
Dealers,&nbsp;Inc., or the NASD, or (b)&nbsp;held of record by more than 2,000 stockholders, unless the agreement of merger or consolidation converts such shares into anything other than
(i)&nbsp;stock of the surviving corporation, (ii)&nbsp;stock of another corporation which is either listed on a national securities exchange or designated as a national market system security on
an interdealer quotation system by the NASD, or held of record by more than 2,000 stockholders, (iii)&nbsp;cash in lieu of fractional shares, or (iv)&nbsp;some combination of the above. Because
the MSL common stock is traded on such a system, The New&nbsp;York Stock Exchange, and the MSL stockholders are being offered subordinate voting shares of Celestica, which is traded on The
New&nbsp;York Stock Exchange and the Toronto Stock Exchange, and cash in lieu of fractional shares, holders of MSL common stock will not have appraisal rights with respect to the merger. However,
holders of the Series&nbsp;A and Series&nbsp;B preferred stock will have appraisal rights. Please see "</FONT><FONT SIZE=2><I>Appraisal Rights for MSL Preferred Stock</I></FONT><FONT SIZE=2>"
beginning on page&nbsp;105 of this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The OBCA provides that shareholders of a corporation entitled to vote on certain matters are entitled to exercise
a dissent right and to be paid the fair value of their shares in connection therewith. The OBCA does not distinguish for this purpose between listed and unlisted shares. Such matters include
(a)&nbsp;any amalgamation with another corporation (other than with certain affiliated corporations); (b)&nbsp;an amendment to the corporation's articles to add, change or remove any provision
restricting the issue, transfer or ownership of shares; (c)&nbsp;an amendment to the corporation's articles to add, change or remove a restriction upon the business or businesses that the
corporation may carry on or upon the powers that the corporation may exercise; (d)&nbsp;a continuance under the laws of another jurisdiction; (e)&nbsp;a sale, lease or exchange of all or
substantially all of the property of the corporation other than in the ordinary course of business; (f)&nbsp;a court order permitting a shareholder to dissent in connection with an application to
the court for an order approving an arrangement proposed by the corporation; and (g)&nbsp;certain amendments to the articles of the corporation which require a separate class or series vote,
provided that the shareholder is not entitled to dissent if an amendment to the articles is effected by court order approving a reorganization or court order made in connection with an action for an
oppression remedy. </FONT></P>

<P><FONT SIZE=2><B>Stock Repurchases  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the DGCL, a corporation may not purchase or redeem its own shares of capital stock when the capital of the
corporation is impaired or when such purchase or redemption would cause any impairment of the capital of the corporation. However, a corporation may purchase or redeem out of capital any of its own
shares, subject to certain requirements, if such shares will be retired upon the acquisition thereof and the capital of the corporation will be thereby reduced. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the OBCA, Celestica may purchase or otherwise acquire shares issued by Celestica unless there are reasonable
grounds for believing that Celestica is, or would after the purchase be, unable to pay its liabilities as they become due or the realizable value of Celestica's assets would after the purchase be less
than the aggregate of Celestica's liabilities and stated capital of all classes of shares. Canadian securities laws restrict the ability of a public corporation, such as Celestica, to selectively
repurchase its securities. Open market purchases of securities by Celestica </FONT><FONT SIZE=2><I>(i.e.,</I></FONT><FONT SIZE=2>&nbsp;normal course issuer bids) may be effected provided that such
purchases do not exceed prescribed annual and/or monthly limits. Otherwise, issuer bid purchases must be made pursuant to an offer extended on identical terms to all holders of the subject securities. </FONT></P>

<P><FONT SIZE=2><B>Number and Qualification of Directors  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The DGCL provides that the minimum number of directors is one. The number of directors is fixed by or in the manner
provided in the by-laws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number of directors may only be made by </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>97</FONT></P>

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<P><FONT SIZE=2>amendment
to the certificate of incorporation. A corporation's by-laws or certificate of incorporation may prescribe other qualifications for directors. The MSL by-laws and
certificate of incorporation provide that the number of directors which constitute the entire MSL board of directors shall be determined by resolution of the MSL board of directors, but in no event
shall such number be less than three. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the OBCA, the Celestica board of directors must have not fewer than three members, at least
one-third of whom are not officers or employees of Celestica or its affiliates. Under Celestica's articles, the minimum number of directors is three and the maximum number of directors is
20. A majority of directors of Celestica must be resident Canadians under the OBCA and, except in limited circumstances, directors may not transact business at a meeting of directors (or a committee
of directors) at which a majority of the directors present are not resident Canadians under the OBCA. </FONT></P>

<P><FONT SIZE=2><B>Filling Vacancies on the Board of Directors  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The DGCL provides that vacancies and newly created directorships may be filled by a majority of the directors then in
office, although less than a quorum, or by a sole remaining director, unless otherwise provided in the certificate of incorporation or by-laws. If the certificate of incorporation directs
that a particular class is to elect such director, however, such vacancy may be filled only by a majority of the other directors elected by such class then in office, or by a sole remaining director
so elected. If, at the time of filling any vacancy or newly created directorship, the directors then in office constitute less than a majority of the entire board (as constituted immediately prior to
such increase), the Delaware Court of Chancery may, upon application of stockholders holding at least 10% of the total number of shares outstanding and having the right to vote for such directors,
order an election to be held to fill any such vacancy or newly created directorship or to replace the directors chosen by the directors then in office. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the OBCA, a quorum of directors may fill a vacancy among the directors except a vacancy resulting from an
increase in the maximum number of directors of Celestica or from a failure to elect the minimum number of directors required to be elected at any meeting of shareholders. In accordance with the
provisions of the OBCA, the shareholders of Celestica have passed a special resolution permitting the directors to determine the number of directors of Celestica, subject to the minimum and maximum
number of directors set out in Celestica's articles. Where such a special resolution has been passed, the OBCA permits the directors to increase the number of directors and to appoint additional
directors to fill the vacancies created by that increase, so long as the total number of directors after such appointment is not greater than one and one-third times the number of
directors required to have been elected at the last annual meeting of shareholders. </FONT></P>

<P><FONT SIZE=2><B>Removal of Directors  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the DGCL, directors may be removed with or without cause by a majority of the stockholders entitled to vote at an
election of directors, except (a)&nbsp;unless the certificate of incorporation otherwise provides, if the board of directors is classified, removal may be for cause only or (b)&nbsp;where a
corporation has cumulative voting, if less than the entire board of directors is removed, no director may be removed without cause if the votes cast against his removal would be sufficient to elect
him if then cumulatively voted at an election of the entire board of directors. The MSL board of directors is divided into three classes and the stockholders of MSL do not have the right to cumulate
their votes in the election of directors. MSL directors in a class with a term expiring at a meeting of stockholders are elected by a plurality vote of all of the votes cast at the annual meeting of
stockholders. The MSL certificate of incorporation provides that directors may only be removed for cause and only by the vote of the holders of at least 75% of the outstanding shares of MSL capital
stock entitled to vote in the elections of directors. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>98</FONT></P>

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<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the OBCA, the shareholders of Celestica may by ordinary resolution at an annual or special meeting remove
any director or directors from&nbsp;office. </FONT></P>

<P><FONT SIZE=2><B>Transactions with Directors  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The DGCL provides that no contract or transaction between a corporation and one or more of its directors or officers, or
between a corporation and any other entity of which one or more of its directors or officers are directors or officers, or in which one or more of its directors or officers have a financial interest,
is void or voidable if (a)&nbsp;the material facts as to the director's or officer's relationship or interest and as to the contract or transaction are disclosed or known to the board of directors
or a committee thereof, which authorizes the contract or transaction in good faith by the affirmative vote of a majority of the disinterested directors, even though the disinterested directors are
less than a quorum, (b)&nbsp;the material facts as to the director's or officer's relationship or interest and as to the contract or transaction are disclosed or known to the stockholders entitled
to vote thereon and the contract or transaction is specifically approved in good faith by the stockholders or (c)&nbsp;the contract or transaction is fair to the corporation as of the time it is
authorized, approved or ratified by the board of directors, a committee thereof, or the stockholders. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the DGCL, A corporation may make loans to, guarantee the obligations of or otherwise assist its officers or other employees and those of a subsidiary, including directors who are
also officers or employees of the corporation or a subsidiary, when such action, in the judgment of the directors, may reasonably be expected to benefit the corporation. The MSL certificate of
incorporation does not alter the provisions of the DGCL concerning transactions with directors. However, the Sarbanes-Oxley Act of 2002, which is applicable to public companies such as MSL, makes it
unlawful for a company to extend or maintain, or arrange for, a personal loan to or for any director or executive officer. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The OBCA provides that a material contract between Celestica and one or more of its directors or officers, or
between Celestica and another person of which a director or officer of Celestica is a director or officer or in which he or she has a material interest, is neither void nor voidable by reason only of
that relationship or by reason only that a director with an interest in the contract is present at or is counted to determine the presence of a quorum at a meeting of directors or committee of
directors that authorized the contract, if the director or officer disclosed his or her interest and the contract or transaction was approved by the directors or the shareholders and the contract or
transaction was reasonable and fair to Celestica at the time the contract or transaction was approved. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the OBCA, Celestica may give financial assistance to any person, including any officer or director, for any purpose by means of a loan, guarantee or otherwise, provided that
Celestica discloses to its shareholders all material financial assistance that it gives to any such persons. Following the giving of any such financial assistance, the disclosure is required to be
made in the management information circular in respect of the next annual meeting and in the next set of annual financial statements and, as long as the financial assistance remains outstanding, in
any following annual meeting management information circulars and annual financial statements. However, the Sarbanes-Oxley Act of 2002, which is applicable to public companies such as Celestica, makes
it unlawful for a company to extend or maintain, or arrange for, a personal loan to or for any director or executive officer. </FONT></P>

<P><FONT SIZE=2><B>Director and Officer Liability and Indemnification  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The DGCL allows a Delaware corporation to include a provision in its certificate of incorporation limiting or
eliminating the liability of directors for monetary damages for a breach of their fiduciary duty, provided such directors acted in good faith. However, a corporation may not limit the liability of its
directors for (a)&nbsp;breaches of duty or loyalty, (b)&nbsp;acts or omissions involving intentional misconduct or knowing violations of law, (c)&nbsp;the payment of unlawful dividends, stock </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>99</FONT></P>

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<P><FONT SIZE=2>repurchases
or redemptions or (d)&nbsp;any transaction in which the director received an improper personal benefit. Statutory authority is granted to Delaware corporations to indemnify directors,
officers, employees and agents, and mandates indemnification under limited circumstances. Indemnification against expenses incurred by a present or former officer or director in connection with a
proceeding against such person for actions in such capacity is mandatory to the extent that the person has been successful on the merits. Advancement of expenses prior to the final disposition of a
proceeding is permissive only and the DGCL requires that any advancement to directors or officers be accompanied by an undertaking by such person to repay such expenses if it is ultimately determined
that such person is not entitled to indemnification. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
DGCL also permits a corporation to indemnify a director, officer, employee or agent for fines, judgments or settlements, as well as expenses in connection with third-party claims
brought against a director, if such director acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interest of the corporation, or in the case of a
criminal action, had no reasonable cause to believe his conduct was unlawful. Indemnification in the context of derivative actions is restricted to expenses only. Further, if an officer, director,
employee or agent is adjudged liable to the corporation, expenses are not allowable, subject to limited exceptions where a court deems the award of expenses appropriate. Determinations regarding
permissive indemnification are to be made by the majority vote of disinterested directors (even if less than a quorum) or by a committee of such directors designated by majority vote of such directors
even though less than a quorum, or, if there are no such directors, or if such directors so direct, by independent legal counsel or by the stockholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
DGCL grants express authority to a Delaware corporation to purchase and maintain insurance for director and officer liability. Such insurance may be purchased for any officer,
director, employee or agent, regardless of whether that individual is otherwise eligible for indemnification by the corporation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
MSL certificate of incorporation provides that, to the full extent permitted by the DGCL, MSL shall indemnify, hold harmless and, upon request, advance expenses to any person who was
or is a party or is threatened to be a party to or is involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative, because that person is or was, or has agreed
to become, a director or officer, or is or was serving, or has agreed to serve, at the request of MSL, as a director, officer or trustee of, or in a similar capacity with, another corporation,
partnership, joint venture, trust or other enterprise, including any employee benefit plan, or by reason of any action alleged to have been taken or omitted in such capacity, against all expenses
(including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her or on his or her behalf in connection with such action, suit or proceeding
and any appeal therefrom, if he or she acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of MSL, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. No amendment, termination or repeal of the provisions relating to limitation on director liability shall
affect or diminish in any way the rights of such person to indemnification under the certificate of incorporation with respect to any action, suit, proceeding or investigation arising out of or
relating to any actions, transactions or facts occurring prior to the final adoption of such amendment, termination or repeal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
MSL certificate of incorporation also provides that MSL shall not indemnify any person seeking indemnification in connection with any action, suit, proceeding, claim or counterclaim,
or part thereof, initiated by that person unless the initiation thereof was approved by the MSL board of directors. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
MSL certificate of incorporation also provides that MSL may advance payment of expenses incurred by any person in advance of the final disposition of any matter only upon receipt of
an </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>100</FONT></P>

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<P><FONT SIZE=2>undertaking
by or on behalf of such person to repay all advanced amounts in the event that it shall ultimately be determined that he or she is not entitled to be indemnified by MSL. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
MSL certificate of incorporation also provides that MSL may maintain insurance, at its expense, to protect itself or the directors, officers, employees and agents of MSL or any other
corporation or entity against any expense, liability or loss, regardless of whether such expense, liability or loss would be indemnifiable under the DGCL. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling MSL pursuant to the foregoing provisions, MSL
has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Directors of corporations governed by the OBCA are required to exercise their powers and discharge their duties in
accordance with their fiduciary duty and duty of care. The fiduciary duty requires directors to act honestly and in good faith, with a view to the best interests of the corporation. The duty of care
requires directors to exercise the care diligence and skill that a reasonably prudent person would exercise in comparable circumstances. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the OBCA, a corporation may not, in its articles, limit the liability of its directors for breaches of their fiduciary duties. However, the corporation may indemnify a director or
officer, a former director or officer or a person who acts or acted at the corporation's request as a director or officer of a body corporate of which the corporation is or was a shareholder or
creditor, and his or her heirs and legal representatives (an "Indemnifiable Person"), against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment,
reasonably incurred by him or her in respect of any civil, criminal or administrative action or proceeding to which he or she is made a party by reason of being or having been a director or officer of
such corporation or such body corporate, if (a)&nbsp;such person acted honestly and in good faith with a view to the best interests of the corporation and (b)&nbsp;in the case of a criminal or
administrative action or proceeding that is enforced by a monetary penalty, such person had reasonable grounds for believing that his or her conduct was lawful. An Indemnifiable Person is entitled to
such indemnity from the corporation if such person was substantially successful on the merits of his or her defense of the action or proceeding and fulfilled the conditions set out in (a)&nbsp;and
(b)&nbsp;above. A corporation may, with the approval of a court, also indemnify an Indemnifiable Person in respect of an action by or on behalf of the corporation or body corporate to procure a
judgment in its favor, to which such person is made a party by reason of being or having been a director or an officer of the corporation or body corporate, if he or she fulfills the conditions set
out in (a)&nbsp;and (b)&nbsp;above. Celestica has provided for indemnification of directors and officers to the fullest extent authorized by the OBCA. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling Celestica pursuant to the foregoing provisions,
Celestica has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. </FONT></P>

<P><FONT SIZE=2><B>Oppression Remedy  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The DGCL does not provide for an oppression remedy. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The OBCA provides for an oppression remedy that enables the court to make any order, both interim and final, it
thinks fit to rectify the matters complained of if the court is satisfied upon application by a complainant (as defined below) that, (a)&nbsp;any act or omission of the corporation or of its
affiliates effects, or threatens to effect, a result, (b)&nbsp;the business or affairs of the corporation or any of its affiliates are, have been, or are threatened to be, carried on or conducted in
a manner, or (c)&nbsp;the powers of the directors of the corporation or any of its affiliates are, have been, or are </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>101</FONT></P>

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<P><FONT SIZE=2>threatened
to be, exercised in a manner, that is oppressive or unfairly prejudicial to or that unfairly disregards the interest of any security holder, creditor, director or officer of the
corporation. A complainant includes (i)&nbsp;a present or former registered holder or beneficial owner of securities of a corporation or any of its affiliates, (ii)&nbsp;a present or former
officer or director of the corporation or any of its affiliates and (iii)&nbsp;any other person who in the discretion of the court is a proper person to make such application. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
of the breadth of the conduct which can be complained of and the scope of the court's remedial powers, the oppression remedy is very flexible and is sometimes relied upon to
safeguard the interests of shareholders and other complainants with a substantial interest in the corporation. The OBCA does not require proof that the directors of a corporation acted in bad faith in
order to seek an oppression remedy. The court may order the corporation to pay the interim costs of a complainant seeking an oppression remedy, including legal fees and disbursements, but the
complainant may be held accountable for such interim costs on final disposition of the complaint (as in the case of a derivative action). </FONT></P>

<P><FONT SIZE=2><B>Derivative Action  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Derivative actions may be brought in Delaware by a stockholder on behalf of, and for the benefit of, the corporation.
The DGCL provides that a stockholder must aver in the complaint that he or she was a stockholder of the corporation at the time of the transaction of which he or she complains. A stockholder may not
sue derivatively unless he or she first makes demand on the corporation that it bring suit and such demand has been refused, unless it is shown that such demand would have been futile. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the OBCA, a complainant may apply to the court (as defined in the OBCA) for leave to bring an action in the
name of and on behalf of a corporation or any subsidiary, or to intervene in an existing action to which any such body corporate is a party, for the purpose of prosecuting, defending or discontinuing
the action on behalf of the body corporate. Under the OBCA, no action may be brought and no intervention in an action may be made unless the court is satisfied that (a)&nbsp;the complainant has
given 14&nbsp;days' notice to the directors of the corporation or its subsidiary of the complainant's intention to apply to the court and if the directors of the corporation or its subsidiary do not
bring, diligently prosecute or defend or discontinue the action, (b)&nbsp;the complainant is acting in good faith and (c)&nbsp;it appears to be in the interest of the corporation or its subsidiary
that the action be brought, prosecuted, defended or discontinued. Where a complainant makes an application without having given the required notice, the OBCA permits the court to make an interim order
pending the giving of such notice, </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that the complainant can establish that at the time it sought the interim order it was not expedient to give
the required notice. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the OBCA, the court in a derivative action may make any order it thinks fit. Additionally, under the OBCA, a court may order a corporation or its subsidiary to pay the
complainant's interim costs, including reasonable legal fees and disbursements. Although the complainant may be held accountable for the interim costs on final disposition of the complaint, the
complainant is not required to give security for costs in a derivative action. </FONT></P>

<P><FONT SIZE=2><B>Anti-Takeover Laws  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;203 of the DGCL restricts the ability of an "interested stockholder" to merge with or enter into other
business combinations with a corporation for a period of three years after becoming an "interested stockholder." A person is deemed to be an "interested stockholder" upon acquiring 15% or more of the
outstanding voting stock of the target corporation. However, the restrictions on business combinations set forth in Section&nbsp;203 of the DGCL do not apply if (a)&nbsp;prior to the time the
person became an interested stockholder, the board of directors of the target corporation approves either the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>102</FONT></P>

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<P><FONT SIZE=2>combination
or the transaction which results in the stockholder becoming an interested stockholder, (b)&nbsp;upon consummation of the transaction which resulted in the stockholder becoming an
interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced (excluding shares owned by persons who
are directors and officers and shares owned by certain employee stock plans) or (c)&nbsp;the combination is approved by the corporation's board of directors and the holders of two-thirds
of the corporation's voting stock at an annual or special meeting of the stockholders and not by written consent, excluding shares owned by the interested stockholder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;203
of the DGCL applies to Delaware corporations, the stock of which is (i)&nbsp;listed on a national securities exchange, (ii)&nbsp;designated as a national market
system security on an interdealer quotation system by the NASD or (iii)&nbsp;held of record by more than 2,000 stockholders. However, Section&nbsp;203 of the DGCL does not apply in certain cases,
including (w)&nbsp;if the corporation's original certificate of incorporation contains a provision expressly electing not to be governed by Section&nbsp;203 of the DGCL, (x)&nbsp;the
corporation, by action of its board of directors, adopted within 90&nbsp;days following the enactment of Section&nbsp;203 of the DGCL an amendment to its by-laws expressly electing not
to be governed by the statute, (y)&nbsp;the corporation, adopts an amendment to its certificate of incorporation or by-laws expressly electing not to be governed by the statute or
(z)&nbsp;the stockholder becomes an interested stockholder inadvertently and divests itself of sufficient shares so that the stockholder ceases to be an interested stockholder, provided that the
stockholder would not have been an interested stockholder (but for the inadvertent acquisition) at any time within the three-year period immediately prior to a business combination between
the corporation and such stockholder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL
has made an election to be governed by Section&nbsp;203 of the DGCL. However, the MSL certificate of incorporation provides that Donaldson, Lufkin&nbsp;&amp; Jenrette,&nbsp;Inc.
and its affiliates shall not be deemed at any time, and without regard to the percentage of the MSL voting stock owned by them, to be an "interested stockholder" as defined in Section&nbsp;203(c)(5)
of the DGCL. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
MSL board has approved, for purposes of Section&nbsp;203 of the DGCL, the merger agreements, the stockholder agreements, the acquisition of subordinate voting shares pursuant to
the stockholder agreements, and the other transactions contemplated by the merger agreement, so that the restrictions on business combinations provided by Section&nbsp;203 of the DGCL will not apply
to Celestica or its affiliates with respect to or as a result of any of the transactions contemplated by the merger agreement, including any transactions contemplated by the stockholder agreements. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The OBCA does not contain a comparable provision to Section&nbsp;203 of the DGCL with respect to business
combinations. However, Rule&nbsp;61-501 of the Ontario Securities Commission, or the OSC, and Policy Statement Q-27 of the Commission des valeurs mobilieres du Quebec, or the CVMQ, contain
requirements in connection with related party transactions. A related party transaction means, generally, any transaction by which an issuer, directly or indirectly, acquires or transfers an asset or
acquires or issues treasury securities or assumes or transfers a liability from or to, as the case may be, a related party by any means in any one or any combination of transactions. "Related Party"
is defined in OSC&nbsp;Rule&nbsp;61-501 and&nbsp;CVMQ Policy Statement Q-27 and includes directors, senior officers and holders of at least 10% of the voting securities of the
issuer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule&nbsp;61-501
and Policy&nbsp;Q-27 require more detailed disclosure in the proxy material sent to security holders in connection with a related party transaction, and,
subject to certain exceptions, the preparation of a formal valuation of the subject matter of the related party transaction and any non-cash consideration offered therefor and the
inclusion of a summary of the valuation in the proxy material. Rule&nbsp;61-501 and Policy&nbsp;Q-27 also require, subject to certain exceptions, that the minority shareholders of the
issuer separately approve the transaction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
requirements of Canadian securities regulators provide, in addition to specified exemptions, for discretion to be exercised by such regulators to exempt parties from some or all
such requirements, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>103</FONT></P>

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<P><FONT SIZE=2>with
or without conditions, where such regulators consider it to be consistent with the public interest to do so. In general, these requirements of Canadian securities regulators are administered and
enforced by securities regulators rather than by the courts and the basis upon which such regulators take jurisdiction over a matter and the remedies that may be available differ significantly from
those applicable to requirements of corporate law contained in the&nbsp;OBCA. </FONT></P>

<P><FONT SIZE=2><B>Voluntary Dissolution  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The DGCL provides that, unless the board of directors approves a proposal to dissolve a corporation, the dissolution
must be consented to in writing by stockholders holding 100% of the total voting power of the corporation. If the dissolution is initiated by the board of directors, it need only be approved by a
majority of the outstanding stock of the corporation entitled to vote thereon. Under the MSL certificate of incorporation, holders of the MSL common stock and the Series&nbsp;A and Series&nbsp;B
preferred stock are entitled to vote together as a single class in favor of or against a dissolution of MSL. The holders of a majority of the voting power of the outstanding capital stock of MSL must
approve such dissolution. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the OBCA, a voluntary dissolution of Celestica would require approval by special resolution of the holders
of each class of shares of Celestica or the consent in writing of all shareholders entitled to vote at such meeting. A special resolution is a resolution passed at a meeting by not less than
two-thirds of the votes cast by the shareholders entitled to vote on the resolution. </FONT></P>

<P><FONT SIZE=2><B>Vote on Extraordinary Corporate Transactions  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the DGCL, mergers or consolidations require the approval of the holders of a majority of the outstanding stock of
the corporation entitled to vote thereon unless otherwise required by its certificate of incorporation. Approval is not required: (a)&nbsp;by the holders of a corporation surviving a merger where
(i)&nbsp;the merger requires the issuance of common stock, if any, not exceeding 20% of such corporation's shares outstanding immediately prior to the merger, (ii)&nbsp;each share of stock of such
corporation outstanding prior to the merger is to be an identical share of stock of the surviving corporation following the merger and (iii)&nbsp;the merger agreement does not amend in any respect
the survivor's certificate of incorporation and (b)&nbsp;for either the acquired or surviving corporation where the corporation surviving the merger is a 90% parent of the acquired corporation.
Under the MSL certificate of incorporation, holders of the MSL common stock and the Series&nbsp;A and Series&nbsp;B preferred stock are entitled to vote together as a single class on extraordinary
transactions, such as mergers or consolidations. Such transactions require approval of the holders of a majority of the voting power of the outstanding capital stock of MSL. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the OBCA, certain extraordinary corporate actions, such as certain amalgamations, continuances, sales of
substantially all the assets of a corporation other than in the ordinary course of business, and other extraordinary corporate actions such as liquidations or dissolutions and (if ordered by the
court) arrangements require authorization by special resolution or by the written consent of each shareholder entitled to vote on the resolution. In certain cases, a special resolution to approve an
extraordinary corporate action is also required to be approved separately by the holders of a class or series of shares. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>104</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ds2147_appraisal_rights_for_msl_preferred_stock"> </A>
<A NAME="toc_ds2147_1"> </A>
<BR></FONT><FONT SIZE=2><B>APPRAISAL RIGHTS FOR MSL PREFERRED STOCK    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Delaware General Corporation Law, holders of Series&nbsp;A and Series&nbsp;B preferred stock may demand in writing that the company surviving the
merger pay the fair value of their preferred shares, as determined by the Delaware Court of Chancery. Determination of fair value is based on all relevant factors, but excludes any appreciation or
depreciation resulting from the anticipation or accomplishment of the merger. Preferred stockholders who elect to exercise appraisal rights must comply with all of the procedures to preserve those
rights. A copy of Section&nbsp;262 of the Delaware General Corporation Law, which sets forth the appraisal rights, is attached as Annex E to this proxy statement/prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Holders of MSL common stock do <U>not</U> have the right to seek appraisal for their shares of MSL common stock.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;262
sets forth the procedures a stockholder requesting appraisal must follow. These procedures are complicated and must be followed completely. Failure to comply with
these procedures may cause you to lose your appraisal rights. The following information is only a summary of the required procedures and is qualified in its entirety by the provisions of
Section&nbsp;262. Please review Section&nbsp;262 for&nbsp;the complete procedures. Neither Celestica nor MSL will give you any notice of your appraisal rights other than as described in this
proxy statement/prospectus and as required by the Delaware General Corporation Law. </FONT></P>

<P><FONT SIZE=2><B>General Requirements  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;262 generally requires the following: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>You
must deliver a written demand for appraisal to MSL before the vote is taken at the MSL special meeting. This written demand for appraisal must be separate from the
proxy. In other words, failure to return the proxy or returning the proxy, with or without any voting instructions, will not alone constitute demand for appraisal. Similarly, a vote against adoption
of the merger agreement
will not satisfy your obligation to make written demand for appraisal. You should read the paragraphs below and Annex E for more details on making a demand for appraisal.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>You
must not vote in favor of adoption of the merger agreement. If you return a properly executed proxy voting in favor of the adoption of the merger agreement or without
any voting instruction marked or otherwise vote in favor of adoption of the merger agreement, you will lose your right to appraisal, even if you previously filed a written demand for appraisal. You do
not have to vote against the adoption of the merger agreement in order to preserve your appraisal rights.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>You
must continuously hold your shares of MSL preferred stock from the date you make the demand for appraisal through the completion of the merger. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>Requirements for Written Demand for Appraisal  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A written demand for appraisal of MSL preferred stock is only effective if it is signed by, or for, the stockholder of record who owns the shares at the time the
demand is made. The demand must be signed as the stockholder's name appears on its stock certificate(s). If you are a beneficial owner of MSL preferred stock but not a stockholder of record, you must
have the stockholder of record for your shares sign a demand for appraisal on your behalf. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you own MSL preferred stock in a fiduciary capacity, such as a trustee, guardian or custodian, you must disclose the fact that you are signing the demand for appraisal in that
capacity. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you own MSL preferred stock with one or more other persons, such as in a joint tenancy or tenancy in common, all of the owners must sign, or have signed for them, the demand for
appraisal. An </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>105</FONT></P>

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<P><FONT SIZE=2>authorized
agent, which could include one or more of the owners, may sign the demand for appraisal for a stockholder of record; however, the agent must expressly disclose who the stockholder of record
is and that he or she is signing the demand as that stockholder's agent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you are a record owner who holds MSL preferred stock as a nominee for others, you may exercise a right of appraisal with respect to the shares held for one or more beneficial owners,
while not exercising that right for other beneficial owners. In such a case, you should specify in the written
demand the number of shares as to which you wish to demand appraisal. If you do not specify the number of shares, it will be assumed that your written demand covers all the shares of MSL preferred
stock that are in your name. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you are an MSL preferred stockholder, you should address the written demand to Manufacturers' Services Limited, 300 Baker Avenue, Concord, Massachusetts 01742, Attention: Corporate
Secretary. MSL must receive your written demand before the vote concerning the merger is taken or you will lose your appraisal rights. As explained above, this written demand should be signed by, or
on behalf of, the stockholder of record. The written demand for appraisal should specify the stockholder's name and mailing address, the number of shares of Series&nbsp;A preferred stock and/or
Series&nbsp;B preferred stock owned, and that the stockholder is thereby demanding appraisal of such stockholder's shares. </FONT></P>

<P><FONT SIZE=2><B>Written Notice  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within 10&nbsp;days after the completion of the merger, the company surviving the merger must give written notice of the date that the merger became effective
to each stockholder who has fully complied with the conditions of Section&nbsp;262. Except as required by law, you will not be notified of any dates by which appraisal rights must be exercised. </FONT></P>


<P><FONT SIZE=2><B>Petition with the Chancery Court  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within 120&nbsp;days after the completion of the merger, the company surviving the merger or any preferred stockholder who has complied with the conditions of
Section&nbsp;262 may file&nbsp;a petition in the Delaware Court of Chancery. This petition should request that the Chancery Court determine the value of the MSL Series&nbsp;A preferred stock and
Series&nbsp;B preferred stock held by all of the stockholders who are entitled to appraisal rights. If you intend to exercise your rights of appraisal, you should file&nbsp;a petition in the
Chancery Court. MSL does not have any intention at this time to file&nbsp;a petition. Because MSL does not have an obligation to file&nbsp;a petition, if you do not file such a petition within
120&nbsp;days after the completion of the merger, you will lose your rights of appraisal. </FONT></P>

<P><FONT SIZE=2><B>Withdrawal of Demand  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you change your mind and decide you no longer want an appraisal, you may withdraw your demand for appraisal at any time within 60&nbsp;days after the
completion of the merger. You may also withdraw your demand for appraisal after 60&nbsp;days after the completion of the merger, but only with the written consent of MSL. If you withdraw your demand
for appraisal, you will receive the merger consideration provided in the merger agreement. </FONT></P>


<P><FONT SIZE=2><B>Request for Appraisal Rights Statement  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have complied with the conditions of Section&nbsp;262, you will be entitled to receive a statement setting forth the number of shares of Series&nbsp;A
and Series&nbsp;B preferred stock not voted in favor of the adoption of the merger agreement and with respect to which demands for appraisal have been received and the number of stockholders who own
those shares. In order to receive this statement, you must send a written request to MSL within 120&nbsp;days after the completion of the merger. After the merger, MSL will have 10&nbsp;days after
receiving a request to mail the statement to the stockholder. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>106</FONT></P>

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<P><FONT SIZE=2><B>Chancery Court Procedures  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you properly file&nbsp;a petition for appraisal in the Chancery Court and serve a copy on MSL, MSL will then have 20&nbsp;days to provide the Chancery
Court with a list of the names and addresses of all stockholders who have demanded appraisal and have not reached an agreement with Celestica as to the value of their preferred stock. If the Chancery
Court decides it is appropriate, it will then send notice to all of the preferred stockholders who have demanded appraisal. The Chancery Court has the power to conduct a hearing to determine whether
the stockholders have fully complied with Section&nbsp;262 of the Delaware General Corporation Law and whether they are entitled to appraisal under that section. The Chancery Court may also require
you to submit your stock certificates to the Registry in Chancery so that it can note on the certificates that an appraisal proceeding is pending. If you do not follow the Chancery Court's directions,
you may be dismissed from the proceeding. </FONT></P>


<P><FONT SIZE=2><B>Chancery Court Appraisal of MSL Preferred Stock  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the Chancery Court determines which preferred stockholders are entitled to appraisal rights, the Chancery Court will appraise the fair value of the shares
of Series&nbsp;A preferred stock and/or Series&nbsp;B preferred stock, if any holders of such series are entitled to appraisal rights. To determine the fair value of the shares, the Chancery Court
will consider all relevant factors except for any appreciation or depreciation resulting from the anticipation or accomplishment of the merger. The Delaware Supreme Court has stated that "proof of
value by any techniques or methods which are generally considered acceptable in the financial community and otherwise admissible in court" should be considered in the appraisal proceedings. After the
Chancery Court determines the fair value of the shares, it will direct MSL to pay that value to the stockholders who are entitled to appraisal. The Chancery Court can also direct MSL to pay interest,
simple or compound, on that value if the Chancery Court determines that interest is appropriate. In order to receive the fair value for your shares, you must surrender your stock certificates to MSL. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Chancery Court could determine that the fair value of shares of MSL Series&nbsp;A preferred stock and/or Series&nbsp;B preferred stock is more than, the same as, or less than the
consideration payable as a result of the merger agreement. In other words, if you demand appraisal rights, you could receive less consideration than you would under the merger agreement. In addition,
investment banking opinions as to fairness from a financial point of view are not necessarily opinions as to fair value under Section&nbsp;262. </FONT></P>

<P><FONT SIZE=2><B>Costs and Expenses of Appraisal Proceeding  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The costs and expenses of the appraisal proceeding may be assessed against the company surviving the merger and the stockholders participating in the appraisal
proceeding, as the Chancery Court deems equitable under the circumstances. You can request that the Chancery Court determine the amount of interest, if any, that the company surviving the merger
should pay on the value of stock owned by stockholders entitled to the payment of interest. You may also request that the Chancery Court allocate the expenses of the appraisal action incurred by any
stockholder pro&nbsp;rata against the value of all of the shares entitled to appraisal. </FONT></P>

<P><FONT SIZE=2><B>Loss of Stockholder's Rights  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you demand appraisal, after the completion of the merger you will not be entitled to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>vote
your shares of stock, for any purpose, for which you have demanded appraisal;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>receive
payment of dividends or any other distribution with respect to your shares, except for dividends or distributions, if any, that are payable to holders of record as
of a record date before the effective time of the merger; or </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>107</FONT></P>

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<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>receive
the payment of the consideration provided for in the merger agreement. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
you can regain these rights if no petition for an appraisal is filed within 120&nbsp;days after the completion of the merger, or if you deliver to MSL a written withdrawal of
your demand for an appraisal and your acceptance of the merger, either within 60&nbsp;days after the completion of the merger or thereafter with the written consent of MSL. As explained above, these
actions will also terminate your appraisal rights. However, an appraisal proceeding in the Chancery Court cannot be dismissed without the Chancery Court's approval in any event. The Chancery Court may
condition its approval upon any terms that it deems just. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>If you fail to comply strictly with these procedures you will lose your appraisal rights. Consequently, if you wish to exercise your appraisal rights, you are
strongly urged to consult a legal advisor before attempting to exercise your appraisal rights.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ds2147_future_msl_stockholder_proposals"> </A>
<A NAME="toc_ds2147_2"> </A>
<BR></FONT><FONT SIZE=2><B>FUTURE MSL STOCKHOLDER PROPOSALS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL intends to hold a stockholder meeting in 2004 only if the merger is not completed. In order for a stockholder proposal to be considered for inclusion in
MSL's proxy statement for the 2004 annual meeting (if it is held), in accordance with the standards contained in Rule&nbsp;14a-8 under the Exchange Act and
MSL's by-laws, stockholder proposals must be received no later than December&nbsp;16, 2003. However, if the date of MSL's 2004 annual meeting is moved
before April&nbsp;22, 2004 or after June&nbsp;21, 2004, the deadline for inclusion in MSL's proxy statement is a reasonable time before MSL begins to print and mail its proxy
materials. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order for a stockholder proposal or stockholder nomination for director to be presented at MSL's 2004 annual meeting (if it is held) from the floor, the stockholder
must deliver to the Secretary of MSL at MSL's principal executive office written notice of such proposal or nomination not later than the close of business on March&nbsp;23, 2004 nor
earlier than the close of business on February&nbsp;22, 2004. If, however, the 2004 annual meeting is held before May&nbsp;2, 2004, or after July&nbsp;21, 2004 written notice of such proposal or
nomination must be received no earlier than the close of business 90&nbsp;days prior to the meeting and not later than the later to occur of the following two dates: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>60&nbsp;days
prior to the meeting; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>10&nbsp;days
after public announcement of the meeting date. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, in order to raise a proposal from the floor, the stockholder must comply with MSL's by-laws, including requirements to have delivered a proxy
statement and form of proxy to holders of a sufficient number of shares of MSL common stock to approve the proposal and to provide specified information. In addition, MSL's
by-laws provide that a nomination for director must include a statement by the nominee acknowledging that he or she will owe a fiduciary duty exclusively to the corporation and its
stockholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may contact MSL's Corporate Secretary at MSL's principal executive offices for a copy of the relevant by-law provisions regarding the
requirements for making stockholder proposals and nominating director candidates. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ds2147_legal_matters"> </A>
<A NAME="toc_ds2147_3"> </A>
<BR></FONT><FONT SIZE=2><B>LEGAL MATTERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davies Ward Phillips and Vineberg&nbsp;LLP will pass upon the validity of the Celestica subordinate voting shares offered by this proxy statement/prospectus and
Kaye Scholer&nbsp;LLP will pass upon certain federal income tax consequences of the merger for Celestica. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hale
and Dorr&nbsp;LLP will pass upon certain federal income tax consequences of the merger for&nbsp;MSL. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>108</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ds2147_experts"> </A>
<A NAME="toc_ds2147_4"> </A>
<BR></FONT><FONT SIZE=2><B>EXPERTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of Celestica&nbsp;Inc. incorporated in this proxy statement/prospectus by reference to the Annual Report of
Celestica&nbsp;Inc. on Form&nbsp;20-F for&nbsp;the year ended December&nbsp;31, 2002 have been so incorporated in reliance on the report of KPMG&nbsp;LLP, independent
accountants, given on the authority of said firm as experts in auditing and accounting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
financial statements of Manufacturers' Services Limited incorporated in this proxy statement/prospectus by reference to the Annual Report of Manufacturers' Services Limited on
Form&nbsp;10-K for&nbsp;the year ended December&nbsp;31, 2002 have been so incorporated in reliance on the report of PricewaterhouseCoopers&nbsp;LLP, independent accountants, given
on the authority of said firm as experts in auditing and accounting. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ds2147_where_you_can_find_more_information"> </A>
<A NAME="toc_ds2147_5"> </A>
<BR></FONT><FONT SIZE=2><B>WHERE YOU CAN FIND MORE INFORMATION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica files annual and special reports with the Securities and Exchange Commission. MSL files annual, quarterly and current reports, proxy and information
statements and other information with the Securities and Exchange Commission. As a foreign private issuer, Celestica is exempt from the rules and regulations under the Exchange Act prescribing certain
disclosure and procedural requirements for proxy solicitations and, with respect to their purchases and sales of Celestica securities, Celestica's officers, directors and principal shareholders are
exempt from the reporting and "short swing" profit recovery provisions contained in Section&nbsp;16 of the Exchange Act and the rules and regulations thereunder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies
of the reports, proxy and information statements and other information filed by Celestica and MSL with the Securities and Exchange Commission may be inspected and copied at the
public reference facilities maintained by the Securities and Exchange Commission at: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>450
Fifth Street, N.W.<BR>
Washington,&nbsp;D.C. 20549 </FONT></P>

<P><FONT SIZE=2>Reports,
proxy and information statements and other information concerning Celestica and MSL may be inspected at: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>The
New&nbsp;York Stock Exchange<BR>
20 Broad Street<BR>
New&nbsp;York, New&nbsp;York 10005 </FONT></P>

<P><FONT SIZE=2>Copies
of these materials can also be obtained by mail at prescribed rates from the Public Reference Section of the Securities and Exchange Commission, 450 Fifth Street, N.W., Washington,&nbsp;D.C.
20549 or by calling the Securities and Exchange Commission at 1-800-SEC-0330. The Securities and Exchange Commission maintains a Website that contains reports,
proxy statements and other information regarding each of us. The address of the Securities and Exchange Commission Web site is </FONT><FONT SIZE=2><I>www.sec.gov.</I></FONT><FONT SIZE=2> Celestica's
filings are also available electronically to the public from the Canadian System for Electronic Document Analysis and Retrieval, or SEDAR, at </FONT> <FONT SIZE=2><I>www.sedar.com.</I></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica
has filed a registration statement on Form&nbsp;F-4 under the Securities Act of 1933 with the Securities and Exchange Commission with respect to the Celestica
subordinate voting shares to be issued to MSL stockholders in connection with the merger. This proxy statement/prospectus constitutes the prospectus of Celestica filed as part of the registration
statement. This proxy statement/prospectus does not contain all of the information set forth in the registration statement because certain parts of the registration statement are omitted in accordance
with the rules and regulations of the Securities and Exchange Commission. The registration statement and its exhibits are available for inspection and copying as set forth above. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>109</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>This proxy statement/prospectus incorporates documents by reference which are not presented in or delivered with this proxy statement/prospectus. You should rely
only on the information contained in this proxy statement/prospectus and in the documents that we have incorporated by reference into this proxy statement/prospectus. We have not authorized anyone to
provide you with information that is different from or in addition to the information contained in this document and incorporated by reference into this proxy
statement/prospectus.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following documents, which Celestica has filed with or furnished to the Securities and Exchange Commission, are incorporated by reference into this proxy statement/prospectus: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica's
annual report on Form&nbsp;20-F for&nbsp;the fiscal year ended December&nbsp;31, 2002, filed with the Securities and Exchange Commission on
April&nbsp;21, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica's
report on Form&nbsp;6-K furnished on November&nbsp;3, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Celestica's
report on Form&nbsp;6-K furnished on November&nbsp;&nbsp;&nbsp;&nbsp;, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
description of Celestica's subordinate voting shares set forth in Celestica's registration statement on Form&nbsp;8-A, filed on July&nbsp;9, 1998 and any
amendment or report filed thereafter for the purpose of updating that description. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following documents, which were filed by MSL with the Securities and Exchange Commission, are incorporated by reference into this proxy statement/prospectus: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL's
annual report on Form&nbsp;10-K for&nbsp;the fiscal year ended December&nbsp;31, 2002, filed on March&nbsp;31, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL's
quarterly report on Form&nbsp;10-Q for&nbsp;the quarter ended March&nbsp;30, 2003, filed on May&nbsp;1, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL's
quarterly report on Form&nbsp;10-Q for&nbsp;the quarter ending June&nbsp;29, 2003, filed on August&nbsp;6, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL's
quarterly report on Form&nbsp;10-Q for&nbsp;the quarter ending September&nbsp;30, 2003, filed on November&nbsp;3, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>MSL's
current reports on Form&nbsp;8-K filed on July&nbsp;9, 2003 and October&nbsp;17, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
description of MSL's common stock set forth in MSL's registration statement on Form&nbsp;8-A, filed with the Securities and
Exchange Commission on May&nbsp;16, 2000 and any amendment or report filed thereafter for the purpose of updating such description; and </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
documents incorporated by reference are all important parts of this proxy statement/prospectus. We also incorporate by reference into this proxy statement/prospectus, from the date
of filing, all documents filed by Celestica and MSL pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange Act, and any reports on Form&nbsp;6-K furnished by
Celestica to the Securities and Exchange Commission and specifically identified as being incorporated by reference into this proxy statement/prospectus, in each case after the date of this proxy
statement/prospectus and before the date of the MSL special meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
statement contained in this proxy statement/prospectus or in a document incorporated or deemed to be incorporated by reference into this proxy statement/prospectus will be deemed to
be modified or superseded for purposes of this proxy statement/prospectus to the extent that a statement contained in this proxy statement/prospectus or any other subsequently filed or furnished
document that is deemed to be incorporated by reference into this proxy statement/prospectus modifies or supersedes the statement. Any statement so modified or superseded will not be deemed, except as
so modified or superseded, to constitute a part of this proxy statement/prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>110</FONT></P>

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica
has supplied all information contained or incorporated by reference in this proxy statement/prospectus about Celestica, and MSL has supplied all information contained or
incorporated by reference in this proxy statement/prospectus about MSL. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
documents incorporated by reference into this proxy statement/prospectus are available from us upon request. We will provide a copy of any and all of the information that is
incorporated by reference in this proxy statement/prospectus (not including exhibits to the information unless those exhibits are specifically incorporated by reference into this proxy
statement/prospectus) to any person, without charge, upon written or oral request. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL
stockholders may request a copy of information incorporated by reference into this proxy statement/prospectus by contacting the investor relations department for each of Celestica
and MSL at: </FONT></P>

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<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2>For information relating to Celestica:<BR>
<BR>
Celestica&nbsp;Inc.<BR>
1150 Eglinton Avenue East<BR>
Toronto, Ontario M3C&nbsp;1H7<BR>
Canada<BR>
Attention: Investor Relations<BR>
(416)&nbsp;448-2211</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2>For information relating to MSL:<BR>
<BR>
Manufacturers' Services Limited<BR>
300 Baker Avenue<BR>
Suite&nbsp;106<BR>
Concord, Massachusetts 01742<BR>
Attention: Investor Relations<BR>
(978)&nbsp;371-5495</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSL
stockholders with questions about the merger should contact: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Manufacturers'
Services Limited<BR>
300 Baker Avenue<BR>
Suite&nbsp;106<BR>
Concord, Massachusetts 01742<BR>
Attention: Investor Relations<BR>
(978)&nbsp;371-5495 </FONT></P>

<P><FONT SIZE=2>Any
MSL stockholder who needs additional copies of this proxy statement/prospectus or voting materials should contact MSL's Investor Relations Department as described above or send
e-mail to </FONT><FONT SIZE=2><I>investorrelations@msl.com.</I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>No person is authorized in connection with any offering made by this proxy statement/prospectus to give any information or make any representation not contained
in, or incorporated by reference into, this proxy statement/prospectus. If given or made, any such information or representation must not be relied on as having been authorized by Celestica or MSL.
This proxy statement/prospectus does not constitute an offer to sell, or a solicitation of an offer to purchase, the securities offered by this proxy statement/prospectus, or the solicitation of a
proxy, in any jurisdiction to or from any person to whom or from whom it is unlawful to make such offer, solicitation of an offer or proxy solicitation in such jurisdiction. Neither the delivery of
this proxy statement/prospectus nor any distribution of securities pursuant to this proxy statement/prospectus shall, under any circumstances, create any implication that there has been no change in
the information set forth or incorporated into this proxy statement/prospectus by reference or in our affairs since the date of this proxy statement/prospectus.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>111</FONT></P>

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<BR>
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_be2148_1_1"> </A> </FONT> <FONT SIZE=2><B>ANNEX A  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>AGREEMENT AND PLAN OF MERGER  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>by and among: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>CELESTICA&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B> MSL ACQUISITION SUB&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>and </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>MANUFACTURERS' SERVICES LIMITED  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="240">
<P ALIGN="CENTER"><FONT SIZE=4><B> Dated as of October&nbsp;14, 2003  </B></FONT></P>

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<TD WIDTH="100%"><FONT SIZE=4>&nbsp;</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2><BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-1</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_bg2148_1_2"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg2148_table_of_contents"> </A>
<A NAME="toc_bg2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS    <BR>    </B></FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="16%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="63%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>Page</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>SECTION 1:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Description of Transaction</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-6</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>1.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Merger of the Company with and into Merger Sub</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-6</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>1.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Effect of the Merger</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-6</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>1.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Closing; Effective Time</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-6</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>1.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Certificate of Incorporation and Bylaws; Directors and Officers</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-7</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>1.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Conversion of Shares</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-7</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>1.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Closing of the Company's Transfer Books</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-8</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>1.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Exchange of Certificates</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-9</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>1.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Shares of Dissenting Preferred Stockholders</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-10</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>1.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Tax Consequences</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-11</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>1.10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Further Action</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-11</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>SECTION 2:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Representations and Warranties of the Company</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-11</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Organization and Good Standing</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-11</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Authority; No Conflict</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-11</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Capitalization</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-13</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>SEC Reports</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-14</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Financial Statements</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-15</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Property; Sufficiency of Assets; Inventories</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-15</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Receivables; Customers</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-16</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Equipment; Real Property; Leaseholds</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-17</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Proprietary Assets</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-17</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>No Undisclosed Liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-19</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.11</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Taxes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-19</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.12</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Employee Benefits</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-21</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.13</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Compliance with Legal Requirements; Governmental Authorizations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-24</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.14</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Environmental Matters</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-24</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.15</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Legal Proceedings</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-26</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.16</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Absence of Certain Changes and Events</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-26</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.17</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Contracts; No Defaults</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-28</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.18</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Sale of Products; Performance of Services</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-29</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.19</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Insurance</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-30</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.20</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Labor Matters</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-30</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.21</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Interests of Officers and Directors</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-30</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.22</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Rights Plan; State Antitakeover Laws; DGCL</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-30</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.23</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Certain Payments</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-31</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.24</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Opinion of Financial Advisor</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-31</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.25</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Brokers</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-31</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.26</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Board Recommendation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-31</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>2.27</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>F-4/Proxy Statement</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-32</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>A-2</FONT></P>

<HR NOSHADE>
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<TABLE WIDTH="82%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>SECTION 3:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Representations and Warranties of Parent and Merger Sub</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-32</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>3.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Organization and Good Standing</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-32</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>3.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Authority; No Conflict</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-32</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>3.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Capital Structure</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-33</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>3.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>SEC Reports</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-34</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>3.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Financial Statements</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-34</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>3.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Tax Matters</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-35</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>3.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>No Undisclosed Liabilities</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-35</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>3.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Legal Proceedings</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-35</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>3.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Absence of Certain Changes and Events</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-35</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>3.10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Brokers</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-35</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>3.11</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>F-4/Proxy Statement</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-36</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>3.12</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Company Stock</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-36</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>SECTION 4:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Certain Pre-Closing Covenants of the Company and Parent</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-36</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Access and Investigation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-36</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>4.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Operation of the Business; Certain Notices; Tax Returns</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-37</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>4.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>No Solicitation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-41</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>SECTION 5:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Additional Covenants of the Parties</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-42</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>5.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Registration Statement; Proxy Statement</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-42</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>5.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Company Stockholders' Meeting</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-43</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>5.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Regulatory Approvals; Consents</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-44</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>5.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Stock Options and Preferred Stock</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-45</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>5.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Employee Benefits</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-47</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>5.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Indemnification of Officers and Directors</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-48</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>5.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Disclosure</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-49</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>5.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Resignation of Officers and Directors</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-49</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>5.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Section&nbsp;16b-3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-49</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>5.10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Affiliate Agreements</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-49</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>5.11</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Listing</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-49</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>5.12</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Officers' Tax Certificates</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-49</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>SECTION 6:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Conditions Precedent to Obligations of Each Party</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-50</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>6.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Effectiveness of Form&nbsp;F-4 Registration Statement</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-50</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>6.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Listing</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-50</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>6.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Stockholder Approval</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-50</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>6.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>HSR Act</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-50</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>6.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>No Restraints</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-50</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>6.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Foreign Antitrust Laws</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-51</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>SECTION 7:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Conditions Precedent to Obligations of Parent and Merger Sub</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-51</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>7.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Accuracy of Representations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-51</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>7.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Capitalization</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-51</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>7.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Relevant Jurisdictions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-51</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>7.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Customer Notices</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-51</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>7.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>No Material Adverse Effect</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-52</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>7.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Performance of Covenants</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-52</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>7.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Consents</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-52</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>7.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Agreements and Documents</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-52</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>7.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>No Litigation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-52</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>7.10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Tax Opinion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-52</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<BR>
<P ALIGN="CENTER"><FONT SIZE=2>A-3</FONT></P>

<HR NOSHADE>
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<TABLE WIDTH="82%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>SECTION 8:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Conditions Precedent to Obligation of the Company</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-52</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>8.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Accuracy of Representations</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-52</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>8.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Performance of Covenants</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-53</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>8.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Documents</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-53</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>8.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Tax Opinion</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-53</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>8.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>No Litigation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-53</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>SECTION 9:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Termination</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-53</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>9.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Termination</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-53</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>9.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Effect of Termination</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-54</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>9.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Expenses; Termination Fees</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-55</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>SECTION 10:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Miscellaneous Provisions</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-57</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>10.1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Amendment</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-57</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>10.2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Waiver; Remedies Cumulative</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-57</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>10.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>No Survival</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-57</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>10.4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Entire Agreement</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-57</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>10.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Execution of Agreement; Counterparts; Electronic Signatures</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-58</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>10.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Governing Law</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-58</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>10.7</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Consent to Jurisdiction; Venue</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-58</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>10.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>WAIVER OF JURY TRIAL</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-58</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>10.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Disclosure Schedules</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-58</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>10.10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Assignments and Successors</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-59</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>10.11</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>No Third Party Rights</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-59</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>10.12</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Notices</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-59</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>10.13</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Cooperation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-60</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>10.14</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Construction; Usage</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-60</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>10.15</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Enforcement of Agreement</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-61</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>10.16</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Severability</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-61</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="16%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2>10.17</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="63%"><FONT SIZE=2>Time of Essence</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>A-61</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>A-4</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_bi2148_1_5"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bi2148_exhibits"> </A>
<A NAME="toc_bi2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBITS    <BR>    </B></FONT></P>

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<TABLE WIDTH="79%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="12%"><FONT SIZE=2>Exhibit&nbsp;A</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="75%"><FONT SIZE=2>Certain Definitions</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>A-63</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="12%"><FONT SIZE=2>Exhibit&nbsp;B</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="75%"><FONT SIZE=2>Forms of Stockholder Agreements</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>A-73</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="75%"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B-1&nbsp;&nbsp;&nbsp;&nbsp;Form of Institutional Stockholder Agreement</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="75%"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B-2&nbsp;&nbsp;&nbsp;&nbsp;Form of Employee Stockholder Agreement</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="12%"><FONT SIZE=2>Exhibit&nbsp;C</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="75%"><FONT SIZE=2>Certificate of Incorporation of the Surviving Corporation</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>A-74</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="12%"><FONT SIZE=2>Exhibit&nbsp;D</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="75%"><FONT SIZE=2>Form of Affiliate Agreement</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>A-123</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>A-5</FONT></P>

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NAME="page_da2148_1_6"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da2148_agreement_and_plan_of_merger"> </A>
<A NAME="toc_da2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>AGREEMENT AND PLAN OF MERGER    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and Plan of Merger ("</FONT><FONT SIZE=2><B>Agreement</B></FONT><FONT SIZE=2>") is made and entered into as of October&nbsp;14, 2003, by and
among </FONT><FONT SIZE=2>CELESTICA&nbsp;INC.</FONT><FONT SIZE=2>, a corporation organized under the laws of the Province of Ontario, Canada
("</FONT><FONT SIZE=2><B>Parent</B></FONT><FONT SIZE=2>"), </FONT><FONT SIZE=2>MSL ACQUISITION SUB&nbsp;INC.</FONT><FONT SIZE=2>, a Delaware corporation and a wholly owned subsidiary of
Parent ("</FONT><FONT SIZE=2><B>Merger Sub</B></FONT><FONT SIZE=2>"), and Manufacturers' Services Limited</FONT><FONT SIZE=2>,</FONT><FONT SIZE=2> a Delaware corporation (the
"</FONT><FONT SIZE=2><B>Company</B></FONT><FONT SIZE=2>"). Certain capitalized terms used in this Agreement are defined in </FONT><FONT SIZE=2><B>Exhibit&nbsp;A</B></FONT><FONT SIZE=2>. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da2148_recitals"> </A>
<A NAME="toc_da2148_2"> </A>
<BR></FONT><FONT SIZE=2><B>RECITALS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parent, Merger Sub and the Company intend to effect a merger of the Company with and into the Merger Sub in accordance with this Agreement and the DGCL (the
"</FONT><FONT SIZE=2><B>Merger</B></FONT><FONT SIZE=2>"). Upon consummation of the Merger, the Company will cease to exist, and the Merger Sub will remain a wholly owned subsidiary of Parent. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is intended that the Merger qualify as a reorganization within the meaning of Section&nbsp;368(a) of the Internal Revenue Code of 1986, as amended (the
"</FONT><FONT SIZE=2><B>Code</B></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
respective boards of directors of Parent, Merger Sub and the Company have declared the advisability of and approved this Agreement and approved the Merger. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a condition to the willingness of Parent and Merger Sub to enter into this Agreement and to consummate the Merger and the other transactions contemplated hereby, Parent has required
that (a)&nbsp;specified officers and directors of the Company agree, among other things, to vote all shares of Company Common Stock beneficially owned by such officers and directors in favor of the
adoption of this Agreement in the event that such matter is put to the stockholders of the Company for a vote and (b)&nbsp;certain stockholders of the Company agree, among other things (i)&nbsp;to
vote all shares of Company Common Stock, Series&nbsp;A Preferred and Series&nbsp;B Preferred beneficially owned by such stockholders in favor of the adoption of this Agreement in the event that
such matter is put to the stockholders of the Company for a vote, and (ii)&nbsp;to grant an option to Parent for the purchase, under certain circumstances, of a portion of the shares of Company
Common Stock beneficially owned by such stockholders and
representing 30% of the aggregate voting power of the outstanding capital stock of the Company (the "</FONT><FONT SIZE=2><B>Stockholder Options</B></FONT><FONT SIZE=2>"), all as specified in, and in
accordance with, the terms and provisions of stockholder agreements, dated as of the date hereof, among each stockholder (collectively, the
"</FONT><FONT SIZE=2><B>Stockholders</B></FONT><FONT SIZE=2>"), Parent and Merger Sub, the forms of which are attached hereto as </FONT> <FONT SIZE=2><B>Exhibit&nbsp;B-1</B></FONT><FONT SIZE=2> and </FONT><FONT
SIZE=2><B>Exhibit&nbsp;B-2</B></FONT><FONT SIZE=2> (the
"</FONT><FONT SIZE=2><B>Stockholder Agreements</B></FONT><FONT SIZE=2>"); and in order to induce Parent and Merger Sub to enter into this Agreement, the Stockholders are each executing and delivering
their respective Stockholder Agreements simultaneously herewith. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da2148_agreement"> </A>
<A NAME="toc_da2148_3"> </A>
<BR></FONT><FONT SIZE=2><B>AGREEMENT</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties to this Agreement, intending to be legally bound, agree as follows: </FONT></P>

<P><FONT SIZE=2>SECTION 1:&nbsp;&nbsp;&nbsp;&nbsp;<U>Description of Transaction.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Merger
of the Company with and into Merger Sub.</U>&nbsp;&nbsp;&nbsp;&nbsp;Upon the terms and subject to the conditions set forth in this Agreement, at
the Effective Time, the Company shall be merged with and into Merger Sub, and the separate existence of the Company shall cease. Following the Effective Time, Merger Sub shall continue as the
surviving corporation (the "</FONT><FONT SIZE=2><B>Surviving Corporation</B></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect
of the Merger.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Merger shall have the effects set forth in this Agreement and in the applicable provisions of the
DGCL. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing;
Effective Time.</U>&nbsp;&nbsp;&nbsp;&nbsp;The consummation of the transactions contemplated by this Agreement (the
"</FONT><FONT SIZE=2><B>Closing</B></FONT><FONT SIZE=2>") shall take place at the offices of Hale and Dorr&nbsp;LLP, 60 State Street, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-6</FONT></P>

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<A NAME="page_da2148_1_7"> </A>
<BR>

<P><FONT SIZE=2>Boston,
Massachusetts 02109, at 10:00&nbsp;a.m. on a date to be designated by Parent (the "</FONT><FONT SIZE=2><B>Closing Date</B></FONT><FONT SIZE=2>"), which shall be no later than the fifth
business day after the satisfaction or waiver of the last to be satisfied or waived of the conditions set forth in Sections&nbsp;6, 7 and 8 (other than those conditions that by their nature are to
be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions). Subject to the provisions of this Agreement, a certificate of merger satisfying the applicable requirements
of the DGCL (the "</FONT><FONT SIZE=2><B>Certificate of Merger</B></FONT><FONT SIZE=2>") shall be duly executed by the Company and, simultaneously with or as soon as practicable following the
Closing, filed with the Secretary of State of the State of Delaware (the "</FONT><FONT SIZE=2><B>Secretary of State</B></FONT><FONT SIZE=2>"). The Merger shall become effective upon the later of:
(a)&nbsp;the date and time of the filing of the Certificate of Merger with the Secretary of State, or (b)&nbsp;such later date and time as may be specified in the Certificate of Merger with the
consent of Parent (the "</FONT><FONT SIZE=2><B>Effective Time</B></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4&nbsp;&nbsp;&nbsp;&nbsp;<U>Certificate
of Incorporation and Bylaws; Directors and Officers.</U>&nbsp;&nbsp;&nbsp;&nbsp;At the Effective Time: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>the
Certificate of Incorporation of Merger Sub shall be amended in the Merger to read in its entirety as set forth on </FONT><FONT SIZE=2><B>Exhibit&nbsp;C</B></FONT><FONT SIZE=2>
hereof;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
bylaws of Merger Sub immediately prior to the Effective Time shall be the bylaws of the Surviving Corporation; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>the
directors of the Surviving Corporation immediately after the Effective Time shall be the respective individuals who are directors of Merger Sub immediately prior to the Effective
Time; and the officers of the Surviving Corporation immediately after the Effective Time shall be the respective individuals who are officers of the Company immediately prior to the Effective Time. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
of Shares.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>At
the Effective Time, by virtue of the Merger and without any further action on the part of Parent, Merger Sub, the Company or any stockholder of the Company or Merger Sub:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>any
shares of Company Common Stock then held by the Company or any wholly owned Subsidiary of the Company (or held in the Company's treasury) shall be canceled and shall
cease to exist, and no consideration shall be delivered in exchange therefor;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>any
shares of Company Common Stock then held by Parent, Merger Sub or any other wholly owned Subsidiary of Parent shall be canceled and shall cease to exist, and no
consideration shall be delivered in exchange therefor;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>except
as provided in clauses&nbsp;(i) and&nbsp;(ii) above and subject to Sections&nbsp;1.5(b) and&nbsp;1.5(c), each share of Company Common Stock then
outstanding shall be converted into the right to receive a number (which may be less than one) of Parent Subordinate Voting Shares equal to the Share Exchange Ratio;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>each
share of the common stock, $0.01 par value per share, of Merger Sub then outstanding shall remain outstanding;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD><FONT SIZE=2>each
share of Series&nbsp;A Preferred then outstanding (other than Dissenting Shares and other than shares for which a valid Stock Election has been made) shall be
converted into the right to receive an amount in cash equal to $52.50, plus an amount equal to the dividends accrued and unpaid on such share of Series&nbsp;A Preferred to the date on which the
Effective Time occurs;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD><FONT SIZE=2>each
share of Series&nbsp;B Preferred then outstanding (other than Dissenting Shares and other than shares for which a valid Stock Election has been made) shall be
converted into the right to receive an amount in cash equal to $52.50, plus an amount equal to the </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-7</FONT></P>

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<UL>
<UL>

<P><FONT SIZE=2>dividends
accrued and unpaid on such share of Series&nbsp;B Preferred to the date on which the Effective Time occurs; </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(vii)</FONT></DT><DD><FONT SIZE=2>each
share of Series&nbsp;A Preferred then outstanding for which a valid Stock Election has been made (other than Dissenting Shares) shall be converted into the
right to receive a number (which may be less than one) of Parent Subordinate Voting Shares equal to the product of (x)&nbsp;the number of shares of Company Common Stock into which a share of
Series&nbsp;A Preferred is convertible immediately prior to the Effective Time pursuant to the terms of the Preferred Governing Documents and (y)&nbsp;the Share Exchange Ratio; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(viii)</FONT></DT><DD><FONT SIZE=2>each
share of Series&nbsp;B Preferred then outstanding for which a valid Stock Election has been made (other than Dissenting Shares) shall be converted into the
right to receive (a)&nbsp;an amount in cash equal to $2.25 or, at the election of the Company (as directed in writing by Parent), a number (which may be less than one) of Parent Subordinate Voting
Shares equal to the product of (1)&nbsp;the number of shares of Company Common Stock issuable in satisfaction of the Optional Make Whole Payment (as defined in the Preferred Governing Documents)
under the Preferred Governing Documents and (2)&nbsp;the Share Exchange Ratio and (b)&nbsp;a number (which may be less than one) of Parent Subordinate Voting Shares equal to the product of
(A)&nbsp;the number of shares of Company Common Stock into which a share of Series&nbsp;B Preferred is convertible immediately prior to the Effective Time pursuant to the terms of the Preferred
Governing Documents and (B)&nbsp;the Share Exchange Ratio.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>If,
between the date of this Agreement and the Effective Time, the outstanding shares of Company Common Stock or the outstanding Parent Subordinate Voting Shares are changed into a
different number or class of shares by reason of any stock split, stock dividend, reverse stock split, reclassification, recapitalization or other similar transaction, then the Share Exchange Ratio
shall be appropriately adjusted.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>No
fractional Parent Subordinate Voting Shares shall be issued in connection with the Merger, and no certificates or scrip for any such fractional shares shall be issued. Any holder
of capital stock of the Company who would otherwise be entitled to receive a fraction of a Parent Subordinate Voting Share (after aggregating all fractional Parent Subordinate Voting Shares issuable
to such holder) shall, in lieu of such fraction of a share and, upon surrender of such holder's Company Stock Certificate(s), be paid in cash the dollar amount (rounded to the nearest whole cent),
without interest, determined by multiplying such fraction by the closing price of a Parent Subordinate Voting Share on The New&nbsp;York Stock Exchange on the date the Merger becomes effective. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing
of the Company's Transfer Books.</U>&nbsp;&nbsp;&nbsp;&nbsp;At the Effective Time: (a)&nbsp;all shares of Company Common Stock, Series&nbsp;A
Preferred and Series&nbsp;B Preferred outstanding immediately prior to the Effective Time shall automatically be canceled and shall cease to exist, and all holders of certificates representing
shares of Company Common Stock, Series&nbsp;A Preferred and Series&nbsp;B Preferred that were outstanding immediately prior to the Effective Time shall cease to have any rights as stockholders of
the Company; and (b)&nbsp;the stock transfer books of the Company shall be closed with respect to all shares of Company Common Stock, Series&nbsp;A Preferred and Series&nbsp;B Preferred
outstanding immediately prior to the Effective Time. No further transfer of any such shares of Company Common Stock, Series&nbsp;A Preferred and Series&nbsp;B Preferred shall be made on such stock
transfer books after the Effective Time. If, after the Effective Time, a valid certificate previously representing any shares of Company Common Stock, Series&nbsp;A Preferred and/or Series&nbsp;B
Preferred (a "</FONT><FONT SIZE=2><B>Company Stock Certificate</B></FONT><FONT SIZE=2>") is presented to the Exchange Agent or to the Surviving Corporation or Parent, such Company Stock Certificate
shall be canceled and shall be exchanged as provided in Section&nbsp;1.7. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-8</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7&nbsp;&nbsp;&nbsp;&nbsp;<U>Exchange
of Certificates.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>On
or prior to the Closing Date, Parent shall select a bank or trust company to act as exchange agent in the Merger (the "</FONT><FONT SIZE=2><B>Exchange
Agent</B></FONT><FONT SIZE=2>"). From time to time after the Effective Time, as required to effect the deliveries contemplated by Section&nbsp;1.7(b), (i)&nbsp;Parent shall make available to the
Exchange Agent certificates representing Parent Subordinate Voting Shares issuable pursuant to this Section&nbsp;1, (ii)&nbsp;Parent, or&nbsp;a wholly owned subsidiary of Parent, shall make
available to the Exchange Agent cash sufficient to fund the cash consideration payable to holders of Series&nbsp;A Preferred and Series&nbsp;B Preferred in accordance with
Sections&nbsp;1.5(a)(v),1.5(a)(vi) and, if and to the extent applicable, 1.5(a)(viii), and (iii)&nbsp;Parent, or a wholly owned subsidiary of Parent, shall make available to the Exchange Agent
cash sufficient to make payments in lieu of fractional shares in accordance with Section&nbsp;1.5(c) and&nbsp;dividend and distribution payments in accordance with Section&nbsp;1.7(c).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>As
soon as reasonably practicable and in any event within ten (10)&nbsp;days after the Effective Time, Parent shall cause the Exchange Agent to mail to the record holders of Company
Stock Certificates (i)&nbsp;a letter of transmittal in customary form and containing such provisions as Parent may reasonably specify (including a provision confirming that delivery of Company Stock
Certificates shall be effected, and risk of loss and title to Company Stock Certificates shall pass, only upon delivery of such Company Stock Certificates to the Exchange Agent), and
(ii)&nbsp;instructions for use in effecting the surrender of Company Stock Certificates in exchange for (x)&nbsp;certificates representing Parent Subordinate Voting Shares in the case of Company
Common Stock and Series&nbsp;A Preferred and Series&nbsp;B Preferred with respect to which a valid Stock Election was made and cash in the amount that a holder of Series&nbsp;B Preferred Shares
has the right to receive if such holder has made a valid Stock Election and there has not been an election made to pay the Optional Make Whole Payment in Parent Subordinate Shares and (y)&nbsp;cash
in the case of Series&nbsp;A Preferred and Series&nbsp;B Preferred with respect to which a valid Stock Election was not made. Upon surrender of a Company Stock Certificate to the Exchange Agent
for exchange, together with a duly executed letter of transmittal and such other documents as may be reasonably required by the Exchange Agent or Parent, (x)&nbsp;the holder of such Company Stock
Certificate shall be entitled to receive in exchange therefor (1)&nbsp;a certificate representing the number of whole Parent Subordinate Voting Shares that such holder has the right to receive,
(2)&nbsp;in the case of Series&nbsp;A Preferred and Series&nbsp;B Preferred, cash in the amount that such holder has the right to receive if such holder has not made a valid Stock Election, or
in the case of Series&nbsp;B Preferred Shares, cash in the amount that such holder has the right to receive if such holder has made a valid Stock Election and there has not been an election made to
pay the Optional Make Whole Payment in Parent Subordinate Voting Shares, (3)&nbsp;cash in lieu of any fractional Parent Subordinate Voting Share and (4)&nbsp;any cash payable in accordance with
Section&nbsp;1.7(d), and&nbsp;(y) the Company Stock Certificate so surrendered shall be canceled. Until surrendered as contemplated by this Section&nbsp;1.7, each Company Stock Certificate shall
be deemed, from and after the Effective Time, to represent only the right to receive (1)&nbsp;Parent Subordinate Voting Shares in the case of Company Common Stock and Series&nbsp;A Preferred and
Series&nbsp;B Preferred with respect to which a valid Stock Election was made and cash in the amount that a holder of Series&nbsp;B Preferred Shares has the right to receive if such holder has
made a valid Stock Election and there has not been an election made to pay the Optional Make Whole Payment in Parent Subordinate Shares, (2)&nbsp;cash in the case of Series&nbsp;A Preferred and
Series&nbsp;B Preferred with respect to which a valid Stock Election was not made, (3)&nbsp;cash in lieu of any fractional Parent Subordinate Voting Share as contemplated by this Section&nbsp;1
and&nbsp;(4) any cash payable in accordance with Section&nbsp;1.7(d). If any Company Stock Certificate shall have been lost, stolen or destroyed, Parent may, in its discretion and as a condition
precedent to the issuance of any certificate representing Parent Subordinate Voting Shares and/or cash, require the owner of </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-9</FONT></P>

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<UL>
<UL>

<P><FONT SIZE=2>such
lost, stolen or destroyed Company Stock Certificate to provide an appropriate affidavit and to deliver a bond (in such sum as Parent may reasonably direct) as indemnity against any claim that may
be made against the Exchange Agent, Parent or the Surviving Corporation with respect to such Company Stock Certificate. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>If
any Person who is an "affiliate" (as that term is used in Rule&nbsp;145 under the Securities Act) of the Company has not delivered to Parent and the Company a duly executed
Affiliate Agreement as contemplated by Section&nbsp;5.10, then, with respect to Parent Subordinate Voting Shares issuable to such Person pursuant to the Merger, Parent may affix a legend to any
certificate representing such shares describing the transfer restrictions of Rule&nbsp;145 and&nbsp;issue related "stop transfer" instructions with respect thereto.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>No
dividends or other distributions declared or made with respect to Parent Subordinate Voting Shares with a record date after the Effective Time shall be paid to the holder of any
unsurrendered Company Stock Certificate with respect to the Parent Subordinate Voting Shares that such holder has the right to receive in connection with the Merger until such holder surrenders such
Company Stock Certificate in accordance with this Section&nbsp;1.7. Following surrender of any such Company Stock Certificate, there shall be paid to such holder, (i)&nbsp;at the time of such
surrender, the amount of any cash payable in lieu of a fractional Parent Subordinate Voting Share to which such holder is entitled pursuant to Section&nbsp;1.5(c) and&nbsp;the proportionate amount
of any dividends or other distributions with a record date after the Effective Time theretofore paid with respect to such whole Parent Subordinate Voting Shares, and (ii)&nbsp;at the appropriate
payment date, the proportionate amount of any dividends or other distributions with a record date after the Effective Time but prior to such surrender and a payment date subsequent to such surrender
payable with respect to such whole Parent Subordinate Voting Shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>Each
of the Exchange Agent, Parent and the Surviving Corporation shall be entitled to deduct and withhold from any consideration payable or otherwise deliverable pursuant to this
Agreement to any holder or former holder of Company Common Stock, Series&nbsp;A Preferred or Series&nbsp;B Preferred such amounts as may be required to be deducted or withheld therefrom under the
Code or any provision of state, local or foreign tax law or under any other applicable Legal Requirement. To the extent such amounts are so deducted or withheld, such amounts shall be treated for all
purposes under this Agreement as having been paid to the Person to whom such amounts would otherwise have been paid.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>Neither
Parent nor the Surviving Corporation shall be liable to any holder or former holder of Company Common Stock, Series&nbsp;A Preferred or Series&nbsp;B Preferred or to any
other Person with respect to any Parent Subordinate Voting Shares (or dividends or distributions with respect thereto), or for any cash amounts, delivered to any public official pursuant to any
applicable abandoned property law, escheat law or similar Legal Requirement. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8&nbsp;&nbsp;&nbsp;&nbsp;<U>Shares
of Dissenting Preferred Stockholders.</U>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this Agreement to the contrary, any issued and
outstanding shares of Series&nbsp;A Preferred or Series&nbsp;B Preferred held by a person (a "</FONT><FONT SIZE=2><B>Dissenting Stockholder</B></FONT><FONT SIZE=2>") who shall not have voted to
adopt this Agreement and who properly demands appraisal for such shares in accordance with Section&nbsp;262 of the DGCL ("</FONT><FONT SIZE=2><B>Dissenting Shares</B></FONT><FONT SIZE=2>") shall
not be converted as described in Section&nbsp;1.5, but shall be converted into the right to receive such consideration as may be determined to be due to such Dissenting Stockholder pursuant to the
DGCL, unless such holder fails to perfect or withdraws or otherwise loses his right to appraisal. If, after the Effective Time, such Dissenting Stockholder fails to perfect or withdraws or loses his
right to appraisal, such Dissenting Stockholder's shares of Series&nbsp;A Preferred or Series&nbsp;B Preferred shall no longer be considered Dissenting Shares for the purposes of this Agreement
and such holder's shares of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-10</FONT></P>

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<P><FONT SIZE=2>Series&nbsp;A
Preferred or Series&nbsp;B Preferred shall thereupon be deemed to have been converted, at the Effective Time, into the right to receive the merger consideration set forth in
Section&nbsp;1.5. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Consequences.</U>&nbsp;&nbsp;&nbsp;&nbsp;For United&nbsp;States federal income tax purposes, the Merger is intended to constitute a reorganization
within the meaning of Section&nbsp;368(a) of the Code. The parties to this Agreement hereby adopt this Agreement as a "plan of reorganization" within the meaning of
Sections&nbsp;1.368-2(g) and&nbsp;1.368-3(a) of the United&nbsp;States Treasury Regulations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Action.</U>&nbsp;&nbsp;&nbsp;&nbsp;If, at any time after the Effective Time, any further action is determined by Parent to be necessary or
desirable to carry out the purposes of this Agreement or to vest the Surviving Corporation with full right, title and possession of and to all rights and property of Merger Sub and the Company, the
officers and directors of the Surviving Corporation and Parent shall be fully authorized (in the name of Merger Sub, in the name of the Company and otherwise) to take such action. </FONT></P>

<P><FONT SIZE=2>SECTION 2:&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties of the Company.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Company represents and warrants to
Parent and Merger Sub as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Organization
and Good Standing.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Each
Acquired Corporation is a corporation duly organized, validly existing and in good standing, or the equivalent status for non-United&nbsp;States Acquired
Corporations, under the laws of its jurisdiction of incorporation, with all requisite corporate power and authority to conduct its business as now being conducted, to own or use the respective
properties and assets that it purports to own or use, and to perform all of its obligations under Acquired Corporation Contracts to which it is a party. Each Acquired Corporation is duly qualified to
do business as a foreign corporation and is in good standing under the laws of each state or other jurisdiction in which either the ownership or use of the properties owned or used by it, or the
nature of the activities conducted by it, requires such qualification, except where the failure to be so qualified would not be reasonably likely to, individually or in the aggregate, adversely affect
the Acquired Corporations in any material respect.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Part&nbsp;2.1(b)
of the Company Disclosure Schedule lists all Acquired Corporations and indicates as to each its jurisdiction of organization and, except in the case of the Company,
its stockholders. The Company has made available to Parent copies of, the certificate or articles of incorporation, by-laws and other organizational documents (collectively,
"</FONT><FONT SIZE=2><B>Organizational Documents</B></FONT><FONT SIZE=2>") of each of the Acquired Corporations, as currently in effect.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>The
Company has made available to Parent copies of, the charters of each committee of the Company's Board of Directors and any code of conduct or similar policy adopted by the
Company. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Authority;
No Conflict.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The
Company has all necessary corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the Merger and the other
transactions contemplated hereby (the "</FONT><FONT SIZE=2><B>Contemplated Transactions</B></FONT><FONT SIZE=2>"). The execution and delivery of this Agreement, by the Company and the consummation by
the Company of the Contemplated Transactions have been duly and validly authorized by all necessary corporate action and no other corporate proceedings on the part of the Company are necessary to
authorize this Agreement or to consummate the Contemplated Transactions (other than, with respect to the Merger, the adoption of this Agreement by the holders of a majority in voting power of the then
outstanding shares of capital stock of the Company (the "</FONT><FONT SIZE=2><B>Required Company Stockholder Vote</B></FONT><FONT SIZE=2>") and the filing of appropriate merger documents as required
by the DGCL). The Board of Directors of the Company has unanimously approved this Agreement, declared it to be advisable and resolved to recommend to stockholders of the </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-11</FONT></P>

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<P><FONT SIZE=2>Company
that they vote in favor of the adoption of this Agreement in accordance with the DGCL. This Agreement has been duly and validly executed and delivered by the Company and constitutes the legal,
valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors' rights and to general equity principles (the "</FONT><FONT SIZE=2><B>Bankruptcy and Equity
Exception</B></FONT><FONT SIZE=2>"). </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Except
as set forth in Part&nbsp;2.2(b) of the Company Disclosure Schedule, neither the execution and delivery of this Agreement nor the consummation of any of the Contemplated
Transactions do or will, directly or indirectly (with or without notice or lapse of time or both), (i)&nbsp;contravene, conflict with, or result in a violation of (A)&nbsp;any provision of the
Organizational Documents of any of the Acquired Corporations, or (B)&nbsp;any resolution adopted by the Board of Directors or the stockholders of any of the Acquired Corporations;
(ii)&nbsp;subject to obtaining the Required Company Stockholder Vote and compliance with the requirements specified in clauses&nbsp;(A) through&nbsp;(D) of Section&nbsp;2.2(c), contravene,
conflict with, or result in a violation of, or give any Governmental Body or other Person the right to exercise any remedy or obtain any relief under, any Legal Requirement or any order, writ,
injunction or decree to which any of the Acquired Corporations, or any of the material assets owned or used by any of the Acquired Corporations, is subject; (iii)&nbsp;contravene, conflict with, or
result in a violation of any of the terms or requirements of, or give any Governmental Body the right to revoke, withdraw, suspend, cancel, terminate, or modify, any Governmental Authorization that is
held by any of the Acquired Corporations, or that otherwise relates to the business of, or any of the assets owned or used by, any of the Acquired Corporations; (iv)&nbsp;contravene, conflict with,
or result in a violation or breach of any provision of, or give any Person the right to declare a default or exercise any remedy under, or to accelerate the maturity or performance of, or to cancel,
terminate, or modify, any Material Contract; (v)&nbsp;require a Consent under any Material Contract or under any Government Authorization from any Person; or (vi)&nbsp;result in the imposition or
creation of any Encumbrance upon or with respect to any of the assets owned or used by any of the Acquired Corporations, except, in the case of clauses&nbsp;(ii), (iii), (iv), (v) and&nbsp;(vi),
for any such conflicts, violations, breaches, defaults or other occurrences that would not prevent or materially delay consummation of the Merger or otherwise prevent the Company from performing any
of its material obligations under this Agreement and would not be reasonably likely to, individually or in the aggregate, adversely affect the Acquired Corporations in any material respect.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Except
as set forth in Part&nbsp;2.2(c) of the Company Disclosure Schedule, the execution and delivery of this Agreement by the Company do not, and the performance of this Agreement
and the consummation of the Contemplated Transactions by the Company will not, require any Consent of, or filing with or notification to, any Governmental Body, except (i)&nbsp;for
(A)&nbsp;applicable requirements, if any, of the Exchange Act, the Securities Act and state securities or "blue sky" laws ("</FONT><FONT SIZE=2><B>Blue Sky Laws</B></FONT><FONT SIZE=2>"),
(B)&nbsp;the pre-merger notification requirements of the HSR Act, (C)&nbsp;filing of a certificate of merger as required by the DGCL and appropriate corresponding documents with the
appropriate authorities in other states in which the Company is qualified as a foreign corporation to transact business and (D)&nbsp;the non-United&nbsp;States competition, antitrust
and investment laws set forth in Part&nbsp;2.2(c) of the Company Disclosure Schedule and (ii)&nbsp;where failure to obtain such Consents, or to make such filings or notifications, would not
prevent or materially delay consummation of the Merger, or otherwise prevent the Company from performing any of its material obligations under this Agreement and would not be reasonably likely to,
individually or in the aggregate, adversely affect the Acquired Corporations in any material respect. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-12</FONT></P>

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<UL>
</UL>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;<U>Capitalization.</U>&nbsp;&nbsp;&nbsp;&nbsp;As
of the date of this Agreement, the authorized capital stock of the Company consists of 150,000,000 shares of
Company Common Stock and 5,000,000 shares of preferred stock (of which 2,000,000 shares have been designated as Senior Exchangeable Preferred Stock Due 2006, 1,030,000 shares have been designated as
5.25% Series&nbsp;A Convertible Preferred Stock, par value $0.001 per share (the "</FONT><FONT SIZE=2><B>Series&nbsp;A Preferred</B></FONT><FONT SIZE=2>") and 500,000 shares have been designated
as 4.5% Series&nbsp;B Convertible Preferred Stock (the "</FONT><FONT SIZE=2><B>Series&nbsp;B Preferred</B></FONT><FONT SIZE=2>")). As of the date hereof: (a)&nbsp;34,398,030 shares of Company
Common Stock are issued and outstanding, all of which are duly authorized, validly issued, fully paid and nonassessable; (b)&nbsp;6,451,728 shares of Company Common Stock are reserved for issuance
upon the exercise of outstanding stock options granted to the Company's officers, directors and employees pursuant to the Company's stock option plans and employee stock purchase plans (the
"</FONT><FONT SIZE=2><B>Company Stock Options</B></FONT><FONT SIZE=2>"); (c)&nbsp;3,047,533 shares of Company Common Stock are reserved for issuance upon exercise of outstanding warrants of the
Company; (d)&nbsp;1,551,220 shares of Company Common Stock are held in the treasury of the Company; (e)&nbsp;3,963,997 shares of Company Common Stock are reserved for issuance pursuant to the
Company Stock Options not yet granted; (f)&nbsp;830,000 shares of Series&nbsp;A Preferred are issued and outstanding, all of which are duly authorized, validly issued, fully paid and
nonassessable; and (g)&nbsp;500,000 shares of Series&nbsp;B Preferred are issued and outstanding, all of which are duly authorized, validly issued, fully paid and nonassessable. No shares of the
Company's Senior Exchangeable Preferred Stock Due 2006 are outstanding. Except as set forth in Part&nbsp;2.3 of the Disclosure Schedule, as of the date of this Agreement, there are no bonds,
debentures, notes or other indebtedness or, other than the capital stock, options and warrants described in the immediately preceding sentence, securities of the Company having the right to vote (or
convertible into, or exchangeable for, securities having the right to vote) on any matters on which stockholders of the Company may vote. Part&nbsp;2.3 of the Company Disclosure Schedule sets forth
the ownership of the capital stock or other equity interests of each Acquired Corporation other than the Company that is not wholly owned, directly or indirectly, by the Company. Except as set forth
in the preceding sentences of this Section&nbsp;2.3 or&nbsp;in Part&nbsp;2.3 of the Company Disclosure Schedule, as of the date hereof, no shares of capital stock or other voting securities of
the Company are issued, reserved for issuance or outstanding and no shares of capital stock or other voting securities of the Company will be issued or become outstanding after the date hereof other
than upon exercise of the Company Stock Options and the Company warrants outstanding as of the date hereof. Except as set forth in this Section&nbsp;2.3 or&nbsp;in Part&nbsp;2.3 of the Company
Disclosure Schedule, as of the date of this Agreement, there are no options, stock appreciation rights, warrants or other rights, Contracts, arrangements or commitments of any character (collectively,
"</FONT><FONT SIZE=2><B>Options</B></FONT><FONT SIZE=2>") relating to the issued or unissued capital stock of any of the Acquired Corporations, or obligating any of the Acquired Corporations to
issue, grant or sell any shares of capital stock of, or other equity interests in, or securities convertible into equity interests in, the Company or any of its Subsidiaries. The Company has delivered
to Parent, with respect to each Option granted by any Acquired Corporation, as of the date of this Agreement, information regarding the identity of the grantee, the number of Options subject to the
grant, the exercise/conversion price (either on an individual basis or by range (not exceeding $1.00 each) of exercise prices), and expiration date and, if applicable, the stock option plan under
which it was issued. All shares of Company Common Stock subject to issuance as described above will, upon issuance on the terms and conditions specified in the instruments pursuant to which they are
issuable, be duly authorized, validly issued, fully paid and nonassessable. Except as set forth in Part&nbsp;2.3 of the Company Disclosure Schedule, none of the Acquired Corporations has any
Contract or other obligation to repurchase, redeem or otherwise acquire any shares of Company Common Stock or other stock of the Company or any capital stock of any of the Company's Subsidiaries, or
to make any investment (in the form of a loan, capital contribution or otherwise) in any of the Company's Subsidiaries or any other Person. Except as set forth in Part&nbsp;2.3 of the Company
Disclosure Schedule, each outstanding share of capital stock of each of the Company's Subsidiaries is duly authorized, validly issued, fully paid and nonassessable and each such share owned by any of
the Acquired Corporations is free and clear of all Encumbrances. None of the outstanding equity securities or other securities of any of the Acquired Corporations was issued in </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-13</FONT></P>

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<P><FONT SIZE=2>violation
of the Securities Act or any other Legal Requirement. None of the Acquired Corporations owns, or has any Contract or other obligation to acquire, any equity securities or other securities of
any Person (other than Subsidiaries of the Company) or any direct or indirect equity or ownership interest in any other business. None of the Acquired Corporations is or has ever been a general
partner of any general or limited partnership. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4&nbsp;&nbsp;&nbsp;&nbsp;<U>SEC
Reports.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Company has on a timely basis filed all forms, reports and documents required to be filed by it with the SEC
since December&nbsp;31, 2000. Part&nbsp;2.4 of the Company Disclosure Schedule lists and the Company has delivered to Parent copies in the form filed with the SEC of all of the following, except
to the extent available in full without redaction on the SEC's web site through the Electronic Data Gathering, Analysis and Retrieval System ("</FONT><FONT SIZE=2><B>EDGAR</B></FONT><FONT SIZE=2>")
two days prior to the date of this Agreement: (i)&nbsp;the Company's Annual Reports on Form&nbsp;10-K for&nbsp;each fiscal year of the Company beginning since December&nbsp;31,
2000, (ii)&nbsp;its Quarterly Reports on Form&nbsp;10-Q for&nbsp;each of the first three fiscal quarters in each of the fiscal years of the Company referred to in clause&nbsp;(i)
above, (iii)&nbsp;all proxy statements relating to the Company's meetings of stockholders (whether annual or special) held, and all information statements relating to stockholder consents, since the
beginning of the first fiscal year referred to in clause&nbsp;(i) above, (iv)&nbsp;its Current Reports on Form&nbsp;8-K filed since the beginning of the first fiscal year referred to
in clause&nbsp;(i) above, (v)&nbsp;all other forms, reports, registration statements and other documents (other than preliminary materials if the corresponding definitive materials have been
provided to Parent pursuant to, or are available through EDGAR as contemplated by, this Section&nbsp;2.4) filed by the Company with the SEC since the beginning of the first fiscal year referred to
in clause&nbsp;(i) above (the forms, reports, registration statements and other documents referred to in clauses&nbsp;(i), (ii), (iii), (iv) and&nbsp;(v) above, whether or not available through
EDGAR, are, collectively, the "</FONT><FONT SIZE=2><B>Company SEC Reports</B></FONT><FONT SIZE=2>" and, to the extent available in full without redaction on the SEC's web site through EDGAR two days
prior to the date of this Agreement, are, collectively, the "</FONT><FONT SIZE=2><B>Filed Company SEC Reports</B></FONT><FONT SIZE=2>"), (vi)&nbsp;all certifications and statements required by
(x)&nbsp;the SEC's Order dated June&nbsp;27, 2002 pursuant to Section&nbsp;21(a)(1) of the Exchange Act (File No.&nbsp;4-460), (y)&nbsp;Rule&nbsp;13a-14
or&nbsp;15d-14 under the Exchange Act, or (z)&nbsp;18 U.S.C. &sect;1350 (Section&nbsp;906 of the Sarbanes-Oxley Act of 2002) with respect to any report referred to in
clause&nbsp;(i) or&nbsp;(ii) above (collectively, the "</FONT><FONT SIZE=2><B>Certifications</B></FONT><FONT SIZE=2>"), and (vii)&nbsp;all comment letters received by the Company from the Staff
of the SEC since December&nbsp;31, 2000 and all responses to such comment letters by or on behalf of the Company. The Company SEC Reports (x)&nbsp;were or will be prepared in accordance with the
requirements of the Securities Act and the Exchange Act, as the case may be, and the rules and regulations thereunder and (y)&nbsp;did not at the time they were filed with the SEC, or will not at
the time they are filed with the SEC, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements made
therein, in the light of the circumstances under which they were made, not misleading. The Certifications (other than those containing materiality qualifications) are each true and correct in all
material respects and the Certificates containing materiality qualifications are each true and correct in all respects. No Subsidiary of the Company is or has been required to file any form, report,
registration statement or other document with the SEC. The Acquired Corporations maintain disclosure controls and procedures required by Rule&nbsp;13a-15 or&nbsp;15d-15
under the Exchange Act; such controls and procedures are designed to ensure that all material information concerning Acquired Corporations is made known on a timely basis to the individuals
responsible for the preparation of the Company's filings with the SEC and other public disclosure documents. The Company is in compliance with the applicable listing rules of The New&nbsp;York Stock
Exchange and has not since December&nbsp;31, 2000 received any notice from The New&nbsp;York Stock Exchange asserting any non-compliance with such rules. As used in this
Section&nbsp;2.4, the term "</FONT><FONT SIZE=2><B>file</B></FONT><FONT SIZE=2>" shall be broadly construed to include any manner in which a document or information is furnished, supplied or
otherwise made available to the SEC (regardless of whether public or confidential), but shall not include transmittal letters. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-14</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Statements.</U>&nbsp;&nbsp;&nbsp;&nbsp;The financial statements and notes contained or incorporated by reference in the Company SEC Reports
fairly present the financial condition and the results of operations, changes in stockholders' equity, and cash flow of the Company, on a consolidated basis, as at the respective dates of and for the
periods referred to in such financial statements, all in accordance with US GAAP and Regulation&nbsp;S-X of the SEC, subject, in the case of interim financial statements, to normal
recurring year-end adjustments (the effect of which will not, individually or in the aggregate, be materially adverse on a consolidated basis) and the omission of notes to the extent
permitted by Regulation&nbsp;S-X of the SEC (that, if presented, would not, except as set forth in Part&nbsp;2.5 of the Company Disclosure Schedule, differ materially from notes to the
financial statements included in the most recent Annual Report on Form&nbsp;10-K included in the Filed Company SEC Reports); the financial statements referred to in this
Section&nbsp;2.5 reflect the consistent application of such accounting principles throughout the periods involved, except as disclosed in the notes to such financial statements. No financial
statements of any Person other than the Acquired Corporations are required by US GAAP to be included in the consolidated financial statements of the Company. Part&nbsp;2.5(a) of the Company
Disclosure Schedule contains a description of all non-audit services performed by the Company's auditors for the Acquired Corporations since the beginning of the immediately preceding
fiscal year of the Company and the fees paid for such services; all such non-audit services performed after the effective time of Section&nbsp;202 of the Sarbanes-Oxley Act of 2002 were
approved as required thereby. The Acquired Corporations have designed and are using a system of internal accounting controls sufficient to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with US GAAP and the Exchange Act. The Company has delivered to Parent copies of the documents
creating or governing all of the securitization transactions to which the Company or any of its Subsidiaries is a party. The corporate records and minute books of the Acquired Corporations have been
maintained substantially in accordance with all applicable Legal Requirements and are complete and accurate in all material respects. Financial books and records and accounts of the Acquired
Corporations used in preparation of the Company's Financial Statements: (x)&nbsp;have been maintained in accordance with good business practices on a basis consistent with prior years,
(y)&nbsp;are stated in reasonable detail and reflect the transactions of the Acquired Corporations in all material respects, and (z)&nbsp;reflect the basis for the Company's consolidated financial
statements in all material respects. The projections and forecasts of the Acquired Corporations for their 2004 fiscal year prepared by the Senior Management as of the date of this Agreement and
previously provided to Parent (the "</FONT><FONT SIZE=2><B>Projections</B></FONT><FONT SIZE=2>") were prepared in good faith for the Acquired Corporations on a stand alone basis (without taking into
account any business combination or acquisition), were based on information deemed relevant by Senior Management, and were based upon Senior Management's good faith estimates and assumptions as of the
date of this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6&nbsp;&nbsp;&nbsp;&nbsp;<U>Property;
Sufficiency of Assets; Inventories.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Except
as described in Part&nbsp;2.6(a) of the Company Disclosure Schedule, the Acquired Corporations (i)&nbsp;have good and valid title to all property material to the business
of the Acquired Corporations and reflected in the latest financial statements included in the Company SEC Reports as being owned by the Acquired Corporations or acquired after the date thereof (except
for property sold or otherwise disposed of in the ordinary course of business since the date thereof), free and clear of all Encumbrances except (A)&nbsp;statutory Encumbrances securing payments not
yet due, (B)&nbsp;Encumbrances arising from the Company's credit agreements and the mortgage of the Acquired Corporations' facility in Spain identified in Part&nbsp;2.7(a)(iii) of the Company
Disclosure Schedule and (C)&nbsp;such imperfections or irregularities of title or Encumbrances as do not affect the use of the properties or assets subject thereto or affected thereby in any
material respect or otherwise materially impair business operations at such properties, and (ii)&nbsp;are collectively the lessee of all property material to the business of the Acquired
Corporations and reflected as leased in the latest </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-15</FONT></P>

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<UL>

<P><FONT SIZE=2>audited
financial statements included in the Company SEC Reports (or on the books and records of the Company as of the date thereof) or acquired after the date thereof (except in each case for leases
that have expired by their terms) and are in possession of the properties purported to be leased thereunder, and each such lease is valid and in full force and effect without default thereunder by the
lessee or the lessor, other than defaults that would not reasonably be likely to, individually or in the aggregate, adversely affect the Acquired Corporations in any material respect. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Except
as described in Part&nbsp;2.6(b) of the Company Disclosure Schedule, and except for reasonable variation in the normal course of an electronics manufacturing services
business, the Inventory does not include any material items of obsolete, custom or customer specific Inventory that is not supported by customer demand, customer contractual obligations to purchase
such Inventory (under which the customer is obligated to repurchase at the Company's cost thereof) or appropriate forecasts communicated to the Company, the value of which has not been written down on
its books of account to net realizable market value. The Inventory levels of the Acquired Corporations have been maintained since the date of the Balance Sheet at such amounts as are reasonable and
required for the ongoing operation of their respective businesses. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7&nbsp;&nbsp;&nbsp;&nbsp;<U>Receivables;
Customers.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>All
existing accounts receivable of the Acquired Corporations represent valid obligations of customers of the Acquired Corporations arising from bona fide transactions entered into in
the ordinary course of business.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Part&nbsp;2.7(b)
of the Company Disclosure Schedule lists each customer or other Person that (i)&nbsp;accounted for more than $15,000,000 of the net sales of the Acquired
Corporations in calendar year 2002 and continued to be a customer of the Acquired Corporation as of January&nbsp;1, 2003 or (ii)&nbsp;accounted for more than $3,000,000 of the net sales of the
Acquired Corporations in the fiscal quarter ending September&nbsp;29, 2003 (each, a "</FONT><FONT SIZE=2><B>Material Customer</B></FONT><FONT SIZE=2>"). From January&nbsp;1, 2003 through the date
of this Agreement, there has been no termination or cancellation of, and no change or modification materially adverse to the Acquired Corporations in, any Contract with a Material Customer. As of the
date of this Agreement, no Acquired Corporation has received any written notice or, to the knowledge of Senior Management, any other communication from an authorized representative of a Material
Customer indicating that such Material Customer intends to (i)&nbsp;terminate its contract or reduce the annual volume of goods and services purchased from the Acquired Corporations by an amount
greater than 20% of the product of (x)&nbsp;the net sales recorded for such Material Customer in the third fiscal quarter of 2003, and (y)&nbsp;four, (ii)&nbsp;purchase goods and services from
the Acquired Corporations in fiscal year 2004 in an amount, measured as net sales of the Company in fiscal year 2004, which is less than 90% of the 2003 annualized net sales of such Material Customer,
where annualized net sales for this clause&nbsp;(ii) are measured as 133% of actual net sales recorded for such Material Customer during the nine months ending September&nbsp;28, 2003;
(iii)&nbsp;generate Direct Profit Margin Dollars which are less than 90% of the 2003 annualized Direct Profit Margin Dollars generated by such Material Customer, where annualized Direct Profit
Margin Dollars for this clause&nbsp;(iii) are measured as 133% of actual Direct Profit Margin Dollars generated by such Material Customer during the nine months ending September&nbsp;28, 2003; or
(iv)&nbsp;require that, in fiscal year 2004, the Acquired Corporations shift a material amount of the Material Customer's production to a geography where the Acquired Corporations are not currently
doing business.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Part&nbsp;2.7(c)
of the Company Disclosure Schedule lists each customer or other Person (but excluding any Material Customer other than the Material Customers specifically
identified in Part&nbsp;2.7(c) of the Company Disclosure Schedule) that accounts for more than $15,000,000 of </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-16</FONT></P>

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<P><FONT SIZE=2>the
consolidated net sales of the Acquired Corporations in the Projections (each a "New&nbsp;Material Customer"). As of the date of this Agreement, no Acquired Corporation has received any written
notice or, to the knowledge of Senior Management, any other communication from an authorized representative of a New&nbsp;Material Customer indicating that such New&nbsp;Material Customer intends
to purchase goods and services from the Acquired Corporations in fiscal year 2004 (A)&nbsp;in an amount, measured as Company net sales in fiscal year 2004, less than 90% of the net sales included in
the Projections for that New&nbsp;Material Customer or (B)&nbsp;generating Direct Profit Margin Dollars less than 90% of the Direct Profit Margin Dollars included in the Projections for that
New&nbsp;Material Customer. As of the date of this Agreement, no Acquired Corporation has received any written notice or, to the knowledge of Senior Management, any other communication from an
authorized representative of the Company's largest customer at its site in Charlotte, North Carolina to the effect that such customer will require that the production of goods and services being
produced for that customer in the Charlotte, North Carolina site be relocated to another location. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8&nbsp;&nbsp;&nbsp;&nbsp;<U>Equipment;
Real Property; Leaseholds.</U>&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in Part&nbsp;2.8 of the Disclosure Schedule, all material items of
equipment and other tangible assets owned by or leased to the Acquired
Corporations are adequate for the uses to which they are being put, are in good condition and repair (ordinary wear and tear excepted) and are adequate for the conduct of the business of the Acquired
Corporations in the manner in which such business is currently being conducted. Except as set forth in Part&nbsp;2.8 of the Company Disclosure Schedule, none of the Acquired Corporations own any
material real property or any material interest in real property. Part&nbsp;2.8 of the Company Disclosure Schedule contains an accurate and complete list of all the Acquired Corporations' material
real property leases as of the date of this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9&nbsp;&nbsp;&nbsp;&nbsp;<U>Proprietary
Assets.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Part&nbsp;2.9(a)(i)
of the Company Disclosure Schedule sets forth, with respect to each Proprietary Asset owned by the Acquired Corporations and registered with any Governmental
Body or for which an application has been filed with any Governmental Body and material to the business of the Acquired Corporations, (i)&nbsp;a brief description of such Proprietary Asset and
(ii)&nbsp;the names of the jurisdictions covered by the applicable registration or application. Part&nbsp;2.9(a)(ii) of the Company Disclosure Schedule lists any Contract containing any ongoing
royalty or payment obligations in excess of $50,000 per annum with respect to each Proprietary Asset that is licensed or otherwise made available to the Acquired Corporations by any Person (except for
any Proprietary Asset that is licensed to the Acquired Corporations under any third party software license generally available to the public for a one time fee). The Acquired Corporations have good
and valid title to all of the Proprietary Assets owned by the Acquired Corporations and material to their business, free and clear of all Encumbrances except for Encumbrances arising from the
Company's credit agreements. The Acquired Corporations have a valid right to use as a licensee all Proprietary Assets identified in Part&nbsp;2.9(a)(ii) of the Company Disclosure Schedule, subject
to the Bankruptcy and Equity Exception. Except as set forth in Part&nbsp;2.9(a)(iii) of the Company Disclosure Schedule, none of the Acquired Corporations has developed jointly with any other Person
any Proprietary Asset owned by the Acquired Corporations and material to their business with respect to which such other Person has any rights. Except as set forth in Part&nbsp;2.9(a)(iv) of the
Company Disclosure Schedule, there is no Acquired Corporation Contract pursuant to which any Person (other than an Acquired Corporation) has any right (whether or not currently exercisable) to use,
license or otherwise exploit any Proprietary Asset owned by the Acquired Corporations and material to their business. The Company has delivered to Parent a copy of all Contracts, including all
amendments thereto, which relate to the material Proprietary Assets owned or used by any Acquired Corporation. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-17</FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
Acquired Corporations have taken reasonable and appropriate measures and precautions to protect and maintain the confidentiality, secrecy and value of all material Acquired
Corporation Proprietary Assets. In the ordinary course of the Company's business, the Company's policy in the United&nbsp;States has been and continues to be to obtain an executed agreement
(containing no exceptions to or exclusions from the scope of its coverage) that is substantially identical to the form of the Confidentiality Information and Inventions and Non-Competition
Agreements previously delivered by the Company to Parent from each employee of the Acquired Corporations in the United&nbsp;States who is or was involved in, or who has contributed to, the creation
or development of any material Acquired Corporation Proprietary Asset. To the Company's knowledge, the Company's policy outside the United&nbsp;States has been and continues to be to obtain
reasonably similar coverage to that afforded by the form of Confidential Information and Inventions Agreement in the United&nbsp;States, either through executed agreements or the Legal Requirements
in the Relevant Jurisdiction. To the Company's knowledge, no current or former employee, officer, director, stockholder, consultant or independent contractor has any right, claim or interest in or
with respect to any Acquired Corporation Proprietary Asset.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Except
as set forth on Part&nbsp;2.9(c) of the Company Disclosure Schedule, to the Company's knowledge, (i)&nbsp;all patents, trademarks, service marks and copyrights held by any
of the Acquired Corporations and which are material to the business of the Acquired Corporations are valid, enforceable and subsisting, and the applicable Acquired Corporation has renewed or made
application to renew all registrations of such Acquired Corporation Proprietary Assets and has paid all applicable fees, all within the applicable renewal periods; (ii)&nbsp;none of the material
Acquired Corporation Proprietary Assets infringes, misappropriates or conflicts with any Proprietary Asset owned by any other Person; (iii)&nbsp;none of the products that are or have been designed,
created or developed, nor any of the services that have been or are being provided, by any of the Acquired Corporations is or was infringing, misappropriating or making any unlawful or unauthorized
use of any Proprietary Asset owned by any other Person, and none of the Acquired Corporations has received any written notice of or, to the Company's knowledge, any other communication or information
regarding any actual or alleged infringement, misappropriation or unlawful or unauthorized use of, any Proprietary Asset owned by any other Person; and (iv)&nbsp;no other Person is infringing,
misappropriating or making any unlawful or unauthorized use of, and no Proprietary Asset owned or used by any other Person infringes or conflicts with, any material Acquired Corporation Proprietary
Asset.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>To
the Company's knowledge, the Acquired Corporation Proprietary Assets constitute all the Proprietary Assets necessary to enable the Acquired Corporations to conduct their business
in the manner in which such business is being conducted. Except as set forth on Part&nbsp;2.9(d) of the Company Disclosure Schedule, none of the Acquired Corporations has (i)&nbsp;licensed any of
the material Proprietary Assets owned by the Acquired Corporations to any Person on an exclusive basis, or (ii)&nbsp;entered into any covenant not to compete or Contract limiting its ability to
exploit any material Acquired Corporation Proprietary Assets or to transact business in any market or geographical area or with any Person (other than any such limit in the scope of any license
granted to an Acquired Corporation for any Proprietary Asset).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>The
Acquired Corporations have taken reasonable measures and precautions to protect and maintain the confidentiality, secrecy and value of the Proprietary Assets of their customers,
including all such measures required by the terms of any Acquired Corporation Contract with a customer. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-18</FONT></P>

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<P><FONT SIZE=2><A
NAME="page_dc2148_1_19"> </A> </FONT> <FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10&nbsp;&nbsp;&nbsp;&nbsp;<U>No Undisclosed Liabilities.</U>&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Filed Company SEC Reports or as set forth in Part&nbsp;2.10 of the
Company Disclosure Schedule, the Acquired Corporations have no liabilities or obligations of any nature (whether absolute, accrued, contingent, choate or inchoate or otherwise) that would be required
to be reflected in a balance sheet prepared in accordance with US GAAP or disclosed in the notes thereto, except for liabilities or obligations adequately and fully reflected or reserved against in
the Balance Sheet in accordance with US GAAP, consistently applied, or disclosed in the notes thereto, liabilities incurred since the date of the Balance Sheet in the ordinary course of business, and
contingent or inchoate liabilities that would not reasonably be likely to have a Material Adverse Effect on the Acquired Corporations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxes.</U>
</FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2><U>Timely
Filing of Tax Returns.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Acquired Corporations have filed or caused to be filed all material Tax Returns that are or were required
to be filed by or with respect to any of them, either separately or as a member of a group of corporations, pursuant to applicable Legal Requirements. All material Tax Returns filed by (or that
include on a consolidated basis) any of the Acquired Corporations were in all respects true, complete and correct in all material respects and filed on a timely basis. To the extent required in
connection with the filing of any Tax Return or under any other Legal Requirement, including Treasury Regulation Section&nbsp;1.6662-6(d)(3), the Acquired Corporations have materially
satisfied any contemporaneous documentation requirements. No Taxing Authority in any jurisdiction in which any Acquired Corporation does not file Tax Returns has asserted in writing that such Acquired
Corporation is, or may be, subject to any Tax (or required to file any Tax Return) in that jurisdiction.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2><U>Payment
of Taxes.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Acquired Corporations have, within the time and in the manner prescribed by any applicable Legal Requirement, paid all
material Taxes that are due and payable.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2><U>Withholding
Taxes.</U>&nbsp;&nbsp;&nbsp;&nbsp;Each of the Acquired Corporations has complied with all material applicable Legal Requirements relating to the withholding
of Taxes (including withholding and reporting requirements under Code Sections&nbsp;1441 through&nbsp;1464, 3401 through 3406, 6041 and 6049 and similar provisions under any other applicable Legal
Requirement) and has, within the times and in the manner prescribed by any applicable Legal Requirement, paid over such withheld amounts to the proper Taxing Authorities.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2><U>Audits.</U>&nbsp;&nbsp;&nbsp;&nbsp;No
Tax Return of any of the Acquired Corporations is under audit or examination by any Taxing Authority, no written or, to the
Company's knowledge, unwritten notice of such an audit or examination has been received by any of the Acquired Corporations, the Acquired Corporations have no knowledge of any threatened audits,
investigations or claims for or relating to Taxes, and, to the Company's knowledge, there are no material matters under discussion with any Taxing Authority with respect to Taxes of any of the
Acquired Corporations (excluding any discussion in which the identity of the taxpayer has not been revealed to the Taxing Authority). No material issues relating to Taxes were raised in writing by the
relevant Taxing Authority during any presently pending audit or examination, and no material issues relating to Taxes were raised in writing by the relevant Taxing Authority in any completed audit or
examination that can reasonably be expected to recur in a later taxable period. The Company has made available to Parent copies of all examiner's or auditor's reports, notices of any material proposed
adjustments or similar commissions received by any of the Acquired Corporations from any Taxing Authority. The United&nbsp;States federal income Tax Returns of the Acquired Corporations have never
been audited by the Internal Revenue Service. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-19</FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2><U>Tax
Reserves.</U>&nbsp;&nbsp;&nbsp;&nbsp;To the Company's knowledge, there exists no material proposed assessment of Taxes against any of the Acquired Corporations
except as disclosed in Part&nbsp;2.11(e) of the Company Disclosure Schedule. The financial statements contained in the Company's most recently Filed Company SEC Reports reflect an adequate reserve
for all Taxes payable by the Company for all taxable periods and portions thereof through the date of the most recent balance sheet included in such financial statements.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2><U>Tax
Sharing Agreements.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Company has made available to Parent copies of any Tax sharing agreement, Tax allocation agreement, Tax indemnity
obligation or, to the Company's knowledge, any similar material written or unwritten agreement or arrangement with respect to Taxes to which any of the Acquired Corporations is a party or by which any
of the Acquired Corporations is bound.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD><FONT SIZE=2><U>Waiver
of Statutes of Limitations.</U>&nbsp;&nbsp;&nbsp;&nbsp;None of the Acquired Corporations has executed any outstanding waivers or comparable consents regarding
the application of the statute of limitations with respect to a material amount of Taxes or any material Tax Return.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD><FONT SIZE=2><U>Powers
of Attorney.</U>&nbsp;&nbsp;&nbsp;&nbsp;No power of attorney currently in force has been granted by any of the Acquired Corporations concerning a material amount
of Taxes or any material Tax Return.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2><U>Tax
Rulings.</U>&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed on Part&nbsp;2.11(i) of the Company Disclosure Schedule, (i)&nbsp;none of the Acquired Corporations has
received or been the subject of a material Tax Ruling (as defined below) or a request for a material Tax Ruling, and (ii)&nbsp;none of the Acquired Corporations has entered into a material Closing
Agreement (as defined below) with any Taxing Authority that would have a continuing effect after the Closing Date. "</FONT><FONT SIZE=2><B>Tax Ruling</B></FONT><FONT SIZE=2>" means a written ruling
of a Taxing Authority relating to Taxes. "</FONT><FONT SIZE=2><B>Closing Agreement</B></FONT><FONT SIZE=2>" means a written and legally binding agreement with a Taxing Authority relating to Taxes
(including any advance pricing agreement).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD><FONT SIZE=2><U>Availability
of Tax Returns.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Company has made available to Parent copies of all material Tax Returns, and any amendments thereto, filed
by or on behalf of, or which include, any of the Acquired Corporations, for all taxable periods ending on or after December&nbsp;31, 2000 and prior to the Closing Date.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD><FONT SIZE=2><U>Availability
of Books and Records.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Acquired Corporations have maintained all information, workpapers, schedules or any other
documentation necessary for filing any required material Tax Return which has not been filed for any tax year which includes any period prior to or including the Closing Date.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD><FONT SIZE=2><U>Opinions
of Counsel.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Company has made available to Parent copies of all material memoranda and material written opinions of Tax counsel,
whether inside or outside Tax counsel, and other Tax advisors, which have been received by any of the Acquired Corporations with respect to material matters relating to Taxes within the last three
taxable years.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(m)</FONT></DT><DD><FONT SIZE=2><U>Section&nbsp;481
Adjustments.</U>&nbsp;&nbsp;&nbsp;&nbsp;None of the Acquired Corporations is required to include in income any material amount in any taxable period
ending after the Closing Date pursuant to an adjustment required under Code Section&nbsp;481 by reason of a voluntary change in accounting method initiated by any of the Acquired Corporations, and
the Internal Revenue Service has not proposed any such change in accounting method.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(n)</FONT></DT><DD><FONT SIZE=2><U>Net
Operating Loss Carryovers and Tax Credit Carryovers.</U>&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2002, the Acquired Corporations, in the aggregate, had net
operating loss carryovers available to offset United&nbsp;States federal income of not less than $58,000,000. As of December&nbsp;31, 2002, the Acquired Corporations, in the aggregate, had foreign
Tax credit carryovers available to offset </FONT></DD></DL>
</UL>
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<P><FONT SIZE=2>United&nbsp;States
federal income tax liability of not less than $1,400,000. None of the Acquired Corporations has experienced an ownership change within the meaning of Sections&nbsp;382
and&nbsp;383 of the Code after November&nbsp;3, 2000. None of the Acquired Corporations is subject to the separate return limitation year provisions of Treasury Regulation Section&nbsp;1.1502. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(o)</FONT></DT><DD><FONT SIZE=2><U>Section&nbsp;338
Election.</U>&nbsp;&nbsp;&nbsp;&nbsp;No election under Section&nbsp;338 has been made by or with respect to any of the Acquired Corporations or any
of their respective assets or properties within the last three taxable years.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(p)</FONT></DT><DD><FONT SIZE=2><U>Intercompany
Transactions.</U>&nbsp;&nbsp;&nbsp;&nbsp;None of the Acquired Corporations has engaged in any transactions with affiliates which would require the
recognition of income by any of the Acquired Corporations with respect to such transaction for any period ending on or after the Closing Date.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(q)</FONT></DT><DD><FONT SIZE=2><U>Section&nbsp;280(G).</U>&nbsp;&nbsp;&nbsp;&nbsp;Except
as disclosed in Part&nbsp;2.11(q) of the Company Disclosure Schedule, none of the Acquired Corporations is a
party to any agreement, contract or arrangement that could result, separately or in the aggregate, in the payment of an "excess parachute payment" within the meaning of Section&nbsp;280G of the
Code.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(r)</FONT></DT><DD><FONT SIZE=2><U>Section&nbsp;355.</U>&nbsp;&nbsp;&nbsp;&nbsp;None
of the Acquired Corporations has constituted either a "distributing corporation" or a "controlled corporation" in a
distribution of stock intended to qualify for tax-free treatment under Section&nbsp;355 of the Code (i)&nbsp;at any time during the two-year period ending immediately prior
to the date of this Agreement or (ii)&nbsp;that could otherwise constitute part of a "plan" or "series of related transactions" (within the meaning of Section&nbsp;355(e) of the Code) in
conjunction with the Contemplated Transactions.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(s)</FONT></DT><DD><FONT SIZE=2><U>Other
Interests.</U>&nbsp;&nbsp;&nbsp;&nbsp;None of the Acquired Corporations owns an interest in any (i)&nbsp;domestic international sales corporation,
(ii)&nbsp;foreign sales corporation or (iii)&nbsp;passive foreign investment company.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(t)</FONT></DT><DD><FONT SIZE=2><U>USRPHC.</U>&nbsp;&nbsp;&nbsp;&nbsp;The
Company is not a "United&nbsp;States real property holding corporation"
("</FONT><FONT SIZE=2><B>USRPHC</B></FONT><FONT SIZE=2>") within the meaning of Section&nbsp;897 of the Code and was not a USRPHC on any "determination date" (as defined in
Section&nbsp;1.897-2(c) of the Treasury Regulations under the Code) that occurred in the five-year period preceding the Closing.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(u)</FONT></DT><DD><FONT SIZE=2><U>Qualification
as a Reorganization.</U>&nbsp;&nbsp;&nbsp;&nbsp;None of the Acquired Corporations has taken any action, nor to the Company's knowledge is there any fact
or circumstance, that could reasonably be expected to prevent the Merger from qualifying as a reorganization within the meaning of Section&nbsp;368(a) of the Code.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD><FONT SIZE=2><U>Section&nbsp;1504.</U>&nbsp;&nbsp;&nbsp;&nbsp;None
of the Acquired Corporations has been a member of an affiliated group of corporations within the meaning of
Section&nbsp;1504 of the Code, other than an affiliated group of which the Company is the common parent corporation for purposes of Section&nbsp;1504 of the Code. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12&nbsp;&nbsp;&nbsp;&nbsp;<U>Employee
Benefits.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Part&nbsp;2.12(a)
of the Company Disclosure Schedule includes a complete list of, and the Company has made available to Parent a copy of (or if there is no written document, a
written summary of), all employee benefit plans, programs, policies, practices and other arrangements currently providing benefits to any current or former United&nbsp;States employee, officer or
director of any of the Acquired Corporations organized in any United&nbsp;States jurisdiction or beneficiary or dependent thereof, whether or not written, and whether covering one person or more
than one person, sponsored or maintained by any such Acquired Corporation or to which any such Acquired Corporation contributes or is obligated to contribute
("</FONT><FONT SIZE=2><B>Plans</B></FONT><FONT SIZE=2>"). Without limiting the generality of the foregoing, the term "Plans" </FONT></DD></DL>
</UL>
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<P><FONT SIZE=2>includes
all employee welfare benefit plans within the meaning of Section&nbsp;3(1) of ERISA, all employee pension benefit plans within the meaning of Section&nbsp;3(2) of ERISA, and all other
employee benefit, bonus, incentive, deferred compensation, stock purchase, stock option, severance, change of control and fringe benefit plans, programs or agreements. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Except
as required under this Agreement or set forth in Part&nbsp;2.12(b) of the Company Disclosure Schedule, since December&nbsp;31, 2002, there has not been (i)&nbsp;any
adoption or material amendment by any of the Acquired Corporations of any Plans (whether or not legally binding) or any employment agreement providing compensation or benefits to any current or former
employee, officer, director or independent contractor of the Company or any of its Subsidiaries or any beneficiary thereof, or entered into, maintained or contributed to, as the case may be, by any of
the Acquired Corporations which would provide for a modification of benefits or consideration due thereunder which would exceed $1,000,000 in the aggregate under all Plans (excluding any employment
agreements or amendments thereto listed in Part&nbsp;2.12(b) of the Disclosure Schedule), or (ii)&nbsp;any adoption of, or amendment to, or change in employee participation or coverage under, any
Plan which would, in either case, increase materially the expense of maintaining such Plan above the level of the expense incurred in respect thereof for the fiscal year ended on December&nbsp;31,
2002. Except as expressly contemplated hereby, neither the execution and delivery of this Agreement nor the consummation of the Contemplated Transactions will (either alone or in conjunction with any
other event) result in, cause the accelerated vesting or delivery of, or increase the amount or value of, any payment or benefit to any United&nbsp;States employee of the Acquired Corporations
organized in any United&nbsp;States jurisdictions and all Plans permit assumption by Parent upon consummation of the Contemplated Transactions without the consent of any participant.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>For
purposes of this Agreement, the following definitions apply: "</FONT><FONT SIZE=2><B>Controlled Group Liability</B></FONT><FONT SIZE=2>" means any and all liabilities under
(i)&nbsp;Title IV of ERISA, (ii)&nbsp;section&nbsp;302 of ERISA, (iii)&nbsp;sections&nbsp;412 and&nbsp;4971 of the Code and (iv)&nbsp;corresponding or similar provisions of foreign laws
or regulations; "</FONT><FONT SIZE=2><B>ERISA</B></FONT><FONT SIZE=2>" means the Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder;
"</FONT><FONT SIZE=2><B>ERISA Affiliate</B></FONT><FONT SIZE=2>" means, with respect to any entity, trade or business, any other entity, trade or business that is a member of a group described in
Section&nbsp;414(b), (c), (m) or&nbsp;(o) of the Code or Section&nbsp;4001(b)(1) of ERISA that includes the first entity, trade or business, or that is a member of the same "controlled group" as
the first entity, trade or business pursuant to Section&nbsp;4001(a)(14) of ERISA.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>With
respect to each Plan, the Company has delivered to Parent a copy of: (i)&nbsp;each writing constituting a part of such Plan, including all plan documents, benefit schedules,
trust agreements and insurance contracts and other funding vehicles; (ii)&nbsp;the three most recent Annual Reports (Form&nbsp;5500 Series) and accompanying schedules, if any; (iii)&nbsp;the
current summary plan description and any material modifications thereto, if any; (iv)&nbsp;the most recent annual financial report, if any; (v)&nbsp;the most recent actuarial report, if any; and
(vi)&nbsp;the most recent determination letter from the Internal Revenue Service, if any.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>Part&nbsp;2.12(e)
of the Company Disclosure Schedule identifies each Plan that is intended to be a "qualified plan" within the meaning of Section&nbsp;401(a) of the Code
("</FONT><FONT SIZE=2><B>Qualified Plans</B></FONT><FONT SIZE=2>"). The Internal Revenue Service has issued a favorable determination letter with respect to each Qualified Plan that has not been
revoked, and, to the knowledge of the Company, there are no existing circumstances nor any events that have occurred that could adversely affect the qualified status of any Qualified Plan or the
related trust. No Plan is intended to meet the requirements of Code Section&nbsp;501(c)(9).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>All
contributions required to be made to any Plan by applicable Legal Requirements or by any plan document or other contractual undertaking, and all premiums due or payable with </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-22</FONT></P>

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<P><FONT SIZE=2>respect
to insurance policies funding any Plan, for any period through the date hereof have been made or paid in full or, to the extent not required to be made or paid on or before the date hereof,
have been fully reflected on the financial statements contained in the Company SEC Reports to the extent required by US GAAP. </FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD><FONT SIZE=2>The
Company has complied, and is now in compliance, in all material respects with all provisions of ERISA, the Code and all Legal Requirements applicable to the Plans. There is not
now, nor do any circumstances exist that could give rise to, any requirement for the posting of security with respect to a Plan or the imposition of any Encumbrance on the assets of the Company under
ERISA or the Code. No prohibited transaction has occurred with respect to any Plan which could result in material liability to the Company.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD><FONT SIZE=2>The
Company does not now maintain, and has at no time maintained, (i)&nbsp;a Plan that is subject to Title IV or Section&nbsp;302 of ERISA or Section&nbsp;412 or&nbsp;4971 of
the Code, (ii)&nbsp;a "multiemployer pension plan", as defined in Section&nbsp;3(37) of ERISA (a "</FONT><FONT SIZE=2><B>Multiemployer Plan</B></FONT><FONT SIZE=2>") or (iii)&nbsp;a funded
welfare benefit plan as defined in Section&nbsp;419 of the Code.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>All
group health plans maintained by the Company or any ERISA Affiliate have been operated in material compliance with the requirements of Section&nbsp;4980B of the Code and
Part&nbsp;6 of Subtitle B of Title I of ERISA, the provisions of law enacted by the Health Insurance Portability and Accountability Act of 1996, and any similar law.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD><FONT SIZE=2>(1)
No reportable event within the meaning of Section&nbsp;4043(c) of ERISA has occurred, and the consummation of the Contemplated Transactions will not result in the occurrence of
any such reportable event, and (2)&nbsp;all liabilities in connection with the termination of any employee pension benefit plan that was sponsored, maintained or contributed to by any Acquired
Corporation at any time within the past three years have been fully satisfied.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD><FONT SIZE=2>There
does not now exist, nor do any circumstances exist that could result in, any Controlled Group Liability that would be a liability of any Acquired Corporation following the
Closing. Without limiting the generality of the foregoing, neither any Acquired Corporation nor any ERISA Affiliate of any Acquired Corporation has engaged in any transaction described in
Section&nbsp;4069 or Section&nbsp;4204 of ERISA.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD><FONT SIZE=2>Part&nbsp;2.12(l)
of the Company Disclosure Schedule identifies any liability for life, health, medical or other welfare benefits to former employees or beneficiaries or dependents
thereof, except for health continuation coverage as required by Section&nbsp;4980B of the Code, Part&nbsp;6 of Subtitle B of Title I of ERISA or other applicable Legal Requirement and at no
expense to any Acquired Corporation.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(m)</FONT></DT><DD><FONT SIZE=2>Part&nbsp;2.12(m)
of the Company Disclosure Schedule identifies (x)&nbsp;the employee benefit plans, programs, policies, practices and other arrangements currently providing
benefits to any current or former employee, officer or director of any of the Acquired Corporations not organized in any United&nbsp;States jurisdiction, or beneficiary or dependent thereof, whether
or not written, and whether covering one person or more than one person, sponsored or maintained by any such Acquired Corporation or to which any such Acquired Corporation contributes or is obligated
to contribute (the "Non-US Plans"), other than those providing benefits mandated by Legal Requirements or customary in the ordinary course of business in the Relevant Jurisdiction (the
"Other Non-US Plans") and (y)&nbsp;any agreements pursuant to which benefits are modified or triggered as a result of a change of control of the Company or any Acquired Corporation other
than those providing benefits mandated by Legal Requirements. The Non-US Plans and the Other Non-US Plans (i)&nbsp;comply in all material respects with applicable Legal
Requirements, (ii)&nbsp;are fully funded or reserved against in the Balance Sheet, in each case to the extent required under applicable Legal Requirements and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-23</FONT></P>

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<P><FONT SIZE=2>US
GAAP, and (iii)&nbsp;do not provide participants any equity interest or any Option in any Acquired Corporation other than the Company. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(n)</FONT></DT><DD><FONT SIZE=2>No
labor organization or group of employees of the Acquired Corporations has made a pending demand for recognition or certification, and there are no representation or certification
proceedings or petitions seeking a representation proceeding presently pending, or threatened to be brought or filed, with the National Labor Relations Board or any other labor relations tribunal or
authority. Each of the Acquired Corporations has complied with the Worker Adjustment and Retraining Notification Act.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(o)</FONT></DT><DD><FONT SIZE=2>There
are no pending or, to the Company's knowledge, threatened claims (other than claims for benefits in the ordinary course), lawsuits or arbitrations which have been asserted or
instituted against the Plans, any fiduciaries thereof with respect to their duties to the Plans or the assets of any of the trusts under any of the Plans which could reasonably be expected to result
in any material liability of any Acquired Corporation to the Pension Benefit Guaranty Corporation, the Department of Treasury, the Department of Labor or any Multiemployer Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(p)</FONT></DT><DD><FONT SIZE=2>Part&nbsp;2.12(p)
of the Company Disclosure Schedule contains an accurate and complete list as of the date of this Agreement of all loans and advances made by any of the Acquired
Corporations to any employee, director, consultant or independent contract, other than routine travel and expense advances made to employees in the ordinary course of business. The Acquired
Corporations have not, since July&nbsp;30, 2002, extended or maintained credit, arranged for the extension of credit, or renewed an extension of credit, in the form of a personal loan to or for any
director or executive officer (or equivalent thereof) of the Company. Part&nbsp;2.12(p) of the Company Disclosure Schedule identifies any extension of credit maintained by the Acquired Corporations
to which the second sentence of Section&nbsp;13(k)(1) of the Exchange Act applies. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Legal Requirements; Governmental Authorizations.</U>&nbsp;&nbsp;&nbsp;&nbsp;To the Company's knowledge, the Acquired Corporations are,
and at all times have been, in material compliance with each Legal Requirement that is or was applicable to any of them or to the conduct or operation of their business or the ownership or use of any
of their assets and no event has occurred or circumstance exists that (with or without notice or lapse of time or both) (i)&nbsp;would be reasonably likely to constitute or result in a material
violation by any of the Acquired Corporations of, or a substantial failure on the part of any of the Acquired Corporations to comply with, any Legal Requirement, or (ii)&nbsp;would be reasonably
likely to give rise to any obligation on the part of any of the Acquired Corporations to undertake, or to bear all or any portion of the cost of, any substantial remedial action of any nature. Since
December&nbsp;31, 2001, none of the Acquired Corporations has received, at any time, any written notice or, to the Company's knowledge, any other communication from any Governmental Body or any
other Person asserting (x)&nbsp;any actual or alleged violation of, or failure to comply with, any material Legal Requirement, or (y)&nbsp;any actual or alleged obligation on the part of any of
the Acquired Corporations to undertake, or to bear all or any material portion of the cost of, any substantial remedial action. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14&nbsp;&nbsp;&nbsp;&nbsp;<U>Environmental
Matters.</U>&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth on Part&nbsp;2.14 to&nbsp;the Company Disclosure Schedule or identified in any
report furnished under Section&nbsp;2.14(g) hereunder: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Each
Acquired Corporation is, and at all times has been, in material compliance with, and has not been and is not in material violation of or have any material liability under, any
Environmental Law. No Acquired Corporation has any basis to expect, nor has any of them or any other Person for whose conduct they are or may be held to be responsible received, any actual or
threatened order, notice, or other communication from (i)&nbsp;any Governmental Body or private citizen acting in the public interest, or (ii)&nbsp;the current or prior owner or operator of </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-24</FONT></P>

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<P><FONT SIZE=2>any
Facilities, of any actual or potential material violation or failure to comply with any Environmental Law, or of any actual or threatened obligation to undertake or bear material costs for any
Environmental, Health and Safety Liabilities with respect to any of the Facilities or any other properties or assets (whether real, personal, or mixed) in which any Acquired Corporation had had an
interest and for which any Acquired Corporation may be held responsible, or with respect to any property or Facility at or to which Hazardous Materials were generated, manufactured, refined,
transferred, imported, used, or processed by any Acquired Corporation, or any other Person for whose conduct they are or may be held responsible, or from which Hazardous Materials have been
transported, treated, stored, handled, transferred, disposed of, recycled, or received. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>There
are no pending or, to the knowledge of the Company, threatened claims, Encumbrances, or other restrictions of any nature, resulting from any material Environmental, Health and
Safety Liabilities or arising under or pursuant to any Environmental Law, with respect to or affecting any of the Facilities or any other properties or assets (whether real, personal, or mixed) in
which any Acquired Corporation had had an interest and for which any Acquired Corporation may be held responsible.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>No
Acquired Corporation has any basis to expect, nor has any of them or any other Person for whose conduct they are or may be held responsible, received, any written or, to the
Company's knowledge, other material citation, directive, inquiry, notice, order, summons, warning or other communication that relates to Hazardous Activities or Hazardous Materials, or any alleged,
actual or potential material violation or failure to comply with any Environmental Law, or of any alleged, actual or potential obligation to undertake or bear material costs for any Environmental,
Health and Safety Liabilities with respect to any of the Facilities or any other properties or assets (whether real, personal, or mixed) in which any Acquired Corporation had an interest and for which
any Acquired Corporation may be held responsible, or with respect to any property or facility to which Hazardous Materials generated, manufactured, refined, transferred, imported, used or processed by
any Acquired Corporation, or any other Person for whose conduct they are or may be held responsible, have been transported, treated, stored, handled, transferred, disposed of, recycled or received.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>No
Acquired Corporation, or any other Person for whose conduct they are or may be held responsible, has any material Environmental, Health and Safety Liabilities with respect to the
Facilities or, to the knowledge of the Company, with respect to any other properties and assets (whether real, personal, or mixed) in which any Acquired Corporation (or any predecessor) has or had an
interest, or at any property geologically or hydrologically adjoining the Facilities.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>To
the knowledge of the Company, there are no Hazardous Materials present on or in the Environment at the Facilities or, which originated at the Facility when any Acquired Corporation
owned or operated such Facility but are now at any geologically or hydrologically adjoining property, including any Hazardous Materials contained in barrels, above or underground storage tanks,
landfills, land deposits, dumps, equipment (whether moveable or fixed) or other containers, either temporary or permanent, and deposited or located in land, water, sumps or any other part of the
Facilities or such adjoining property, or incorporated into any structure therein or thereon in a condition, volume or concentration reasonably likely to result in a material Environmental Health and
Safety Liability. No Acquired Corporation, any other Person for whose conduct they are or may be held responsible, or to the knowledge of the Company, any other Person, has permitted or conducted or
is aware of, any Hazardous Activity conducted with respect to the Facilities or any other properties or assets (whether real, personal, or mixed) in which any Acquired Corporation has or had an
interest except for instances which would not be reasonably likely to result in a material Environmental Health and Safety Liability. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-25</FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>To
the knowledge of the Company, there has been no release or, to the knowledge of the Company, threat of release, by any Person of any Hazardous Materials at or from the Facilities
or at any other locations where any Hazardous Materials were generated, used, manufactured, refined, transferred, disposed of, produced, imported, used or processed from or by the Facilities, or from
or by any other properties and assets (whether real, personal, or mixed) in which any Acquired Corporation has or had an interest, or to the knowledge of the Company, any geologically or
hydrologically adjoining property, except for releases that are not reasonably likely to result in a material Environmental Health and Safety Liability.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD><FONT SIZE=2>The
Company has delivered to Parent copies and results of any reports, studies, analyses, tests or monitoring possessed or initiated by any Acquired Corporation pertaining to
Hazardous Materials or Hazardous Activities in, on, or under the Facilities, or concerning compliance by any Acquired Corporation, or any other Person for whose conduct they are or may be held
responsible, with Environmental Laws. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal
Proceedings.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Except
as disclosed in the Filed Company SEC Reports, or as set forth in Part&nbsp;2.15(a) of the Company Disclosure Schedule, there is no pending Legal Proceeding (i)&nbsp;that
has been commenced by or against any of the Acquired Corporations or that otherwise relates to or may affect the business of, or any of the assets owned or used by, any of the Acquired Corporations,
except for such Legal Proceedings as are normally incident to the business carried on by the Acquired Corporations and would not reasonably be likely to, individually or in the aggregate, result in a
Material Adverse Effect on the Acquired Corporations, (ii)&nbsp;that would prevent or materially delay the consummation of the Contemplated Transactions, or (iii)&nbsp;against any director or
officer of any of the Acquired Corporations pursuant to Section&nbsp;8A or&nbsp;20(b) of the Securities Act or Section&nbsp;21(d) or&nbsp;21C of the Exchange Act.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Except
as set forth in Part&nbsp;2.15(c) of the Company Disclosure Schedule, to the knowledge of the Company, (i)&nbsp;no Legal Proceeding that if pending would be required to be
disclosed under Section&nbsp;2.15(a) has been threatened, and (ii)&nbsp;no event has occurred or circumstance exists that would reasonably be likely to give rise to or serve as a basis for the
commencement of any such Legal Proceeding.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>No
Acquired Corporation is subject to any outstanding order, writ, injunction or decree which has had or is likely to have a Material Adverse Effect on the Acquired Corporations or
which would prevent or materially delay the consummation of the Contemplated Transactions. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Certain Changes and Events.</U>&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in Part&nbsp;2.16 of the Company Disclosure Schedule, from the
date of the Balance Sheet (or since December&nbsp;31, 2002, where indicated), (1)&nbsp;the Acquired Corporations have conducted their businesses only in the ordinary course of business consistent
with past practice and there has not been any Material Adverse Effect on the Acquired Corporations, and (2)&nbsp;no event has occurred or circumstance exists that would be reasonably likely,
individually or in the aggregate, to result in a Material Adverse Effect on the Acquired Corporations, or: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>any
material loss, damage or destruction to, or any material interruption in the use of, any of the assets of any of the Acquired Corporations (whether or not covered by insurance)
that has had or would reasonably be likely to have a Material Adverse Effect on the Acquired Corporations;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>(i)
any declaration, accrual, set aside or payment of any dividend or any other distribution in respect of any shares of capital stock of any Acquired Corporation other than dividends
on the Series&nbsp;A Preferred and Series&nbsp;B Preferred and the Optional Make Whole Payment on the Series&nbsp;B Preferred as required by the Preferred Governing Documents, or (ii)&nbsp;any
repurchase, </FONT></DD></DL>
</UL>
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<P><FONT SIZE=2>redemption
or other acquisition by any Acquired Corporation of any shares of capital stock or other securities; </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>any
sale, issuance or grant, or authorization of the issuance of, (i)&nbsp;any capital stock or other security of any Acquired Corporation (except for Company Common Stock issued
upon the valid exercise of outstanding Options, in satisfaction of the Optional Make Whole Payment on the Series&nbsp;B Preferred, in payment of dividends on the Series&nbsp;A Preferred or
Series&nbsp;B Preferred, upon conversion of Series&nbsp;A Preferred or Series&nbsp;B Preferred, or&nbsp;pursuant to the 2000 Employee Stock Purchase Plan of the Company, as amended (the
"</FONT><FONT SIZE=2><B>ESPP</B></FONT><FONT SIZE=2>")), (ii)&nbsp;any option, warrant or right to acquire any capital stock or any other security of any Acquired Corporation (except for Company
Stock Options) or (iii)&nbsp;any instrument convertible into or exchangeable for any capital stock or other security of any Acquired Corporation;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>any
amendment or waiver of any of the rights of any Acquired Corporation under, or acceleration of vesting under, (i)&nbsp;any provision of any of the Company's stock option plans,
(ii)&nbsp;any provision of any Contract evidencing any outstanding Company Stock Option, or (iii)&nbsp;any restricted stock purchase agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>any
amendment to any Organizational Document of any of the Acquired Corporations, any merger, consolidation, share exchange, business combination, recapitalization, reclassification
of shares, stock split, reverse stock split or similar transaction involving any Acquired Corporation;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>any
creation of any Subsidiary of an Acquired Corporation or acquisition by any Acquired Corporation of any equity interest or other interest in any other Person;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD><FONT SIZE=2>since
December&nbsp;31, 2002, any capital expenditure by any Acquired Corporation which, when added to all other capital expenditures made on behalf of the Acquired Corporations
since the date of the Balance Sheet (other than those permitted by Section&nbsp;4.2(b)(vi) of this Agreement), exceeds $12,000,000 in the aggregate;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD><FONT SIZE=2>any
waiver of any material right or remedy under, any Contract with any Material Customer or any New&nbsp;Material Customer;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>any
(i)&nbsp;acquisition, lease or license by any Acquired Corporation of any material right or other material asset from any other Person, (ii)&nbsp;sale or other disposal or
lease or license by any Acquired Corporation of any material right or other material asset to any other Person, or (iii)&nbsp;waiver or relinquishment by any Acquired Corporation of any material
claim, except for rights or other assets acquired, leased, licensed or disposed of in the ordinary course of business and consistent with past practices;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD><FONT SIZE=2>since
December&nbsp;31, 2002, except as disclosed in the Filed Company SEC Reports, any write-off, prior to the date of this Agreement, of any accounts receivable as
uncollectible, or establishment of any extraordinary reserve with respect to any account receivable or other indebtedness of an Acquired Corporation;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD><FONT SIZE=2>any
pledge of any assets of, or sufferance of any of the assets of, an Acquired Corporation to become subject to any Encumbrance, except for pledges of immaterial assets made in the
ordinary course of business and consistent with past practices;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD><FONT SIZE=2>any
(i)&nbsp;loan by an Acquired Corporation to any Person other than another Acquired Corporation, or (ii)&nbsp;incurrence or guarantee by an Acquired Corporation of any
indebtedness for borrowed money on behalf of any Person other than an Acquired Corporation;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(m)</FONT></DT><DD><FONT SIZE=2>since
December&nbsp;31, 2002, any (i)&nbsp;adoption, establishment, entry into or amendment by an Acquired Corporation of any Plan or (ii)&nbsp;payment of any bonus or any
profit sharing or </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-27</FONT></P>

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<UL>

<P><FONT SIZE=2>similar
payment to, or material increase in the amount of the wages, salary, commissions, fringe benefits or other compensation or remuneration payable to, any of the directors or executive officers
of the Company, or, other than in the ordinary course of business consistent with past practice, any other employees of any Acquired Corporation; </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(n)</FONT></DT><DD><FONT SIZE=2>any
material change of the methods of accounting or accounting policies of any Acquired Corporation;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(o)</FONT></DT><DD><FONT SIZE=2>any
material Tax election by any Acquired Corporation;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(p)</FONT></DT><DD><FONT SIZE=2>any
settlement of any material Legal Proceeding by any Acquired Corporation; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(q)</FONT></DT><DD><FONT SIZE=2>any
agreement or commitment to take any of the actions referred to in clauses&nbsp;(c) through&nbsp;(p) above. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17&nbsp;&nbsp;&nbsp;&nbsp;<U>Contracts;
No Defaults.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Part&nbsp;2.17(a)
of the Company Disclosure Schedule lists, and, except to the extent filed in full without redaction as an exhibit to a Filed Company SEC Report, the Company has
made available (or, in the case of clause&nbsp;(iv) below, delivered) to Parent copies of, each Acquired Corporation Contract (including any amendment to any of the foregoing):
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>required
to be filed pursuant to paragraphs&nbsp;(b)(9) or&nbsp;(b)(10) of Item&nbsp;601 of Regulation&nbsp;S-K of the SEC;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>with
any director or officer of the Company (other than any Plans applicable generally to employees, copies of which were made available to Parent, or Contracts
executed pursuant to, and in accordance with, such Plans), or with any affiliate of the Company and required to be disclosed pursuant to Item&nbsp;404 of Regulation&nbsp;S-K of the
SEC;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>evidencing,
governing or relating to indebtedness incurred by any Acquired Corporation for borrowed money or any guarantee by any Acquired Corporation of indebtedness
of any other Person;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>any
Contract with any Material Customer or any New&nbsp;Material Customer or with any other Person which constituted one of the top ten customers of the Acquired
Corporations, measured by revenue, for the six months ended June&nbsp;30, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD><FONT SIZE=2>that
in any material way purports to restrict the business activity of any Acquired Corporation or any of their affiliates or to limit the freedom of any Acquired
Corporation or any of their affiliates to engage in any line of business or to compete with any Person or in any geographic area or to retain any Person (other than any such limit in the scope of any
license granted to an Acquired Corporation for any Proprietary Asset or any non-compete, non-solicitation or similar restriction applicable to any director, officer or employee
of an Acquired Corporation, in his or her individual capacity);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD><FONT SIZE=2>providing
for indemnification of any officer, director, employee or agent (but, as to agents, excluding customary commercial indemnifications such as those contained in
credit agreements with institutional lenders);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(vii)</FONT></DT><DD><FONT SIZE=2>except
for Contracts evidencing Company Options, (A)&nbsp;relating to the acquisition, issuance, voting, registration, sale or transfer of any securities,
(B)&nbsp;providing any Person with any preemptive right, right of participation, right of maintenance or any similar right with respect to any Acquired Corporation securities, or
(C)&nbsp;providing any of the Acquired Corporations with any right of first refusal with respect to, or right to repurchase or redeem, any securities; </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-28</FONT></P>

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<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(viii)</FONT></DT><DD><FONT SIZE=2>any
warranty of the type referred to in Section&nbsp;2.18, except for Contracts substantially identical to the standard forms previously delivered by the Company to
Parent or as set forth in a Contract referred to in clause&nbsp;(iv), above;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ix)</FONT></DT><DD><FONT SIZE=2>relating
to any currency hedging;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(x)</FONT></DT><DD><FONT SIZE=2>to
which any Acquired Corporation and any Governmental Body is a party or constituting any subcontract or other Contract between any Acquired Corporation and any
contractor or subcontractor to any Governmental Body and relating to a Contract between such contractor or subcontractor and such Governmental Body;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(xi)</FONT></DT><DD><FONT SIZE=2>requiring
that any of the Acquired Corporations give any notice or provide any information to any Person prior to considering or accepting any Acquisition Proposal or
similar proposal, or prior to entering into any discussions, agreement, arrangement or understanding relating to any Acquisition Transaction or similar transaction; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(xii)</FONT></DT><DD><FONT SIZE=2>contemplating
or involving the payment or delivery of cash or other consideration to any supplier of materials or components used by any Acquired Corporation in the
manufacturing process in an amount or having a value in excess of $1,000,000 during the twelve month periods prior to and following the date of this Agreement. </FONT></DD></DL>
</UL>
</UL>

<P><FONT SIZE=2>Each
of the foregoing is a "</FONT><FONT SIZE=2><B>Material Contract</B></FONT><FONT SIZE=2>." </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Each
Material Contract is valid and in full force and effect, and is enforceable in accordance with its terms, subject to the Bankruptcy and Equity Exception.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Except
as set forth in Part&nbsp;2.17(c) of the Company Disclosure Schedule: (i)&nbsp;none of the Acquired Corporations has violated or breached, or committed any default under,
any Material Contract, except for violations, breaches and defaults that have not had and would not reasonably be likely to have a Material Adverse Effect on the Acquired Corporations; and, to the
knowledge of the Company, no other Person has violated or breached, or committed any default under, any Material Contract, except for violations, breaches and defaults that have not had and would not
reasonably be likely to have a Material Adverse Effect on the Acquired Corporations; (ii)&nbsp;to the knowledge of the Company, no event has occurred, and no circumstance or condition exists, that
(with or without notice or lapse of time) will or would reasonably be likely to, (A)&nbsp;result in a violation or breach of any of the provisions of any Material Contract, (B)&nbsp;give any
Person the right to declare a default or exercise any remedy under any Material Contract, (C)&nbsp;give any Person the right to receive or require a rebate, chargeback, penalty or change in delivery
schedule under any Material Contract, (D)&nbsp;give any Person the right to accelerate the maturity or performance of any Material Contract, or (E)&nbsp;give any Person the right to cancel,
terminate or modify any Material Contract, except in each such case for defaults, acceleration rights, termination rights and other rights that have not had and would not reasonably be likely to have
a Material Adverse Effect on the Acquired Corporations; and (iii)&nbsp;none of the Acquired Corporations has received any written notice or, to the knowledge of the Company, other communication
asserting any actual or alleged violation or breach of, or default under, any Material Contract, except in each such case for defaults, acceleration rights, termination rights and other rights that
have not had and would not reasonably be likely to have a Material Adverse Effect on the Acquired Corporations. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale
of Products; Performance of Services.</U>&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in Part&nbsp;2.18 of the Company Disclosure Schedule, no
customer or other Person has asserted or threatened to assert in writing, and/to the Company's knowledge, none of the Acquired Corporations have received any other communication or information
asserting any claim against any of the Acquired Corporations (i)&nbsp;under or based upon any warranty provided by or on behalf of any of the Acquired Corporations, or </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-29</FONT></P>

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<P><FONT SIZE=2>(ii)&nbsp;under
or based upon any other warranty relating to any product, system, program, Proprietary Asset or other asset, manufactured, assembled, sold, repaired, or otherwise made available by
any of the Acquired Corporations or any services performed by any of the Acquired Corporations, in any case that individually, or in the aggregate with claims relating to the same or similar products
or services, (A)&nbsp;would reasonably be likely to result in liabilities to the Acquired Corporations of $500,000 or more or (B)&nbsp;reflect a significant and continuing defect in the Acquired
Corporation's workmanship. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19&nbsp;&nbsp;&nbsp;&nbsp;<U>Insurance.</U>&nbsp;&nbsp;&nbsp;&nbsp;Part&nbsp;2.19
of the Company Disclosure Schedule sets forth a list of each insurance policy maintained by the
Acquired Corporations. All such policies are in full force and effect, all premiums due thereon have been paid, and the Acquired Corporations have complied with the provisions of such policies and,
except as set forth in Part&nbsp;2.19 of the Company Disclosure Schedule, will remain in full force and effect after consummation of the Contemplated Transactions. The Acquired Corporations have not
been advised of any defense to coverage in connection with any claim to coverage asserted or noticed by the Acquired Corporations under or in connection with any of their extant insurance policies.
The Acquired Corporations have not received any written notice from or on behalf of any insurance carrier issuing policies or binders relating to or covering any of the Acquired Corporations that
there will be a cancellation or non-renewal of existing policies or binders, or that alteration of any equipment or any improvements to real estate occupied by or leased to or by the
Acquired Corporations, purchase of additional equipment, or material modification of any of the methods of doing business, will be required. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20&nbsp;&nbsp;&nbsp;&nbsp;<U>Labor
Matters.</U>&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth on Part&nbsp;2.20 of the Company Disclosure Schedule: (a)&nbsp;none of the Acquired
Corporations is a party to, or bound by, any collective bargaining agreement, contract or other agreement or understanding with a labor union or labor organization; nor is any application for
certification with respect to a union-organizing campaign outstanding; (b)&nbsp;to the knowledge of the Company, none of the Acquired Corporations is the subject of any Legal Proceeding asserting
that any of the Acquired Corporations has committed an unfair labor practice or seeking to compel it to bargain with any labor organization as to wages or conditions of employment; (c)&nbsp;there is
no strike, work stoppage or other labor dispute involving any of the Acquired Corporations pending or, to the Company's knowledge, threatened; (d)&nbsp;to the knowledge of the Company, no complaint,
charge or Legal Proceeding by or before any Governmental Body brought by or on behalf of any employee, prospective employee, former employee, retiree, labor organization or other representative of its
employees is pending or threatened against any of the Acquired Corporations; (e)&nbsp;to the knowledge of the Company, no grievance is pending or threatened against any of the Acquired Corporations;
and (f)&nbsp;none of the Acquired Corporations is a party to, or otherwise bound by, any consent decree with, or citation by, any Governmental Body relating to employees or employment practices.
Except as set forth in Part&nbsp;2.20 of the Company Disclosure Schedule, there are no grants or subsidies from any Governmental Body to any Acquired Corporation related to employment, employee
training and/or employment practices that are subject to any repayment obligation on the part of any Acquired Corporation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21&nbsp;&nbsp;&nbsp;&nbsp;<U>Interests
of Officers and Directors.</U>&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in Part&nbsp;2.21 of the Company Disclosure Schedule or disclosed
in the Filed Company SEC Reports and other than the normal rights of a stockholder and rights under the Plans and the Company Stock Options, none of the officers or directors of any of the Acquired
Corporations has any interest in any property, real or personal, tangible or intangible, used in the business of the Acquired Corporations or in any supplier, distributor or customer of the Acquired
Corporations (but excluding ownership of publicly-traded securities), or any relationship, contract, agreement, arrangement or understanding with the Acquired Corporations that would be required to be
disclosed in a Company SEC Report. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights
Plan; State Antitakeover Laws; DGCL.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Company has not entered into, and its Board of Directors has not adopted or
authorized the adoption of, a stockholder rights plan or similar arrangement. Other than Section&nbsp;203 of the DGCL, no state takeover statute or similar statute or </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-30</FONT></P>

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<P><FONT SIZE=2>regulation
of the State of Delaware (and, to the knowledge of the Company, of any other state or jurisdiction) applies or purports to apply to this Agreement or the Contemplated Transactions and no
provision of the certificate of incorporation, bylaws or other Organizational Documents of the Company or any of its Subsidiaries or the terms of any plan or agreement of the Company would, directly
or indirectly, restrict or impair the ability of Parent to vote, or otherwise to exercise the rights of a stockholder with respect to, securities of the Company and its Subsidiaries that may be
acquired or controlled by Parent or permit any stockholder to acquire securities of the Company or of Parent or any of their respective Subsidiaries on a basis not available to Parent in the event
that Parent were to acquire securities of the Company. Subject to Section&nbsp;3.12 hereof, the Company has taken all appropriate actions (including approval by its Board of Directors of the
execution and delivery of each Stockholder Agreement) so that the restrictions on business combinations contained in Section&nbsp;203 of the DGCL will not apply to Parent or Merger Sub with respect
to or as a result of any of the Contemplated Transactions, including all transactions contemplated by each Stockholder Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Payments.</U>&nbsp;&nbsp;&nbsp;&nbsp;Since December&nbsp;31, 2000, none of the Company or any of its Subsidiaries, nor any director, officer,
designated agent or employee of the Company or any of its Subsidiaries, or to the Company's knowledge, any other Person acting for or on behalf of the Company or any of its Subsidiaries, has directly
or indirectly (a)&nbsp;made any contribution, gift, bribe, rebate, payoff, influence payment, kickback or other payment to any person, private or public, regardless of form, whether in money,
property or services (i)&nbsp;to obtain favorable treatment in securing business, (ii)&nbsp;to pay for favorable treatment for business secured or (iii)&nbsp;to obtain special concessions or for
special concessions already obtained, for or in respect of the Company or any of its subsidiaries, in each case which is in violation of any Legal Requirement or order or decree of any Governmental
Body or (b)&nbsp;established or maintained any fund or asset that is required by the Exchange Act to be recorded in the books and records of the Company which has not been so recorded. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24&nbsp;&nbsp;&nbsp;&nbsp;<U>Opinion
of Financial Advisor.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Company's Board of Directors has received the opinions of each of Credit Suisse First
Boston&nbsp;LLC ("</FONT><FONT SIZE=2><B>CSFB</B></FONT><FONT SIZE=2>") and Sonenshine Pastor&nbsp;&amp;&nbsp;Co.&nbsp;LLC ("</FONT><FONT SIZE=2><B>Sonenshine</B></FONT><FONT SIZE=2>"), each
dated as of October&nbsp;14, 2003, each to the effect that, as of the date of such opinion and based upon and subject to the matters stated in the opinion, the Share Exchange Ratio is fair from a
financial point of view to the holders of Company Common Stock (other than, in the case of the opinion of CSFB, those certain private equity funds affiliated or associated with CSFB that own shares of
Company Common Stock and the Stockholders and their respective affiliates. Copies of such opinions and the respective engagement letters for CSFB and Sonenshine have been delivered to Parent). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25&nbsp;&nbsp;&nbsp;&nbsp;<U>Brokers.</U>&nbsp;&nbsp;&nbsp;&nbsp;No
broker, finder, investment banker or other Person is entitled to any brokerage, finder's or other fee or
commission in connection with the Merger and the Contemplated Transactions based upon arrangements made by or on behalf of any Acquired Corporation. The Company has heretofore furnished to Parent a
copy of all Acquired Corporation Contracts between the Company and each of
CSFB and Sonenshine pursuant to which such firm would be entitled to any payment relating to the Contemplated Transactions. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26&nbsp;&nbsp;&nbsp;&nbsp;<U>Board
Recommendation.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Company, at a meeting duly called and held, has by unanimous vote of those
directors present (who constituted all of the directors then in office) (a)&nbsp;determined that this Agreement and the transactions contemplated hereby, including the Merger, are advisable and are
fair to and in the best interests of the stockholders of the Company, and (b)&nbsp;resolved to recommend that the holders of shares of capital stock of the Company adopt this Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-31</FONT></P>

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<P><FONT SIZE=2><A
NAME="page_de2148_1_32"> </A> </FONT> <FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27&nbsp;&nbsp;&nbsp;&nbsp;<U>F-4/Proxy Statement.</U>&nbsp;&nbsp;&nbsp;&nbsp;None of the information supplied or to be supplied by or on behalf of the Company for
inclusion or incorporation by reference in the Form&nbsp;F-4 Registration Statement will, at the time the Form&nbsp;F-4 Registration Statement is filed with the SEC or at
the time it becomes effective under the Securities Act, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make
the statements therein, in the light of the circumstances under which they are made, not misleading. None of the information supplied or to be supplied by or on behalf of the Company for inclusion or
incorporation by reference in the Proxy Statement will, at the time the Proxy Statement is mailed to the stockholders of the Company or at the time of the Company Stockholders Meeting, contain any
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which
they are made, not misleading. The Proxy Statement will comply as to form in all material respects with the provisions of the Exchange Act and the rules and regulations promulgated by the SEC
thereunder. </FONT></P>

<P><FONT SIZE=2>SECTION 3:&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties of Parent and Merger Sub.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parent
and Merger Sub represent and warrant to the Company as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Organization
and Good Standing.</U>&nbsp;&nbsp;&nbsp;&nbsp;Parent and each of its Subsidiaries are corporations duly organized, validly existing and in
good standing under the laws of their respective jurisdictions of incorporation, with all requisite corporate power and authority to conduct their respective businesses as now being conducted, to own
or use the respective properties and assets that they purport to own or use, and to perform all their respective obligations under Contracts to which Parent or any of its Subsidiaries is party or by
which Parent or any of its Subsidiaries or any of their respective assets are bound. Parent and each of its Subsidiaries are duly qualified to do business as a foreign corporation and are in good
standing under the laws of each state or other jurisdiction in which either the ownership or use of the properties owned or used by them or the nature of the activities conducted by them requires such
qualifications, except where the failure to be so qualified would not be reasonably likely to, individually or in the aggregate, have a Material Adverse Effect on Parent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Authority;
No Conflict.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Parent
and Merger Sub each have all necessary corporate power and authority to execute and deliver this Agreement and the other agreements referred to in this Agreement, to perform
their respective obligations hereunder and to consummate the Contemplated Transactions. The execution and delivery of this Agreement by each of Parent and Merger Sub and the consummation by each of
Parent and Merger Sub of the Contemplated Transactions have been duly and validly authorized by all necessary corporate action on its part and no other corporate proceedings on the part of Parent or
Merger Sub are necessary to authorize this Agreement or to consummate the Contemplated Transactions (other than, with respect to the Merger, the filing of a certificate of merger required by the
DGCL). This Agreement has been duly and validly executed and delivered by Parent and Merger Sub and constitutes the legal, valid and binding obligation of Parent and Merger Sub, enforceable against
Parent and Merger Sub in accordance with its terms, subject to the Bankruptcy and Equity Exception.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Except
as set forth in Part&nbsp;3.2(b) of the Parent Disclosure Schedule, neither the execution and delivery of this Agreement nor the consummation of any of the Contemplated
Transactions will, directly or indirectly (with or without notice or lapse of time or both): (i)&nbsp;contravene, conflict with, or result in a violation of (A)&nbsp;any provision of the
Organizational Documents of Parent or any of its Subsidiaries, or (B)&nbsp;any resolution adopted by the Board of Directors or the shareholders of Parent or any of its Subsidiaries; or
(ii)&nbsp;subject to compliance with the requirements specified in clauses&nbsp;(A) through&nbsp;(D) of Section&nbsp;3.2(c), contravene, conflict with, or result in a violation of, or give any
Governmental Body or other Person the right to challenge any of the Contemplated Transactions or to exercise any remedy or obtain any relief </FONT></DD></DL>
</UL>
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<P><FONT SIZE=2>under,
any Legal Requirement or any order, injunction, writ or decree to which Parent or any of its Subsidiaries, or any of the assets owned or used by Parent or any of its Subsidiaries, may be
subject, except, in the case of clause&nbsp;(ii), for&nbsp;any such conflicts or violations that would not be reasonably likely to prevent or delay consummation of the Merger in any material
respect, or otherwise would not prevent Parent from performing any of its material obligations under this Agreement in any material respect. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>The
execution and delivery of this Agreement by Parent do not, and the performance of this Agreement and the consummation of the Contemplated Transactions by Parent will not, require
any Consent of, or filing with or notification to, any Governmental Body, except (i)&nbsp;for (A)&nbsp;applicable requirements, if any, of the Securities Act, the Exchange Act, The New&nbsp;York
Stock Exchange or the Toronto Stock Exchange, (B)&nbsp;the pre-merger notification requirements of the HSR Act, (C)&nbsp;filing of appropriate merger documents as required by the DGCL
and (D)&nbsp;the non-United&nbsp;States competition, antitrust and investment laws set forth in Part&nbsp;3.2(c) of the Parent Disclosure Schedule and (ii)&nbsp;where failure to
obtain such Consents, or to make such filings or notifications, would not prevent or delay consummation of the Merger in any material respect, or otherwise prevent Parent from performing any of its
material obligations under this Agreement in any material respect, and would not reasonably be likely to, individually or in the aggregate, result in a Material Adverse Effect on Parent. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;<U>Capital
Structure.</U>&nbsp;&nbsp;&nbsp;&nbsp;The authorized capital stock of Parent consists of an unlimited number of Parent Subordinate Voting Shares,
an unlimited number of Multiple Voting Shares and an unlimited number of Preference Shares, issuable in series. As of the date of this Agreement (except as otherwise noted), (i)&nbsp;170,327,693
Parent Subordinate Voting Shares (plus any Parent Subordinate Voting Shares issued since October&nbsp;10, 2003 pursuant to outstanding grants under Parent employee benefit plans ("Parent Plans"))
and 39,065,950 Multiple Voting Shares are issued and outstanding, (ii)&nbsp;23,420,224 Parent Subordinate Voting Shares are reserved for issuance pursuant to outstanding grants under Parent Plans
(less any Parent Subordinate Voting Shares issued since October&nbsp;10, 2003, pursuant to outstanding grants under the Parent Plans, and plus any grants made after September&nbsp;29, 2003 under
the Parent Plans), 13,309,349 Parent Subordinate Voting Shares are reserved for issuance upon exercise of authorized but unissued stock options under Parent Plans (less any grants made after
September&nbsp;29, 2003 under the Parent Plans), and 6,722,992 Parent Subordinate Voting Shares have been reserved for issuance upon conversion of Parent's outstanding Liquid Yield
Option&#153; Notes<SUP>(1)</SUP>
Due 2020 ("</FONT><FONT SIZE=2><B>LYONs</B></FONT><FONT SIZE=2>"), (iii)&nbsp;39,065,950 Parent Subordinate Voting Shares are reserved for issuance upon conversion of outstanding Multiple Voting
Shares and (iv)&nbsp;no Preference Shares are issued, reserved for issuance or outstanding. Except as set forth above, and except as contemplated by the parenthetical in clause&nbsp;(ii), no
shares of capital stock or other equity or voting securities of Parent are issued, reserved for issuance or outstanding. All outstanding shares of capital stock of Parent are, and all Parent
Subordinate Voting Shares which may be issued pursuant to the Parent Plans will, when issued, be duly authorized, validly issued, fully paid and nonassessable and not subject to preemptive rights.
Other than the LYONs, there are not any bonds, debentures, notes or other indebtedness or securities of Parent having the right to vote (or convertible into, or exchangeable for, securities having the
right to vote) on any matters on which stockholders of Parent may vote. Other than the Parent Subordinate Voting Shares issuable in </FONT></P>

<HR NOSHADE ALIGN="LEFT" WIDTH="60">

<P><FONT SIZE=1>(1)&nbsp;&nbsp;&nbsp;&#153; Trademark of Merrill Lynch &amp; Co., Inc. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-33</FONT></P>

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<P><FONT SIZE=2>connection
with the Merger and the capital stock described in the second sentence of this Section&nbsp;3.3, there are not any Options of any kind to which Parent is a party or by which it is bound
obligating Parent to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of capital stock or other equity or voting securities of Parent or obligating Parent to issue,
grant, extend or enter into any such Option. Except for repurchase obligations pursuant to the indenture governing the LYONs, there are no outstanding rights, commitments, agreements, arrangements or
undertakings of any kind obligating Parent to repurchase, redeem or otherwise acquire or dispose of any shares of capital stock or other equity or voting securities of Parent or any securities of the
type described in the two immediately preceding sentences. None of the outstanding equity securities of Parent was issued in violation of the Securities Act or any Legal Requirement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;<U>SEC
Reports.</U>&nbsp;&nbsp;&nbsp;&nbsp;Parent has on a timely basis filed all forms, reports and documents required to be filed by it with the SEC since
December&nbsp;31, 2000. Part&nbsp;3.4 of the Parent Disclosure Schedule lists and Parent has delivered to the Company copies in the form filed with the SEC of all of the following, except to the
extent available in full without redaction (other than redaction as to which confidential treatment has been requested or granted) on the SEC's web site through EDGAR two days prior to the date of
this Agreement: (i)&nbsp;Parent's Annual Reports on Form&nbsp;20-F for&nbsp;each fiscal year of Parent beginning since December&nbsp;31, 2000, (ii)&nbsp;all proxy statements
relating to Parent's meetings of stockholders (whether annual or special) held, and all information statements relating to stockholder consents, since the beginning of the first fiscal year referred
to in clause&nbsp;(i) above, (iii)&nbsp;its Current Reports on Form&nbsp;6-K filed since the beginning of the first fiscal year referred to in clause&nbsp;(i) above,
(iv)&nbsp;all other forms, reports, registration statements and other documents (other than preliminary materials if the corresponding definitive materials have been provided to the Company pursuant
to, or are available through EDGAR as contemplated by, this Section&nbsp;3.4) filed by Parent with the SEC since the beginning of the first fiscal year referred to in clause&nbsp;(i) above (the
forms, reports, registration statements and other documents referred to in clauses&nbsp;(i), (ii), (iii) and&nbsp;(iv) above, whether or not available through EDGAR, are, collectively, the
"</FONT><FONT SIZE=2><B>Parent SEC Reports</B></FONT><FONT SIZE=2>"), and (v)&nbsp;all certifications and statements required by (x)&nbsp;the SEC's Order dated June&nbsp;27, 2002 pursuant to
Section&nbsp;21(a)(1) of the Exchange Act (File No.&nbsp;4-460), (y)&nbsp;Rule&nbsp;13a-14 or&nbsp;15d-14 under the Exchange Act, or (z)&nbsp;18 U.S.C.
&sect;1350 (Section&nbsp;906 of the Sarbanes-Oxley Act of 2002) with respect to any report referred to in clause&nbsp;(i) or&nbsp;(ii) above (collectively, the
"</FONT><FONT SIZE=2><B>Certifications</B></FONT><FONT SIZE=2>"), and (vi)&nbsp;all comment letters received by Parent from the Staff of the SEC since December&nbsp;31, 2000 and all responses to
such comment letters by or on behalf of Parent. The Parent SEC Reports (x)&nbsp;were or will be prepared in accordance with the requirements of the Securities Act and the Exchange Act, as the case
may be, and the rules and regulations thereunder and (y)&nbsp;did not at the time they were filed with the SEC, or will not at the time they are filed with the SEC, contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements made therein, in the light of the circumstances under which they were made,
not misleading. The Certifications (other than those containing materiality qualifications) are each true and correct in all material respects and the Certificates containing materiality
qualifications are each true and correct in all respects. No Subsidiary of Parent is or has been required to file any form, report, registration statement or other document with the SEC. The Parent
and its Subsidiaries maintain disclosure controls and procedures required by Rule&nbsp;13a-15 or&nbsp;15d-15 under the Exchange Act; such controls and procedures are
designed to ensure that all material information concerning Parent and its Subsidiaries is made known on a timely basis to the individuals responsible for the preparation of Parent's filings with the
SEC and other public disclosure documents. Parent is in compliance with the applicable listing rules of The New&nbsp;York Stock Exchange and the Toronto Stock Exchange and has not since
December&nbsp;31, 2000 received any notice from The New&nbsp;York Stock Exchange or the Toronto Stock Exchange asserting any non-compliance with such rules. As used in this
Section&nbsp;3.4, the term "</FONT><FONT SIZE=2><B>file</B></FONT><FONT SIZE=2>" has the meaning given to it in Section&nbsp;2.4. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Statements.</U>&nbsp;&nbsp;&nbsp;&nbsp;The financial statements and notes contained or incorporated by reference in the Parent SEC Reports
fairly present the financial condition and the results of operations, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-34</FONT></P>

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<P><FONT SIZE=2>changes
in stockholders' equity, and cash flow of Parent and its Subsidiaries as at the respective dates of and for the periods referred to in such financial statements, all in accordance with
generally accepted Canadian accounting principles (and, in the case of the Parent's annual financial statements included in its Annual Reports on Form&nbsp;20-F, with a reconciliation to
US GAAP), subject, in the case of interim financial statements, to normal recurring year-end adjustments (the effect of which will not, individually or in the aggregate, be materially
adverse) and the omission of notes (that, if presented, would not differ materially from notes to the financial statements included in Parent's Annual Report on Form&nbsp;20-F
for&nbsp;the year ended December&nbsp;31, 2002); the financial statements referred to in this Section&nbsp;3.5 reflect the consistent application of such accounting principles throughout the
periods involved, except as disclosed in the notes to such financial statements. No financial statements of any Person other than Parent and its Subsidiaries are required by generally accepted
Canadian accounting principles to be included in the consolidated financial statements of the Company. Parent has designed and is using a system of internal accounting controls sufficient to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements for external purposes in accordance with Canadian generally accepted accounting
principles and the Exchange Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Matters.</U>&nbsp;&nbsp;&nbsp;&nbsp;Neither Parent nor Merger Sub has taken any action, nor to Parent's or Merger Sub's knowledge is there any fact or
circumstance, that could reasonably be expected to prevent the Merger from qualifying as a reorganization under Section&nbsp;368(a) of the Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Undisclosed Liabilities.</U>&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Parent SEC Reports, at the date of this Agreement, Parent has no
liabilities or obligations of any nature (whether absolute, accrued, contingent, choate or inchoate or otherwise) that would be required to be reflected in a balance sheet prepared in accordance with
Canadian generally accepted accounting principles or disclosed in the notes thereto, except for liabilities or obligations adequately and fully reflected or reserved against in the balance sheet, or
disclosed in the notes thereto, included in Parent's balance sheet dated June&nbsp;30, 2003 as filed with Parent's Form&nbsp;6-K filed with the SEC, liabilities incurred since
June&nbsp;30, 2003 in the ordinary course of business, and contingent or inchoate liabilities that would not reasonably be likely to have a Material Adverse Effect on Parent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal
Proceedings.</U>&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Parent SEC Reports, at the date of this Agreement, there is no pending Legal
Proceeding (a)&nbsp;that has been commenced by or against Parent or its Subsidiaries or that otherwise relates to or may affect the business of, or any of the assets owned or used by, Parent or its
Subsidiaries, except for such Legal Proceedings as are normally incident to the business carried on by Parent and its Subsidiaries and would not reasonably be likely to, individually or in the
aggregate, result in a Material Adverse Effect on Parent, (b)&nbsp;that would prevent or materially delay the consummation of the Contemplated Transactions or (c)&nbsp;against any director or
officer of Parent pursuant to Section&nbsp;8A or&nbsp;20(b) of the Securities Act or Section&nbsp;21(d) or&nbsp;21C of the Exchange Act. Neither Parent nor any Subsidiary is subject to any
outstanding order, writ, injunction or decree which
has had or is reasonably likely to have a Material Adverse Effect on Parent or which would prevent or materially delay the consummation of the Contemplated Transactions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Certain Changes and Events.</U>&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Parent SEC Reports, from June&nbsp;30, 2003 to the date of
this Agreement, (a)&nbsp;Parent has conducted its business only in the ordinary course of business consistent with past practice and there has not been any Material Adverse Effect on Parent, and
(b)&nbsp;no event has occurred or circumstance exists that would be reasonably likely, individually or in the aggregate, to result in a Material Adverse Effect on Parent. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10&nbsp;&nbsp;&nbsp;&nbsp;<U>Brokers.</U>&nbsp;&nbsp;&nbsp;&nbsp;No
broker, finder, investment banker or other Person is entitled to any brokerage, finder's or other fee or
commission in connection with the Merger and the Contemplated Transactions based upon arrangements made by or on behalf of Parent. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-35</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11&nbsp;&nbsp;&nbsp;&nbsp;<U>F-4/Proxy
Statement.</U>&nbsp;&nbsp;&nbsp;&nbsp;None of the information supplied or to be supplied by or on behalf of Parent for inclusion or
incorporation by reference in the Form&nbsp;F-4 Registration Statement will, at the time the Form&nbsp;F-4 Registration Statement is filed with the SEC or at the time it
becomes effective under the Securities Act, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under which they are made, not misleading. None of the information supplied or to be supplied by or on behalf of Parent for inclusion or
incorporation by reference in the Proxy Statement will, at the time the Proxy Statement is mailed to the stockholders of the Company or at the time of the Company Stockholders Meeting, contain any
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which
they are made, not misleading. The Form&nbsp;F-4 Registration Statement will comply as to form in all material respects with the provisions of the Securities Act and the rules and
regulations promulgated by the SEC thereunder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12&nbsp;&nbsp;&nbsp;&nbsp;<U>Company
Stock.</U>&nbsp;&nbsp;&nbsp;&nbsp;Parent and Merger Sub are not, nor at any time during the last three years have either been, an "interested
stockholder" of the Company as defined in Section&nbsp;203 of the DGCL. Neither Parent nor Merger Sub owns (directly or indirectly, beneficially or of record), or is a party to, any agreement,
arrangement or understanding for the purpose of acquiring, holding, voting or disposing of, in each case, any shares of capital stock of the Company (other than as contemplated by this Agreement and
the Stockholder Agreements). </FONT></P>

<P><FONT SIZE=2>SECTION 4:&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Pre-Closing Covenants of the Company and Parent.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Access
and Investigation.</U>&nbsp;&nbsp;&nbsp;&nbsp;During the period from the date of this Agreement through the Effective Time (the
"</FONT><FONT SIZE=2><B>Pre-Closing Period</B></FONT><FONT SIZE=2>"), subject to applicable Antitrust Laws relating to the exchange of information, the Company shall, and shall cause the
respective Representatives of the Acquired Corporations, to: (i)&nbsp;provide Parent and Parent's Representatives, through the Chief Executive Officer of the Company and his direct reports (the
"Senior Operating Committee"), with reasonable access to the Acquired Corporations' Representatives and personnel, including the Company's officers responsible for the preparation of the financial
statements, internal controls and disclosure controls and procedures of the Acquired Corporations, and assets and to all existing books, records, Tax Returns, work papers and other documents and
information relating to the Acquired Corporations; and (ii)&nbsp;provide Parent and Parent's Representatives with such copies of the existing books, records, Tax Returns, work papers and other
documents and information relating to the Acquired Corporations, and with such additional financial, operating and other data and information regarding the Acquired Corporations, all as Parent may
reasonably request. Without limiting the generality of the foregoing, during the Pre-Closing Period, the Company shall promptly provide Parent with copies of: (A)&nbsp;all material
monthly or other periodic operating and financial reports prepared by the Company and its Subsidiaries for one or more members of the Senior Operating Committee in the ordinary course of business or
for the Board of Directors of the Company or any committee thereof, including (1)&nbsp;copies of the unaudited monthly consolidated balance sheets of the Company and its consolidated Subsidiaries
and the related unaudited monthly consolidated statements of operations, statements of stockholders' equity and statements of cash flows and (2)&nbsp;copies of any strategic development plans,
write-off reports (if any), hiring reports and capital expenditure reports prepared for the one or more members of the Senior Operating Committee; (B)&nbsp;any written materials or
communications sent by or on behalf of the Company to its stockholders; (C)&nbsp;any material notice or document sent by or on behalf of any of the Acquired Corporations to any party to any Material
Contract or sent to any of the Acquired Corporations by any party to any Material Contract (other than any communication that relates solely to commercial transactions between the Company and the
other party to any such Material Contract and that is of the type sent in the ordinary course of business and consistent with past practices); (D)&nbsp;any notice, report or other document filed
with or sent to any Governmental Body in connection with the Merger or any of the other Contemplated </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-36</FONT></P>

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<P><FONT SIZE=2>Transactions;
and (E)&nbsp;any material notice, report or other document received by any of the Acquired Corporations from any Governmental Body. Without limiting the generality of the foregoing,
during the period from the date of this Agreement through the Effective Time, Parent shall be permitted to perform environmental reviews (including subsurface testing) of the properties of the
Acquired Corporations; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that Parent shall not conduct any subsurface testing unless
(a)&nbsp;such testing is directly related to a finding of a "Recognized Environmental Condition" contained in any Phase&nbsp;I environmental site assessment conducted by Parent or delivered to
Parent pursuant to Section&nbsp;2.14(g) hereunder or the existence of an obvious environmental condition, (b)&nbsp;Parent promptly provides a copy of all data and reports obtained from such
subsurface sampling to the Company and (c)&nbsp;Parent does not disclose or otherwise report the results of such sampling to any third party or Governmental Body (i)&nbsp;unless Parent concludes
that such disclosure or report is required by Environmental Law and (ii)&nbsp;Parent first provides the Company with a reasonable opportunity to make such disclosure or report. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Operation
of the Business; Certain Notices; Tax Returns.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>During
the Pre-Closing Period, except as expressly provided or permitted herein, set forth in Part&nbsp;4.2 of the Company Disclosure Schedule or as consented to in
writing by Parent: (i)&nbsp;the Company shall ensure that each of the Acquired Corporations conducts its business and operations (A)&nbsp;in the ordinary course and in accordance with past
practices and (B)&nbsp;in compliance in all material respects with all applicable Legal Requirements and the requirements of all Material Contracts (which for purposes of this Section shall include
any Acquired Corporation Contract that would be a Material Contract if existing on the date of this Agreement); (ii)&nbsp;the Company shall use all reasonable efforts to ensure that each of the
Acquired Corporations preserves intact its current business organization, keeps available the services of its current officers and employees and maintains its relations and goodwill with all
suppliers, customers, landlords, creditors, licensors, licensees, employees and other Persons having business relationships with the respective Acquired Corporations; (iii)&nbsp;the Company shall
use reasonable efforts to keep in full force all insurance policies referred to in Section&nbsp;2.19; and&nbsp;(iv) the Company shall promptly notify Parent of (A)&nbsp;any written notice from
any Person, or other communication or information of which the Company has knowledge, alleging that the Consent of such Person is or may be required in connection with the Contemplated Transactions,
and (B)&nbsp;any Legal Proceeding commenced or threatened in writing against, relating to or involving or otherwise affecting any of the Acquired Corporations that relates to the consummation of the
Contemplated Transactions.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>During
the Pre-Closing Period, except as expressly provided or permitted herein (including in Section&nbsp;5.4), as set forth in Part&nbsp;4.2 of the Company
Disclosure Schedule or as consented to in writing by Parent, the Company shall not (without the prior written consent of Parent, which Parent may withhold in its sole discretion), and shall not permit
any of the other Acquired Corporations to:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>except
for dividends paid or payable upon the Series&nbsp;A Preferred or Series&nbsp;B Preferred in accordance with the terms of the Preferred Governing Documents,
declare, accrue, set aside or pay any dividend or make any other distribution in respect of any shares of capital stock or other equity or voting securities, split, combine or reclassify any of its
capital stock, or other equity or voting securities or issue or authorize the issuance of any other securities in respect of, in lieu of or in substitution for shares of its capital stock or other
equity or voting securities or repurchase, redeem or otherwise reacquire any shares of capital stock or other securities of any Acquired Corporation or any options, warrants, calls or rights to
acquire any such shares or other securities (including any Company Options or shares of restricted stock except pursuant to forfeiture conditions of such </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-37</FONT></P>

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<UL>
<UL>

<P><FONT SIZE=2>restricted
stock), or take any action that would result in any amendment, modification or change of any term of any debt security of any Acquired Corporation; </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>sell,
issue, grant or authorize the issuance or grant of (A)&nbsp;any capital stock or other security, (B)&nbsp;any option, call, warrant or right to acquire any
capital stock or other security, or (C)&nbsp;any instrument convertible into or exchangeable for any capital stock or other security (except that the Company may (x)&nbsp;issue Company Common
Stock (I)&nbsp;upon the valid exercise of Options outstanding as of the date of this Agreement, (II)&nbsp;pursuant to the ESPP and (III)&nbsp;upon conversion of or as a payment of dividends on
the Series&nbsp;A Preferred or Series&nbsp;B Preferred, or&nbsp;in satisfaction of the Optional Make Whole Payment payable upon Series&nbsp;B Preferred in accordance with the Preferred
Governing Documents, and (y)&nbsp;grant Options of the Company to employees hired after the date of this Agreement in amounts and upon terms consistent with past practices (except the vesting of any
such options shall not accelerate upon the consummation of the Merger)) which grants shall not exceed options to purchase 20,000 shares of Company Common Stock to any one employee or options to
purchase 40,000 shares of Company Common Stock in any 30-day period;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>amend
or waive any of its rights under, or take actions to accelerate the vesting under, any provision of any of the Company's stock option plans, any provision of any
agreement evidencing any outstanding stock option or any restricted stock purchase agreement, or otherwise modify any of the terms of any outstanding option, warrant or other security or any related
Contract;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>subject
to applicable Legal Requirements, amend or permit the adoption of any amendment to its certificate of incorporation or bylaws or other Organizational Documents,
or effect or become a party to any recapitalization, reclassification of shares, stock split, reverse stock split or similar transaction;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD><FONT SIZE=2>form
any Subsidiary or acquire any equity interest or other interest in (including the purchase of all or a substantial portion of the assets of) any other Entity;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD><FONT SIZE=2>make
any capital expenditure (except that the Acquired Corporations may make capital expenditures that, when added to all other capital expenditures made on behalf of
the Acquired Corporations during the Pre-Closing Period, do not exceed $3,000,000 in the aggregate per fiscal quarter);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(vii)</FONT></DT><DD><FONT SIZE=2>other
than in the ordinary course of business, enter into or become bound by any Material Contract, or amend or terminate, or waive or exercise any material right or
remedy under, any Material Contract;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(viii)</FONT></DT><DD><FONT SIZE=2>acquire,
lease or license any right or other asset from any other Person or sell or otherwise dispose of, or lease or license, any right or other asset to any other
Person (except in each case for assets acquired, leased, licensed or disposed of by the Company in the ordinary course of business and consistent with past practices), or waive or relinquish any
material right, other than in the ordinary course of business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ix)</FONT></DT><DD><FONT SIZE=2>lend
money to any Person, other than to an Acquired Corporation, or incur, repurchase, prepay or guarantee any indebtedness (except that the Company may make routine
borrowings and repayments in the ordinary course of business and in accordance with past practices under its currently existing lines of credit and in connection therewith make loans to or guarantee
the indebtedness of any Acquired Corporation) or issue or sell any debt securities or options, warrants, calls or other rights to acquire any debt securities of any Acquired Corporation; </FONT></DD></DL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-38</FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(x)</FONT></DT><DD><FONT SIZE=2>except
as required by any applicable Legal Requirement, establish, adopt or amend any employee benefit plan, pay any bonus or make any profit-sharing or similar payment
to, or increase the amount of the wages, salary, commissions, fringe benefits or other compensation or remuneration payable to, any of its directors, officers or employees (except that the Company may
make routine, reasonable salary increases in connection with the Company's customary employee review process and may pay customary bonuses consistent with past practices payable in accordance with
existing bonus plans referred to in Part&nbsp;2.12(a) of the Company Disclosure Schedule or any employment agreement identified in the Company Disclosure Schedule);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(xi)</FONT></DT><DD><FONT SIZE=2>hire
any new employee at the level of director or above or with an annual base salary in excess of $150,000, promote any employee to the level of director or above
except in order to fill a position vacated after the date of this Agreement, or engage any consultant or independent contractor for a period exceeding 30&nbsp;days unless such engagement may be
cancelled without penalty upon not more than 30&nbsp;days' notice;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(xii)</FONT></DT><DD><FONT SIZE=2>change
any of its personnel policies in any material respect, or any of its methods of accounting or accounting policies in any respect except as may be required by US
GAAP or any Legal Requirement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(xiii)</FONT></DT><DD><FONT SIZE=2>sell,
license, mortgage or otherwise encumber or subject to any Encumbrance (other than pursuant to existing credit arrangements) or otherwise dispose of any of its
material properties or assets other than in the ordinary course of business consistent with past practices;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(xiv)</FONT></DT><DD><FONT SIZE=2>except
as required by any applicable Legal Requirement, adopt or enter into any collective bargaining agreement or other labor union Contract applicable to the
employees of any Acquired Corporation, or take action to terminate the employment of any employee of any Acquired Corporation that has an employment, severance or similar agreement or arrangement with
any Acquired Corporation providing for the payment of any severance in excess of amounts generally provided to employees of such Acquired Corporation in the applicable Relevant Jurisdiction;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(xv)</FONT></DT><DD><FONT SIZE=2>make
or change any material Tax election, change any material annual Tax accounting period, adopt or change any material method of Tax accounting, file any amended Tax
Return, enter into any closing agreement, settle any material Tax claim or assessment, surrender any right to claim a material Tax refund, consent to the extension or waiver of the limitations period
applicable to any material Tax claim or assessment;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(xvi)</FONT></DT><DD><FONT SIZE=2>except
with respect the Legal Proceedings set forth on Part&nbsp;4.2(b)(xvi) of the Company Disclosure Schedule, (x)&nbsp;pay, discharge, settle or satisfy any
material claims (including claims of stockholders and any stockholder litigation relating to this Agreement, the Merger or any other Contemplated Transaction or otherwise), liabilities or obligations
(whether absolute, accrued, asserted or unasserted, contingent or otherwise), other than the payment, discharge or satisfaction in the ordinary course of business or as required by their terms as in
effect on the date of this Agreement of claims, liabilities or obligations reflected or reserved against in the Balance Sheet (or the notes thereto) or incurred since the date of the Balance Sheet in
the ordinary course of business, (y)&nbsp;waive, release, grant or transfer any right of material value other than in the ordinary course of business or (z)&nbsp;commence any Legal Proceeding
other than any Legal Proceeding related to the enforcement of the Company's rights under this Agreement and the Contemplated Transaction; </FONT></DD></DL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-39</FONT></P>

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<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(xvii)</FONT></DT><DD><FONT SIZE=2>take
any action or omit to take any action that would reasonably be likely to cause the representations or warranties set forth in Section&nbsp;2 not to be true at
the Closing, such that the condition set forth in Section&nbsp;7.1 would not be satisfied at the Closing; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(xviii)</FONT></DT><DD><FONT SIZE=2>agree
or commit to take any of the actions described in clauses&nbsp;(i) through&nbsp;(xviii) of this Section&nbsp;4.2(b).
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>During
the Pre-Closing Period, Parent shall not, and shall not permit any of its Subsidiaries to:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>take
any actions that are likely to materially impair its ability to consummate the Merger hereby or materially delay the consummation thereof; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>publicly
announce or state that Parent or its Subsidiaries will, or that Parent or its Subsidiaries has any plans or proposals to, (A)&nbsp;terminate any relationship
with any customers of the Acquired Corporations, (B)&nbsp;terminate the employment of or lay off any employee or employees of the Acquired Corporations at any specific facility or (C)&nbsp;shut
down or curtail operations at any specific facility of the Acquired Corporations, </FONT><FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, that Parent shall not be prohibited from making
statements that would otherwise be prohibited by the restrictions set forth above (x)&nbsp;to the extent that such statements are required to be made in order to comply with applicable Legal
Requirements, (y)&nbsp;in connection with one-on-one interviews with employees as part of pre-closing integration activities so long as the Company shall have
approved the general message to be delivered and approach of such interview (such approval not to be unreasonably withheld) and each such interview substantially conforms to the approved general
message and approach therefor or (z)&nbsp;in connection with meetings with groups of employees as part of pre-closing integration activities so long as Parent has provided the Company
with prior written notice of such meetings, the Company and Parent shall have jointly determined the general message and approach of such meetings (it being understood that the Company shall
reasonably cooperate in the making of such determination) and representatives of the Company and Parent each shall have the right to attend and participate in such meeting; </FONT> <FONT SIZE=2><I>provided, further</I></FONT><FONT SIZE=2> that
notwithstanding the foregoing proviso, Parent may not use the exceptions set forth in clauses&nbsp;(y) and&nbsp;(z) above to
make statements that would have the effect of materially frustrating the purpose of the restrictions otherwise contained in this Section&nbsp;4.2(c)(ii) or&nbsp;that are made as part of a device
or scheme to evade such restrictions. Nothing in this Section&nbsp;4.2(c)(ii) shall restrict discussions among Parent personnel and members of management of Parent and/or members of management of
the Acquired Corporations and those persons directly involved in planning and implementing integration activities.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>During
the Pre-Closing Period, each of the Company and Parent shall promptly notify the other in writing of: (i)&nbsp;the discovery by it of any event, condition, fact
or circumstance that occurred or existed on or prior to the date of this Agreement and that caused or constitutes a material inaccuracy in any representation or warranty made by it in this Agreement;
(ii)&nbsp;any event, condition, fact or circumstance that occurs, arises or exists after the date of this Agreement and that would cause or constitute a material inaccuracy in any representation or
warranty made by it in this Agreement if (A)&nbsp;such representation or warranty had been made as of the time of the occurrence, existence or discovery of such event, condition, fact or
circumstance, or (B)&nbsp;such event, condition, fact or circumstance had occurred, arisen or existed on or prior to the date of this Agreement; (iii)&nbsp;any material breach of any covenant or
obligation by it; (iv)&nbsp;any event, condition, fact or circumstance that would make the timely satisfaction of any of the conditions set forth in Section&nbsp;6, Section&nbsp;7 or
Section&nbsp;8 impossible or unlikely or that has had or is reasonably likely to have a Material Adverse Effect on the </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-40</FONT></P>

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<P><FONT SIZE=2>Acquired
Corporations or Parent (as the case may be); and (v)&nbsp;any written notice or other written communication from any party to a Material Contract or any Governmental Body alleging that the
Consent of such Person is or may be required in connection with the Contemplated Transactions. No notification given to Parent pursuant to this Section&nbsp;4.2(d) shall limit or otherwise affect
any of the representations, warranties, covenants or obligations of any party contained in this Agreement. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>The
Company agrees that all Tax Returns with respect to the Company and each other Acquired Corporation that are not required to be filed on or before the date hereof (i)&nbsp;will,
to the extent required to be filed on or before the Closing Date, be filed when due in accordance with all applicable Legal Requirements, and (ii)&nbsp;as of the time of filing, will be true,
complete and correct in all material respects. The Company and each other Acquired Corporation will pay all Taxes shown as due on such Tax Returns and all other Taxes which the Company or any other
Acquired Corporation is required to pay on or before the Closing Date (other than Taxes it is contesting in good faith). </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Solicitation.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The
Company shall not directly or indirectly, and shall not authorize or permit any of the other Acquired Corporations or any Representative of any of the Acquired Corporations
directly or indirectly to, (i)&nbsp;solicit or initiate, or knowingly encourage, induce or facilitate, the making, submission or announcement of any Acquisition Proposal or take any action that
could reasonably be expected to lead to an Acquisition Proposal, (ii)&nbsp;furnish any information regarding any of the Acquired Corporations to any Person in connection with or in response to an
Acquisition Proposal or an inquiry or indication of interest that could reasonably be expected to lead to an Acquisition Proposal, (iii)&nbsp;engage in discussions or negotiations with any Person
with respect to any Acquisition Proposal, (iv)&nbsp;approve, endorse or recommend any Acquisition Proposal or (v)&nbsp;enter into any letter of intent or similar document or any Contract
contemplating or otherwise relating to any Acquisition Transaction; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that prior to the
adoption of this Agreement by the Required Company Stockholder Vote, this Section&nbsp;4.3(a) shall not prohibit the Company from furnishing nonpublic information regarding the Acquired Corporations
to, or entering into discussions or negotiations with, any Person in response to a Qualified Acquisition Proposal that the Board of Directors determines in good faith is reasonably likely to result in
a Superior Proposal and which Qualified Acquisition Proposal is submitted to the Company by such Person (and not withdrawn) if (1)&nbsp;neither the Company nor any Representative of any of the
Acquired Corporations shall have violated any of the restrictions set forth in this Section&nbsp;4.3, (2)&nbsp;the Board of Directors of the Company concludes in good faith, after consultation
with its outside legal counsel, that such action is required in order for the Board of Directors of the Company to comply with its fiduciary obligations to the Company's stockholders under applicable
Legal Requirements, (3)&nbsp;at least two business days prior to furnishing any such nonpublic information to, or entering into discussions or negotiations with, such Person, the Company gives
Parent written notice of the identity of such Person and of the Company's intention to furnish nonpublic information to, or enter into discussions or negotiations with, such Person, (4)&nbsp;the
Company receives from such Person an executed confidentiality agreement containing (A)&nbsp;customary limitations on the use and disclosure of all nonpublic written and oral information furnished to
such Person by or on behalf of the Company no less favorable to the Company than the provisions contained in that certain mutual nondisclosure agreement dated May&nbsp;27, 2003 between the Company
and Parent (the "</FONT><FONT SIZE=2><B>Mutual Nondisclosure Agreement</B></FONT><FONT SIZE=2>") and (B)&nbsp;"standstill" provisions that prohibit such Person from purchasing any Company
securities or commencing any exchange or tender offer for Company securities other than pursuant to a definitive agreement with the Company for a negotiated transaction that constitutes a Superior
Proposal that has been approved by the Board of Directors of the Company, and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-41</FONT></P>

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<UL>

<P><FONT SIZE=2>(5)&nbsp;concurrently
with furnishing any such nonpublic information to such Person, the Company furnishes such nonpublic information to Parent (to the extent such nonpublic information has not been
previously furnished by the Company to Parent). Without limiting the generality of the foregoing, the Company acknowledges and agrees that any violation of or the taking of any action inconsistent
with any of the restrictions set forth in the preceding sentence by any Representative of any of the Acquired Corporations shall be deemed to constitute a breach of this Section&nbsp;4.3 by the
Company. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
Company shall promptly (and in no event later than 24&nbsp;hours after receipt of any Acquisition Proposal or any request for nonpublic information) advise Parent orally and
promptly thereafter in writing of any Acquisition Proposal or any request for nonpublic information relating to any of the Acquired Corporations (including the identity of the Person making or
submitting such Acquisition Proposal or request, and the terms thereof) that is made or submitted by any Person during the Pre-Closing Period. The Company shall keep Parent informed on a
current basis with respect to material developments relating to any such Acquisition Proposal or request and any material modification or proposed material modification thereto.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Upon
the execution and delivery of this Agreement, the Company shall immediately cease and cause to be terminated any existing discussions with any Person that relate to any
Acquisition Proposal.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>The
Company agrees not to release or permit the release of any Person from, or to waive or permit the waiver of any provision of, any confidentiality or "standstill" agreement that
prohibits any Person from purchasing any Company securities or commencing any exchange or tender offer for Company securities without the prior approval of the Board of Directors of the Company, to
which any of the Acquired Corporations is a party, and will use its best efforts to enforce or cause to be enforced each such agreement. The Company also will promptly request each Person that has
executed, within 12&nbsp;months prior to the date of this Agreement, a confidentiality agreement in connection with its consideration of a possible Acquisition Transaction or equity investment with
the Company or any other Acquired Corporation to return all confidential information heretofore furnished to such Person by or on behalf of any of the Acquired Corporations. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>SECTION 5:&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional Covenants of the Parties.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Statement; Proxy Statement.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>As
promptly as practicable after the date of this Agreement, the Company shall prepare and cause to be filed with the SEC the Proxy Statement and Parent shall prepare and cause to be
filed with the SEC the Form&nbsp;F-4 Registration Statement in which the Proxy Statement will be included as a prospectus, with respect to the issuance of Parent Subordinate Voting
Shares in connection with the Merger. Each of Parent and the Company shall furnish all information concerning it and the holders of its capital stock as the other may reasonably request in connection
with the preparation of the Form&nbsp;F-4 Registration Statement and the Proxy Statement. Each of Parent and the Company shall use all reasonable efforts to cause the
Form&nbsp;F-4 Registration Statement and the Proxy Statement to comply with the rules and regulations promulgated by the SEC and to respond promptly to any comments of the SEC or its
staff, to have the Form&nbsp;F-4 Registration Statement declared effective under the Securities Act as promptly as practicable after it is filed with the SEC, and to enable the Company
to mail the Proxy Statement as promptly as practicable after the Form&nbsp;F-4 Registration Statement is declared effective under the Securities Act. Each of Parent and the Company shall
also promptly file, use all reasonable efforts to cause to become effective as promptly as practicable and, if required, mail to its stockholders any amendment to the Form&nbsp;F-4 </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-42</FONT></P>

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<UL>

<P><FONT SIZE=2>Registration
Statement or the Proxy Statement that becomes necessary after the date the F-4 Registration Statement is declared effective. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>If
at any time prior to the Effective Time either party becomes aware of any event or circumstance which is required to be set forth in an amendment or supplement to the
Form&nbsp;F-4 Registration Statement or the Proxy Statement, it shall promptly inform the other party.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Each
of Parent and the Company will advise the other, promptly after it receives notice thereof, of the time when the Form&nbsp;F-4 Registration Statement has become
effective or any supplement or amendment thereto has been filed, the issuance of any stop order, or any request by the SEC for amendment of the Proxy Statement or Form&nbsp;F-4
Registration Statement or comments thereon or responses thereto and shall supply the other with copies of all correspondence between it or its Representatives, on the one hand, and the SEC, or its
staff or any other governmental officials, on the other hand, with respect to the Form&nbsp;F-4 Registration Statement or the Proxy Statement. Each of the Company and Parent shall
cooperate and provide the other with reasonable opportunity to review and comment on the Form&nbsp;F-4 Registration Statement and the Proxy Statement prior to filing such document with
the SEC.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>Prior
to the Effective Time, Parent shall use reasonable efforts to qualify the Parent Subordinate Voting Shares under the securities or Blue Sky Laws of such jurisdictions as may be
required; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that Parent shall not be required (i)&nbsp;to qualify to do business as a
foreign corporation in any jurisdiction in which it is not now qualified or (ii)&nbsp;to file&nbsp;a general consent to service of process in any jurisdiction. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Company
Stockholders' Meeting.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The
Company shall take all action necessary under all applicable Legal Requirements to call, give notice of and hold a meeting of the holders of capital stock of the Company to vote
on a proposal to adopt this Agreement (the "</FONT><FONT SIZE=2><B>Company Stockholders' Meeting</B></FONT><FONT SIZE=2>"). The Company Stockholders' Meeting shall be held (on a date selected by the
Company in consultation with Parent) as promptly as practicable after the Form&nbsp;F-4 Registration Statement is declared effective under the Securities Act. The Company shall ensure
that all proxies solicited in connection with the Company Stockholders' Meeting are solicited in compliance with all applicable Legal Requirements.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Subject
to Section&nbsp;5.2(c): (i)&nbsp;the Proxy Statement shall include a statement to the effect that the Board of Directors of the Company recommends that the Company's
stockholders vote to adopt this Agreement at the Company Stockholders' Meeting (the recommendation of the Company's Board of Directors that the Company's stockholders vote to adopt this Agreement
being referred to as the "</FONT><FONT SIZE=2><B>Company Board Recommendation</B></FONT><FONT SIZE=2>"); and (ii)&nbsp;the Company Board Recommendation shall not be withdrawn or modified in a
manner adverse to Parent, and no resolution by the Board of Directors of the Company or any committee thereof to withdraw or modify the Company Board Recommendation in a manner adverse to Parent shall
be adopted or proposed.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Notwithstanding
anything to the contrary contained in Section&nbsp;5.2(b), at any time prior to the adoption of this Agreement by the Required Company Stockholder Vote, the Company
Board Recommendation may be withdrawn or modified in a manner adverse to Parent if the Company's Board of Directors determines in good faith, after consultation with the Company's outside legal
counsel, that the withdrawal or modification of the Company Board Recommendation is required in order for the Company's Board of Directors to comply with its fiduciary obligations to the Company's
stockholders under applicable Legal Requirements. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-43</FONT></P>

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<UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3&nbsp;&nbsp;&nbsp;&nbsp;<U>Regulatory
Approvals; Consents.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Subject
to Section&nbsp;5.3(c) and&nbsp;(d), Parent and the Company shall use all reasonable efforts to take, or cause to be taken, all actions necessary to consummate the Merger
and make effective the other Contemplated Transactions. Without limiting the generality of the foregoing, but subject to Section&nbsp;5.3(c) and&nbsp;(d), Parent and the Company (i)&nbsp;shall
make all filings (if any) and give all notices (if any) required to be made and given by such party in connection with the Merger and the other Contemplated Transactions and to submit promptly any
additional information requested in connection with such filings and notices, (ii)&nbsp;shall use all reasonable efforts to obtain each Consent (if any) required to be obtained (pursuant to any
applicable Legal Requirement or Contract, or otherwise) by such party in connection with the Merger or any of the other Contemplated Transactions, and (iii)&nbsp;shall use all reasonable efforts to
lift any restraint, injunction or other legal bar to the Merger. Each of the Company and Parent shall promptly deliver to the other a copy of each such filing made (other than as may be prohibited
under applicable Antitrust Laws), each such notice given and each such Consent obtained during the Pre-Closing Period.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Without
limiting the generality of Section&nbsp;5.3(a), the Company and Parent shall, promptly after the date of this Agreement, prepare and file the notifications required under
the HSR Act and any applicable foreign Antitrust Laws in connection with the Merger. The Company and Parent shall respond as promptly as practicable to any inquiries or requests received from any
Governmental Body in connection with Antitrust Laws or related matters. Each of the Company and Parent shall (1)&nbsp;give the other party prompt notice of the commencement or threat of commencement
of any Legal Proceeding by or before any Governmental Body with respect to the Merger or any of the other Contemplated Transactions, (2)&nbsp;keep the other party informed as to the status of any
such Legal Proceeding or threat, and (3)&nbsp;promptly inform the other party of any material communication concerning Antitrust Laws to or from any Governmental Body regarding the Merger. Except as
may be prohibited by any Governmental Body or by any Legal Requirement, the Company and Parent will consult and cooperate with one another, and will consider in good faith the views of one another, in
connection with any analysis, appearance, presentation, memorandum, brief, argument, opinion or proposal made or submitted in connection with any Legal Proceeding under or relating to the HSR Act or
any other Antitrust Law. Subject to the foregoing, Parent shall be principally responsible for and in control of the process of dealing with any Governmental Body concerning the effect of applicable
Antitrust Laws on the Contemplated Transactions. In addition, except as may be prohibited by any Governmental Body or by any Legal Requirement, in connection with any Legal Proceeding under or
relating to the HSR Act or any other foreign, federal or state Antitrust Law or fair trade law or any other similar Legal Proceeding, each of the Company and Parent will permit authorized
Representatives of the other to be present at each meeting or conference relating to any such Legal Proceeding and to have access to and be consulted in connection with any document, opinion or
proposal made or submitted to any Governmental Body in connection with any such Legal Proceeding.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>At
the request of Parent and in connection with obtaining any Consent required of a Governmental Body, the Company shall agree to divest, sell, dispose of, hold separate or otherwise
take or commit to take any action that limits its freedom of action with respect to its or its Subsidiaries' ability to retain, any of the businesses, product lines or assets of the Company or any of
its Subsidiaries, provided that any such action is conditional upon the consummation of the Merger.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>Notwithstanding
anything to the contrary contained in this Agreement, Parent shall not have any obligation under this Agreement: (i)&nbsp;to dispose or transfer or cause any of its
Subsidiaries to dispose of or transfer any assets (other than immaterial assets), or to commit to cause any </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-44</FONT></P>

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<UL>

<P><FONT SIZE=2>of
the Acquired Corporations to dispose of any assets (other than immaterial assets); (ii)&nbsp;to discontinue or cause any of its Subsidiaries to discontinue offering any product or service, or to
commit to cause any of the Acquired Corporations to discontinue offering any product or service; (iii)&nbsp;to license or otherwise make available, or cause any of its Subsidiaries to license or
otherwise make available, to any Person, any technology, software or other Proprietary Asset (other than immaterial technology, software or other Proprietary Assets), or to commit to cause any of the
Acquired Corporations to license or otherwise make available to any Person any technology, software or other Proprietary Asset (other than immaterial technology, software or other Proprietary Assets);
(iv)&nbsp;to hold separate or cause any of its Subsidiaries to hold separate any assets or operations (either before or after the Closing Date) (other than immaterial assets or operations), or to
commit to cause any of the Acquired Corporations to hold separate any assets or operations (other than immaterial assets or operations); (v)&nbsp;to make or cause any of its Subsidiaries to make any
commitment (to any Governmental Body or otherwise) regarding its future operations or the future operations of any of the Acquired Corporations, or (vi)&nbsp;to contest any Legal Proceeding brought
by a Governmental Body that challenges the Merger under applicable Antitrust Laws (for purposes hereof any request for additional documentation shall not be deemed a Legal Proceeding). </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>The
Company shall use all reasonable efforts to obtain the consents and waivers required to satisfy Parent's and Merger Sub's condition to Closing set forth in Section&nbsp;7.3. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock
Options and Preferred Stock.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Subject
to Section&nbsp;5.4(b), at the Effective Time, all rights with respect to Company Common Stock under each Option of the Company then outstanding shall be converted into and
become rights with respect to Parent Subordinate Voting Shares, and Parent shall assume each such Option of the Company in accordance with the terms (as in effect as of the date of this Agreement) of
the stock option plan under which it was issued and the terms of the stock option agreement by which it is evidenced or the warrant agreement under which it was issued, as applicable. From and after
the Effective Time: (i)&nbsp;each Option of the Company assumed by Parent may be exercised solely for Parent Subordinate Voting Shares; (ii)&nbsp;the number of Parent Subordinate Voting Shares
subject to each Option of the Company that represents the right to acquire one share of Company Common Stock shall be equal to the Share Exchange Ratio of a Parent Subordinate Voting Share and the
exercise price under each such Option of the Company shall remain the same; (iii)&nbsp;the number of Parent Subordinate Voting Shares subject to each Option of the Company that represents the right
to acquire more than one share of Company Common Stock shall be equal to the number of shares of Company Common Stock subject to such Option of the Company immediately prior to the Effective Time
multiplied by the Share Exchange Ratio, rounding up or down to the nearest whole share, and the per share exercise price under each such Option of the Company shall be adjusted by dividing the per
share exercise price under such Option of the Company by the Share Exchange Ratio and rounding down or up to the nearest cent; and (iv)&nbsp;any restriction on the exercise of any such Option of the
Company shall continue in full force and effect and the term, exercisability, vesting schedule and other provisions of such Option of the Company remaining in effect after the Effective Time shall
otherwise remain unchanged; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that each Option of the Company assumed by Parent in
accordance with this Section&nbsp;5.4(a) shall, in accordance with its terms, be subject to further adjustment as appropriate to reflect any stock split, stock dividend, reverse stock split,
reclassification, recapitalization or other similar transaction subsequent to the Effective Time. Parent shall file with the SEC, no later than five business days after the date on which the Merger
becomes effective, a registration statement on Form&nbsp;S-8 relating to the Parent Subordinate Voting Shares issuable with respect to the Company Stock Options and a registration
statement on Form&nbsp;F-3 relating to the resale of the Parent Subordinate Voting Shares issuable with respect </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-45</FONT></P>

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<UL>
<UL>

<P><FONT SIZE=2>to
warrants assumed by Parent in accordance with this Section&nbsp;5.4(a) and&nbsp;shall use all reasonable efforts to maintain the effectiveness of such registration statement (and maintain the
current status of the prospectus or prospectuses contained therein) for so long as such Company Stock Options or warrants remain outstanding. In addition, Parent shall take all corporate action
necessary to file all documents required to be filed to cause the Parent Subordinate Voting Shares issuable with respect to the Options of the Company assumed by Parent in accordance with this
Section&nbsp;5.4(a) to&nbsp;be listed on The New&nbsp;York Stock Exchange and the Toronto Stock Exchange on or before the Effective Time, subject to notice of issuance. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Notwithstanding
anything to the contrary contained in this Section&nbsp;5.4, in lieu of assuming outstanding Options of the Company in accordance with Section&nbsp;5.4(a), Parent
may, at its election or shall, if required by the terms of any Option of the Company (including the warrants issued on March&nbsp;14, 2002 and the warrants issued on July&nbsp;3, 2003), cause such
outstanding Options of the Company to be replaced by issuing replacement instruments of Parent as nearly equivalent as practicable in substitution therefor.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Within
ten days after the Effective Time, Parent shall deliver to each holder of an Option of the Company an appropriate notice setting forth such holder's rights pursuant to the
Option of the Company, as provided in this Section&nbsp;5.4.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>Prior
to&nbsp;the Effective Time, the Company and Parent shall take all action that may be necessary (under the Plans pursuant to which Options of the Company are outstanding and
otherwise) to effectuate the provisions of this Section&nbsp;5.4 and&nbsp;to ensure that, from and after the Effective Time, holders of Options of the Company have no rights with respect thereto
other than those specifically provided in this Section&nbsp;5.4.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>As
of the Effective Time, the ESPP shall be terminated. The rights of participants in the ESPP with respect to any offering period then underway under the ESPP shall be determined by
treating the last business day prior to the Effective Time as the last day of such offering period and by making such other pro-rata adjustments as may be necessary to reflect the
shortened offering period but otherwise treating such shortened offering period as a fully effective and completed offering period for all purposes under such Plan. Prior to the Effective Time, the
Company shall take all actions (including, if appropriate, amending the terms of the ESPP) that are necessary to give effect to the transactions contemplated by this Section&nbsp;5.4(e).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>If
any shares of Company Common Stock outstanding immediately prior to the Effective Time are subject to a repurchase option, risk of forfeiture or other condition under any
applicable restricted stock purchase agreement or other agreement with the Company or under which the Company has any rights, then the Parent Subordinate Voting Shares issued in exchange for such
shares of Company Common Stock will also be and subject to the same repurchase option, risk of forfeiture or other condition, and the certificates representing Parent Subordinate Voting Shares may
accordingly be marked with appropriate legends. The Company shall take all action that may be necessary to ensure that, from and after the Effective Time, Parent is entitled to exercise any such
repurchase option or other right set forth in any such restricted stock purchase agreement or other agreement. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-46</FONT></P>

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</UL>
</UL>
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<P><FONT SIZE=2><A
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<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD><FONT SIZE=2>Prior
to and at the Effective Time, the Company shall take all actions (which shall be in compliance with all applicable Legal Requirements) as may be necessary under the Company's
(i)&nbsp;Second Restated Certificate of Incorporation, (ii)&nbsp;Certificate of Designations of 5.25% Series&nbsp;A Convertible Preferred Stock and (iii)&nbsp;Certificate of Designations of
4.5% Series&nbsp;B Convertible Preferred Stock, and/or any other applicable governing documents or resolutions (collectively, the "</FONT><FONT SIZE=2><B>Preferred Governing
Documents</B></FONT><FONT SIZE=2>"), including the giving of notices as specified therein, such that at the Effective Time, each outstanding share of Series&nbsp;A Preferred and Series&nbsp;B
Preferred shall, subject to Section&nbsp;1.5 and Section&nbsp;1.8, without any action on the part of the holder thereof, be canceled and cease to be outstanding, and the rights of the holders
thereof as stockholders of the Company shall cease (except for the right to receive the applicable cash consideration or, if a valid Stock Election was made with respect thereto, the applicable number
of Parent Subordinate Voting Shares and any cash consideration payable in respect of the Optional Make Whole Payment, if any). If, after the Effective Time, a valid certificate previously representing
any shares of Series&nbsp;A Preferred or Series&nbsp;B Preferred (other than Dissenting Shares) is presented to the Surviving Corporation or Parent, such certificate shall be canceled and
exchanged for cash or, if a valid Stock Election was made with respect thereto, for Parent Subordinate Voting Shares and any cash consideration payable in respect of the Optional Make Whole Payment,
if any, in accordance with the terms hereof. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5&nbsp;&nbsp;&nbsp;&nbsp;<U>Employee
Benefits.</U>&nbsp;&nbsp;&nbsp;&nbsp;Parent agrees that all employees of the Acquired Corporations who continue employment with Parent, the
Surviving Corporation or any Subsidiary of the Surviving Corporation after the Effective Time ("</FONT><FONT SIZE=2><B>Continuing Employees</B></FONT><FONT SIZE=2>") shall be eligible to continue to
participate in the Surviving Corporation's health, vacation and other non-equity based employee benefit plans; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that (a)&nbsp;nothing in
this Section&nbsp;5.5 or&nbsp;elsewhere in this Agreement shall limit the right of Parent or the Surviving
Corporation to amend or terminate any such health, vacation or other employee benefit plans at any time, and (b)&nbsp;if Parent or the Surviving Corporation terminates any such health, vacation or
other employee benefit plan, then, subject to any necessary transition period, the Continuing Employees shall be eligible to participate in Parent's health, vacation and other non-equity
based employee benefit plans (or those of a Subsidiary of Parent), to substantially the same extent as employees of Parent (or a Subsidiary, if applicable) in similar positions and at similar grade
levels. For all purposes under the employee benefit plans of the Parent or any Subsidiary (other than such plans providing for retiree medical benefits) providing benefits to any Continuing Employee
after the Closing (the "</FONT><FONT SIZE=2><B>New&nbsp;Plans</B></FONT><FONT SIZE=2>"), each Continuing Employee shall be credited with his or her periods of service with the Company before the
Closing for purposes of participation, vesting and benefits levels where length of service is relevant to benefit levels, but not for benefit accrual under any defined benefit plan or any accrual that
would result in any duplication of benefits. In addition, and without limiting the generality of the preceding sentence: (i)&nbsp;each Continuing Employee shall be immediately eligible to
participate, without any waiting time, in any and all New&nbsp;Plans to the extent coverage under such New&nbsp;Plans replaces coverage under a comparable Plan (such Plans, collectively, the
"</FONT><FONT SIZE=2><B>Old Plans</B></FONT><FONT SIZE=2>") and (ii)&nbsp;for purposes of each New&nbsp;Plan providing medical, dental, pharmaceutical or vision benefits to any Continuing
Employee, the Parent shall cause all pre-existing condition exclusions and actively-at-work requirements of such New&nbsp;Plan that did not apply to the Old Plan
to be waived for such Continuing Employee and his or her covered dependents and shall cause any eligible expenses incurred by such Continuing Employee and his or her covered dependents under any Old
Plan to be taken into account under such New&nbsp;Plan for purposes of satisfying all deductible, coinsurance and maximum out-of-pocket requirements applicable to such
Continuing Employee and his or her covered dependents as though such amounts had been paid in accordance with such New&nbsp;Plan. Notwithstanding the foregoing, for purposes of any New&nbsp;Plan
which provides a type of coverage not afforded to Continuing Employees under any of the Old Plans, or any Plan of Parent or a Subsidiary of Parent which provides either post-retirement or
supplemental retirement benefits, the Continuing Employees </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-47</FONT></P>

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<P><FONT SIZE=2>shall
not be eligible to participate, or shall participate at Parent's sole discretion with no credit for his or her periods of service with the Company prior to Closing. Nothing in this
Section&nbsp;5.5 or&nbsp;elsewhere in this Agreement shall be construed to create a right in any employee to employment with Parent, the Surviving Corporation or any other Subsidiary of Parent
and, subject to any other binding agreement between an employee and Parent, the Surviving Corporation or any other Subsidiary of Parent, the employment of each Continuing Employee shall be "at will"
employment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
of Officers and Directors.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>From
the Effective Time through the sixth anniversary of the date on which the Effective Time occurs, each of Parent and the Surviving Corporation shall, jointly and severally,
indemnify and hold harmless each person who is now, or has been at any time prior to the date hereof, or who becomes prior to the Effective Time, a director or officer of the Company or any of its
subsidiaries (the "</FONT><FONT SIZE=2><B>Covered Parties</B></FONT><FONT SIZE=2>"), against all claims, losses, liabilities, damages, judgments, fines and reasonable fees, costs and expenses,
including attorneys' fees and disbursements (collectively, "</FONT><FONT SIZE=2><B>Costs</B></FONT><FONT SIZE=2>"), incurred in connection with any claim, action, suit, proceeding or investigation,
whether civil, criminal, administrative or investigative, arising out of or pertaining to the fact that the Covered Party is or was an officer or director of the Company or any of its subsidiaries
(including the taking of any action or the failure to take any action as a director or officer of any Acquired Corporation in connection with the Contemplated Transactions), whether asserted or
claimed prior to, at or after the Effective Time, to the fullest extent permitted under the DGCL for officers and directors of Delaware corporations. Each Covered Party will be entitled, subject to
applicable Legal Requirements, to advancement of expenses incurred in the defense of any such claim, action, suit, proceeding or investigation from each of Parent and the Surviving Corporation within
ten business days of receipt by Parent or the Surviving Corporation from the Covered Party of a request therefor; </FONT><FONT SIZE=2><I>provided that</I></FONT><FONT SIZE=2> any person to whom
expenses are advanced provides an undertaking, to the extent required by the DGCL, to repay such advances if it is ultimately determined that such person is not entitled to indemnification.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
certificate of incorporation and by-laws of the Surviving Corporation shall contain, and Parent shall cause the certificate of incorporation and by-laws of
the Surviving Corporation to so contain, provisions no less favorable with respect to indemnification, advancement of expenses and exculpation of present and former directors and officers of the
Company and its subsidiaries than are presently set forth in the certificate of incorporation and by-laws of the Company.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Subject
to the next sentence, the Surviving Corporation shall maintain, and Parent shall cause the Surviving Corporation to maintain, at no expense to the beneficiaries, in effect for
six years from the Effective Time the current policies of the directors' and officers' liability insurance maintained by the Company with respect to matters existing or occurring at or prior to the
Effective Time (including the transactions contemplated by this Agreement), so long as the annual premium therefor would not be in excess of 200% of the last annual premium paid prior to the Effective
Time (such 200%, the "</FONT><FONT SIZE=2><B>Maximum Premium</B></FONT><FONT SIZE=2>"). If the Company's existing insurance expires, is terminated or canceled during such six-year period
or exceeds the Maximum Premium, the Surviving Corporation shall obtain, and Parent shall cause the Surviving Corporation to obtain, as much directors' and officers' liability insurance as can be
obtained for the remainder of such period for an annualized premium not in excess of the Maximum Premium, on terms and conditions no less advantageous to the Covered Parties than the Company's
existing directors' and officers' liability insurance.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>Notwithstanding
anything herein to the contrary, if any claim, action, suit, proceeding or investigation (whether arising before, at or after the Effective Time) is made against any
Covered Party, on or prior to the sixth anniversary of the Effective Time, the provisions of </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-48</FONT></P>

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<UL>
<UL>

<P><FONT SIZE=2>Section&nbsp;5.6(a)
shall continue in effect until the final disposition of such claim, action, suit, proceeding or investigation. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>In
the event that Parent or the Surviving Corporation or any of its successors or assigns (i)&nbsp;consolidates with or merges into any other person and shall not be the continuing
or surviving corporation or entity of such consolidation or merger or (ii)&nbsp;transfers or conveys all or substantially all of its properties and assets to any person, then, and in each such case,
proper provision shall be made so that the successors or assigns of Parent or the Surviving Corporation, as the case may be, shall succeed to the obligations set forth in this Section&nbsp;5.6. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclosure.</U>&nbsp;&nbsp;&nbsp;&nbsp;Parent
and the Company shall consult with each other before issuing any press release or otherwise making any
public statement with respect to the Merger or any of the other Contemplated Transactions. Without limiting the generality of the foregoing, neither Parent nor the Company shall, and shall not permit
any of its Representatives to, make any disclosure regarding the Merger or any of the other Contemplated Transactions unless (a)&nbsp;the other shall have approved such disclosure or (b)&nbsp;such
party shall have determined in good faith that such disclosure is required by applicable Legal Requirements. Notwithstanding the foregoing, each party to the transaction (and each employee or other
Representative of each such party) may disclose to any and all persons, without limitations of any kind, the tax treatment and tax structure of the Merger and the other Contemplated Transactions and
all materials of any kind (including opinions or other tax analyses) that are provided to the party relating to such tax treatment and tax structure; provided, however, that the foregoing permission
to disclose the tax treatment and tax structure does not permit the disclosure of any information that is not relevant to understanding the tax treatment or tax structure of the Merger and the other
Contemplated Transactions; provided, further, however, that the tax treatment and tax structure shall be kept confidential to the extent necessary to comply with federal or state securities laws. In
addition, no party is subject to any restriction concerning its consulting with its tax advisers regarding the tax treatment or tax structure of the Merger or the other Contemplated Transactions at
any time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8&nbsp;&nbsp;&nbsp;&nbsp;<U>Resignation
of Officers and Directors.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Company shall use all reasonable efforts to obtain and deliver to Parent prior to
the Closing (to be effective as of the Effective Time) the resignation of each officer and director of each of the Acquired Corporations whose resignation shall have been requested by Parent not less
than 10 business days before the Closing Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;16b-3.</U>&nbsp;&nbsp;&nbsp;&nbsp;Parent,
Merger Sub, and the Company shall take all such steps as may be required and within
its control to cause the Contemplated Transactions and any other dispositions of equity securities of the Company (including derivative securities) in connection therewith by each
individual who is a director or officer of the Company hereunder to be exempt under Rule&nbsp;16b-3 promulgated under the Exchange Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10&nbsp;&nbsp;&nbsp;&nbsp;<U>Affiliate
Agreements.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Company shall use all reasonable efforts to cause each Person who is or becomes (or may be deemed to
be) an "affiliate" (as that term is used in Rule&nbsp;145 under the Securities Act) of the Company to execute and deliver to Parent, prior to the Closing Date, an Affiliate Agreement in the form of </FONT> <FONT
SIZE=2><B>Exhibit&nbsp;D</B></FONT><FONT SIZE=2> (each, an "</FONT><FONT SIZE=2><B>Affiliate Agreement</B></FONT><FONT SIZE=2>").
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11&nbsp;&nbsp;&nbsp;&nbsp;<U>Listing.</U>&nbsp;&nbsp;&nbsp;&nbsp;Parent
shall use all reasonable efforts to cause the Parent Subordinate Voting Shares to be issued in connection with
the Merger pursuant to this Agreement to be approved for listing (subject to notice of issuance) on The New&nbsp;York Stock Exchange and the Toronto Stock Exchange. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12&nbsp;&nbsp;&nbsp;&nbsp;<U>Officers'
Tax Certificates.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>At
or prior to the filing of the Form&nbsp;F-4 Registration Statement, Parent, Merger Sub and the Company shall execute and deliver to Kaye Scholer&nbsp;LLP, counsel
to Parent, and to Hale and Dorr&nbsp;LLP, counsel to the Company, tax representation letters that are customary for </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-49</FONT></P>

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<UL>
<UL>

<P><FONT SIZE=2>transactions
of this type and are in form and substance satisfactory to such counsel. Parent, Merger Sub and the Company shall execute and deliver to Kaye Scholer&nbsp;LLP and to Hale and
Dorr&nbsp;LLP tax representation letters substantially identical to the tax representation letters delivered pursuant to the immediately preceding sentence dated as of the Closing Date, and modified
to reflect changes in Legal Requirements, if any, and such other matters as Kaye Scholer&nbsp;LLP and Hale and Dorr&nbsp;LLP may reasonably request. Following delivery of the tax representation
letters contemplated pursuant to the first sentence of this Section&nbsp;5.12(a), each of Parent and the Company shall use its reasonable efforts to cause Kaye Scholer&nbsp;LLP to deliver to
Parent, and Hale and Dorr&nbsp;LLP to deliver to the Company, a tax opinion with respect to matters as are appropriate for description, and inclusion as exhibits, in the Form&nbsp;F-4
Registration Statement and the Proxy Statement, such opinions to be substantially similar in substance. In rendering such opinions, each of such counsel shall be entitled to rely on the tax
representation letters referred to in this Section&nbsp;5.12(a). </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>None
of Parent, Merger Sub or the Company will take any action that would reasonably be expected to cause the Merger to fail to qualify as a reorganization within the meaning of
Section&nbsp;368(a) of the Code, or fail to take any action the omission of which would reasonably by expected to cause the Merger to fail to so qualify.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>At
or prior to the Closing, the Company shall deliver to Parent certificates, either (i)&nbsp;duly completed and executed pursuant to Section&nbsp;1.1445-2(b)(2) of
the Treasury Regulations, certifying that each stockholder of the Company who owned more than 5% of its outstanding stock is not a "foreign person" within the meaning of Section&nbsp;1445 of the
Code, or (ii)&nbsp;duly completed and executed pursuant to Sections&nbsp;1.897-2(h) and&nbsp;1.1445-2(c) of the Treasury Regulations, issued by the Company certifying
that the shares of the Company are not United&nbsp;States real property interests. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>SECTION 6:&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions Precedent to Obligations of Each Party.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligation of each party to effect the Merger and otherwise consummate the Contemplated Transactions is subject to the satisfaction, at or prior to the Closing, of each of the
following conditions: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Effectiveness
of Form&nbsp;F-4 Registration Statement.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Form&nbsp;F-4 Registration Statement
shall have been declared effective by the SEC in accordance with the provisions of the Securities Act, no stop order suspending the effectiveness of the Form&nbsp;F-4 Registration
Statement shall have been issued by the SEC, and no proceeding for that purpose shall have been initiated or threatened by the SEC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Listing.</U>&nbsp;&nbsp;&nbsp;&nbsp;The
Parent Subordinate Voting Shares to be issued in connection with the Merger pursuant to this Agreement shall have
been approved for listing (subject to official notice of issuance) on The New&nbsp;York Stock Exchange and the Toronto Stock Exchange. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp;<U>Stockholder
Approval.</U>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall have been duly adopted by the Required Company Stockholder Vote. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4&nbsp;&nbsp;&nbsp;&nbsp;<U>HSR
Act.</U>&nbsp;&nbsp;&nbsp;&nbsp;The waiting period applicable to the consummation of the Merger under the HSR Act shall have expired or been
terminated. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Restraints.</U>&nbsp;&nbsp;&nbsp;&nbsp;No temporary restraining order, preliminary or permanent injunction or other order preventing the consummation
of the Merger shall have been issued by any court of competent jurisdiction or any other Governmental Body of a Relevant Jurisdiction and shall remain in effect, and there shall not be any Legal
Requirement of a Relevant Jurisdiction enacted, adopted or deemed applicable to the Merger that makes consummation of the Merger illegal or otherwise prohibits consummation of the Merger. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-50</FONT></P>

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6&nbsp;&nbsp;&nbsp;&nbsp;<U>Foreign
Antitrust Laws.</U>&nbsp;&nbsp;&nbsp;&nbsp;The waiting period applicable to the consummation of the Merger under any applicable Antitrust Law of a
Relevant Jurisdiction shall have expired or been terminated; and any Consent required under any applicable Antitrust Law of a Relevant Jurisdiction shall have been obtained. </FONT></P>

<P><FONT SIZE=2>SECTION 7:&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions Precedent to Obligations of Parent and Merger Sub.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of Parent and Merger Sub to effect the Merger and otherwise consummate the Contemplated Transactions are subject to the satisfaction, at or prior to the Closing of each
of the following conditions: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Accuracy
of Representations.</U>&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties of the Company set forth in this Agreement shall be true and
correct (i)&nbsp;as of the date of this Agreement (except in the case of this clause&nbsp;(i), (a) to&nbsp;the extent such representations and warranties are specifically made as of a particular
date, in which case such representations and warranties shall be true and correct as of such date and (b)&nbsp;where the failure to be true and correct (without regard to any materiality or Material
Adverse Effect qualifications contained therein), individually or in the aggregate, has not had, and is not reasonably likely to have, a Material Adverse Effect on the Acquired Corporations) and
(ii)&nbsp;as of the Closing Date as though made on and as of the Closing Date (except in the case of this clause&nbsp;(ii), (x) to&nbsp;the extent such representations and warranties are
specifically made as of a particular date, in which case such representations and warranties shall be true and correct as of such date, (y)&nbsp;for changes contemplated by this Agreement, and
(z)&nbsp;where the failure to be true and correct (without regard to any materiality or Material Adverse Effect qualifications contained therein), individually or in the aggregate, has not had, and
is not reasonably likely to have, a Material Adverse Effect on the Acquired Corporations), it being understood that, in each case, for purposes of determining the accuracy of such representations and
warranties, any update of or modification to the Company Disclosure Schedule made or purported to have been made after the date of this Agreement shall be disregarded. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Capitalization.</U>&nbsp;&nbsp;&nbsp;&nbsp;The
representations and warranties of the Company set forth in Section&nbsp;2.3 of this Agreement shall be
accurate in all material respects as of the date of this Agreement and the Company shall have complied in all material respects with its covenants in clauses&nbsp;(i), (ii) and&nbsp;(iii) of
Section&nbsp;4.2(b). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3&nbsp;&nbsp;&nbsp;&nbsp;<U>Relevant
Jurisdictions.</U>&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties of the Company set forth in this Agreement, as they relate to the
business or operations of the Acquired Corporations in Spain, the United&nbsp;States, or any state, province or other political subdivision of such jurisdictions, shall be accurate in all material
respects as of the Closing Date as if made on and as of the Closing Date (without regard to any materiality or Material Adverse Effect qualifications contained therein), except where the failure so to
be accurate, individually or in the aggregate, has not and is not reasonably likely to result in a material adverse effect on the ability of the Acquired Corporations to conduct their business in
Spain, the United States, or any state, province or other political subdivision of such jurisdictions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4&nbsp;&nbsp;&nbsp;&nbsp;<U>Customer
Notices.</U>&nbsp;&nbsp;&nbsp;&nbsp;Senior Management shall not have received any written notice, or have knowledge of any other communication,
from authorized Representatives of one or more customers from which it can reasonably be concluded that it is reasonably likely that (a)&nbsp;the consolidated net sales of the Company in fiscal year
2004 will be less than 90% of the consolidated net sales included in the Projections or (b)&nbsp;the Direct Profit Margin Dollars for fiscal year 2004 will be less than 90% of the Direct Profit
Margin Dollars reflected in the Projections; provided, however, that any loss of net sales or Direct Profit Margin Dollars from any customer of the Acquired Corporations resulting directly from
Parent's breach of Section&nbsp;4.2(c)(ii) shall be subtracted from the net sales or Direct Profit Margin </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-51</FONT></P>

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<BR>

<P><FONT SIZE=2>Dollars,
as the case may be, reflected in the Projections for the purposes of the calculations required in this Section&nbsp;7.4. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Material Adverse Effect.</U>&nbsp;&nbsp;&nbsp;&nbsp;Since the date of this Agreement, there shall not have occurred any Material Adverse Effect on the
Acquired Corporations that remains in effect as of the Closing and no event shall have occurred or circumstance shall exist as of the Closing that, in combination with any other events or
circumstances as of the Closing is reasonably likely to have a Material Adverse Effect on the Acquired Corporations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6&nbsp;&nbsp;&nbsp;&nbsp;<U>Performance
of Covenants.</U>&nbsp;&nbsp;&nbsp;&nbsp;Each of the covenants and obligations that the Company is required to comply with or to perform at or
prior to the Closing shall have been complied with or performed in all material respects. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7&nbsp;&nbsp;&nbsp;&nbsp;<U>Consents.</U>&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth in Part&nbsp;7.7 of the Company Disclosure Schedule, all Required Consents shall have been
obtained, made or given and shall be in full force and effect. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreements
and Documents.</U>&nbsp;&nbsp;&nbsp;&nbsp;There shall have been delivered to Parent and effective as of the Closing, a certificate, executed on
behalf of the Company by an executive officer of the Company, confirming that the conditions set forth in Sections&nbsp;7.1, 7.2, 7.3, 7.4, 7.6 and 7.7 have been duly satisfied. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Litigation.</U>&nbsp;&nbsp;&nbsp;&nbsp;There shall not be any pending Legal Proceeding instituted by a Governmental Body in a Relevant Jurisdiction, or
any Legal Proceeding threatened by a Governmental Body of a Relevant Jurisdiction: (a)&nbsp;challenging or seeking to restrain or prohibit the consummation of the Merger or any of the other
Contemplated Transactions; (b)&nbsp;relating to the Merger and seeking to obtain from Parent or any of its Subsidiaries any damages that, if adversely determined, would reasonably be likely to be
material to Parent; (c)&nbsp;seeking to prohibit or limit in any material respect Parent's ability to vote, receive dividends with respect to or otherwise exercise ownership rights with respect to
the stock of the Surviving Corporation or its Subsidiaries; (d)&nbsp;which would materially and adversely affect the right of the Surviving Corporation to own the assets or operate the business of
the Acquired Corporations; (e)&nbsp;seeking to compel Parent or the Company or any Subsidiary of Parent or the Company to dispose of or hold separate any material assets, as a result of the Merger
or any of the other Contemplated Transactions; or (f)&nbsp;which, if adversely determined, would reasonably be likely to have a Material Adverse Effect on the Acquired Corporations or Parent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Opinion.</U>&nbsp;&nbsp;&nbsp;&nbsp;Parent and Merger Sub shall have received an opinion of Kaye Scholer&nbsp;LLP, in form and substance reasonably
satisfactory to Parent and Merger Sub, dated as of the Closing Date, substantially to the effect that, on the basis of facts, representations and assumptions set forth in such opinion, for
United&nbsp;States federal income tax purposes, the Merger will constitute a "reorganization" within the meaning of Section&nbsp;368(a) of the Code; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that if Kaye Scholer&nbsp;LLP does not
render such opinion, this condition shall nonetheless be deemed satisfied if Hale and Dorr&nbsp;LLP
renders such opinion (it being agreed that Parent, Merger Sub and the Company shall each provide reasonable cooperation, including making customary representations for a transaction of this type, to
Hale and Dorr&nbsp;LLP to enable them to render such opinion). In rendering such opinion, Kaye Scholer&nbsp;LLP (or Hale and Dorr&nbsp;LLP, if applicable) shall receive and may rely upon
representations contained in certificates of the Company, Parent and Merger Sub. </FONT></P>

<P><FONT SIZE=2>SECTION 8:&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions Precedent to Obligation of the Company.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligation of the Company to effect the Merger and otherwise consummate the Contemplated Transactions is subject to the satisfaction, at or prior to the Closing, of each of the
following conditions: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Accuracy
of Representations.</U>&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties of Parent and Merger Sub set forth in this Agreement shall be
true and correct (i)&nbsp;as of the date of this Agreement (except in the case of this clause&nbsp;(i), (a) to&nbsp;the extent such representations and warranties are specifically made as of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-52</FONT></P>

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2>a
particular date, in which case such representations and warranties shall be true and correct as of such date and (b)&nbsp;where the failure to be true and correct (without regard to any
materiality or Material Adverse Effect qualifications contained therein), individually or in the aggregate, has not had, and is not reasonably likely to have, a Material Adverse Effect on Parent) and
(ii)&nbsp;as of the Closing Date as though made on and as of the Closing Date (except in the case of this clause&nbsp;(ii), (x) to&nbsp;the extent such representations and warranties are
specifically made as of a particular date, in which case such representations and warranties shall be true and correct as of such date, (y)&nbsp;for changes contemplated by this Agreement and
(z)&nbsp;where the failure to be true and correct (without regard to any materiality or Material Adverse Effect qualifications contained therein), individually or in the aggregate, has not had, and
is not reasonably likely to have, a Material Adverse Effect on Parent). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Performance
of Covenants.</U>&nbsp;&nbsp;&nbsp;&nbsp;Each of the covenants and obligations that Parent or Merger Sub is required to comply with or to
perform at or prior to the Closing shall have been complied with or performed in all material respects. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3&nbsp;&nbsp;&nbsp;&nbsp;<U>Documents.</U>&nbsp;&nbsp;&nbsp;&nbsp;A
certificate executed on behalf of Parent by an executive officer of Parent, confirming that the conditions set
forth in Sections&nbsp;8.1 and&nbsp;8.2 shall have been duly satisfied, shall have been delivered to the Company. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Opinion.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have received an opinion of Hale and Dorr&nbsp;LLP, in form and substance reasonably
satisfactory to the Company, dated as of the Closing Date, substantially to the effect that, on the basis of facts, representations and assumptions set forth in such opinion, for United&nbsp;States
federal income tax purposes, the Merger will constitute a "reorganization" within the meaning of Section&nbsp;368(a) of the Code; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that if
Hale and Dorr&nbsp;LLP does not render such opinion, this condition shall nonetheless be deemed satisfied if Kaye Scholer&nbsp;LLP renders such opinion (it being agreed that Parent, Merger Sub and
the Company shall each provide reasonable cooperation, including making customary representations for a transaction of this type, to Kaye Scholer&nbsp;LLP to enable them to render such opinion). In
rendering such opinion, Hale and Dorr&nbsp;LLP (or Kaye Scholer,&nbsp;LLP, if applicable) shall receive and may rely upon representations contained in certificates of the Company, Parent and
Merger Sub. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Litigation.</U>&nbsp;&nbsp;&nbsp;&nbsp;There shall not be any pending Legal Proceeding instituted by a Governmental Body in a Relevant Jurisdiction, or
any Legal Proceeding threatened by a Governmental Body of a Relevant Jurisdiction, seeking a remedy against any officers or directors of an Acquired Corporation: (a)&nbsp;in connection with a Legal
Proceeding challenging or seeking to restrain or prohibit the consummation of the Merger or any of the other Contemplated Transactions or (b)&nbsp;otherwise relating to the Merger or the other
Contemplated Transactions. </FONT></P>

<P><FONT SIZE=2>SECTION 9:&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination.</U>&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be terminated prior to the Effective Time (whether before or after adoption of this Agreement
by the Company's stockholders): </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>by
mutual written consent of Parent and the Company;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>by
either Parent or the Company by notice to the other if the Merger shall not have been consummated by May&nbsp;31, 2004 (unless the failure to consummate the Merger results from a
failure on the part of the party seeking to terminate this Agreement to perform any material obligation required to be performed by such party at or prior to the Effective Time);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>by
either Parent or the Company by notice to the other if a court of competent jurisdiction or other Governmental Body of a Relevant Jurisdiction shall have issued a final and
nonappealable order, decree or ruling, or shall have taken any other action, having the effect of permanently restraining, enjoining or otherwise prohibiting the Merger; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-53</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>by
either Parent or the Company by notice to the other if (i)&nbsp;the Company Stockholders' Meeting (including any adjournments and postponements thereof) shall have been held and
completed and the Company's stockholders shall have voted on a proposal to adopt this Agreement, and (ii)&nbsp;this Agreement shall not have been adopted at such meeting (and shall not have been
adopted at any adjournment or postponement thereof) by the Required Company Stockholder Vote; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that a party shall not be permitted to
terminate this Agreement pursuant to this Section&nbsp;9.1(d) if the failure to obtain such
stockholder approval results from a failure on the part of such party to perform any material obligation required to be performed by such party at or prior to the Effective Time;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>by
Parent by notice to the Company (at any time prior to the adoption of this Agreement by the Required Company Stockholder Vote) if a Company Triggering Event shall have occurred;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>by
the Company by notice to Parent if (i)&nbsp;the Company has complied with Section&nbsp;4.3 in all material respects; (ii)&nbsp;the Board of Directors of the Company shall
have authorized the Company, subject to complying with the terms of this Agreement, to enter into a written agreement for a transaction that constitutes a Superior Proposal and the Company shall have
notified Parent in writing that it intends to enter into such an agreement, attaching the most current version of such agreement to such notice; and (iii)&nbsp;Parent does not make, within
72&nbsp;hours after receiving the Company's written notice of its intention to enter into a binding agreement for a Superior Proposal, an offer from Parent that the Board of Directors of the
Company, in its good faith judgment, after consultation with its financial and legal advisors, determines is at least as favorable to the stockholders of the Company as the Superior Proposal, </FONT> <FONT SIZE=2><I>provided that</I></FONT><FONT
SIZE=2> the Company shall not be permitted to terminate this Agreement pursuant to this Section&nbsp;9.1(f) unless the Company shall have made
the payment required to be made to Parent pursuant to Section&nbsp;9.3(c);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD><FONT SIZE=2>by
Parent by notice to the Company (i)&nbsp;if (A)&nbsp;any of the Company's representations and warranties shall have been inaccurate as of the date of this Agreement or shall
have become inaccurate as of a date subsequent to the date of this Agreement (as if made on such subsequent date), such that the condition set forth in Section&nbsp;7.1 would not be satisfied and
(B)&nbsp;such inaccuracy is not capable of being cured, or (ii)&nbsp;any of the Company's covenants contained in this Agreement shall have been breached, such that the condition set forth in
Section&nbsp;7.6 is not capable of being satisfied; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD><FONT SIZE=2>by
the Company by notice to Parent (i)&nbsp;if (A)&nbsp;any of Parent's representations and warranties shall have been inaccurate as of the date of this Agreement or shall have
become inaccurate as of a date subsequent to the date of this Agreement (as if made on such subsequent date), such that the condition set forth in Section&nbsp;8.1 would not be satisfied and
(B)&nbsp;such inaccuracy is not capable of being cured, or (ii)&nbsp;if any of Parent's covenants contained in this Agreement shall have been breached such that the condition set forth in
Section&nbsp;8.2 is not capable of being satisfied. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect
of Termination.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>In
the event of the termination of this Agreement as provided in Section&nbsp;9.1, this Agreement shall be of no further force or effect; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>,
that (i)&nbsp;this Section&nbsp;9.2, Section&nbsp;9.3 and Section&nbsp;10
shall survive the termination of this Agreement and shall remain in full force and effect and (ii)&nbsp;the termination of this Agreement shall not relieve any party from any liability for the
making of any representation or warranty by a party that such party knew or would have known, with the exercise of reasonable diligence under the circumstances, was materially inaccurate as of the
date of this Agreement or any willful breach of any covenant or other provision contained in this Agreement. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-54</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
Company shall not adopt or permit to remain in effect any stockholder rights plan, "poison pill" or other arrangement that would permit other stockholders to acquire any
securities of the Company if Parent or Merger Sub acquires Company Common Stock pursuant to the Stockholder Agreements, or, following the exercise of the Stockholder Options, in any manner, or that is
designed to make any such acquisition by Parent or Merger Sub less advantageous, or otherwise take any action that would cause the representation and warranty in Section&nbsp;2.22 to&nbsp;be
inaccurate as of any date; </FONT><FONT SIZE=2><I>provided that</I></FONT><FONT SIZE=2> Parent and Merger Sub have not materially breached this Agreement or the Stockholder Agreements. If Parent or
Merger Sub acquires Company Common Stock pursuant to an exercise of the Stockholder Options, (i)&nbsp;Parent shall not, and shall not permit any of its Subsidiaries to, commence any tender offer or
exchange offer for Company Common Stock or, during the time when any Superior Proposal has been made, publicly announced and is not withdrawn, acquire any additional capital stock of the Company
without the prior written approval of the Board of Directors of the Company and (ii)&nbsp;Parent shall not, and shall not permit any of its Subsidiaries to, exercise and each hereby irrevocably
waives to the fullest extent permissible, any appraisal rights to which any of them may be entitled with respect to the consummation of any Superior Proposal approved by the Board of Directors of the
Company. The agreements in this Section&nbsp;9.2(b) shall survive until six months after termination of this Agreement. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses;
Termination Fees.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Except
as set forth in this Section&nbsp;9.3, all fees and expenses incurred in connection with this Agreement and the Contemplated Transactions shall be paid by the party incurring
such expenses, whether or not the Merger is consummated; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>Parent
and the Company shall share equally all fees and expenses, other than attorneys' and accountant's fees, incurred in connection with (A)&nbsp;the filing,
printing and mailing of the Form&nbsp;F-4 Registration Statement and the Proxy Statement and any amendments or supplements thereto and (B)&nbsp;the filing by the parties hereto of the
premerger notification and report forms relating to the Merger under the HSR Act and the filing of any notice or other document under any applicable foreign Antitrust Law; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>if
this Agreement is terminated by Parent or the Company pursuant to Section&nbsp;9.1(b) or Section&nbsp;9.1(d) and, at or prior to the time of the termination of
this Agreement, an Acquisition Proposal shall have been publicly disclosed, announced, commenced, submitted or made (which shall not have been withdrawn prior to termination of this Agreement by the
Company or Parent), then (without limiting any obligation of the Company to pay any fee payable pursuant to Section&nbsp;9.3(c)) the Company shall make a nonrefundable cash payment to Parent, at the
time specified in Section&nbsp;9.3(c), in an amount equal to the aggregate amount of all fees and expenses (including all attorneys' fees, accountants' fees, financial advisory fees, filing fees and
printing and mailing expenses) that have been paid or that may become payable by or on behalf of Parent in connection with the preparation and negotiation of this Agreement and each Stockholder
Agreement and otherwise in connection with the Contemplated Transactions or its consideration of the Contemplated Transactions; </FONT><FONT SIZE=2><I>provided that</I></FONT><FONT SIZE=2> the
aggregate amount of such fees and expenses shall not exceed $2,000,000 and such amounts shall be credited against any fees payable to Parent pursuant to Sections&nbsp;9.3(b) and&nbsp;9.3(c).
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>If
(i)&nbsp;a Material Adverse Effect occurs in relation to the Acquired Corporations, (ii)&nbsp;such Material Adverse Effect is not cured and (iii)&nbsp;this Agreement is
subsequently terminated pursuant to Section&nbsp;9.1(b) and, at the date of termination, such Material Adverse Effect has not been cured, then the Company shall make a nonrefundable cash payment to
Parent, within two business days after such termination, in an amount equal to the aggregate amount </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-55</FONT></P>

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<UL>
<UL>

<P><FONT SIZE=2>of
all fees and expenses (including all attorneys' fees, accountants' fees, financial advisory fees, filing fees and printing and mailing expenses) that have been paid or that may become payable by or
on behalf of Parent in connection with the preparation and negotiation of this Agreement and each Stockholder Agreement and otherwise in connection with the Contemplated Transactions or its
consideration of the Contemplated Transactions that were incurred during that period commencing on the date of the occurrence of the Material Adverse Effect and ending on the date of termination of
this Agreement; </FONT><FONT SIZE=2><I>provided that</I></FONT><FONT SIZE=2> the aggregate amount of such fees and expenses shall not exceed $2,000,000 and such amounts shall be credited against any
fees payable to Parent pursuant to Sections&nbsp;9.3(a)(ii) and&nbsp;9.3(c). </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>If:
<BR><BR></FONT>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>(x)&nbsp;&nbsp;this
Agreement is terminated by Parent or the Company pursuant to Section&nbsp;9.1(d) or&nbsp;by the Company pursuant to Section&nbsp;9.1(b), or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(y)</FONT></DT><DD><FONT SIZE=2>this
Agreement is terminated by Parent pursuant to Section&nbsp;9.1(b), unless
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(A)</FONT></DT><DD><FONT SIZE=2>the
Merger has not been consummated due to the failure of either party to obtain a Required Consent or Governmental Authorization, and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(B)</FONT></DT><DD><FONT SIZE=2>the
Company has offered to extend the termination date set forth in Section&nbsp;9.1 (b) and&nbsp;Parent has declined to extend such termination date,
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><BR>and,</FONT></DT><DD><FONT SIZE=2>in
 the case of either clause&nbsp;(x) or&nbsp;(y) above,
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>at
or prior to the time of the termination of this Agreement an Acquisition Proposal shall have been publicly disclosed, announced, commenced, submitted or made (which shall not have
been withdrawn prior to such termination) and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>within
one year after the termination of this Agreement an Acquisition Proposal is consummated or the Company shall have entered into an agreement relating to the consummation of an
Acquisition Proposal and that Acquisition Proposal or a different Acquisition Proposal is consummated within two years after the termination of this Agreement, </FONT></DD></DL>
</DD></DL>
</UL>
</DD></DL>
</UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>or
</FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>this
Agreement is terminated by Parent pursuant to Section&nbsp;9.1(e) or&nbsp;by the Company pursuant to Section&nbsp;9.1(f); </FONT></DD></DL>
</UL>
</UL>
</UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>then,
in the case of either clause&nbsp;(i) or&nbsp;(ii) above, the Company shall pay to Parent, in cash at the time specified in the next sentence (against which any amounts payable pursuant to
Section&nbsp;9.3(a) and&nbsp;9.3(b) shall be credited), a nonrefundable fee in the amount equal to $10,000,000. In the case of termination of this Agreement by the Company pursuant to
Section&nbsp;9.1(f), the fee referred to in the preceding sentence shall be paid by the Company prior to the time of, and as a condition to the effectiveness of, such termination; in the case of
termination of this Agreement by Parent pursuant to Section&nbsp;9.1(e), the fee referred to in the preceding sentence shall be paid by the Company within two business days after such termination;
and in the case of a termination of this Agreement pursuant to Section&nbsp;9.1(b) or
Section&nbsp;9.1(d) as described in clause&nbsp;(i) of the first sentence of this Section&nbsp;9.3(c), the fee referred to in the preceding sentence shall be paid by the Company upon
consummation of the Acquisition Proposal. </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>If
the Company fails to pay when due any amount payable under this Section&nbsp;9.3, then, in addition to any such amounts, (i)&nbsp;the Company shall reimburse Parent for all
costs and expenses (including fees and disbursements of counsel) incurred in connection with the </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-56</FONT></P>

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<P><FONT SIZE=2>collection
of such overdue amount and the enforcement by Parent of its rights under this Section&nbsp;9.3, and&nbsp;(ii) the Company shall pay to Parent interest on such overdue amount (for the
period commencing as of the date such overdue amount was originally required to be paid and ending on the date such overdue amount is actually paid to Parent in full) at a rate per annum equal to 1%
over the "prime rate" (as announced by Bank of America, N.A.) in effect on the date such overdue amount was originally required to be paid. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>SECTION 10:&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous Provisions.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment.</U>&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be amended only by an instrument in writing signed by the Company, Merger Sub and Parent at any
time (whether before or after adoption of this Agreement by the stockholders of the Company); </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that (i)&nbsp;each amendment shall have
been duly authorized by the respective Boards of Directors of the Company and Merger Sub and
(ii)&nbsp;after adoption of this Agreement by the Company's stockholders, no amendment shall be made which by law requires further approval of the stockholders of the Company without the further
approval of such stockholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver;
Remedies Cumulative.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The
rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither any failure nor any delay by any party in exercising any right, power or privilege
under this Agreement or any of the documents referred to in this Agreement will operate as a waiver of such right, power or privilege and no single or partial exercise of any such right, power or
privilege will preclude any other or further exercise of such right, power or privilege or the exercise of any other right, power or privilege. To the maximum extent permitted by applicable law,
(i)&nbsp;no claim or right arising out of this Agreement or any of the documents referred to in this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the
claim or right unless in writing signed by the other party; (ii)&nbsp;no waiver that may be given by a party will be applicable except in the specific instance for which it is given; and
(iii)&nbsp;no notice to or demand on one party will be deemed to be a waiver of any obligation of that party or of the right of the party giving such notice or demand to take further action without
notice or demand as provided in this Agreement or the documents referred to in this Agreement.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>At
any time prior to the Effective Time, Parent (with respect to the Company) and the Company (with respect to Parent and Merger Sub), may, to the extent legally allowed,
(i)&nbsp;extend the time for the performance of any of the obligations or other acts of such party to this Agreement, (ii)&nbsp;waive any inaccuracies in the representation and warranties
contained in this Agreement or any document delivered pursuant to this Agreement and (iii)&nbsp;waive compliance with any covenants, obligations or conditions contained in this Agreement. Any
agreement on the part of a party to this Agreement to any such extension or waiver shall be valid only if set forth in a written instrument signed on behalf of such party. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Survival.</U>&nbsp;&nbsp;&nbsp;&nbsp;None of the representations and warranties, or any covenant to be performed prior to the Effective Time,
contained in this Agreement shall survive the Effective Time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>This
Agreement (including the documents relating to the Merger referred to in this Agreement) and the Mutual Nondisclosure Agreement constitute the entire agreement among the parties
to this Agreement with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and oral, among or between any of the parties with
respect thereto. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-57</FONT></P>

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</UL>
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<P><FONT SIZE=2><A
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<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>If
there is any conflict between the provisions of this Agreement and the Mutual Nondisclosure Agreement, the provisions of this Agreement shall supersede the provisions of the Mutual
Nondisclosure Agreement. Without limiting the foregoing:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>The
provisions of Section&nbsp;5.7 of this Agreement supersede the provisions of Section&nbsp;6(a) of the Mutual Nondisclosure Agreement; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>Effective
on the date of this Agreement, the provisions of Section&nbsp;11 of the Mutual Nondisclosure Agreement shall terminate. </FONT></DD></DL>
</DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5&nbsp;&nbsp;&nbsp;&nbsp;<U>Execution
of Agreement; Counterparts; Electronic Signatures.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>This
Agreement may be executed in several counterparts, each of which shall be deemed an original and all of which shall constitute one and the same instrument, and shall become
effective when counterparts have been signed by each of the parties and delivered to the other parties; it being understood that all parties need not sign the same counterpart.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Notwithstanding
the Electronic Signatures in Global and National Commerce Act (15 U.S.C. Sec.&nbsp;7001 </FONT><FONT SIZE=2><I>et seq</I></FONT><FONT SIZE=2>.), the Uniform
Electronic Transactions Act, or any other Legal Requirement relating to or enabling the creation, execution, delivery or recordation of any contract or signature by electronic means, and
notwithstanding any course of conduct engaged in by the parties, no party shall be deemed to have executed this Agreement or any other document contemplated by this Agreement (including any amendment
or other change thereto) unless and until such party shall have executed this Agreement or such document on paper by a handwritten original signature or any other symbol executed or adopted by a party
with current intention to authenticate this Agreement or such other document contemplated. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law.</U>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware,
regardless of the laws that might otherwise govern under applicable principles of conflicts of law thereof. Nothing in this Agreement shall affect the choice of law applicable to any Acquired
Corporation Contract, and each such contract shall continue to be governed by the Legal Requirements specified therein or otherwise applicable thereto in the absence of this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7&nbsp;&nbsp;&nbsp;&nbsp;<U>Consent
to Jurisdiction; Venue.</U>&nbsp;&nbsp;&nbsp;&nbsp;In any action or proceeding between any of the parties arising out of or relating to this
Agreement or any of the transactions contemplated by this Agreement, each of the parties: (a)&nbsp;irrevocably and unconditionally consents and submits to the exclusive jurisdiction and venue of the
Chancery Court of the State of Delaware and the United&nbsp;States District Court for the District of Delaware, and (b)&nbsp;agrees that all claims in respect of such action or proceeding may be
heard and determined exclusively in such courts. For purposes of implementing the foregoing, Parent does hereby appoint CT Corporation as agent to accept service of process in the State of Delaware in
connection with this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8&nbsp;&nbsp;&nbsp;&nbsp;<U>WAIVER
OF JURY TRIAL.</U>&nbsp;&nbsp;&nbsp;&nbsp;EACH OF THE PARTIES IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING
BETWEEN THE PARTIES ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE CONTEMPLATED TRANSACTIONS. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclosure
Schedules.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The
Company Disclosure Schedule and the Parent Disclosure Schedule shall be arranged in separate Parts corresponding to the numbered and lettered sections contained in
Section&nbsp;2 and Section&nbsp;3, respectively. The information disclosed in any numbered or lettered Part shall be deemed to relate to and to qualify the particular representation or warranty
set forth in the corresponding numbered or lettered section in Section&nbsp;2 or Section&nbsp;3, as the case may be, and such other representations and warranties set forth in Section&nbsp;2 or
Section&nbsp;3, as the case may be, whether or not such representations and warranties are qualified by reference to the </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-58</FONT></P>

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<UL>

<P><FONT SIZE=2>Company
Disclosure Schedule or Parent Disclosure Schedule or any part thereof, as applicable, to the extent that it is reasonably apparent from reading such information in the Disclosure Schedules
that such information would also apply to such representations or warranties. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Except
as specifically provided in Part&nbsp;7.7 of the Company Disclosure Schedule, if there is any inconsistency between the provision of this Agreement and statements in the
Company Disclosure Statement or the Parent Company Disclosure Schedule purporting to modify, amend or otherwise change such provisions (other than setting forth an exception to a representation,
warranty or covenant in the Company Disclosure Statement or the Parent Company Disclosure Schedule), the provision of in this Agreement will control.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Except
as specifically provided in Part&nbsp;7.7 of the Company Disclosure Schedule, every statement other than lists or exceptions expressly called for in this Agreement that is
made in the Company Disclosure Schedule shall be deemed to be a representation of the Company in this Agreement as if set forth in Section&nbsp;2. Every statement other than lists or exceptions
expressly called for in this Agreement that is made in the Parent Disclosure Schedule shall be deemed to be a representation of Parent in this Agreement as if set forth in Section&nbsp;3. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignments
and Successors.</U>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be binding upon, and shall be enforceable by and inure solely to the benefit
of, the parties hereto and their respective successors and assigns; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that neither this
Agreement nor any of the Company's rights hereunder may be assigned by the Company without the prior written consent of Parent. Any attempted assignment of this Agreement or of any such rights by the
Company without such consent shall be void and of no effect. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Third Party Rights.</U>&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Agreement, express or implied, is intended to or shall confer upon any Person (other
than the parties hereto) any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that after the
Effective Time, the Covered Parties shall be third party beneficiaries of, and entitled to enforce, Section&nbsp;5.6. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices.</U>&nbsp;&nbsp;&nbsp;&nbsp;All
notices, Consents, waivers and other communications required or permitted by this Agreement shall be in writing
and shall be deemed given to a party when (a)&nbsp;delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); or (b)&nbsp;sent by facsimile
or e-mail with confirmation of transmission by the transmitting equipment confirmed with a copy delivered as provided in clause&nbsp;(a), in each case to the following addresses,
facsimile numbers or e-mail addresses and marked to the attention of the person (by name or title) designated below (or to such other address, facsimile number, e-mail address
or person as a party may designate by notice to the other parties), </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that any communication delivered or sent on a day that is not a business
day or after 5:00&nbsp;p.m. (local time) on a business day shall be deemed to have been delivered or sent on the next following business day; </FONT><FONT SIZE=2><I>provided
further</I></FONT><FONT SIZE=2>, that the immediately preceding proviso shall not apply to any notification provisions herein set forth in terms of hours, which notifications shall be deemed to have
been delivered or sent when actually delivered or sent: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company
(before the Closing): </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>Manufacturers'
Services Limited<BR>
300 Baker Avenue<BR>
Suite&nbsp;106<BR>
Concord, MA 01742 </FONT></P>

<P><FONT SIZE=2>Attention:
Chief Financial Officer and General Counsel<BR>
Fax No.: (978)&nbsp;318-2603<BR>
Confirmation No.: (978)&nbsp;318-2608 </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-59</FONT></P>

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</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
a copy to: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>Hale
and Dorr&nbsp;LLP<BR>
60 State Street<BR>
Boston, MA 02109 </FONT></P>

<P><FONT SIZE=2>Attention:
John Burgess and Jay Bothwick<BR>
Fax No.: (617)&nbsp;526-5000<BR>
Confirmation No.: (617)&nbsp;526-6000 </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parent
and Merger Sub: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>Celestica&nbsp;Inc.<BR>
1150 Eglinton Avenue East<BR>
Toronto, ON M3C&nbsp;1H7<BR>
Canada </FONT></P>

<P><FONT SIZE=2>Attention:
Senior Vice President, Corporate Development<BR>
Fax No.: (416)&nbsp;448-5444<BR>
Confirmation No.: (416)&nbsp;448-4577 </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
copies to: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>Celestica&nbsp;Inc.<BR>
1150 Eglinton Avenue East<BR>
Toronto, ON M3C&nbsp;1H7<BR>
Canada </FONT></P>

<P><FONT SIZE=2>Attention:
Chief Legal Officer<BR>
Fax No.: (416)&nbsp;448-2817<BR>
Confirmation No.: (416)&nbsp;448-4620 </FONT></P>

<P><FONT SIZE=2>and
</FONT></P>

<P><FONT SIZE=2>Kaye
Scholer&nbsp;LLP<BR>
425 Park Avenue<BR>
New&nbsp;York, NY 10022 </FONT></P>

<P><FONT SIZE=2>Attention:
Joel I. Greenberg and Lynn Toby Fisher<BR>
Fax No.: (212)&nbsp;836-8689<BR>
Confirmation No.: (212)&nbsp;836-8000 </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13&nbsp;&nbsp;&nbsp;&nbsp;<U>Cooperation.</U>&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms and conditions of this Agreement, the Company agrees to cooperate fully with Parent and to
execute and deliver such further documents, certificates, agreements and instruments and to take such other actions as may be reasonably requested by Parent to evidence or reflect the transactions
contemplated by this Agreement and to carry out the intent and purposes of this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14&nbsp;&nbsp;&nbsp;&nbsp;<U>Construction;
Usage.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2><U>Interpretation.</U>&nbsp;&nbsp;&nbsp;&nbsp;In
this Agreement, unless a clear contrary intention appears:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
singular number includes the plural number and vice versa;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>reference
to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are not prohibited by this Agreement, and
reference to a Person in a particular capacity excludes such Person in any other capacity or individually;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>reference
to any gender includes each other gender; </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-60</FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>reference
to any agreement, document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance
with the terms thereof;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD><FONT SIZE=2>reference
to any Legal Requirement means such Legal Requirement as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to
time, including rules and regulations promulgated thereunder, and reference to any section or other provision of any Legal Requirement means that provision of such Legal Requirement from time to time
in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such section or other provision;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD><FONT SIZE=2>"hereunder,"
"hereof," "hereto," and words of similar import shall be deemed references to this Agreement as a whole and not to any particular Article, Section or other
provision hereof;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(vii)</FONT></DT><DD><FONT SIZE=2>"including"
(and with correlative meaning "include") means including without limiting the generality of any description preceding such term;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(viii)</FONT></DT><DD><FONT SIZE=2>delivery
of a "copy" or "copies" of any Contract, agreement, document or instrument means delivery of a true, complete and correct copy of such Contract, agreement,
document or instrument;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ix)</FONT></DT><DD><FONT SIZE=2>"or"
is used in the inclusive sense of "and/or";
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(x)</FONT></DT><DD><FONT SIZE=2>with
respect to the determination of any period of time, "from" means "from and including" and "to" means "to but excluding";
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(xi)</FONT></DT><DD><FONT SIZE=2>"dollars"
and "$" means the currency of the United&nbsp;States of America; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(xii)</FONT></DT><DD><FONT SIZE=2>references
to documents, instruments or agreements shall be deemed to refer as well to all addenda, exhibits, schedules or amendments thereto.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2><U>Legal
Representation of the Parties.</U>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement was negotiated by the parties with the benefit of legal representation and any rule of
construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any party shall not apply to any construction or interpretation hereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2><U>Headings.</U>&nbsp;&nbsp;&nbsp;&nbsp;The
headings contained in this Agreement are for the convenience of reference only, shall not be deemed to be a part of this
Agreement and shall not be referred to in connection with the construction or interpretation of this Agreement. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15&nbsp;&nbsp;&nbsp;&nbsp;<U>Enforcement
of Agreement.</U>&nbsp;&nbsp;&nbsp;&nbsp;The parties acknowledge and agree that the parties would be irreparably damaged if any of the
provisions of this Agreement are not performed in accordance with their specific terms and that any breach of this Agreement by any party could not be adequately compensated in all cases by monetary
damages alone. Accordingly, in addition to any other right or remedy to which any party may be entitled, at law or in equity, it shall be entitled to enforce any provision of this Agreement by a
decree of specific performance and temporary, preliminary and permanent injunctive relief to prevent breaches or threatened breaches of any of the provisions of this Agreement, without posting any
bond or other undertaking. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability.</U>&nbsp;&nbsp;&nbsp;&nbsp;If
any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the
other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to
the extent not held invalid or unenforceable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17&nbsp;&nbsp;&nbsp;&nbsp;<U>Time
of Essence.</U>&nbsp;&nbsp;&nbsp;&nbsp;With regard to all dates and time periods set forth or referred to in this Agreement, time is of the
essence. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-61</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>IN WITNESS WHEREOF</B></FONT><FONT SIZE=2>,</FONT><FONT SIZE=2> the parties have caused this Agreement to be executed as of the date first above written. </FONT></P>

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&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>RAHUL SURI</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name:&nbsp;&nbsp;&nbsp;&nbsp;Rahul Suri<BR>
Its:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Development</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><BR><FONT SIZE=2><B>MSL ACQUISITION SUB&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>RAHUL SURI</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name:&nbsp;&nbsp;&nbsp;&nbsp;Rahul Suri<BR>
Its:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><BR><FONT SIZE=2><B>MANUFACTURERS' SERVICES LIMITED</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBERT C. BRADSHAW</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name:&nbsp;&nbsp;&nbsp;&nbsp;Robert C. Bradshaw<BR>
Its:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman, President and<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer<BR></FONT>
</TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>A-62</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dk2148_1_63"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk2148_exhibit_a"> </A>
<A NAME="toc_dk2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT A    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk2148_certain_definitions"> </A>
<A NAME="toc_dk2148_2"> </A>
<BR></FONT><FONT SIZE=2><B>CERTAIN DEFINITIONS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the Agreement (including this </FONT><FONT SIZE=2><B>Exhibit&nbsp;A</B></FONT><FONT SIZE=2>): </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Acquired Corporation Contract</B></FONT><FONT SIZE=2>" means any Contract other than this Agreement or any of the Stockholder Agreements: (a)&nbsp;to which any
of the Acquired Corporations is a party; (b)&nbsp;by which any of the Acquired Corporations or any asset of any of the Acquired Corporations is or may become bound or under which any of the Acquired
Corporations has, or may become subject to, any obligation; or (c)&nbsp;under which any of the Acquired Corporations has or may acquire any right or interest. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Acquired Corporation</B></FONT><FONT SIZE=2>" refers to each of the Company and each Subsidiary of the Company, and "</FONT><FONT SIZE=2><B>Acquired
Corporations</B></FONT><FONT SIZE=2>" means the Company and the Subsidiaries of the Company, collectively. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Acquisition Proposal</B></FONT><FONT SIZE=2>" means any offer, proposal, inquiry or indication of interest (other than an offer, proposal, inquiry or indication
of interest by Parent) contemplating or otherwise relating to any Acquisition Transaction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Acquisition Transaction</B></FONT><FONT SIZE=2>" means any transaction or series of transactions involving: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>any
merger, consolidation, share exchange, business combination, issuance of securities, acquisition of securities, tender offer, exchange offer or other similar transaction
(i)&nbsp;in which any of the Acquired Corporations is a constituent corporation, (ii)&nbsp;in which a Person or "group" (as defined in the Exchange Act) of Persons directly or indirectly acquires
beneficial or record ownership of securities representing more than 20% of the outstanding securities of any class of voting securities of any of the Acquired Corporations, or (iii)&nbsp;in which
any of the Acquired Corporations issues or sells securities representing more than 20% of the outstanding securities of any class of voting securities of any of the Acquired Corporations; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>any
sale (other than sales of Inventory in the ordinary course of business), lease (other than in the ordinary course of business), exchange, transfer (other than sales of Inventory
in the ordinary course of business), license (other than nonexclusive licenses in the ordinary course of business), acquisition or disposition of any business or businesses or assets that constitute
or account for 20% or more of the consolidated net revenues, net income or assets of the Acquired Corporations. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Affiliate Agreement</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;5.10 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Agreement</B></FONT><FONT SIZE=2>" means the Agreement and Plan of Merger to which this </FONT><FONT SIZE=2><B>Exhibit&nbsp;A</B></FONT><FONT SIZE=2> is
attached, as it may be amended from time to time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Antitrust Laws</B></FONT><FONT SIZE=2>" means the HSR Act and any other antitrust, unfair competition, merger or acquisition notification, or merger or
acquisition control Legal Requirements under any applicable jurisdiction, whether federal, state, local or foreign. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Balance Sheet</B></FONT><FONT SIZE=2>" means the balance sheet of the Company dated June&nbsp;30, 2003 as filed with the Company's Quarterly Report on
Form&nbsp;10-Q filed with the SEC for the period ended June&nbsp;30, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Bankruptcy and Equity Exception"</B></FONT><FONT SIZE=2> has the meaning ascribed to it in Section&nbsp;2.2(a) of the Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Blue Sky Laws</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.2(c) of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Certificate of Merger</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;1.3 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>CERCLA</B></FONT><FONT SIZE=2>" means the United&nbsp;States Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C.
&sect;&nbsp;9601 et seq., as amended. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-63</FONT></P>

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<A NAME="page_dk2148_1_64"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Certifications</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Sections&nbsp;2.4 and&nbsp;3.4 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Cleanup</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in clause&nbsp;(c) of the definition to the term Environmental Health and Safety Liability. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Closing</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;1.3 of the Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Closing Agreement</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.11(i) of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Closing Date</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;1.3 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Code</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in the recitals of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Company</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in the opening paragraph of the Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Company Board Recommendation</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;5.2(b) of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Company Common Stock</B></FONT><FONT SIZE=2>" means the Common Stock, $0.001 par value per share, of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Company Disclosure Schedule</B></FONT><FONT SIZE=2>" means the disclosure schedule that has been prepared by the Company in accordance with the requirements of
Section&nbsp;10.9 and&nbsp;that has been delivered by the Company to Parent on the date of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Company SEC Reports</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.4 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Company Stock Certificate</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;1.6 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Company Stock Options</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.3 of the Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Company Stockholders' Meeting</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;5.2(a) of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Company Triggering Event</B></FONT><FONT SIZE=2>" means: (i)&nbsp;the failure of the Board of Directors of the Company to recommend that the Company's
stockholders vote to adopt this Agreement, or the withdrawal or modification of the Company Board Recommendation in a manner adverse to Parent, or the Board of Directors of the Company or the Company,
in any written material filed with the SEC, mailed to Company stockholders or otherwise made publicly available, or in any stockholder or analyst call, press conference or similar public forum, shall
have made any statements which can reasonably be interpreted to indicate that the Board of Directors of the Company does not believe that the Merger is in the best interests of the Company's
stockholders; (ii)&nbsp;the Company shall have failed to include in the Proxy Statement the Company Board Recommendation or a statement to the effect that the Board of Directors of the Company has
determined and believes that the Merger is in the best interests of the Company's stockholders; (iii)&nbsp;the Board of Directors of the Company fails to reaffirm, without qualification, the Company
Board Recommendation following the Company's receipt of an Acquisition Proposal, or fails to publicly state, without qualification, that the Merger is in the best interests of the Company's
stockholders following a public statement by a Person questioning the advisability of the Merger for Company stockholders, within ten calendar days after Parent reasonably requests in writing that
such action be taken; (iv)&nbsp;the Board of Directors of the Company shall have approved, endorsed or recommended any Acquisition Proposal; (v)&nbsp;the Company shall have failed to comply with
Section&nbsp;5.2(a) or&nbsp;5.2(b); (vi)&nbsp;a tender or exchange offer relating to securities of the Company shall have been commenced and the Company shall not have sent to its
securityholders, within ten business days after the commencement of such tender or exchange offer, a statement disclosing that the Board of Directors recommends rejection of such tender or exchange
offer; or (vii)&nbsp;any of the Acquired Corporations or any Representative of any of the Acquired Corporations shall have breached Section&nbsp;4.3(a), (c) or&nbsp;(d) or shall have breached
Section&nbsp;4.3(b) other than inadvertent and insubstantial breaches of Section&nbsp;4.3(b). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-64</FONT></P>

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<A NAME="page_dk2148_1_65"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Consent</B></FONT><FONT SIZE=2>" means any approval, consent, ratification, permission, waiver or authorization (including any Governmental Authorization). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Contemplated Transactions</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.2(a) of the Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Continuing Employees</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;5.5 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Contract</B></FONT><FONT SIZE=2>" means any written, oral or other agreement, contract, subcontract, lease, understanding, instrument, note, option, warranty,
purchase order, license, sublicense, insurance policy, benefit plan or legally binding commitment or undertaking of any nature. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Controlled Group Liability</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.12(c) of the Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Costs</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;5.6(a) of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Covered Parties</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;5.6(a) of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>CSFB</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.24 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Direct Profit Margin Dollars</B></FONT><FONT SIZE=2>" means net sales of the Acquired Corporations less direct materials costs related to such net sales of the
Acquired Corporations less direct labor costs related to such net sales of the Acquired Corporations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Dissenting Stockholder</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;1.8 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Dissenting Shares</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;1.8 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>DGCL</B></FONT><FONT SIZE=2>" means the General Corporation Law of the State of Delaware. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>EDGAR</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.4 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Effective Time</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;1.3 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Encumbrance</B></FONT><FONT SIZE=2>" means any lien, pledge, hypothecation, charge, mortgage, security interest, encumbrance, claim, infringement, interference,
option, right of first refusal, preemptive right, community property interest or restriction of any nature (including any restriction on the voting of any security, any restriction on the transfer of
any security or other asset, any restriction on the receipt of any income derived from any asset, any restriction on the use of any asset and any restriction on the possession, exercise or transfer of
any other attribute of ownership of any asset). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Entity</B></FONT><FONT SIZE=2>" means any corporation (including any non-profit corporation), general partnership, limited partnership, limited
liability partnership, joint venture, estate, trust, company (including any company limited by shares, limited liability company or joint stock company), firm, society or other enterprise,
association, organization or entity. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Environment</B></FONT><FONT SIZE=2>" means soil, land surface or subsurface strata, surface waters (including navigable waters, ocean waters, streams, ponds,
drainage basins, and wetlands), groundwaters, drinking water supply, stream sediments, ambient air, plant and animal life, and any other environmental medium or natural resource. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Environmental Health and Safety Liabilities</B></FONT><FONT SIZE=2>" means any cost, damages, expense, liability, obligation, or other responsibility arising
from or under Environmental Law or Occupational Safety and Health Law and consisting of or relating to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>any
environmental, health, or safety matters or conditions (including on-site or off-site contamination, occupational safety and health, and regulation of
chemical substances or products); </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-65</FONT></P>

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<A NAME="page_dk2148_1_66"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>fines,
penalties, judgments, awards, settlements, legal or administrative Legal Proceedings, damages, losses, claims, demands and response, investigative, remedial, or inspection
costs and expenses arising under Environmental Law or Occupational Safety and Health Law;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>financial
responsibility under Environmental Law or Occupational Safety and Health Law for cleanup costs or corrective action, including any investigation, cleanup, removal,
containment, or other remediation or response actions ("Cleanup") required by applicable Environmental Law or Occupational Safety and Health Law (whether or not such Cleanup has been required or
requested by any Governmental Body or any other Person) and for any natural resource damages; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>any
other compliance, corrective, investigative, or remedial measures required under Environmental Law or Occupational Safety and Health Law. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms "removal," "remedial," and "response action," include the types of activities covered by CERCLA. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Environmental Law</B></FONT><FONT SIZE=2>" means any Legal Requirement that requires or relates to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>advising
appropriate authorities, employees, and the public of intended or actual releases of pollutants or hazardous substances or materials, violations of discharge limits, or other
prohibitions and of the commencements of activities, such as resource extraction or construction, that could have significant impact on the Environment;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>preventing
or reducing to acceptable levels the release of pollutants or hazardous substances or materials into the Environment;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>reducing
the quantities, preventing the release, or minimizing the hazardous characteristics of wastes;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>assuring
that products are designed, formulated, packaged, and used so that they do not present unreasonable risks to human health or the Environment when used or disposed of;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>protecting
natural resources, species, or ecological amenities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>reducing
to acceptable levels the risks inherent in the transportation of hazardous substances, pollutants, oil, or other potentially harmful substances;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD><FONT SIZE=2>cleaning
up pollutants that have been released into the Environment, preventing the threat of any such release, or paying the costs of such clean up or prevention; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD><FONT SIZE=2>making
responsible parties pay private parties, or groups of them, for damages done to their health or the Environment, or permitting self-appointed representatives of the
public interest to recover for injuries done to public assets. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>ERISA</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.12 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>ERISA Affiliate</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.12 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>ESPP</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.16(c) of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Exchange Act</B></FONT><FONT SIZE=2>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Exchange Agent</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;1.7(a) of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Facilities</B></FONT><FONT SIZE=2>" means any real property, leaseholds, or other interests currently or formerly owned or operated by any Acquired Corporation
and any buildings, plants, structures or equipment (including motor vehicles, tank cars and rolling stock) currently or formerly owned or operated by any Acquired Corporation. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-66</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Filed Company SEC Reports</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.4 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Form&nbsp;F-4 Registration Statement</B></FONT><FONT SIZE=2>" means the Registration Statement on Form&nbsp;F-4 to&nbsp;be filed
with the SEC by Parent in connection with the issuance of Parent
Subordinate Voting Shares in connection with the Merger, as said registration statement may be amended prior to the time it is declared effective by the SEC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Governmental Authorization</B></FONT><FONT SIZE=2>" means any: (a)&nbsp;permit, license, certificate, franchise, permission, variance, clearance, registration,
qualification or authorization issued, granted, given or otherwise made available by or under the authority of any Governmental Body or pursuant to any Legal Requirement; or (b)&nbsp;right under any
Contract with any Governmental Body. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Governmental Body</B></FONT><FONT SIZE=2>" means any: (a)&nbsp;nation, state, commonwealth, province, territory, county, municipality, district or other
jurisdiction of any nature; (b)&nbsp;federal, state, local, municipal, foreign or other government; or (c)&nbsp;governmental or quasi-governmental authority of any nature (including any
governmental division, department, agency, commission, instrumentality, official, organization, unit, body or Entity and any court or other tribunal). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Hazardous Activity</B></FONT><FONT SIZE=2>" means the distribution, generation, handling, importing, management, manufacturing, processing, production,
refinement, release, storage, transfer, transportation, treatment or use (including any withdrawal or other use of groundwater) of Hazardous Materials in, on, under, about or from the Facilities or
any part thereof into the Environment, and any other act, business, operation or thing relating to Hazardous Materials that increases the danger, or risk of danger, or poses an unreasonable risk of
harm, to persons or property on or off the Facilities, or would reasonably be likely to adversely affect the value of the Facilities or the Acquired Corporations. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Hazardous Materials</B></FONT><FONT SIZE=2>" means any waste or other substance that is listed, defined, designated, or classified as, or otherwise determined to
be, hazardous, radioactive, or toxic under or pursuant to any Environmental Law, and specifically including petroleum and all derivatives thereof or synthetic substitutes therefor and asbestos or
asbestos-containing materials. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>HSR Act</B></FONT><FONT SIZE=2>" means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Inventory</B></FONT><FONT SIZE=2>" means all of the inventory of the Acquired Corporations, including the raw material, work-in-process
and finished goods inventory thereof and all inventory subject to purchase orders of any Acquired Corporation or that any Acquired Corporation otherwise has committed or commits to purchase. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
phrase "</FONT><FONT SIZE=2><B>knowledge</B></FONT><FONT SIZE=2>" of the Company, for purposes of this Agreement, means the actual knowledge of the personnel of the Acquired
Corporations who were involved in the negotiations concerning the Agreement or the preparation of the Company Disclosure Schedule. The phrase
"</FONT><FONT SIZE=2><B>knowledge</B></FONT><FONT SIZE=2>" of Senior Management, for the purposes of the Agreement, means the actual knowledge of any member of Senior Management after due inquiry. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Legal Proceeding</B></FONT><FONT SIZE=2>" means any action, suit, litigation, arbitration, proceeding (including any civil, criminal, administrative,
investigative or appellate proceeding), hearing, inquiry, audit, examination or investigation commenced, brought, conducted or heard by or before, or otherwise involving, any court or other
Governmental Body or any arbitrator or arbitration panel. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Legal Requirement</B></FONT><FONT SIZE=2>" means any federal, state, local, municipal, foreign or other law, statute, constitution, principle of common law,
resolution, ordinance, code, edict, decree, rule, regulation, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any
Governmental Body (or under the authority of The New&nbsp;York Stock Exchange, the Toronto Stock Exchange or any other stock exchange, if applicable), but does not include any Environmental Law. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-67</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>LYONs</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;3.3 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Material Adverse Effect</B></FONT><FONT SIZE=2>": An event, violation, inaccuracy, circumstance or other matter will be deemed to have a "Material Adverse
Effect" on the Acquired Corporations if such event, violation, inaccuracy, circumstance or other matter (considered together with all other matters that would constitute exceptions to the
representations and warranties set forth in the Agreement but for the presence of "Material Adverse Effect" or other materiality qualifications, or any similar qualifications, in such representations
and warranties) has, had or would reasonably be likely to have a material adverse effect on (a)&nbsp;the business, condition, capitalization, assets, liabilities, results of operations or financial
condition of the Acquired Corporations taken as a whole, </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that (i)&nbsp;a decline in
Company's stock price shall not, in and of itself, be deemed to constitute a Material Adverse Effect on the Acquired Corporations and (ii)&nbsp;there shall not be taken into account, in determining
whether a Material Adverse Effect on the Acquired Corporations has occurred, the direct and foreseeable effect of any action taken by Parent following the public announcement of this Agreement,
including any unreasonable refusal by Parent to consent to any reasonable request by the Company to take any action otherwise prohibited by clauses&nbsp;(iv) through
(xviii)&nbsp;Section&nbsp;4.2(b) or&nbsp;any breach by Parent of Section&nbsp;4.2(c)(ii), (b)&nbsp;the ability of the Company to consummate the Merger or any of the other Contemplated
Transactions or the Stockholder Agreements or to perform any of its obligations under the Agreement or the Stockholder Agreements, or (c)&nbsp;Parent's ability to vote, receive dividends with
respect to or otherwise exercise ownership rights with respect to the stock of the Surviving Corporation. An event, violation, inaccuracy, circumstance or other matter will be deemed to have a
"Material Adverse Effect" on Parent if such event, violation, inaccuracy, circumstance or other matter (considered together with all other matters that would constitute exceptions to the
representations and warranties set forth in the Agreement but for the presence of "Material Adverse Effect" or other materiality qualifications, or any similar qualifications, in such representations
and warranties) has, had or would reasonably be likely to have a material adverse effect on (i)&nbsp;the business, condition, capitalization, assets, liabilities, results of operations or financial
condition of Parent and its Subsidiaries taken as a whole; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that a decline in Parent's
stock price shall not, in and of itself, be deemed to constitute a Material Adverse Effect on Parent, or (ii)&nbsp;the ability of Parent to consummate the Merger
or any of the other Contemplated Transactions or to perform any of its obligations under the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Material Contract</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.17(a) of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Material Customer</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.7(b) of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Merger</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in the recitals to the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Merger Sub</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in the opening paragraph of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Multiemployer Plan</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.12(h) of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Mutual Nondisclosure Agreement</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;4.3(a) of the Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>New&nbsp;Material Customer</B></FONT><FONT SIZE=2>" has the meaning set forth in Section&nbsp;2.5(c) of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>New&nbsp;Plans</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;5.5 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Non-US Plans</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.12(m) of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>NYSE</B></FONT><FONT SIZE=2>" means The New&nbsp;York Stock Exchange. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Occupational Safety and Health Law</B></FONT><FONT SIZE=2>" means any Legal Requirement designed to provide safe and healthful working conditions and to reduce
occupational safety and health hazards and designed to provide safe and healthful working conditions. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-68</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Old Plans</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;5.5 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Options</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.3 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Organizational Documents</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.1(b) of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Other Non-US Plans</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.12(m) of the Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Parent</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in the opening paragraph of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Parent Disclosure Schedule</B></FONT><FONT SIZE=2>" means the disclosure schedule that has been prepared by Parent in accordance with the requirements of
Section&nbsp;10.9 and&nbsp;that has been delivered by Parent to the Company on the date of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Parent Plans</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;3.3 of the Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Parent SEC Reports</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;3.4 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Parent Subordinate Voting Share(s)</B></FONT><FONT SIZE=2>" means the subordinate voting shares in the capital of Parent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Parent Weighted Average Closing Price</B></FONT><FONT SIZE=2>" means the quotient obtained by dividing (x)&nbsp;the sum of, for each of the 20 consecutive
trading days on the NYSE ending on the third Business Day immediately preceding the Effective Time, the product of (i)&nbsp;the closing price of a Parent Subordinate Voting Share on the NYSE on that
trading day and (ii)&nbsp;the number of Parent Subordinate Voting Shares traded on the NYSE on that trading day, divided by (y)&nbsp;the sum of the amounts taken into account in
clause&nbsp;(x)(ii) of this definition. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Part</B></FONT><FONT SIZE=2>" means a part or section of the Company Disclosure Schedule or the Parent Disclosure Schedule. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Person</B></FONT><FONT SIZE=2>" means any individual, Entity or Governmental Body. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Plans</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.12(a) of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Pre-Closing Period</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;4.1 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Preferred Governing Documents</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;5.4(h) of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Projections</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.5 of the Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Proprietary Asset</B></FONT><FONT SIZE=2>" means industrial and intellectual property under the Legal Requirements of any jurisdiction, including all: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>trade
secrets, confidential information and confidential know-how, including all unpatented inventions, customer and supplier lists, formulae systems, methodologies,
processes, documents, works, designs, prototypes, materials, technologies, inventor's notes, unpublished studies and data, research designs, research results and notes, prototypes, drawings, design
and construction specifications, production, operating and quality control manuals, marketing strategies, and current or proposed business opportunities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>copyrights
and all waivers of moral rights associated with copyrights, including all copyrights and moral rights in software and world wide web pages, and also rights to graphic
design and user interface elements and "look and feel", and databases;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>industrial
designs, design patents and other designs;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>mask
works and integrated circuit topographies;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>patents; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-69</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>registered
and unregistered trade-marks, service marks, sound marks, trade names, brand names, trade dress, indicia, distinguishing guises, logos, designs, business names, domain
names, Internet protocol addresses and classes of Internet protocol addresses, any other source of business identifiers and fictitious characters, and all goodwill associated with the foregoing; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD><FONT SIZE=2>all
rights to take legal action in respect of past infringement of the property described in (a)&nbsp;to (f)&nbsp;above, </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>and
all registrations, applications for registration, reissues, extensions, renewals, divisions, continuations, continuations-in-part, proprietary information, documentation,
licenses, registered user agreements and other agreements relating to the foregoing. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Proxy Statement</B></FONT><FONT SIZE=2>" means the proxy statement to be sent to the Company's stockholders in connection with the Company Stockholders' Meeting. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Qualified Acquisition Proposal</B></FONT><FONT SIZE=2>" means a written Acquisition Proposal to acquire all of the outstanding Company Common Stock and
specifying a valuation that if entered into would be on terms that the Board of Directors determines in good faith to be more favorable to the Company's Stockholders than of the Merger. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Qualified Plans</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.12(e) of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Relevant Jurisdiction</B></FONT><FONT SIZE=2>" means the United&nbsp;States of America, Canada, the United Mexican States, Malaysia, the Republic of Singapore,
the European Union, each member state of the European Union and any state, province or other political subdivision of any of the foregoing. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Representatives</B></FONT><FONT SIZE=2>" means officers, directors, employees, agents, attorneys, accountants, advisors and representatives. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Required Company Stockholder Vote</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.2(a) of the Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Required Consents</B></FONT><FONT SIZE=2>" means all consents referred to in Part&nbsp;7.7 of the Company Disclosure Schedule. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>SEC</B></FONT><FONT SIZE=2>" means the United&nbsp;States Securities and Exchange Commission. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Secretary of State</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;1.3 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Securities Act</B></FONT><FONT SIZE=2>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Senior Management</B></FONT><FONT SIZE=2>" means the Chief Executive Officer, Chief Financial Officer and Chief Operating Office of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Series&nbsp;A Preferred</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.3 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Series&nbsp;B Preferred</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.3 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Share Exchange Ratio</B></FONT><FONT SIZE=2>" means: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>if
the Parent Weighted Average Closing Price is less than or equal to $16.00, the quotient of $6.00 divided by the Parent Weighted Average Closing Price (expressed to
four decimal places with amounts less than 0.00005 being rounded down and amounts equal to or greater than 0.00005 being rounded up in each case to the nearest one ten-thousandth);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>if
the Parent Weighted Average Closing Price is greater than or equal to $19.33, the quotient of $7.25 divided by the Parent Weighted Average Closing Price (expressed
to four decimal </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-70</FONT></P>

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<P><FONT SIZE=2>places
with amounts less than 0.00005 being rounded down and amounts equal to or greater than 0.00005 being rounded up in each case to the nearest one ten-thousandth); and </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>in
all other circumstances, 0.375. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Sonenshine</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.24 of the Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Stock Election</B></FONT><FONT SIZE=2>" means an election made in writing by a holder of Series&nbsp;A Preferred and/or Series&nbsp;B Preferred to receive,
in lieu of cash, the number of Parent Subordinate Voting Shares that would have been distributed to such holder as a result of the Merger if such holder's shares of Series&nbsp;A Preferred and/or
Series&nbsp;B Preferred had been converted into shares of Company Common Stock immediately prior to such distribution, all in accordance with the terms of the applicable Preferred Governing
Documents, </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>that</I></FONT><FONT SIZE=2> to be valid, such election must actually be received by the Company prior to
the Effective Time and in the form provided by the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Stockholders</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in the recitals of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Stockholder Agreements</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in the recitals of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Stockholder Options</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in the recitals of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Subsidiary</B></FONT><FONT SIZE=2>": An entity shall be deemed to be a "Subsidiary" of another Person if such Person directly or indirectly owns, beneficially or
of record, an amount of voting securities or other interests in such Entity that is sufficient to enable such Person to elect at least a majority of the members of such Entity's Board of Directors or
other governing body, or (b)&nbsp;at least 50% of the outstanding equity or financial interests of such Entity. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Superior Proposal</B></FONT><FONT SIZE=2>" means an unsolicited, </FONT><FONT SIZE=2><I>bona fide</I></FONT><FONT SIZE=2> written offer made by a third party to
purchase all of the outstanding Company Common Stock on terms that the Board of Directors of the Company determines, in its good faith judgment, after consultation with an independent financial
advisor of nationally recognized reputation, to be more favorable to the Company's stockholders than the terms of the Merger and is reasonably capable of being consummated; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>however</I></FONT><FONT SIZE=2>, that any such offer shall not be deemed to be a "Superior Proposal" if any financing
required to consummate the transaction contemplated by such offer is not committed and is not, in the good faith judgment of the Board of Directors of the Company, reasonably capable of being obtained
by such third party. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Surviving Corporation</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;1.1 of the Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Tax</B></FONT><FONT SIZE=2>" means any tax (including any income tax, franchise tax, capital gains tax, gross receipts tax, value-added tax, surtax, excise tax,
ad valorem tax, transfer tax, stamp tax, sales tax, use tax, property tax, business tax, withholding tax or payroll tax), levy, assessment, tariff, duty (including any customs duty), and any related
charge or amount (including any fine, penalty or interest), imposed, assessed or collected by or under the authority of any Taxing Authority. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Tax Return</B></FONT><FONT SIZE=2>" means any return (including any information return), report, statement, estimate, schedule, notice, notification, form,
election, certificate or other document filed with, or required to be filed with, any Taxing Authority in connection with the determination, assessment, collection or payment of any Tax or in
connection with the administration, implementation or enforcement of or compliance with any Legal Requirement relating to any Tax. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Tax Ruling</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.11(i) of the Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Taxing Authority"</B></FONT><FONT SIZE=2> means a Governmental Body responsible for the imposition, administration or collection of any Tax. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>Treasury Regulations</B></FONT><FONT SIZE=2>" means the income tax regulations promulgated under the Code, as such regulations may be amended from time to time.
References to specific provisions of the Treasury </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-71</FONT></P>

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<A NAME="page_dk2148_1_72"> </A>
<BR>

<P><FONT SIZE=2>Regulations
shall be deemed to include the corresponding provisions of succeeding provisions of the Treasury Regulations. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>US GAAP</B></FONT><FONT SIZE=2>" means the generally accepted accounting principles in the United&nbsp;States of America. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"</FONT><FONT
SIZE=2><B>USRPHC</B></FONT><FONT SIZE=2>" has the meaning ascribed to it in Section&nbsp;2.11(t) of the Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-72</FONT></P>

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NAME="page_dm2148_1_73"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dm2148_exhibits_b-1_and_b-2"> </A>
<A NAME="toc_dm2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBITS B-1 and B-2    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>(See Annex B-1 and B-2 for<BR>
final forms of Stockholder Agreements)  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-73</FONT></P>

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<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
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NAME="page_dq2148_1_74"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2148_exhibit_c_manufacturers__servi__exh03507"> </A>
<A NAME="toc_dq2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT&nbsp;C<BR>  <BR>    MANUFACTURERS' SERVICES LIMITED<BR>  <BR>    SECOND RESTATED CERTIFICATE OF INCORPORATION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section&nbsp;245 of the General Corporation Law of the State of Delaware, Manufacturers' Services Limited has adopted this Second Restated
Certificate of Incorporation restating and integrating, but not further amending, its Certificate of Incorporation (originally filed December&nbsp;1, 1994), as heretofore amended and restated, which
Second Restated Certificate of Incorporation has been duly adopted in accordance with the provisions of said Section&nbsp;245. There is no discrepancy between the provisions of this Second Restated
Certificate of Incorporation and the Certificate of Incorporation, as heretofore amended and restated. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2148_article_i"> </A>
<A NAME="toc_dq2148_2"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE I    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of this corporation is Manufacturers' Services Limited (hereinafter referred to as the "Corporation"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2148_article_ii"> </A>
<A NAME="toc_dq2148_3"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE II    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registered office of this Corporation in the State of Delaware is located 2711 Centerville Road, Suite&nbsp;400, New&nbsp;Castle County, Wilmington. The
registered agent at that address is The Prentice-Hall Corporation System,&nbsp;Inc. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2148_article_iii"> </A>
<A NAME="toc_dq2148_4"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE III    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of this Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of Delaware. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2148_article_iv"> </A>
<A NAME="toc_dq2148_5"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE IV    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total number of shares of all classes of stock which the Corporation shall have authority to issue is 155,000,000 shares, consisting of (i)&nbsp;150,000,000
shares of Common Stock, $.001 par value per share ("Common Stock"), and (ii)&nbsp;5,000,000 shares of Preferred Stock, $.001 par value per share ("Preferred Stock"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a statement of the designations and the powers, privileges and rights, and the qualifications, limitations or restrictions thereof in respect of each class of capital
stock of the Corporation. </FONT></P>

<P><FONT SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Common Stock.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>A.</FONT></DT><DD><FONT SIZE=2><U>General.</U>&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the powers, preferences and rights of any Preferred Stock, including any series thereof, having any preference or priority
over, or rights superior to, the Common Stock and except as otherwise provided by law and this Article, the holders of the Common Stock shall have and possess all powers and voting and other rights
pertaining to the stock of the corporation and each share of Common Stock shall be entitled to one vote. Except as otherwise provided by the Delaware General Corporation Law or this Certificate of
Incorporation, the holders of record of Common Stock shall share ratably in all dividends payable in cash, stock or otherwise and other distributions, whether in respect of liquidation or dissolution
(voluntary or involuntary) or otherwise. The holders of the Common Stock shall have no preemptive rights to subscribe for any shares of any class of stock of this Corporation whether now or hereafter
authorized. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-74</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>B.</FONT></DT><DD><FONT SIZE=2><U>Voting.</U>&nbsp;&nbsp;&nbsp;&nbsp;The
holders of the Common Stock are entitled to one vote for each share of Common Stock held at all meetings of stockholders. There
shall be no cumulative voting. Notwithstanding the foregoing, the 2,450,846, 1,098,049 and 957,465 shares of Common Stock issued to DLJ Merchant Banking Partners,&nbsp;L.P., DLJ International
Partners, C.V. and DLJ Merchant Banking Funding,&nbsp;Inc. respectively, pursuant to the Securities Purchase Agreement dated as of June&nbsp;11, 1997 among such entities, the Corporation and
certain other parties will not be entitled to be voted by any such entity at any time unless, and except to the extent that, at such time, such entity has, if applicable, complied with the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to the acquisition of such shares as voting securities, provided that the foregoing shall not limit the right
of any other party to acquire or vote any shares of Common Stock.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>C.</FONT></DT><DD><FONT SIZE=2><U>Number.</U>&nbsp;&nbsp;&nbsp;&nbsp;The
number of authorized shares of Common Stock may be increased or decreased (but not below the number of shares thereof then
outstanding) by the affirmative vote of the holders of a majority of the stock of the Corporation entitled to vote, irrespective of the provisions of Section&nbsp;242(b) (2)&nbsp;of the General
Corporation Law of the State of Delaware.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>D.</FONT></DT><DD><FONT SIZE=2><U>Dividends.</U>&nbsp;&nbsp;&nbsp;&nbsp;Dividends
may be declared and paid on the Common Stock from funds lawfully available therefor as and when determined by the Board
of Directors and subject to any preferential dividend rights of any then outstanding Preferred Stock.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>E.</FONT></DT><DD><FONT SIZE=2><U>Liquidation.</U>&nbsp;&nbsp;&nbsp;&nbsp;Upon
the dissolution or liquidation of the Corporation, whether voluntary or involuntary, holders of Common Stock will be
entitled to receive all assets of the Corporation available for distribution to its stockholders, subject to any preferential rights of any then outstanding Preferred Stock. </FONT></DD></DL>
</UL>


<P><FONT SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Preferred Stock.</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
Stock may be issued from time to time in one or more series, each of such series to have such terms as stated or expressed herein and in the resolution or resolutions providing
for the issue of such series adopted by the Board of Directors of the Corporation as hereinafter provided. Any shares of Preferred Stock which may be redeemed, purchased or acquired by the Corporation
may be reissued except as otherwise provided by law or this Certificate of Incorporation. Different series of Preferred Stock shall not be construed to constitute different classes of shares for the
purposes of voting by classes unless expressly provided in the resolution or resolutions providing for the issue of such series adopted by the Board of Directors as hereinafter provided. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authority
is hereby expressly granted to the Board of Directors from time to time to issue the Preferred Stock in one or more series, and in connection with the creation of any such
series, by resolution or resolutions providing for the issue of the shares thereof, to determine and fix such voting powers, full or limited, or no voting powers, and such designations, preferences
and relative participating, optional or other special rights. and qualifications, limitations or restrictions thereof, including without limitation thereof, dividend rights. conversion rights,
redemption privileges and liquidation preferences, as shall be stated and expressed in such resolutions, all to the full extent now or hereafter permitted by the General Corporation Law of the State
of Delaware. Without limiting the generality of the foregoing, the resolutions providing for issuance of any series of Preferred Stock may provide that such series shall be superior or rank equally or
be junior to the Preferred Stock of any other series to the extent permitted by law and this Certificate of Incorporation. Except as otherwise provided in this Certificate of Incorporation, no vote of
the holders of the Preferred Stock or Common Stock shall be a prerequisite to the designation or issuance of any shares of any series of the Preferred Stock authorized by and complying with the
conditions of this Certificate of Incorporation, the right to have such vote being expressly waived by all present and future holders of the capital stock of the Corporation. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-75</FONT></P>

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<A NAME="page_dq2148_1_76"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two
million shares of the Preferred Stock of the Corporation shall be designated as Senior Exchangeable Preferred Stock Due 2006 (the "Senior Preferred Stock"). The powers, designations,
preferences and relative, participating, optional and other special rights, and the qualifications, limitations and restrictions of the Senior Preferred Stock is as set forth on Annex I attached
hereto. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2148_article_v"> </A>
<A NAME="toc_dq2148_6"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE V    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall have a perpetual existence. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2148_article_vi"> </A>
<A NAME="toc_dq2148_7"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE VI    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless and except to the extent that the By-Laws of this Corporation shall so require, the election of directors need not be by written ballot. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2148_article_vii"> </A>
<A NAME="toc_dq2148_8"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE VII    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In furtherance of and not in limitation of the powers conferred by statute, the Board of Directors is expressly authorized to adopt, amend or repeal the
By-Laws of this Corporation, subject to the right of the stockholders entitled to vote with respect thereto to alter and repeal the By-Laws adopted or amended by the Board of
Directors; provided, however, that, notwithstanding the fact that a lesser percentage may be specified by law, the By-Laws shall not be altered, amended or repealed by the stockholders of
the Corporation except by the affirmative vote of holders of not less than seventy-five percent (75%) of the then outstanding shares of capital stock of the Corporation entitled to vote
generally in the election of directors. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2148_article_viii"> </A>
<A NAME="toc_dq2148_9"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE VIII    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except to the extent that the General Corporation Law of the State of Delaware prohibits the elimination or limitation of liability of directors for breaches of
fiduciary duty, no director of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for any breach of fiduciary duty as a director, notwithstanding
any provision of law imposing such liability. No amendment to or repeal of this provision shall apply to or have any effect on the liability or alleged liability of any director of the Corporation for
or with respect to any acts or omissions of such director occurring prior to such amendment. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2148_article_ix"> </A>
<A NAME="toc_dq2148_10"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE IX    <BR>    </B></FONT></P>

<P><FONT SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification.</U>&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation shall, to the maximum extent permitted under the General Corporation Law of the State of Delaware and except
as set forth below, indemnify, hold harmless and, upon request, advance expenses to each person (and the heirs, executors or administrators of such 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, by reason of the fact that he or she is or was, or has agreed
to become, a director or officer of the Corporation, or is or was serving, or has agreed to serve, at the request of the Corporation, as a director, officer or trustee of, or in a similar capacity
with, another corporation, partnership, joint venture, trust or other enterprise, including any employee benefit plan (any such person being referred to hereafter as an "Indemnitee"), or by reason of
any action alleged to have been taken or omitted in such capacity, against all expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by
him or her or on his or her behalf in connection with such action, suit or proceeding and any appeal therefrom, if he or she acted in good faith and in a manner he or she reasonably believed to be in,
or not opposed to, the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. Notwithstanding
anything to the contrary in this Article, the Corporation shall not indemnify </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-76</FONT></P>

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<P><FONT SIZE=2>an
Indemnitee seeking indemnification in connection with any action, suit, proceeding, claim or counterclaim, or part thereof, initiated by the Indemnitee unless the initiation thereof was approved by
the Board of Directors of the Corporation. </FONT></P>

<P><FONT SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Advance
of Expenses.</U>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provisions, this Certificate of Incorporation, the By-Laws of the Corporation, or
any agreement, vote of stockholder or disinterested directors, or arrangement to the contrary, the Corporation shall advance payment of expenses incurred by an Indemnitee in advance of the final
disposition of any matter only upon receipt of an undertaking by or on behalf of the Indemnitee to repay all amounts so advanced in the event that it shall ultimately be determined that the Indemnitee
is not entitled to be indemnified by the Corporation as authorized in this Article. Such undertaking may be accepted without reference to the financial ability of the Indemnitee to make such
repayment. </FONT></P>

<P><FONT SIZE=2>3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Subsequent
Amendment.</U>&nbsp;&nbsp;&nbsp;&nbsp;No amendment, termination or repeal of this Article or of the relevant provisions of the General Corporation Law of the
State of Delaware or any other applicable laws shall affect or diminish in any way the rights of any Indemnitee to indemnification under the provisions hereof with respect to any action, suit,
proceeding or investigation arising out of or relating to any actions, transactions or facts occurring prior to the final adoption of such amendment, termination or repeal. </FONT></P>

<P><FONT SIZE=2>4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Rights.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Corporation may, to the extent authorized from time to time by its Board of Directors, grant indemnification rights to other
employees or agents of the Corporation or other persons serving the Corporation and such rights may be equivalent to, or greater or less than, those set forth in this Article. </FONT></P>


<P><FONT SIZE=2>5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Reliance.</U>&nbsp;&nbsp;&nbsp;&nbsp;Persons
who after the date of the adoption of this provision become or remain directors or officers of the Corporation or who, while
a director or officer of the Corporation, become or remain a director, officer, employee or agent of a subsidiary, shall be conclusively presumed to have relied on the rights to indemnity, advance of
expenses and other rights contained in this Article in entering into or continuing such service. The rights to indemnification and to the advance of expenses conferred in this Article shall apply to
claims made against an indemnitee arising out of acts or omissions which occurred or occur both prior and subsequent to the adoption hereof. </FONT></P>

<P><FONT SIZE=2>6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Merger
or Consolidation.</U>&nbsp;&nbsp;&nbsp;&nbsp;If the Corporation is merged into or consolidated with another corporation and the Corporation is not the surviving
corporation, the surviving corporation shall assume the obligations of the Corporation under this Article with respect to any action, suit, proceeding or investigation arising out of or relating to
any actions, transactions or facts occurring prior to the date of such merger or consolidation. </FONT></P>

<P><FONT SIZE=2>7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Insurance.</U>&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation shall have power to purchase and maintain insurance on behalf of any person who is or was, or has agreed to become,
a director, officer, employee or agent of the Corporation, or is or was serving, or has agreed to serve, at the request of the Corporation as a director, officer, employee, agent or trustee of another
corporation, partnership, joint venture, trust or other enterprise, including any employee benefit plan, against all expenses (including attorney's fees) judgments, fines or amounts paid in settlement
incurred by such person in any such capacity or arising out of his or her status as such, whether or not the Corporation would have the power to indemnify him or her against such expenses under the
General Corporation Law of the State of Delaware. </FONT></P>

<P><FONT SIZE=2>8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Savings
Clause.</U>&nbsp;&nbsp;&nbsp;&nbsp;If this Article or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the
Corporation shall nevertheless indemnify each Indemnitee as to any expenses, including attorneys' fees, judgments, fines and amounts paid in settlement in connection with any action, suit, proceeding
or investigation, whether civil, criminal or administrative, including an action by or in the right of the Corporation, to the fullest extent permitted by any </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-77</FONT></P>

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<A NAME="page_dq2148_1_78"> </A>
<BR>

<P><FONT SIZE=2>applicable
portion of this Article that shall not have been invalidated and to the fullest extent permitted by applicable law. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2148_article_x"> </A>
<A NAME="toc_dq2148_11"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE X    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation reserves the right to amend, alter, change or repeal any provision contained in this Certificate of Incorporation, in the manner now or hereafter
prescribed by statute and this Certificate of Incorporation, and all rights conferred upon stockholders herein are granted subject to this reservation. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2148_article_xi"> </A>
<A NAME="toc_dq2148_12"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE XI    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Article is inserted for the management of the business and for the conduct of the affairs of the Corporation. </FONT></P>

<P><FONT SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Number
of Directors.</U>&nbsp;&nbsp;&nbsp;&nbsp;The number of directors of the Corporation shall not be less than three. The exact number of directors within the
limitations specified in the preceding sentence shall be fixed from time to time by, or in the manner provided in, the By-Laws of the Corporation. </FONT></P>


<P><FONT SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Classes
of Directors.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors shall be and is divided into three classes: Class&nbsp;I, Class&nbsp;II and Class&nbsp;III.
No one class shall have more than one director more than any other class. If a fraction is contained in the quotient arrived at by dividing the designated number of directors by three, then, if such
fraction is one-third, the extra director shall be a member of Class&nbsp;III, and&nbsp;if such fraction is two-thirds, one of the extra directors shall be a member of
Class&nbsp;III and&nbsp;one of the extra directors shall be a member of Class&nbsp;II, unless otherwise provided from time to time by resolution adopted by the Board of Directors. </FONT></P>


<P><FONT SIZE=2>3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Election
of Directors.</U>&nbsp;&nbsp;&nbsp;&nbsp;Elections of directors need not be by written ballot except as and to the extent provided in the By-Laws of
the Corporation. </FONT></P>

<P><FONT SIZE=2>4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Terms
of Office.</U>&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in Section&nbsp;6 of this Article&nbsp;XI, each director shall serve for a term ending on the date of
the third annual meeting following the annual meeting at which such director was elected; provided, however, that each initial director in Class&nbsp;I shall serve for a term ending on the date of
the annual meeting in 2001; each initial director in Class&nbsp;II shall serve for a term ending on the date of the annual meeting in 2002; and each initial director in Class&nbsp;III shall serve
for a term ending on the date of the annual meeting in 2003; and provided, further, that the term of each director shall be subject to the election and qualification of his or her successor and to his
or her earlier death, resignation or removal. </FONT></P>

<P><FONT SIZE=2>5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Allocation
of Directors Among Classes in the Event of Increases or Decreases in the Number of Directors.</U>&nbsp;&nbsp;&nbsp;&nbsp;In the event of any increase or
decrease in the authorized number of directors, (i)&nbsp;each director then serving as such shall nevertheless continue as a director of the class of which he or she is a member and (ii)&nbsp;the
newly created or eliminated directorships resulting from such increase or decrease shall be apportioned by the Board of Directors among the three classes of directors so as to ensure that no one class
has more than one director more than any other class. To the extent possible, consistent with the foregoing rule, any newly created directorships shall be added to those classes whose terms of office
are to expire at the latest dates following such allocation, and any newly eliminated directorships shall be subtracted from those classes whose terms of offices are to expire at the earliest dates
following such allocation, unless otherwise provided from time to time by resolution adopted by the Board of Directors. </FONT></P>

<P><FONT SIZE=2>6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Removal.</U>&nbsp;&nbsp;&nbsp;&nbsp;The
directors of the Corporation may not be removed without cause and may be removed for cause only by the affirmative vote of the
holders of at least seventy-five percent (75%) of the shares of the capital stock of the Corporation issued and outstanding and entitled to vote generally </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-78</FONT></P>

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<P><FONT SIZE=2>in
the election of directors cast at a meeting of the stockholders called for that purpose, notwithstanding the fact that a lesser percentage may be specified by law. </FONT></P>

<P><FONT SIZE=2>7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Vacancies.</U>&nbsp;&nbsp;&nbsp;&nbsp;Any
vacancy in the Board of Directors, however occurring, including a vacancy resulting from an enlargement of the Board, shall be
filled only by vote of a majority of the directors then in office, although less than a quorum, or by a sole remaining director. A director elected to fill a vacancy shall be elected for the unexpired
term of his or her predecessor in office, and a director chosen to fill a position resulting from an increase in the number of directors shall hold office until the next election of the class for
which such director shall have been chosen, subject to the election and qualification of his or her successor and to his or her earlier death, resignation or removal. </FONT></P>

<P><FONT SIZE=2>8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Stockholder
Nominations and Introduction of Business, Etc.</U>&nbsp;&nbsp;&nbsp;&nbsp;Advance notice of stockholder nominations for election of directors and other
business to be brought by stockholders before either an annual or special meeting of stockholders shall be given in the manner provided by the By-Laws of this Corporation. </FONT></P>

<P><FONT SIZE=2>9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
to Article.</U>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provisions of law, this Certificate of Incorporation or the By-Laws, each as
amended, and notwithstanding the fact that a lesser percentage may be specified by law, this Certificate of Incorporation or the By-Laws of the Corporation, the affirmative vote of least
seventy-five percent (75%) of the then outstanding shares of capital stock of the Corporation entitled to vote generally in the election of directors shall be required to amend or repeal,
or to adopt any provisions inconsistent with the purpose or intent of, this Article&nbsp;XI. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2148_article_xii"> </A>
<A NAME="toc_dq2148_13"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE XII    <BR>    </B></FONT></P>

<P><FONT SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends.</U>&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors shall have authority from time to time to set apart out of any assets of the Corporation otherwise available
for dividends a reserve or reserves as working capital or for any other purpose or purposes, and to abolish or add to any such reserve or reserves from time to time as said board may deem to be in the
interest of the Corporation; and said Board shall likewise have power to determine in its discretion, except as herein otherwise provided, what part of the assets of the Corporation available for
dividends in excess of such reserve or reserves shall be declared in dividends and paid to the stockholders of the Corporation. </FONT></P>


<P><FONT SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
of Stock.</U>&nbsp;&nbsp;&nbsp;&nbsp;The shares of all classes of stock of the Corporation may be issued by the Corporation from time to time for such
consideration as from time to time may be fixed by the Board of Directors of the Corporation, provided that shares of stock having a par value shall not be issued for a consideration less than such
par value, as determined by the Board. At any time, or from time to time, the Corporation may grant rights or options to purchase from the Corporation any shares of its stock of any class or classes
to run for such period of time, for such consideration, upon such terms and conditions, and in such form as the Board of Directors may determine. The Board of Directors shall have authority, as
provided by law, to determine that only apart of the consideration which shall be received by the Corporation for the shares of its stock which it shall issue from time to time, shall be capital;
provided, however, that, if all the shares issued shall be shares having a par value, the amount of the part of such consideration so determined to be capital shall be equal to the aggregate par value
of such shares. The excess, if any, at any time, of the total net assets of the Corporation over the amount so determined to be capital, as aforesaid, shall be surplus. All classes of stock of the
Corporation shall be and remain at all times nonassessable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors is hereby expressly authorized, in its discretion, in connection with the issuance of any obligations or stock of the Corporation (but without intending hereby to
limit its general power so to do in other cases), to grant rights or options to purchase stock of the Corporation of any class upon such terms and during such period as the Board of Directors shall
determine, and to cause such rights to be evidenced by such warrants or other instruments as it may deem advisable. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-79</FONT></P>

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<P><FONT SIZE=2>3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Inspection
of Books and Records.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors shall have power from time to time to determine to what extent and at what times and
places and under what conditions and regulations the accounts and books of the Corporation, or any of them, shall be open to the inspection of the stockholders; and no stockholder shall have any right
to inspect any account or book or document of
the Corporation, except as conferred by the laws of the State of Delaware, unless and until authorized so to do by resolution of the Board of Directors or of the stockholders of the Corporation. </FONT></P>

<P><FONT SIZE=2>4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Location
of Meetings, Books and Records.</U>&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in the By-laws, the stockholders of the Corporation and the
Board of Directors may hold their meetings and have an office or offices outside of the State of Delaware and, subject to the provisions of the laws of said State, may keep the books of the
Corporation outside of said State at such places as may, from time to time, be designated by the Board of Directors or by the By-laws of this Corporation. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2148_article_xiii"> </A>
<A NAME="toc_dq2148_14"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE XIII    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time during which a class of capital stock of this Corporation is registered under Section&nbsp;12 of the Securities Exchange Act of 1934 or any similar
successor statute, stockholders of the Corporation may not take any action by written consent in lieu of a meeting. Notwithstanding any other provisions of law, this Certificate of Incorporation or
the By-Laws, each as amended, and notwithstanding the fact that a lesser percentage may be specified by law, this Certificate of Incorporation or the By-Laws of the
Corporation, the affirmative vote of seventy-five percent (75%) of the then outstanding shares of capital stock of the Corporation entitled to vote generally in the election of directors
shall be required to amend or repeal, or to adopt any provisions inconsistent with the purpose or intent of, this Article&nbsp;XIII. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2148_article_xiv"> </A>
<A NAME="toc_dq2148_15"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE XIV    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special meetings of stockholders may be called at any time by only the Chairman of the Board of Directors, the Chief Executive Officer (or if there is no Chief
Executive Officer, the President), or by the Board of Directors of the Corporation pursuant to a resolution adopted by the affirmative vote of a majority of the total number of directors then in
office. Any business transacted at any special meeting of stockholders shall be limited to matters relating to the purpose or purposes stated in the notice of meeting. Notwithstanding any other
provisions of law, this Certificate of Incorporation or the By-Laws, each as amended, and notwithstanding the fact that a lesser percentage may be specified by law, this Certificate of
Incorporation or the By-Laws of the Corporation, the affirmative vote of seventy-five percent (75%) of the then outstanding shares of capital stock of the Corporation entitled
to vote generally in the election of directors shall be required to amend or repeal, or to adopt any provisions inconsistent with the purpose or intent of, this Article&nbsp;XIV. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2148_article_xv"> </A>
<A NAME="toc_dq2148_16"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE XV    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of this Corporation, when evaluating any offer of another party to make a tender or exchange offer for any equity security of the
Corporation, shall, in connection with the exercise of its judgment in determining what is in the best interests of the Corporation as a whole, be authorized to give due consideration to any such
factors as the Board of Directors determines to be relevant, including without limitation: (i)&nbsp;the interests of the stockholders of the Corporation; (ii)&nbsp;whether the proposed transaction
might violate federal or state laws; (iii)&nbsp;not only the consideration being offered in the proposed transaction, in relation of the then current market price for the outstanding capital stock
of the Corporation, but also to the market price for the capital stock of the Corporation over a period of years, the estimated price that might be achieved in a negotiated sale of the Corporation as
a whole or in part or through orderly liquidation, the premiums over market price for the securities of other corporations in similar transactions, current political, economic and other factors
bearing on securities prices and the Corporation's financial condition and future prospects; and </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-80</FONT></P>

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<P><FONT SIZE=2>(iv)&nbsp;the
social, legal and economic effects upon employees, suppliers, customers and others having similar relationships with the Corporation, and the communities in which the Corporation
conducts its business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with any such evaluation, the Board of Directors is authorized to conduct such investigations and to engage in such legal proceedings as the Board of Directors may
determine. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2148_article_xvi"> </A>
<A NAME="toc_dq2148_17"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE XVI    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation expressly elects to be governed by Section&nbsp;203 of the Delaware General Corporation Law. Notwithstanding the terms of Section&nbsp;203 of
the Delaware General Corporation Law, Donaldson, Lufkin&nbsp;&amp; Jenrette,&nbsp;Inc. and its affiliates (the "DLJ Entities") shall not be deemed at any time and without regard to the percentage of
voting stock of the Corporation owned by the DLJ Entities to be an "interested stockholder" as such term is defined in Section&nbsp;203(c) (5)&nbsp;of the Delaware General Corporation Law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the undersigned, for the purpose of restating the Certificate of Incorporation of the Corporation, as heretofore amended and restated, pursuant to the General
Corporation Laws of the State of Delaware, under penalties of perjury does hereby declare and certify that this is the act and deed of the Corporation and accordingly has hereunto executed this Second
Restated Certificate of Incorporation on this 20th day of February, 2001. </FONT></P>

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<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ALAN CORMIER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Alan Cormier<BR>
Title: Vice President, General Counsel and Secretary<BR></FONT>
</TD>
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<P ALIGN="CENTER"><FONT SIZE=2>A-81</FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_ds2148_1_82"> </A> </FONT> <FONT SIZE=2><B>ANNEX I  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;<U>Number
and Designation.</U>&nbsp;&nbsp;&nbsp;&nbsp;Two million shares of the Preferred Stock of the Corporation shall be designated as Senior Exchangeable
Preferred Stock Due 2006 (the "Senior Preferred Stock"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;<U>Rank.</U>&nbsp;&nbsp;&nbsp;&nbsp;The
Senior Preferred Stock shall, with respect to dividend rights and rights on liquidation, dissolution and winding up,
rank prior to all classes of or series of common stock of the Corporation, including the Corporation's common stock, par value $0.001 per share ("Common Stock"), and each other class of capital stock
of the Corporation, the terms of which provide that such class shall rank junior to the Senior Preferred Stock or the terms of which do not specify any rank relative to the Senior Preferred Stock. All
equity securities of the Corporation to which the Senior Preferred Stock ranks prior (whether with respect to dividends or upon liquidation, dissolution, winding up or otherwise), including the Common
Stock, are collectively referred to herein as the "Junior Securities." All equity securities of the Corporation with which the Senior Preferred Stock ranks on a parity (whether with respect to
dividends or upon liquidation, dissolution or winding up) are collectively referred to herein as the "Parity Securities." The respective definitions of Junior Securities and Parity Securities shall
also include any rights or options exercisable for or convertible into any of the Junior Securities and Parity Securities, as the case may be. The Senior Preferred Stock shall be subject to the
creation of Junior Securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends.</U>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;(i)
The holders of shares of Senior Preferred Stock shall be entitled to receive, when, as and if
declared by the Board of Directors, out of funds legally available for the payment of dividends, dividends (subject to Sections&nbsp;3(a) (ii) and&nbsp;(iii) hereof) at a rate equal to
(A)&nbsp;through the fourth Dividend Payment Date (as defined below), 14% per annum, and (B)&nbsp;thereafter, 15% per annum (each of the preceding (A)&nbsp;and (B)&nbsp;shall be computed on
the basis of a 360&nbsp;day year and shall be referred to herein as the applicable "Dividend Rate"). In the event the Corporation is unable or shall fail to discharge its obligation to redeem all
outstanding shares of Senior Preferred Stock pursuant to paragraph&nbsp;5(b) or&nbsp;5(c) hereof, the Dividend Rate as provided above shall increase by .50% per quarter (each, a "Default
Dividend") for each quarter or portion thereof following the date on which such redemption was required to be made until cured, provided that the aggregate increase shall not exceed 10%. Such
dividends shall be payable in the manner set forth below in Sections&nbsp;3(a) (ii) and&nbsp;(iii) quarterly on February&nbsp;26, May&nbsp;26, August&nbsp;26, and November&nbsp;26 of each
year (unless such day is not a business day, in which event on the next succeeding business day) (each of such dates being a "Dividend Payment Date" and each such quarterly period being a "Dividend
Period"). Such dividends
shall be cumulative from the date of issue, whether or not in any Dividend Period or Periods there shall be funds of the Corporation legally available for the payment of such dividends. </FONT></P>

<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>Prior
to and including the fourth Dividend Payment Date (the "Accretion Date"), each such dividend shall be payable in cash on the Liquidation Value per share of the
Senior Preferred Stock, in equal quarterly amounts (to which the Default Dividend, if any, shall be added), to the holders of record of shares of the Senior Preferred Stock, as they appear on the
stock records of the Corporation at the close of business on such record dates, not more than 60&nbsp;days or less than 10&nbsp;days preceding the payment dates thereof, as shall be fixed by the
Board of Directors. Accrued and unpaid dividends for any past Dividend Periods may be declared and paid at any time, without reference to any Dividend Payment Date, to holders of record on such date,
not more than 45&nbsp;days preceding the payment date thereof, as may be fixed by the Board of Directors.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>After
the Accretion Date, dividends shall not be payable in cash to holders of shares of Senior Preferred Stock but shall, subject to Section&nbsp;3(b) hereof,
accrete to the Liquidation Value in accordance with Section&nbsp;4(a) hereof. </FONT></DD></DL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-82</FONT></P>

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<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>After
the Accretion Date, upon the written request of the holders of a majority of the shares of Senior Preferred Stock, the Corporation shall, commencing on the first Dividend
Payment Date after such request, be required to pay all dividends on shares of Senior Preferred Stock by the issuance of additional shares of Senior Preferred Stock ("Additional Shares"). The
Additional Shares shall be identical to all other shares of Senior Preferred Stock, except as set forth in Section&nbsp;4. For&nbsp;the purposes of determining the number of Additional Shares to
be issued as dividends pursuant to this Paragraph&nbsp;(b), such Additional Shares shall be valued at their Applicable Liquidation Value as provided in Section&nbsp;4(c).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Holders
of shares of Senior Preferred Stock shall not be entitled to any dividends, whether payable in cash, property or stock, in excess of the cumulative dividends, as herein
provided, on the Senior Preferred Stock. Except as provided in this Section&nbsp;3, no interest, or sum of money in lieu of interest, shall be payable in respect of any dividend payment or payments
on the Senior Preferred Stock that may be in arrears.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>So
long as any shares of the Senior Preferred Stock are outstanding, no dividends, except as described in the next succeeding sentence, shall be declared or paid or set apart for
payment or other distribution declared or made upon Parity Securities, nor shall any Parity Securities be redeemed, purchased or otherwise acquired for any consideration (or any moneys be paid to or
made available for a sinking fund for the redemption of any shares of any such stock) by the Corporation, directly or indirectly, unless, in each case (to the extent such dividends are payable in
cash), full cumulative dividends have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for such payment on the Senior Preferred Stock
for all Dividend Periods terminating on or prior to the date of payment of the dividend on, or the acquisition of, as applicable, such class or series of Parity Securities. When (to the extent such
dividends are payable in cash) dividends are not paid in full or a sum sufficient for such payment is not set apart, as aforesaid, all dividends declared upon shares of the Senior Preferred Stock and
all dividends declared upon any other class or series of Parity Securities shall (in each case, to the extent payable in cash) be declared ratably in proportion to the respective amounts of dividends
accumulated and unpaid on the Senior Preferred Stock and accumulated and unpaid on such Parity Securities.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>So
long as any shares of the Senior Preferred Stock are outstanding, no dividends (other than dividends or distributions paid in shares of, or options, warrants or rights to subscribe
for or purchase shares of, Junior Securities) shall be declared or paid or set apart for payment or other distribution declared or made upon Junior Securities, nor shall any Junior Securities be
redeemed, purchased or otherwise acquired (other than a redemption, purchase or other acquisition of shares of Common Stock made for purposes of an employee incentive or benefit plan of the
Corporation or any subsidiary) (all such dividends, distributions, redemptions or purchases being hereinafter referred to as a "Junior Securities Distribution") for any consideration (or any moneys be
paid to or made available for a sinking fund for the redemption of any shares of any such stock) by the Corporation, directly or indirectly (except by conversion into or exchange for Junior
Securities), unless in each case (i) the full cumulative dividends on all outstanding shares of the Senior Preferred Stock and any other Parity Securities shall (to the extent payable in cash) have
been paid or set apart for payment for all past Dividend Periods with respect to the Senior Preferred Stock and all past dividend periods with respect to such Parity Securities and (ii) (to the extent
payable in cash) sufficient funds shall have been paid or set apart for the payment of the dividend for the current Dividend Period with respect to the Senior Preferred Stock and the current dividend
period with respect to such Parity Securities. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation
Preference.</U>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;In the event of any liquidation, dissolution or winding up of the Corporation, whether
voluntary or involuntary, before any payment or distribution of the assets of the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-83</FONT></P>

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<P><FONT SIZE=2>Corporation
(whether capital or surplus) shall be made to or set apart for the holders of Junior Securities, the holders of the shares of Senior Preferred Stock shall be entitled to receive an amount
equal to the Liquidation Value of such share plus any accrued and unpaid cash dividends to the date of distribution. "Liquidation Value" on any date means, with respect to (x)&nbsp;any share of
Senior Preferred Stock other than any Additional Shares, the sum of (1)&nbsp;$25.00 per share and (2)&nbsp;the aggregate of all dividends accreted on such share until the most recent Dividend
Payment Date upon which an accretion to Liquidation Value has occurred (or if such date is a Dividend Payment Date upon which an accretion to Liquidation Value has occurred, such date), provided that
in the event of an actual liquidation, dissolution or winding up of the Corporation or the redemption of any shares of Senior Preferred Stock pursuant to Section&nbsp;5 hereunder, the amount
referred to in (2)&nbsp;shall be calculated by including dividends accreting to the actual date of such liquidation, dissolution or winding up or the redemption date, as the case may be, rather than
the Dividend Payment Date referred to above, and provided further that in no event will dividends accrete beyond the most recent Dividend Payment Date prior to the Dividend Payment Date on which
dividends on the Senior Preferred Stock are payable in Additional Shares, and (y)&nbsp;any Additional Share, the Applicable Liquidation Value. All accretions to Liquidation Value will be calculated
using compounding on a quarterly basis. Except as provided in the preceding sentences, holders of shares of Senior Preferred Stock shall not be entitled to any distribution in the event of
liquidation, dissolution or winding up of the affairs of the Corporation. If, upon any liquidation, dissolution or winding up of the Corporation, the assets of the Corporation, or proceeds thereof,
distributable among the holders of the shares of Senior Preferred Stock shall be insufficient to pay in full the preferential amount aforesaid and liquidating payments on any Parity Securities, then
such assets, or the proceeds thereof, shall be distributed among the holders of shares of Senior Preferred Stock and any such other Parity Securities ratably in accordance with the respective amounts
that would be payable on such shares of Senior Preferred Stock and any such other stock if all amounts payable thereon were paid in full. For the purposes of this paragraph&nbsp;(4), (i)&nbsp;a
consolidation or merger of the Corporation with one or more corporations or (ii)&nbsp;a sale or transfer of all or substantially all of the Corporation's assets, shall not be deemed to be a
liquidation, dissolution or winding up, voluntary or involuntary, of the Corporation. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Subject
to the rights of the holders of any Parity Securities, after payment shall have been made in full to the holders of the Senior Preferred Stock, as provided in this
paragraph&nbsp;(4), any other series or class or classes of Junior Securities shall, subject to the respective terms and provisions (if any) applying thereto, be entitled to receive any and all
assets remaining to be paid or distributed, and the holders of the Senior Preferred Stock shall not be entitled to share therein.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>The
Applicable Liquidation Value of any Additional Shares shall be the Liquidation Value of Senior Preferred Stock outstanding immediately prior to the first Dividend Payment Date
occurring after a request for payment in Additional Shares has been made in accordance with Section&nbsp;3(b). </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption.</U>
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Stockholders
Agreement" means the Stockholders Agreement dated as of January&nbsp;20, 1995, among DLJ Merchant Banking Partners,&nbsp;L.P., DLJ International Partners, C.V., DLJ
Offshore Partners, C.V., DLJ Merchant Banking Funding,&nbsp;Inc., The Kevin C. Melia 1995 Irrevocable Trust, The Robert J. Graham 1995 Irrevocable Trust, The Julie Kent 1995 Irrevocable Trust, Kevin
C. Melia, Robert J. Graham, Julie Kent, the Company, and the other parties thereto, as amended from time to time. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2><U>Redemption
At the Option of the Corporation.</U>&nbsp;&nbsp;&nbsp;&nbsp;At any time, provided that the Corporation has funds legally available for such payment, the
Corporation may, at its option, redeem all but not less than all shares of Senior Preferred Stock at redemption prices per share in cash </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-84</FONT></P>

<HR NOSHADE>
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<UL>

<P><FONT SIZE=2>set
forth in the table below, together with accrued and unpaid cash dividends thereon to the date fixed for redemption, without interest: </FONT></P>

</UL>
</UL>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="73%" ALIGN="LEFT"><FONT SIZE=1><B>Year Beginning<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="25%" ALIGN="CENTER"><FONT SIZE=1><B>Percentage of Liquidation Value</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="73%"><FONT SIZE=2>November&nbsp;26, 1999</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><FONT SIZE=2>114.0%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="73%"><FONT SIZE=2>November&nbsp;26, 2000 and thereafter</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><FONT SIZE=2>115.0%</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2><U>Redemption
In the Event of a Change of Control.</U>&nbsp;&nbsp;&nbsp;&nbsp;In the event of a Change of Control, to the extent that the Corporation shall have funds
available for such payment, the Corporation shall be required to offer to redeem all of the shares of Senior Preferred Stock then outstanding and shall be required to redeem the shares of Senior
Preferred Stock of any holder of such shares that shall consent to such redemption, upon a date no later than five days following the Change in Control and at a redemption price per share equal to
107.50% of the Liquidation Value, in cash, together with accrued and unpaid cash dividends thereon to the date fixed for redemption, without interest. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Change
of Control" means such time as, (a)&nbsp;a "person" or "group" (within the meaning of Sections&nbsp;13(d) and&nbsp;14(d) (2)&nbsp;of the Securities Exchange Act of 1934,
as amended), other than any person or group comprised solely of the 1999 Investors, has become the beneficial owner, by way of merger, consolidation or otherwise, of 30% or more of the voting power of
all classes of voting securities of the Corporation, and such person or group has become the beneficial owner of a greater percentage of the voting power of all classes of voting securities of the
Corporation than that beneficially owned by the 1999 Investors; or (b)&nbsp;a sale or transfer of all or substantially all of the assets of the Corporation to any person or group (other than any
group consisting solely of the 1999 Investors or their affiliates) has been consummated; or (c)&nbsp;during any period of two consecutive years, individuals who at the beginning of such period
constituted the Board of Directors of the Corporation (together with any new directors whose election was approved by a vote of a majority of the directors then still in office, who either were
directors at the beginning of such period or whose election or nomination for the election was previously so approved) cease for any reason to constitute a majority of the directors of the
Corporation, then in office. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"1999
Investors" means the Stockholders (determined as of the date of initial issuance of the Senior Preferred Stock) and their Permitted Transferees, each as defined in the Stockholders
Agreement. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2><U>Mandatory
Redemption.</U>&nbsp;&nbsp;&nbsp;&nbsp;To the extent the Corporation shall have funds legally available for such payment, on November&nbsp;26, 2006, if any
shares of the Senior Preferred Stock shall be outstanding, the Corporation shall redeem all outstanding shares of the Senior Preferred Stock, at a redemption price equal to the aggregate Liquidation
Value, in cash, together with any accrued and unpaid cash dividends thereon to the date fixed for redemption, without interest.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2><U>Status
of Redeemed Shares.</U>&nbsp;&nbsp;&nbsp;&nbsp;Shares of Senior Preferred Stock which have been issued and reacquired in any manner, including shares purchased
or redeemed, shall (upon compliance with any applicable provisions of the laws of the State of Delaware) have the status of authorized and unissued shares of the class of Preferred Stock undesignated
as to series and may be redesignated and reissued as part of any series of the Preferred Stock, provided that no such issued and reacquired shares of Senior Preferred Stock shall be reissued or sold
as Senior Preferred Stock.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2><U>Failure
to Redeem.</U>&nbsp;&nbsp;&nbsp;&nbsp;If the Corporation is unable or shall fail to discharge its obligation to redeem all outstanding shares of Senior
Preferred Stock pursuant to paragraph&nbsp;(5) (b) or&nbsp;5(c) (each, a "Mandatory Redemption Obligation"), such Mandatory Redemption Obligation shall </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-85</FONT></P>

<HR NOSHADE>
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<UL>

<P><FONT SIZE=2>be
discharged as soon as the Corporation is able to discharge such Mandatory Redemption Obligation. If and so long as any Mandatory Redemption Obligation with respect to the Senior Preferred Stock
shall not be fully discharged, the Corporation shall not (i)&nbsp;directly or indirectly, redeem, purchase, or otherwise acquire any Parity Security or discharge any mandatory or optional
redemption, sinking fund or other similar obligation in respect of any Parity Securities (except in connection with a redemption, sinking fund or other similar obligation to be satisfied
pro&nbsp;rata with the Senior Preferred Stock) or (ii)&nbsp;in accordance with paragraph&nbsp;3(e), declare or make any Junior Securities Distribution, or, directly or indirectly, discharge any
mandatory or optional redemption, sinking fund or other similar obligation in respect of the Junior Securities. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2><U>Failure
to Pay Dividends.</U>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this paragraph&nbsp;(5), unless full cumulative cash dividends
(whether or not declared) on all outstanding shares of Senior Preferred Stock shall have been paid or contemporaneously are declared and paid or set apart for payment for all dividend periods
terminating on or prior to the applicable redemption date, none of the shares of Senior Preferred Stock shall be redeemed, and no sum shall be set aside for such redemption, unless shares of Senior
Preferred Stock are redeemed pro&nbsp;rata. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedure
for Redemption.</U>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;In the event the Corporation shall redeem shares of Senior Preferred Stock pursuant to
Section&nbsp;5(a) or&nbsp;(c), notice of such redemption shall be given by first class mail, postage prepaid, mailed not less than 30&nbsp;days nor more than 60&nbsp;days prior to the
redemption date, to each holder of record of the shares to be redeemed at such holder's address as the same appears on the stock register of the Corporation, provided that neither the failure to give
such notice nor any defect therein shall affect the validity of the giving of notice for the redemption of any share of Senior Preferred Stock to be redeemed except as to the holder to whom the
Corporation has failed to give said notice or except as to the holder whose notice was defective. Each such notice shall state, (i)&nbsp;the redemption date; (ii)&nbsp;the number of shares of
Senior Preferred Stock to be redeemed; (iii)&nbsp;the redemption price; (iv)&nbsp;the place or places where certificates for such shares are to be surrendered for payment of the redemption price;
and (v)&nbsp;that dividends on the shares to be redeemed will cease to accrue on such redemption date. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>In
the case of any redemption pursuant to Section&nbsp;5(a) or&nbsp;(c) hereof, notice having been mailed as provided in Section&nbsp;6(a) hereof, from and after the redemption
date (unless default shall be made by the Corporation in providing money for the payment of the redemption price of the shares called for redemption), dividends on the shares of Senior Preferred Stock
so called for redemption shall cease to accrue, and all rights of the holders thereof as stockholders of the Corporation (except the right to receive from the Corporation the redemption price) shall
cease. Upon surrender in accordance with said notice of the certificates for any shares so redeemed (properly endorsed or assigned for transfer, if the Board of Directors of the Corporation shall so
require and the notice shall so state), such shares shall be redeemed by the Corporation at the redemption price aforesaid. In case fewer than all the shares represented by any such certificate are
redeemed, a new certificate shall be issued representing the unredeemed shares without cost to the holder thereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>In
the case of a redemption pursuant to Section&nbsp;5(b) hereof, notice of such redemption shall be given by first class mail, postage prepaid, mailed not more than 20&nbsp;days
prior to the occurrence of the Change of Control and not less than 5&nbsp;days prior to the redemption date, to each holder of record of the shares to be redeemed at such holder's address as the
same appears on the stock register of the Corporation, provided that neither the failure to give such notice nor any defect therein shall affect the validity of the giving of notice for the redemption
of any share of Senior Preferred Stock to be redeemed except as to the holder to whom the Corporation has failed to give said notice or except as to the holder whose notice was </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-86</FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2>defective.
Each such notice shall state: (i)&nbsp;that a Change of Control has occurred; (ii)&nbsp;the redemption date; (iii)&nbsp;the redemption price; (iv)&nbsp;that such holder may elect to
cause the Corporation to redeem all or any of the shares of Senior Preferred Stock held by such holder; (v)&nbsp;the place or places where certificates for such shares are to be surrendered for
payment of the redemption price; and (vi)&nbsp;that dividends on the shares the holder elects to cause the Corporation to redeem will cease to accrue on such redemption date. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
receipt of such notice, the holder shall, within 20&nbsp;days of receipt thereof, return such notice to the Corporation indicating the number of shares of Senior Preferred Stock
such holder shall elect to cause the Corporation to redeem, if any. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>In
the case of a redemption pursuant to Section&nbsp;5(b) hereof, notice having been mailed as provided in Section&nbsp;6(c) hereof, from and after the redemption date (unless
default shall be made by the Corporation in providing money for the payment of the redemption price of the shares called for redemption), dividends on such shares of Senior Preferred Stock as the
holder elects to cause the Corporation to redeem shall cease to accrue, and all rights of the holders thereof as stockholders of the Corporation (except the right to receive from the Corporation the
redemption price) shall cease. Upon surrender in accordance with said notice of the certificates for any shares so redeemed (properly endorsed or assigned for transfer, if the Board of Directors of
the Corporation shall so require and the notice shall so state), such share shall be redeemed by the Corporation at the redemption price aforesaid. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;<U>Exchange.</U>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Subject
to the provisions of this paragraph&nbsp;(7) the Corporation may, at its option, at any time and
from time to time on any Dividend Payment Date exchange, to the extent it is legally permitted to do so, all, but not less than all, outstanding shares (and fractional shares) of Senior Preferred
Stock, for Exchange Debentures, provided that (i)&nbsp;on or prior to the date of exchange the Corporation shall have paid to or declared and set aside for payment to the holders of outstanding
shares of Senior Preferred Stock all accrued and unpaid cash dividends on shares of Senior Preferred Stock through the exchange date in accordance with the next succeeding paragraph; (ii)&nbsp;no
event of default under the indenture (as defined in such indenture) governing the Exchange Debentures shall have occurred and be continuing; and (iii)&nbsp;no shares of Senior Preferred Stock are
held on such date by the Mezzanine Holders (as defined in the Stockholders Agreement) or any of their Affiliates. The principal amount of Exchange Debentures deliverable upon exchange of a share of
Senior Preferred Stock, adjusted as hereinafter provided, shall be determined in accordance with the Exchange Ratio (as defined below). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
dividends on any shares of Senior Preferred Stock exchanged for Exchange Debentures which have accrued but have not been paid as of the date of exchange shall be paid in cash. In no
event shall the Corporation issue Exchange Debentures in denominations other than $1,000 or in an integral multiple thereof. Cash will be paid in lieu of any such fraction of an Exchange Debenture
which would otherwise have been issued (which shall be determined with respect to the aggregate principal amount of Exchange Debentures to be issued to a holder upon any such exchange). Interest will
accrue on the Exchange Debentures from the date of exchange. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to effecting any exchange hereunder, the Corporation shall appoint a trustee to serve in the capacity contemplated by an indenture between the Corporation and such trustee,
containing customary terms and conditions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Exchange Ratio shall be, as of any Dividend Payment Date, $1.00 (or fraction thereof) of principal amount of Exchange Debenture for each $1.00 of (i)&nbsp;Liquidation Value plus
(ii)&nbsp;accrued and unpaid dividends, if any, per share of Senior Preferred Stock held by a holder on the applicable exchange date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Affiliates"
shall have the meaning ascribed to such term in the Stockholders Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-87</FONT></P>

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Exchange
Debentures" means the Subordinated Exchange Debentures due 2006 of the Corporation, to be issued pursuant to an indenture between the Corporation and a trustee, containing
customary terms and conditions, in accordance with the Term Sheet attached as Exhibit&nbsp;A hereto. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2><U>Procedure
for Exchange.</U> (i)&nbsp;In the event the Corporation shall exchange shares of Senior Preferred Stock, notice of such exchange shall be given by
first class mail, postage prepaid, mailed not less than 30&nbsp;days nor more than 60&nbsp;days prior to the exchange date, to each holder of record of the shares to be exchanged at such holder's
address as the same appears on the stock register of the Corporation, provided that neither the failure to give such notice nor any defect therein shall affect the validity of the giving of notice for
the exchange of any share of Senior Preferred Stock to be exchanged except as to the holder to whom the Corporation has failed to give said notice or except as to the holder whose notice was
defective. Each such notice shall state: (A)&nbsp;the exchange date; (B)&nbsp;the number of shares of Senior Preferred Stock to be exchanged and, if fewer than all the shares held by such holder
are to be exchanged, the number of shares to be exchanged from such holder; (C)&nbsp;the Exchange Ratio; (D)&nbsp;the place or places where certificates for such shares are to be exchanged for
notes evidencing the Exchange Debentures to be received by the exchanging holder; and (E)&nbsp;that dividends on the shares to be exchanged will cease to accrue on such exchange date.
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>Prior
to giving notice of intention to exchange, the Corporation shall execute and deliver with a bank or trust company selected by the Corporation an indenture
containing customary terms and conditions. The Corporation will cause the Exchange Debentures to be authenticated on the Dividend Payment Date on which the exchange is effective, and will pay interest
on the Exchange Debentures at the rate and on the dates specified in such indenture from the exchange date. </FONT></DD></DL>
</DD></DL>
<UL>
<UL>

<P><FONT SIZE=2>The
Corporation will not give notice of its intention to exchange under paragraph&nbsp;6(b) (i)&nbsp;hereof unless it shall file at the place or places (including a place in the Borough of
Manhattan, The City of New&nbsp;York) maintained for such purpose an opinion of counsel (who may be an employee of the Corporation) to the effect that (i)&nbsp;the indenture has been duly
authorized, executed and delivered by the Corporation, has been duly qualified under the Trust Indenture Act of 1939 (or that such qualification is not necessary) and constitutes a valid and binding
instrument enforceable against the Corporation in accordance with its terms (subject, as to enforcement, to bankruptcy, insolvency, reorganization and other laws of general applicability relating to
or affecting creditors' rights and to general equity principles, and subject to such other qualifications as are then customarily contained in opinions of counsel experienced in such matters),
(ii)&nbsp;the Exchange Debentures have been duly authorized and, when executed and authenticated in accordance with the provisions of the indenture and delivered in exchange for the shares of
Preferred Stock, will constitute valid and binding obligations of the Corporation entitled to the benefits of the indenture (subject as aforesaid), (iii)&nbsp;neither the execution nor delivery of
the indenture or the Exchange Debentures nor compliance with the terms, conditions or provisions of such instruments will result in a breach or violation of any of the terms or provisions of, or
constitute a default under, any indenture, mortgage, deed of trust or agreement or instrument, known to such counsel, to which the Corporation or any of its subsidiaries is a party or by which it or
any of them is bound, or any decree, judgment, order, rule or regulation, known to such counsel, of any court or governmental agency or body having jurisdiction over the Corporation and such
subsidiaries or any of their properties, (iv)&nbsp;the Exchange Debentures have been duly registered for such exchange with the Securities and Exchange Commission under a registration statement that
has become effective under the Securities Act of 1933 (the "Act") or that the exchange of the Exchange Debentures for the shares of Senior Preferred Stock is exempt </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-88</FONT></P>

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<UL>
<UL>

<P><FONT SIZE=2>from
registration under the Act, and (v)&nbsp;the Corporation has sufficient legally available funds for such exchange such that such exchange is permitted under applicable law. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>Notice
having been mailed as aforesaid, from and after the exchange date (unless default shall be made by the Corporation in issuing Exchange Debentures in exchange
for the shares called for exchange), dividends on the shares of Senior Preferred Stock so called for exchange shall cease to accrue, and all rights of the holders thereof as stockholders of the
Corpcration (except the right to receive from the Corporation the Exchange Debentures and any rights such holder, upon the exchange, may have as a holder of the Exchange Debenture) shall cease. Upon
surrender in accordance with said notice of the certificates for any shares so exchanged (properly endorsed or assigned for transfer, if the Board of Directors of the Corporation shall so require and
the notice shall so state), such share shall be exchanged by the Corporation for the Exchange Debentures at the Exchange Ratio. In case fewer than all the shares represented by any such certificate
are exchanged, a new certificate shall be issued representing the unexchanged shares without cost to the holder thereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>Each
exchange shall be deemed to have been effected immediately after the close of business on the relevant Dividend Payment Date, and the person in whose name or names
any Exchange Debentures shall be issuable upon such exchange shall be deemed to have become the holder of record of the Exchange Debentures represented thereby at such time on such Dividend Payment
Date.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD><FONT SIZE=2>Prior
to the delivery of any securities which the Corporation shall be obligated to deliver upon exchange of the Senior Preferred Stock, the Corporation shall comply
with all applicable federal and state laws and regulations which require action to be taken by the Corporation.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>The
Corporation will pay any and all documentary stamp or similar issue or transfer taxes payable in respect of the issue or delivery of notes evidencing Exchange Debentures on
exchange of the Senior Preferred Stock pursuant hereto, provided that the Corporation shall not be required to pay any tax which may be payable in respect of any transfer involved in the issue or
delivery of Exchange Debentures in a name other than that of the holder of the Senior Preferred Stock to be exchanged and no such issue or delivery shall be made unless and until the person requesting
such issue or delivery has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such tax has been paid. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting
Rights.</U>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The holders of record of shares of Senior Preferred Stock shall not be entitled to any voting rights
except as hereinafter provided in this paragraph&nbsp;(8), as otherwise provided by law or as provided in the Stockholders Agreement. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>If
and whenever (i)&nbsp;four consecutive cash dividends payable on the Senior Preferred Stock have not been paid in full, (ii) for any reason (including the reason that funds are
not legally available for a redemption), the Corporation shall have failed to discharge any Mandatory Redemption Obligation, (iii)&nbsp;the Corporation shall have failed to provide the notice
required by Section&nbsp;6(c) hereof within the time period specified in such section or (iv)&nbsp;the Corporation shall have failed to comply with Sections&nbsp;3(d), 3(e) or 8(c) hereof, the
number of directors then constituting the Board of Directors shall be increased by two and the holders of a majority of the outstanding shares of Senior Preferred Stock shall be entitled to elect the
two additional directors to serve on the Board of Directors at any annual meeting of stockholders or special meeting held in place thereof, or at a special meeting of the holders of the Senior
Preferred Stock called as hereinafter provided. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-89</FONT></P>

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<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Whenever
(i)&nbsp;all arrears in cash dividends on the Senior Preferred Stock then outstanding shall have been paid and cash dividends thereon for the Current quarterly dividend
period shall have been paid or declared and set apart for payment, (ii)&nbsp;the Corporation shall have fulfilled its Mandatory Redemption Obligation, (iii)&nbsp;the Corporation shall have
fulfilled its obligation to provide notice as specified in subsection&nbsp;(b) (iii)&nbsp;hereof, or&nbsp;(iv) the Corporation shall have complied with Sections&nbsp;3(d), 3(e) and 8(c)
hereof, as the case may be, then the right of the holders of the Senior Preferred Stock to elect such additional directors shall cease (but subject always to the same provisions for the vesting of
such voting rights in the case of any similar future (i)&nbsp;arrearage in four consecutive quarterly cash dividends, (ii)&nbsp;failure to fulfill any Mandatory Redemption Obligation,
(iii)&nbsp;failure to fulfill the obligation to provide the notice required by Section&nbsp;6(c) hereof within the time period specified in such section or (iv)&nbsp;failure to comply with
Sections&nbsp;3(d), 3(e) or 8(c)), the terms of office of the persons elected as directors by the holders of the Senior Preferred Stock shall forthwith terminate and the number of the Board of
Directors shall be reduced accordingly. At any time after such voting power shall have been so vested in the holders of shares of Senior Preferred Stock, the secretary of the Corporation may, and upon
the written request of any holder of Senior Preferred Stock (addressed to the secretary at the principal office of the Corporation) shall, call a special meeting of the holders of the Senior Preferred
Stock for the election of the directors to be elected by them as herein provided, such call to be made by notice similar to that provided in the Bylaws of the Corporation for a special meeting of the
stockholders or as required by law. If any such special meeting required to be called as above provided shall not be called by the secretary within 20&nbsp;days after receipt of any such request,
then any holder of shares of Senior Preferred Stock may call such meeting, upon the notice above provided, and for that purpose shall have access to the stock books of the Corporation. The directors
elected at any such special meeting shall hold office until the next annual meeting of the stockholders or special meeting held in lieu thereof if such office shall not have previously terminated as
above provided. If any vacancy shall occur with respect to the directors elected by the holders of the Senior Preferred Stock, a successor shall be elected in accordance with the procedures of
Section&nbsp;8(b) to&nbsp;serve until the next annual meeting of the stockholders or special meeting held in place thereof, if such office shall not have previously terminated as provided above.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>Without
the written consent of 66% of the outstanding shares of Senior Preferred Stock or the vote of holders of 66% of the outstanding shares of Senior Preferred Stock at a meeting
of the holders of Senior Preferred Stock called for such purpose, the Corporation will not (i)&nbsp;amend, alter or repeal any provision of the Certificate of Incorporation (by merger or otherwise)
so as to adversely affect the preferences, rights or powers of the Senior Preferred Stock, provided that any such amendment that decreases the dividend payable on or the Liquidation Value of the
Senior Preferred Stock shall require the affirmative vote of holders of each share of Senior Preferred Stock at a meeting of holders of Senior Preferred Stock called for such purpose or written
consent of the holder of each share of Senior Preferred Stock; (ii)&nbsp;create, authorize or issue any class or series of stock ranking prior to, or on a parity with, the Senior Preferred Stock
with respect to dividends or upon liquidation, dissolution, winding up or otherwise, or increase the authorized number of shares of any such class or series, or reclassify any authorized stock of the
Corporation into any such prior or parity shares or create, authorize or issue any obligation or security convertible into or evidencing the right to purchase any such prior or parity shares, except
that the Corporation may, without such approval, create, authorize and issue Parity Securities for the purpose of utilizing the proceeds from the issuance of such Parity Securities for the redemption
or repurchase of all outstanding shares of Senior Preferred Stock in accordance with the terms hereof; (iii)&nbsp;merge or consolidate, or sell, exchange or convey all or substantially all of the
assets, property or business of the Corporation unless, in the case of a merger or consolidation, (A)&nbsp;if the </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-90</FONT></P>

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<UL>
<UL>

<P><FONT SIZE=2>Corporation
is not the surviving corporation, the seniority, rights, powers and preferences of the Senior Preferred Stock continue unimpaired and on identical terms after such transaction or
(B)&nbsp;the surviving corporation has a Consolidated Net Worth (immediately following any such transaction) at least equal to that of the Corporation immediately prior to such transaction or
(iv)&nbsp;issue any additional shares of Senior Preferred Stock, other than the issuance of Additional Shares in accordance with Section&nbsp;3(b) hereof. </FONT></P>

</UL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>"Consolidated
Net Worth" means at any date and with respect to any Person, the consolidated stockholders' equity of such Person and its consolidated subsidiaries less their consolidated Intangible
Assets, all determined as of such date. For purposes of this definition, "Intangible Assets" means the amount (to the extent reflected in determining such consolidated stockholders' equity) of
(i)&nbsp;all write-ups (other than write-ups of assets of a going concern business made within twelve months after the acquisition of such business) subsequent to
November&nbsp;26, 1999 in the book value of any asset owned by such Person or a consolidated subsidiary, (ii)&nbsp;all investments in unconsolidated subsidiaries and all equity investments in
Persons which are not subsidiaries and (iii)&nbsp;all unamortized debt discount and expense, unamortized deferred charges, goodwill, patents, trademarks, service marks, trade names, anticipated
future benefit of tax loss carry-forwards, copyrights, organization or developmental expenses and other intangible assets. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>In
exercising the voting rights set forth in this paragraph&nbsp;(8), each share of Senior Preferred Stock shall have one vote per share, except that when any other series of
preferred stock shall have the right to vote with the Senior Preferred Stock as a single class on any matter, then the Senior Preferred Stock and such other series shall have with respect to such
matters one vote per $25.00 of Liquidation Value or other liquidation preference. Except as otherwise required by applicable law or as set forth herein, the shares of Senior Preferred Stock shall not
have any relative, participating, optional or other special voting rights and powers and the consent of the holders thereof shall not be required for the taking of any corporate action. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp;<U>Reports.</U>&nbsp;&nbsp;&nbsp;&nbsp;So
long as any of the Senior Preferred Stock is outstanding, the Corporation will furnish the holders thereof with the
quarterly and annual financial reports that the Corporation is required to file with the Securities and Exchange Commission pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Securities
Exchange Act of 1934 or, in the event the Corporation is not required to file such reports, reports containing the same information as would be required in such reports. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;&nbsp;&nbsp;&nbsp;<U>General
Provisions.</U>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The term "Person" as used herein means any corporation, limited liability company, partnership,
trust, organization, association, other entity or individual. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
term "outstanding", when used with reference to shares of stock, shall mean issued shares, excluding shares held by the Corporation or a subsidiary.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>The
headings of the paragraphs, subparagraphs, clauses and subclauses used herein are for convenience of reference only and shall not define, limit or affect any of the provisions
hereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>Each
holder of Senior Preferred Stock, by acceptance thereof, acknowledges and agrees that payments of dividends, interest, premium and principal on, and exchange, redemption and
repurchase of, such securities by the Corporation are subject to restrictions on the Corporation contained in certain credit and financing agreements. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-91</FONT></P>

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<UL>
</UL>
</UL>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="du2148_exhibit_a_summary_of_terms_of___exh03112"> </A>
<A NAME="toc_du2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT A<BR>  <BR>    SUMMARY OF TERMS<BR>  OF INDENTURE FOR<BR>  SUBORDINATED EXCHANGE DEBENTURES    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="18%"><FONT SIZE=2><BR>
Parties:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="80%"><FONT SIZE=2><BR>
Manufacturers' Services Limited (the "Corporation") and [&nbsp;&nbsp;&nbsp;&nbsp;], as trustee.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="18%"><FONT SIZE=2><BR>
Issue:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="80%"><FONT SIZE=2><BR>
Subordinated Exchange Debentures (the "Exchange Debentures") to be issued by the Corporation, at its option, in exchange for any or all the outstanding shares of Senior Exchangeable Preferred Stock due 2006 (the "Senior Preferred Stock") issued on or
about November&nbsp;26, 1999.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="18%"><FONT SIZE=2><BR>
Maturity:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="80%"><FONT SIZE=2><BR>
November&nbsp;26, 2006.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="18%"><FONT SIZE=2><BR>
Interest:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="80%"><FONT SIZE=2><BR>
Annual rate, payable quarterly, equal to 14% through November&nbsp;26, 2000 and 15% thereafter. After the Accretion Date (as defined in the Certificate of Designation of the Senior Preferred Stock of the Corporation (the "Certificate of
Designation")), quarterly interest will be paid by the issuance of additional Exchange Debentures; until then interest will be payable in cash.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="18%"><FONT SIZE=2><BR>
Ranking:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="80%"><FONT SIZE=2><BR>
The Exchange Debentures will rank senior to all other subordinated debt, preferred stock and common equity of the Corporation.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="18%"><FONT SIZE=2><BR>
Optional Redemption:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="80%"><FONT SIZE=2><BR>
The Exchange Debentures will be redeemable at the option of the Corporation, in whole but not in part, at the same redemption prices set forth in the Certificate of Designation.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="18%"><FONT SIZE=2><BR>
Change&nbsp;of&nbsp;Control Repurchase&nbsp;Right:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="80%"><FONT SIZE=2><BR>
In the event of a Change of Control, each holder of the Exchange Debentures will have the right to require the Corporation to repurchase all or any part of such holder's Exchange Debentures, upon a date no later than 30&nbsp;days following the Change
of Control, at a repurchase price calculated in accordance with the procedures set forth in Section&nbsp;5(b) of the Certificate of Designations for calculating the redemption price of the Senior Preferred Stock in the event of a Change of Control,
except that, in so calculating the repurchase price, the aggregate principal amount of the Exchange Debentures shall be substituted for "Liquidation Value", as such term is used in such Section&nbsp;5(b).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="18%"><FONT SIZE=2><BR>
Covenants:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="80%"><FONT SIZE=2><BR>
The Debentures will contain covenants that are substantially the same as the covenants contained in the senior credit facility of the Corporation, as amended, and will limit, among other things, the ability of the Corporation and its subsidiaries
(i)&nbsp;to incur additional indebtedness, (ii)&nbsp;to pay dividends and make other distributions on its capital stock, (iii)&nbsp;to repurchase its capital stock or warrants, options or other rights to acquire shares of its capital stock or any
Indebtedness subordinated to the Exchange Debentures, (iv)&nbsp;to make certain other Restricted Payments, (v)&nbsp;to make certain investments or asset sales, (vi)&nbsp;to engage in transactions with affiliates, (vii)&nbsp;to create liens,
(viii)&nbsp;to permit "layering" of indebtedness and (ix)&nbsp;to merge or consolidate or transfer all or substantially all of its assets.</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>A-92</FONT></P>

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NAME="dw2148_certificate_of_designations_of__cer04145"> </A>
<A NAME="toc_dw2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>CERTIFICATE OF DESIGNATIONS<BR>  <BR>    OF<BR>  <BR>    5.25% SERIES A CONVERTIBLE PREFERRED STOCK<BR>  <BR>    OF<BR>  <BR>    MANUFACTURERS' SERVICES LIMITED    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manufacturers' Services Limited, a corporation duly organized and existing under the General Corporation Law of the State of Delaware (the&nbsp;"Corporation"),
does hereby certify as that pursuant to authority conferred upon the Board of Directors of the Corporation by the Second Restated Certificate of Incorporation of the Corporation and pursuant to the
Section&nbsp;151 of the General Corporation Law of the State of Delaware, the Board of Directors at a meeting duly held adopted the following resolution on March&nbsp;12, 2002: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED,
that the Corporation is authorized to issue 1,030,000 shares of 5.25%&nbsp;Series&nbsp;A Convertible Preferred Stock, par value $0.001 per share ("Series&nbsp;A Preferred
Stock"), with the powers, designations, preferences and relative, participating, optional and other special rights, and the qualifications, limitations and restrictions as set forth on
Annex&nbsp;II. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dw2148_annex_ii"> </A>
<A NAME="toc_dw2148_2"> </A>
<BR></FONT><FONT SIZE=2><B>ANNEX II    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section 1.</U>&nbsp;&nbsp;&nbsp;&nbsp;<U>Ranking.</U>&nbsp;&nbsp;&nbsp;&nbsp;Each share (a&nbsp;"Share") of Series&nbsp;A Preferred
Stock shall have preferences, limitations and relative rights identical with each other, and all Shares of Series&nbsp;A Preferred Stock shall have such preferences and relative rights expressly
provided in this Annex&nbsp;II. The Series&nbsp;A Preferred Stock shall rank prior to the Senior Preferred Stock of the&nbsp;Corporation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
2.</U>&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation of the Number of Shares.</U>&nbsp;&nbsp;&nbsp;&nbsp;There shall be a series of Preferred Stock consisting
of 1,030,000&nbsp;shares that shall be designated as "5.25%&nbsp;Series&nbsp;A Convertible Preferred Stock". The Series&nbsp;A Preferred Stock shall be entitled to dividends when, as and if
declared pursuant to <U>Section&nbsp;3</U> hereof,
shall be entitled to a preference in liquidation as provided in <U>Section&nbsp;4</U> hereof, shall be redeemable as provided in <U>Section&nbsp;5</U>,
shall be convertible as provided in <U>Section&nbsp;6</U> hereof, and shall be entitled to vote as provided in <U>Section&nbsp;7</U>&nbsp;hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
3.</U>&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>To
the extent permitted under the Delaware General Corporation Law, the Corporation will pay preferential dividends to the holders of the Series&nbsp;A Preferred Stock as provided
in this Section&nbsp;3. Except as otherwise provided herein, dividends on each Share will accrue at a rate of 5.25% per annum (the&nbsp;"Dividend Rate") of the Liquidation Value
(as&nbsp;defined) thereof from and including the Date of Issuance (as&nbsp;defined) of such Share to and including the date on which the Liquidation Value (plus all accrued and unpaid dividends
thereon) of such Share is paid in full. Such dividends will accrue whether or not they have been declared and whether or not there are profits, surplus or other funds of the Corporation legally
available for the payment of dividends. Such dividends shall accrue on a daily basis and shall be computed on the basis of a 360&nbsp;day year comprised on twelve 30-day months. The date
on which the Corporation initially issues any Share shall be deemed to be its "Date of Issuance" regardless of the number of times a transfer of such Share is made on the stock records maintained by
or for the Corporation and regardless of the number of certificates which may be issued to evidence such Share.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>All
accrued and unpaid dividends on each Share shall be paid on each Dividend Reference Date (as&nbsp;defined), and shall be paid, at the election of the Corporation, in cash or in
shares of the common stock, par value $.001 per share, of the Corporation (the&nbsp;"Common Stock") and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-93</FONT></P>

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<UL>

<P><FONT SIZE=2>except
to the extent paid in cash or shares of Common Stock, such dividends will accumulate on each such Dividend Reference Date. The Corporation shall only have the right to elect to pay a dividend
in shares of Common Stock if, on the applicable Dividend Reference Date, (i)&nbsp;the sale of the shares of Common Stock issuable in connection with such payment by the holders is covered by an
effective registration statement or such shares may be sold pursuant to Rule&nbsp;144(k) under the Securities Act and (ii)&nbsp;the shares of Common Stock to be issued in connection with such
payment have been approved for listing, subject to official notice of issuance, on a national securities exchange, the Nasdaq National Market or the Nasdaq Small Cap Market. If the Corporation elects
to pay a dividend in shares of Common Stock, each share of Common Stock will be valued at 95% of Market Value (as&nbsp;defined) as of the Dividend Reference Date for purposes of determining the
number of shares of Common Stock issuable in connection with such payment. If the Corporation elects to pay a dividend in shares of Common Stock, the Corporation shall mail written notice of such
election to the record holders of Series&nbsp;A Preferred Stock at least 20&nbsp;business days prior to each Dividend Reference Date. Notwithstanding the foregoing, the Company may elect not to
pay a quarterly dividend due under this Section&nbsp;3, no more than two&nbsp;times in any 24&nbsp;month period and such dividends will accumulate instead. If and whenever, at any time or times,
dividends on the outstanding Shares shall not have been paid in an aggregate amount equal to two full quarterly dividends thereon in accordance with the provisions of Section&nbsp;3(a) the
Corporation shall pay such accumulated dividends in shares of Common Stock, and each share of Common Stock will be valued at 95% of Market Value as of the Dividend Reference Date for the third such
quarterly dividend. No fractional shares of Common Stock shall be issued upon payment of a dividend in shares of Common Stock, and in lieu of any fractional shares to which the holder would otherwise
be entitled, such fraction shall be rounded up or down to the nearest whole share. The Corporation covenants that all shares of Common Stock that may be issued upon payment of a dividend on the
Series&nbsp;A Preferred Stock will upon issue be fully paid and nonassessable and free of all taxes, liens and charges for the issue thereof. As used herein, "Market Value" as of any date means the
average closing price of the Common Stock for the ten consecutive trading days ending two business days prior to such date on the principal national securities exchange on which the Common Stock is
listed or admitted to trading, or, if the Common Stock is not so listed or admitted to trading, the average of the per share closing bid price and per share closing asked price for the
ten&nbsp;trading days preceding such date as quoted on the National Association of Securities Dealers Automated Quotation System, including without limitation the OTC Bulletin Board ("NASDAQ"), or
such other market in which such prices are regularly quoted, or, if the Common Stock is not then quoted by NASDAQ, the Market Price shall be determined by agreement between the Corporation and holders
of Series&nbsp;A Preferred Stock outstanding at the time of such determination representing more than 50% of the number of shares of Common Stock into which each share of Series&nbsp;A Preferred
Stock is then convertible in accordance with <U>Section&nbsp;6</U>. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2><U>Dividend
Reference Date</U>.&nbsp;&nbsp;&nbsp;&nbsp;The accrued dividends will by payable March&nbsp;31, June&nbsp;30, September&nbsp;30 and December&nbsp;31 of
each year commencing on September&nbsp;30, 2002 (the&nbsp;"Dividend Reference Dates") to the record holders of Series&nbsp;A Preferred Stock at the close of business on the date that is
10&nbsp;business days immediately preceding the applicable Dividend Reference Dates of each year. To the extent all accrued dividends are not paid on the Dividend Reference Dates, all dividends
which have accrued on each Share outstanding during the three-month period (or&nbsp;other period in the case of the initial Dividend Reference Date) ending upon each such Dividend
Reference Date will be accumulated and shall remain accumulated dividends with respect to such Share until&nbsp;paid.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>If
at any time the Corporation elects to pay less than the total amount of dividends then accrued with respect to the Series&nbsp;A Preferred Stock, such payment will be distributed
among </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-94</FONT></P>

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<UL>

<P><FONT SIZE=2>the
holders of the Series&nbsp;A Preferred Stock based upon the aggregate accrued but unpaid dividends on the Share of Series&nbsp;A Preferred Stock held by each such holder, and any amounts of
such dividends remaining thereafter shall be accumulated and shall remain accumulated dividends with respect to such Share until&nbsp;paid. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
4.</U>&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation Preference</U>. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>In
the event of a dissolution, liquidation or winding up of the Corporation (whether voluntary or involuntary), but before any distribution to the holders of Common Stock or any other
class or series of the Corporation's then outstanding capital stock ranking in any such event junior to the Series&nbsp;A Preferred Stock, the holders of the Series&nbsp;A Preferred Stock then
outstanding shall be entitled to receive, and the Corporation shall pay, the following amounts out of assets of the Corporation legally available for distribution to the stockholders, whether such
assets are capital, surplus or earnings: </FONT></DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>The
holders of the Series&nbsp;A Preferred Stock shall receive an amount per Share equal to the Liquidation Value (plus all accrued and unpaid dividends thereon, it being understood that such amount
shall be calculated by including dividends accruing to the actual date of such dissolution, liquidation or winding up, as the case may be, rather than the most recent Dividend Reference Date); </FONT> <FONT SIZE=2><I>provided however</I></FONT><FONT
SIZE=2>, that if the assets to be distributed to the holders of the Series&nbsp;A Preferred Stock shall be insufficient to permit the payment
to such holders of the full Liquidation Value (plus all such accrued and unpaid dividends thereon), then all of the assets of the Corporation to be distributed to the holders of the Series&nbsp;A
Preferred Stock shall be distributed ratably to the holders of the Series&nbsp;A Preferred Stock. </FONT></P>


<P><FONT SIZE=2>As
used herein, the term "Liquidation Value" means an amount initially equal to $50.00 per Share, subject to appropriate adjustment for any stock dividend, stock split, recapitalization or
consolidation of or on the Series&nbsp;A Preferred Stock. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Notwithstanding
the foregoing, each holder of Series&nbsp;A Preferred Stock may elect to receive, in the event of a dissolution, liquidation or winding up of the Corporation
(whether voluntary or involuntary), in lieu of the amount described in <U>Section&nbsp;4(a)</U> above, the amount that would be distributed to such holder if such holder's
Shares had been converted into shares of Common Stock in accordance with <U>Section&nbsp;6</U> immediately prior to such distribution.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>After
the payment of the amounts required to be paid to the holders of Series&nbsp;A Preferred Stock upon the liquidation, dissolution or winding up of the Corporation pursuant to
this <U>Section&nbsp;4</U>, the outstanding Shares shall be deemed to have been redeemed and shall be cancelled and shall no longer be deemed to be issued and outstanding and
the holders of the Series&nbsp;A Preferred Stock shall not be entitled to any further right or&nbsp;claim.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>A
Change in Control (as&nbsp;defined) of the Corporation will be deemed to be a liquidation, dissolution or winding up of the Corporation for purposes of this
<U>Section&nbsp;4</U> and in the event there is a Change of Control on or before March&nbsp;14, 2004, the amount to which a holder would be entitled under
<U>Section&nbsp;4(a)</U> above shall be deemed to be an amount equal to (i)&nbsp;105% of the Liquidation Value plus (ii)&nbsp;all accrued and unpaid dividends thereon, it
being understood that such amount shall be calculated by including dividends accruing to the actual date of such dissolution, liquidation or winding up, as the case may be, rather than the most recent
Dividend Reference Date. As used herein, "Change in Control" means (A)&nbsp;the sale, transfer or other disposition of all or substantially all of the assets of the Corporation (other than to a
wholly-owned subsidiary as a result of which the Company becomes a holding company) or (B)&nbsp;the acquisition of the Corporation by another entity by means of any transaction or series of related
transactions (including without limitation, any reorganization, merger or consolidation of the Corporation with any other person (other than a wholly-owned </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-95</FONT></P>

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<UL>

<P><FONT SIZE=2>subsidiary
of the Corporation)) unless the Corporation's stockholders of record immediately prior to such transaction will immediately after such transaction hold at least 50% of the voting power of
the Corporation. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
5.</U>&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>On
March&nbsp;14, 2007 (the "Scheduled Redemption Date") the Corporation will redeem all issued and outstanding Shares, at a price per Share equal to the Liquidation Value thereof
plus all accrued and unpaid dividends thereon, including dividends accruing to the Scheduled Redemption Date (the "Redemption Price"), which amount shall be payable, at the election of the
Corporation, in cash or shares of Common Stock. The Corporation shall only have the right to elect to pay the Redemption Price in shares of Common Stock if, on the Scheduled Redemption Date,
(i)&nbsp;the sale of the shares of Common Stock issuable in connection with such redemption by the holders is covered by an effective registration statement or such shares may be sold pursuant to
Rule&nbsp;144(k) under the Securities Act and (ii)&nbsp;the shares of Common Stock to be issued in connection with such redemption have been approved for listing, subject to official notice of
issuance, on a national securities exchange, the Nasdaq National Market or the Nasdaq Small Cap Market. If the Corporation elects to pay the Redemption Price in shares of Common Stock, each share of
Common Stock will be valued at 95% of Market Value as of the Scheduled Redemption Date for purposes of determining the number of shares issuable in connection with such payment. If the Corporation
elects to pay the Redemption Price in shares of Common Stock, the Corporation shall mail written notice of such election to the record holders of Series&nbsp;A Preferred Stock at least
20&nbsp;business days prior to the Scheduled Reference Date. No fractional shares of Common Stock shall be issued upon payment of the Redemption Price, and in lieu of any fractional shares to which
the holder would otherwise be entitled, such fraction shall be rounded up or down to the nearest whole share. The Corporation covenants that all shares of Common Stock that may be issued upon a
redemption of the Series&nbsp;A Preferred Stock will upon issue be fully paid and nonassessable and free of all taxes, liens and charges for the issue thereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>No
Share is entitled to any dividends accruing after the date on which the Redemption Price of such Share is paid in full (the "Redemption Date"). On such Redemption Date all rights
of the holder of such Share as a holder will cease, and such Share will be cancelled and will not be reissued, sold or transferred. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
6.</U>&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Each
Share shall be convertible into Common Stock, at the then applicable Conversion Price (as&nbsp;herein defined), at any time and from time to time, at the option of the holder
thereof in accordance with this <U>Section&nbsp;6(a)</U> without the need for the payment of any additional cash consideration. Before any holder of Series&nbsp;A Preferred
Stock shall be entitled to convert such stock into shares of Common Stock, the holder thereof shall surrender the certificate or certificates therefor (or&nbsp;in the case of any lost, stolen or
destroyed certificate or certificates the delivery of an affidavit to that effect accompanied by any indemnity bond, in each case, reasonably required by the Corporation), duly endorsed, to the
Corporation and shall give written notice, duly executed, to the Corporation of such election to convert the same and shall state the number of shares of Series&nbsp;A Preferred Stock being
converted. Such conversion shall be deemed to have been made immediately prior to the close of business on the date of the surrender of the certificate or certificates representing the Shares to be
converted, and the holder of such Shares shall be treated for all purposes as the record holder of such shares of Common Stock on such date (such date, the "Conversion Date"). If a holder of
Series&nbsp;A Preferred Stock elects to convert any of such holder's Shares into Common Stock on or before December&nbsp;14, 2002, such holder shall also be entitled to receive, and the
Corporation shall </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-96</FONT></P>

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<UL>

<P><FONT SIZE=2>pay,
upon conversion of such holder's Shares, an amount equal to three quarterly dividends to be paid pursuant to <U>Section&nbsp;3</U> per Share, less the amount of any
dividends actually paid per Share prior to the Conversion Date (the "Optional Make Whole Payment"). The Optional Make Whole Payment may be paid, at the Corporation's election, in cash or shares of
Common Stock. The Corporation shall only have the right to elect to pay the Optional Make Whole Payment in shares of Common Stock if, on the Conversion Date, (i)&nbsp;the sale of the shares of
Common Stock issuable in connection with such Optional Make Whole Payment by the holders is covered by an effective registration statement or such shares may be sold pursuant to Rule&nbsp;144(k)
under the Securities Act and (ii)&nbsp;the shares of Common Stock to be issued in connection with such Optional Make Whole Payment have been approved for listing, subject to official notice of
issuance, on a national securities exchange, the Nasdaq National Market or the Nasdaq Small Cap Market. If the Corporation elects to pay the Optional Make Whole Payment in shares of Common Stock, each
share of Common Stock will be valued at 95% of Market Value as of the Notice Date for purposes of determining the number of shares issuable in connection with such payment. The Corporation shall
deliver a notice within five&nbsp;(5) business days of receiving written notice from such holder of Series&nbsp;A Preferred Stock of its election to convert such Shares specifying whether the
Optional Make Whole Payment, if any, is to be paid in cash or in shares of Common&nbsp;Stock. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
price at which shares of Common Stock shall be deliverable upon conversion of the Series&nbsp;A Preferred Stock is referred to herein as the "Conversion Price", and shall be
determined in accordance with this <U>Section&nbsp;6</U>. Each Share shall be convertible into such number of fully paid and non-assessable shares of Common Stock
as is determined by dividing the "Original Price" of each Share by the Conversion Price applicable to such series in effect at the time of conversion without the payment of additional cash
consideration. The "Original Price" of each Share shall be $50.00. The initial Conversion Price for each Share shall be $6.4350, subject to adjustment as set forth at
<U>Section&nbsp;6(d)</U> below.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>No
fractional shares of Common Stock shall be issued upon conversion of the Series&nbsp;A Preferred Stock, payment of the Optional Make Whole Payment, if any, or payment of the Make
Whole Payment (as&nbsp;defined), if any, if such payment is made in shares of Common Stock, and in lieu of any fractional shares to which the holder would otherwise be entitled, such fraction shall
be rounded up or down to the nearest whole share.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>The
Conversion Price shall be subject to adjustment at any time or from time to time as provided herein:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>In
case the Corporation shall hereafter pay a dividend or make a distribution to all holders of the outstanding Common Stock in shares of Common Stock, the Conversion
Price in effect at the opening of business on the date following the date fixed for the determination of shareholders entitled to receive such dividend or other distribution shall be reduced by
multiplying such Conversion Price by a fraction of which (A)&nbsp;the numerator shall be the number of shares of Common Stock outstanding at the close of business on the Record Date
(as&nbsp;defined) fixed for such determination and (B)&nbsp;the denominator shall be the sum of such number of shares and the total number of shares constituting such dividend or other
distribution, such reduction in the Conversion Price to become effective immediately after the opening of business on the day following the Record Date. If any dividend or distribution of the type
described in this Section&nbsp;6(d)(i) is declared but not so paid or made, the Conversion Price shall again be adjusted to the Conversion Price which would then be in effect if such dividend or
distribution had not been declared. </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-97</FONT></P>

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<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>In
case the outstanding shares of Common Stock shall be subdivided into a greater number of shares of Common Stock, the Conversion Price in effect at the opening of
business on the day following the day upon which such subdivision becomes effective shall be proportionately reduced, and conversely, in case outstanding shares of Common Stock shall be combined into
a smaller number of shares of Common Stock, the Conversion Price in effect at the opening of business on the day following the day upon which such combination becomes effective shall be
proportionately increased, such reduction or increase, as the case may be, to become effective immediately after the opening of business on the day following the day upon which such subdivision or
combination becomes effective.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>In
case the Company shall issue rights or warrants to all holders of its outstanding shares of Common Stock entitling them to subscribe for or purchase shares of
Common Stock at a price per share less than the Current Market Price (as&nbsp;defined) on the Record Date fixed for the determination of shareholders entitled to receive such rights or warrants, the
Conversion Price shall be adjusted so that the same shall equal the price determined by multiplying the Conversion Price in effect at the opening of business on the date after such Record Date by a
fraction of which (A)&nbsp;the numerator shall be the sum of the number of shares of Common Stock outstanding at the close of business on the Record Date plus the number of shares that the aggregate
offering price of the total number of shares so offered for subscription or purchase would purchase at such Current Market Price, and of which (B)&nbsp;the denominator shall be the sum of the number
of shares of Common Stock outstanding at the close of business on the Record Date plus the total number of additional shares of Common Stock so offered for subscription or purchase. Such adjustment
shall become effective immediately after the opening of business on the day following the Record Date fixed for determination of shareholders entitled to receive such rights or warrants. To the extent
that shares of Common Stock are not delivered pursuant to such rights or warrants, upon the expiration or termination of such rights or warrants the Conversion Price shall be readjusted to the
Conversion Price that would then be in effect had the adjustments made upon the issuance of such rights or warrants been made on the basis of delivery of only the number of shares of Common Stock
actually delivered. In the event that such rights or warrants are not so issued, the Conversion Price shall again be adjusted to be the Conversion Price that would then be in effect if such date fixed
for the determination of shareholders entitled to receive such rights or warrants had not been fixed. In determining whether any rights or warrants entitle the holders to subscribe for or purchase
shares of Common Stock at less than such Current Market Price, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account any consideration
received for such rights or warrants, the value of such consideration, if other than cash, to be determined in good faith by the Corporation's Board of Directors.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>In
case the Corporation shall, by dividend or otherwise, distribute to all holders of its Common Stock shares of any class of capital stock of the Company (other than
any dividends or distributions to which <U>Section&nbsp;6(d)(i)</U> hereof applies) or evidences of its indebtedness or other assets (including securities, but excluding
(A)&nbsp;any rights or warrants referred to in <U>Section&nbsp;6(d)(iii)</U> hereof and (B)&nbsp;dividends and distributions paid exclusively in cash (except as set forth
in <U>Section&nbsp;6(d)(v)</U> and <U>(vi)</U> hereof, (the foregoing hereinafter in this <U>Section&nbsp;6(d)(iv)</U> called the
"Additional Securities")), unless the Corporation elects to reserve such Additional Securities for distribution to the holders of Series&nbsp;A Preferred Stock upon conversion thereof so that any
such holder converting shares of Series&nbsp;A Preferred Stock will receive upon such conversion, in addition to the shares of Common Stock to which such holder is entitled, the amount and kind of
such Additional Securities </FONT></DD></DL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-98</FONT></P>

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<P><FONT SIZE=2>which
such holder would have received if such holder had converted its shares of Series&nbsp;A Preferred Stock into Common Stock immediately prior to the Record Date for such distribution, in each
such case, the Conversion Price shall be reduced so that the same shall be equal to the price determined by multiplying the Conversion Price in effect immediately prior to the close of business on the
Record Date with respect to such distribution by a fraction of which (x)&nbsp;the numerator shall be the Current Market Price on such date less the fair market value (as determined in good faith by
the Corporation's Board of Directors, whose determination shall be conclusive) on such date of the portion of the Additional Securities so distributed applicable to one&nbsp;share of Common Stock
and (y)&nbsp;the denominator shall be such Current Market Price, such reduction to become effective immediately prior to the opening of business on the day following the Record Date; provided,
however, that in the event the then fair market value (as so determined) of the portion of the Additional Securities so distributed applicable to one&nbsp;share of Common Stock is equal to or
greater than the Current Market Price on the Record Date, in lieu of the foregoing adjustment, adequate provision shall be made so that each holder of Series&nbsp;A Preferred Stock shall have the
right to receive upon conversion of a share of Series&nbsp;A Preferred Stock, the amount of Common Stock such holder would have received had such holder converted such share immediately prior to
such Record Date. In the event that such dividend or distribution is not so paid or made, the Conversion Price shall again be adjusted to be the Conversion Price which would then be in effect if such
dividend or distribution had not been declared. If the Corporation's Board of Directors determines the fair market value of any distribution for purposes of this
<U>Section&nbsp;6(d)(iv)</U> by reference to the actual or when issued trading market for any securities comprising all or part of such distribution, it must in doing so
consider the prices in such market over the same period (the "Reference Period") used in computing the Current Market Price pursuant to <U>Section&nbsp;6(d)(vi)</U> hereof to
the extent possible, unless the Corporation's Board of Directors determines in good faith that consideration of the fair market value during the Reference Period would not be in the best interest of
the holders of Series&nbsp;A Preferred Stock. </FONT></P>

</UL>
</UL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>In
the event that the Corporation implements a new shareholder rights plan, such rights plan shall provide that, upon conversion of the Series&nbsp;A Preferred Stock, the holders of Series&nbsp;A
Preferred Stock will receive, in addition to the Common Stock issuable upon such conversion, the rights issued under such rights plan (as if the holder had converted the Series&nbsp;A Preferred
Stock prior to implementing the rights plan and notwithstanding the occurrence of an event causing such rights to separate from the Common Stock at or prior to the time of conversion). Any
distribution of rights or warrants pursuant to a shareholder rights plan complying with the requirements set forth in the immediately preceding sentence of this paragraph shall not constitute a
distribution of rights or warrants for the purposes of this <U>Section&nbsp;6(d)(iv).</U> </FONT></P>

<P><FONT SIZE=2>Rights
or warrant distributed by the Corporation to all holders of Common Stock entitling the holders thereof to subscribe for or purchase shares of the Corporation's capital stock (either initially
or under certain circumstances), which rights or warrants, until the occurrence of a specified event or events ("Trigger Event"): (A)&nbsp;are deemed to be transferred with such shares of Common
Stock; (B)&nbsp;are not exercisable; and (C)&nbsp;are also issued in respect of future issuances of Common Stock, shall be deemed not to have been distributed for purposes of this
<U>Section&nbsp;6(d)(iv)</U> (and no adjustment to the Conversion Price under this <U>Section&nbsp;6(d)(iv)</U> will be required) until the occurrence
of the earliest Trigger Event. If such right or warrant is subject to subsequent events, upon the occurrence of which such right or warrant shall become exercisable to purchase different securities,
evidences of indebtedness or other assets or entitle the holder to purchase a different number or amount of the foregoing or to purchase any of the foregoing at a different purchase price, then the
occurrence of each such event shall be </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-99</FONT></P>

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<BR>

<P><FONT SIZE=2>deemed
to be the date of issuance and record date with respect to a new right or warrant (and a termination or expiration of the existing right or warrant without exercise by the holder thereof). In
addition, in the event of any distribution (or deemed distribution) of rights or warrants, or any Trigger Event or other event (of the type described in the preceding sentence) with respect thereto,
that resulted in an adjustment to the Conversion Price under this <U>Section&nbsp;6(d)(iv)</U>, (x)&nbsp;in the case of any such rights or warrants that shall all have been
redeemed or repurchased without exercise by any holders thereof, the Conversion Price shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event,
as the case may be, as though it were a cash distribution, equal to the per share redemption or repurchase price received by a holder of Common Stock with respect to such rights or warrants (assuming
such holder had retained such rights or warrants), made to all holders of Common Stock as of the date of such redemption or repurchase, and (y)&nbsp;in the case of such rights or warrants all of
which shall have expired or been terminated without exercise, the Conversion Price shall be readjusted as if such rights and warrants had never been issued. </FONT></P>


<P><FONT SIZE=2>For
purposes of this <U>Section&nbsp;6(d)(iv)</U> and <U>Sections&nbsp;6(d)(i)</U> and <U>(iii)</U> hereof, any dividend or
distribution to which this <U>Section&nbsp;6(d)(iv)</U> is applicable that also includes shares of Common Stock, or rights or warrants to subscribe for or purchase shares of
Common Stock to which <U>Sections&nbsp;6(d)(i)</U> or 6(d)(iii) hereof applies (or&nbsp;both), shall be deemed instead to be (A)&nbsp;a dividend or distribution of the
evidences of indebtedness, assets, shares of capital stock, rights or warrants other than such shares of Common Stock or rights or warrants to which
<U>Section&nbsp;6(d)(iii)</U> hereof applies (and any Conversion Price reduction required by this <U>Section&nbsp;6(d)(iv)</U> with respect to such
dividend or distribution shall then be made) immediately followed by (B)&nbsp;a dividend or distribution of such shares of Common Stock or such rights or warrants (and any further Conversion Price
reduction required by <U>Sections&nbsp;6(d)(i)</U> and <U>(iii)</U> hereof with respect to such dividend or distribution shall then be made, except
(x)&nbsp;the Record Date of such dividend or distribution shall be substituted as "the date fixed for the determination of shareholders entitled to receive such dividend or other distribution",
"Record Date fixed for such determination" and "Record Date" within the meaning of <U>Section&nbsp;6(d)(i)</U> hereof and as "the date fixed for the determination of
shareholders entitled to receive such rights or warrants", "the Record Date fixed for the determination of the shareholders entitled to receive such rights or warrants" and "such Record Date" within
the meaning of <U>Section&nbsp;6(d)(iii)</U> hereof and (y)&nbsp;any shares of Common Stock included in such dividend or distribution shall not be deemed "outstanding at the
close of business on the date fixed for such determination" within the meaning of <U>Section&nbsp;6(d)(i)</U> hereof. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD><FONT SIZE=2>In
case the Corporation shall, by dividend or otherwise, distribute to all holders of its Common Stock cash (excluding any cash that is distributed upon a merger or
consolidation to which <U>Section&nbsp;6(e)</U> hereof applies or as part of a distribution referred to in <U>Section&nbsp;6(d)(iv)</U> hereof), in an
aggregate amount that, combined together with (A)&nbsp;the aggregate amount of any other such distributions to all holders of its Common Stock made in cash within the twelve&nbsp;(12) months
preceding the date of payment of such distribution, and in respect of which no adjustment pursuant to this <U>Section&nbsp;6(d)(v)</U> has been made, and (B)&nbsp;the
aggregate of any cash plus the fair market value (as determined by the Corporation's Board of Directors, whose determination shall be conclusive) of consideration payable in respect of any tender
offer by the Corporation or any of its Subsidiaries for all or any portion of the Common Stock concluded within the twelve&nbsp;(12) months preceding the date of payment of such distribution exceeds
ten&nbsp;percent (10%) of the product of the Current Market Price (determined as provided in <U>Section&nbsp;6(d)(iv)</U> hereof) on the Record Date with respect to such
distribution times the number of shares of Common Stock outstanding on such date, then, and in each such case, immediately </FONT></DD></DL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-100</FONT></P>

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<P><FONT SIZE=2>after
the close of business on such date, the Conversion Price shall be reduced so that the same shall equal the price determined by multiplying the Conversion Price in effect immediately prior to the
close of business on such Record Date by a fraction of which (x)&nbsp;the numerator of which shall be equal to the Current Market Price on the Record Date less an amount equal to the quotient of
(1)&nbsp;such combined amount and (2)&nbsp;the number of shares of Common Stock outstanding on the Record Date and (y)&nbsp;the denominator of which shall be equal to the Current Market Price on
such date; provided, however, that in the event the portion of the cash so distributed applicable to one&nbsp;(1) share of Common Stock is equal to or greater than the Current Market Price of the
Common Stock on the Record Date, in lieu of the foregoing adjustment, adequate provision shall be made so that each holder shall have the right to receive upon conversion of a share of Series&nbsp;A
Preferred Stock, the amount of cash such holder would have received had such holder converted such share immediately prior to such Record Date. In the event that such dividend or distribution is not
so paid or made, the Conversion Price shall again be adjusted to be the Conversion Price that would then be in effect if such dividend or distribution had not been declared. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD><FONT SIZE=2>For
purposes of this <U>Section&nbsp;6(d)</U>, the following terms shall have the meaning indicated: </FONT></DD></DL>
</UL>
</UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>"Closing
Sale Price" with respect to any securities on any day shall mean the closing sale price regular way on such day or, in cash no such sale takes place on such day, the average of the reported
closing bid and asked prices, regular way, in each case on the Nasdaq National Market or New&nbsp;York Stock Exchange, as applicable, or, if such security is not listed or admitted to trading on
such National Market or Exchange, on the principal national security exchange or quotation system on which such security is quoted or listed or admitted to trading, or, if not quoted or listed or
admitted to trading on any national securities exchange or quotation system, the average of the closing bid and asked prices of such security on the over-the-counter market on the day in question as
reported by the National Quotation Bureau Incorporated, or a similar generally accepted reporting service, or if not so available, in such manner as furnished by any New&nbsp;York Stock Exchange
member firm selected from time to time by the Board of Directors for that purpose, whose determination shall be conclusive. </FONT></P>

<P><FONT SIZE=2>"Current
Market Price" shall mean the average of the daily Closing Sale Prices per share of Common Stock for the ten&nbsp;(10) consecutive trading days immediately prior to the date in question;
provided, however, that (A)&nbsp;if the "ex" date (as hereinafter defined) for any event (other than the issuance or distribution requiring such computation) that requires an adjustment to the
Conversion Price pursuant to Section&nbsp;6(d)(i), (ii), (iii), (iv) or (v) hereof occurs during such ten&nbsp;(10) consecutive trading days, the Closing Sale Price for each trading day prior to
the "ex" date for such other event shall be adjusted by multiplying such Closing Sale Price by the same fraction by which the Conversion Price is so required to be adjusted as a result of such other
event, (B)&nbsp;if the "ex" date for any event (other than the issuance or distribution requiring such computation) that requires an adjustment to the Conversion Price pursuant to
Section&nbsp;6(d)(i), (ii), (iii), (iv) or (v) hereof occurs on or after the "ex" date for the issuance or distribution requiring such computation and prior to the day in question, the Closing Sale
Price for each trading day on and after the "ex" date for such other event shall be adjusted by multiplying such Closing Sale Price by the reciprocal of the fraction by which the Conversion Price is
so required to be adjusted as a result of such other event, and (C)&nbsp;if the "ex" date for the issuance or distribution requiring such computation is prior to the day in question, after taking
into account any adjustment required pursuant to clause&nbsp;(A) or (B) of this proviso, the Closing Sale Price for each trading day on or after such "ex" date shall be adjusted </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-101</FONT></P>

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<UL>
<UL>
<BR>

<P><FONT SIZE=2>by
adding thereto the amount of any cash and the fair market value (as determined in good faith by the Corporation's Board of Directors in a manner consistent with any determination of such value for
purposes of Section&nbsp;6(d)(iv) hereof, whose determinations shall be conclusive) of the evidences of indebtedness, shares of capital stock or assets being distributed applicable to
one&nbsp;share of Common Stock as of the close of business on the day before such "ex" date. The "ex" date shall be the first trading date following the event for which an adjustment to the
Conversion Price is required pursuant to <U>Section&nbsp;6(d)</U>. </FONT></P>

<P><FONT SIZE=2>"Fair
market value" shall mean the amount which a willing buyer would pay a willing seller in an arm's length transaction. </FONT></P>

<P><FONT SIZE=2>"Record
Date" shall mean, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock have the right to receive any cash, securities or other property
or in which the Common Stock (or other applicable security) is exchange for or converted into any combination of cash, securities or other property, the date fixed for determination of shareholders
entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors or by statute, contract or otherwise). </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(vii)</FONT></DT><DD><FONT SIZE=2>No
adjustment in the Conversion Price shall be required unless such adjustment would require a decrease of at least one&nbsp;percent&nbsp;(1%) in such price (and
no adjustment shall increase the Conversion Price except in the case of reverse stock splits or other transactions involving a combination of shares of Common Stock); </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that any adjustments
which by reason of this <U>Section&nbsp;6(d)(vii)</U> are not required to be made shall be
carried forward and then taken into account in any subsequent adjustment; provided, further, that adjustment in the Conversion Price shall be required and made in accordance with the provisions of
this Certificate of Designations, other than this <U>Section&nbsp;6(d)(vii)</U>, not later than such time as may be required in order to preserve the tax-free nature of a
distribution (within the meaning of Section&nbsp;305 of the United States Internal Revenue Code of 1986, as amended) to the holders of Series&nbsp;A Preferred Stock and/or Common Stock. All
calculations under this <U>Section&nbsp;6</U> shall be made by the Corporation and shall be made to the nearest cent or to the nearest one hundredth of a share, as the case may
be. No adjustment need be made for a change in the par value or no par value of the Common&nbsp;Stock.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(viii)</FONT></DT><DD><FONT SIZE=2>Anything
in this <U>Section&nbsp;6</U> to the contrary notwithstanding, the Corporation shall be entitled (but shall not be required) to make
such reductions in the Conversion Price, in addition to those required by this <U>Section&nbsp;6</U>, as the Corporation, in its discretion, shall determine in good faith to be
advisable in order that any stock dividend, subdivision of shares, distribution of rights to purchase stock or securities or distribution of securities convertible into or exchangeable for stock
hereafter made by the Corporation to its stockholders shall not be taxable.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ix)</FONT></DT><DD><FONT SIZE=2>To
the extent permitted by applicable law, the Corporation from time to time may reduce the Conversion Price by any amount for any period of time if the period is at
least 20&nbsp;days, the reduction is irrevocable during the period and the Board of Directors shall have made a determination that such reduction would be in the best interests of the Corporation,
which determination shall be conclusive and described in a resolution of the Board of Directors. Whenever the Conversion Price is reduced pursuant to the preceding sentence, the Corporation shall mail
to each record holder of Series&nbsp;A Preferred Stock a notice of the reduction at least 15&nbsp;days prior to the date the reduced Conversion Price takes effect, and such notice shall state the
reduced Conversion Price and the period during which it will be in effect. </FONT></DD></DL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-102</FONT></P>

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NAME="page_dy2148_1_103"> </A> </FONT></P>

<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(x)</FONT></DT><DD><FONT SIZE=2>In
any case in which this <U>Section&nbsp;6(d)</U> provides that an adjustment shall become effective immediately after a Record Date for an
event, the Corporation may defer until the occurrence of such event (i)&nbsp;issuing to the holder of any shares of Series&nbsp;A Preferred Stock converted after such Record Date and before the
occurrence of such event the additional shares of Common Stock issuable upon such conversion by reason of the adjustment required by such event over and above the Common Stock issuable upon such
conversion before giving effect to such adjustment and (ii)&nbsp;paying to such holder any amount in cash in lieu of any fraction pursuant to Section&nbsp;6(c)&nbsp;hereof.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>Any
recapitalization, reorganization, reclassification, consolidation, merger, sale of all or substantially all of the Corporation's assets or other transactions, in each case
((i)&nbsp;which is effected in such a manner that the holders of Common Stock are entitled to receive (either directly or upon subsequent liquidation) stock, securities or assets with respect to or
in exchange for Common Stock and (ii)&nbsp;is not a Change in Control, is referred to herein as an "Organic Change." Prior to the consummation of any Organic Change, the Corporation shall make
appropriate provisions (in form and substance reasonably satisfactory to the holders of a majority of the Series&nbsp;A Preferred Stock then outstanding) to insure that each of the holders of
Series&nbsp;A Preferred Stock shall thereafter have the right to acquire and receive, such shares of stock, securities or other assets as such holder would have received in connection with such
Organic Change if such holder had converted its Series&nbsp;A Preferred Stock immediately prior to such Organic Change. In each such case where the Series&nbsp;A Preferred Stock would remain
outstanding after the Organic Change, the Corporation shall also make appropriate provisions (in form and substance satisfactory to the holders of a majority of the Series&nbsp;A Preferred Stock
then outstanding) to insure that the provisions of Section&nbsp;6(d) hereof shall thereafter be applicable to the Series&nbsp;A Preferred Stock. The Corporation shall not effect any such
consolidation, merger or sale, unless prior to the consummation thereof, the successor entity (if other than the Corporation) resulting from the consolidation or merger or the entity purchasing such
assets assumes by written instrument (in form and substance satisfactory to the holders of a majority of the Series&nbsp;A Preferred Stock then outstanding), the obligation to deliver to each such
holder such shares of stock, securities or other assets as, in accordance with the foregoing provisions, such holder may be entitled to acquire. The provisions of this Section&nbsp;6(e) shall
similarly apply to successive reorganizations, reclassifications, mergers, consolidations or&nbsp;sales.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>The
Corporation may elect to convert some or all of the Shares as follows:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>If
at any time prior to the Scheduled Redemption Date, the closing price of the Common Stock on the principal national securities exchange on which the Common Stock is
listed or admitted to trading, NASDAQ, if the Common Stock is then listed or admitted to trading on any national securities exchange or in such market system, or such other market in which such prices
are regularly quoted, exceeds 150% of the then effective Conversion Price (as defined) for any 15&nbsp;out of 20&nbsp;consecutive trading days, and a shelf registration statement covering resales
of the Common Stock issuable upon conversion of the Series&nbsp;A Preferred Stock is effective and available for use at all times during the period beginning thirty (30)&nbsp;days prior to the
Notice Date (as defined below) and ending on the Required Conversion Date (as defined below), and is expected to remain effective and available for use until at least the earlier of thirty
(30)&nbsp;days following the Required Conversion Date or the last date on which the shelf registration statement is required to be kept effective under the terms of the Registration Rights Agreement
(as defined below) or such shares may be sold pursuant to Rule&nbsp;144(k) under the Securities&nbsp;Act, then the Corporation may elect to convert some or all of the then issued and outstanding
Shares at the then applicable Conversion Price. If the Corporation elects to convert less </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-103</FONT></P>

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<P><FONT SIZE=2>than
all of the then issued and outstanding Shares, a pro&nbsp;rata portion of the Shares held by each record holder of the Series&nbsp;A Preferred Stock shall be converted based upon the number
of Shares held by such holder and the number of Shares the Corporation has elected to convert. The "Registration Rights Agreement" means that certain Registration Rights Agreement, dated as of
March&nbsp;12, 2002, among the Corporation, Robertson Stephens,&nbsp;Inc. and certain of the initial purchasers of the Series&nbsp;A Preferred Stock as such agreement may be amended,
supplemented and modified from time to&nbsp;time. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>The
Corporation will mail written notice of each conversion of Series&nbsp;A Preferred Stock pursuant to <U>Section&nbsp;6(f)(i)</U> to each
record holder at least 20&nbsp;business days prior to the date on which such conversion is to be made (the "Required Conversion Date"). The date on which such notice is mailed is the "Notice Date."
The Notice Date must be a date within ten&nbsp;days of the last day of the 20&nbsp;consecutive trading day period referred to in <U>Section&nbsp;6(f)(i)</U>.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>If
a Required Conversion Date occurs prior to September&nbsp;14, 2003, the Corporation will make an additional payment with respect to the Shares converted in an
amount equal to six quarterly dividends to be paid pursuant to <U>Section&nbsp;3</U> per Share, less the amount of any dividends actually paid per Share prior to the Required
Conversion Date (such payment, the "Make Whole Payment"). The Make Whole Payment may be paid, at the Corporation's election, in cash or shares of Common Stock. The Corporation shall only have the
right to elect to pay the Make Whole Payment in shares of Common Stock if, on the Required Conversion Date, (i)&nbsp;the sale of the shares of Common Stock issuable in connection with such Make
Whole Payment by the holders is covered by an effective registration statement or such shares may be sold pursuant to Rule&nbsp;144(k) under the Securities&nbsp;Act and (ii)&nbsp;the shares of
Common Stock to be issued in connection with such Make Whole Payment have been approved for listing, subject to official notice of issuance, on a national securities exchange, the Nasdaq National
Market or the Nasdaq Small Cap Market. If the Corporation elects to pay the Make Whole Payment in shares of Common Stock, each share of Common Stock will be valued at 95% of Market Value as of the
Notice Date for purposes of determining the number of shares issuable in connection with such payment. The notice delivered by the Corporation pursuant to Section&nbsp;6(f)(ii) shall specify whether
the Make Whole Payment, if any, is to be paid in cash or in shares of Common Stock.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD><FONT SIZE=2>If
any date shall be fixed by the Corporation as the date as of which holders of Common Stock (i)&nbsp;shall be entitled to receive any dividend or any distribution upon the Common
Stock of the Corporation, (ii)&nbsp;shall be offered any subscription or other rights, or (iii)&nbsp;shall be entitled to participate in any capital reorganization, reclassification of Common
Stock, consolidation, or merger, or in any liquidation, dissolution or winding up of the Corporation, the Corporation shall cause notice thereof (specifying such date) to be mailed to the holders of
the Series&nbsp;A Preferred Stock, at the address or such holder as appears on the Corporation's stock transfer ledger of receiving notice, at least 30&nbsp;days prior to the date of consummation
of the transaction described in the&nbsp;notice.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD><FONT SIZE=2>The
issuance of stock certificates representing shares of Common Stock upon conversion of the Series&nbsp;A Preferred Stock shall be made without charge to the exercising holder of
Series&nbsp;A Preferred Stock for any tax for the issuance thereof. The Corporation shall not, however, be required to pay any tax that may be payable on any transfer involved in the issue and
delivery of stock in any name other than that of the registered holders of Series&nbsp;A Preferred Stock, and the Corporation shall not be required to issue or deliver any such stock certificate
unless and until the person or persons requesting the issue thereof shall have paid </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-104</FONT></P>

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<P><FONT SIZE=2>to
the Corporation the amount of such tax or shall have established to the satisfaction of the Corporation that such tax has been paid. </FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>The
Corporation shall at all times reserve and keep available out of its authorized but unissued stock for the purpose of effecting the conversion of the Series&nbsp;A Preferred
Stock, such number of its duly authorized shares of Common Stock as shall from time to time be sufficient to effect the conversion of the Series&nbsp;A Preferred Stock; and if at any time the number
of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of the Series&nbsp;A Preferred Stock at the Conversion Price then in effect, the Corporation will
take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for
this&nbsp;purpose.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD><FONT SIZE=2>The
Corporation covenants that all shares of Common Stock that may be issued upon conversion of the Series&nbsp;A Preferred Stock will upon issue be fully paid and nonassessable and
free of all taxes, liens and charges for the issue&nbsp;thereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD><FONT SIZE=2>In
each case of an adjustment or readjustment of the Conversion Price for the number of shares of Common Stock or other securities issuable upon conversion of the Series&nbsp;A
Preferred Stock, the Corporation shall compute such adjustment or readjustment in accordance herewith and prepare a certificate showing such adjustment or readjustment and shall mail such certificate,
by first class mail, postage prepaid, to each registered holder of Series&nbsp;A Preferred Stock at the address last provided by such holder as it appears on the Corporation's stock transfer ledger.
The certificate shall set forth such adjustment or readjustment showing in detail the facts upon which such adjustment or readjustment is based including a statement of:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>The
adjusted or readjusted Conversion Price for the Series&nbsp;A Preferred Stock; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>The
number of additional shares of Common Stock and the type and amount, if any, of other property which would be received upon conversion of the adjusted or readjusted
Conversion Price for the Series&nbsp;A Preferred Stock.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD><FONT SIZE=2>Except
with the consent of the holders of two-thirds of the then outstanding shares of Series&nbsp;A Preferred Stock, the Corporation will not, by amendment of its Certificate of
Incorporation or through any reorganization, transfer of all or substantially all of its assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or
seek to avoid the observance or performance of any of the terms to be observed or performed under this <U>Section&nbsp;6</U> by the Corporation, but the Corporation will at all
times and in good faith assist in the carrying out of all of the provisions of this <U>Section&nbsp;6</U>.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(m)</FONT></DT><DD><FONT SIZE=2>If
a holder of Series A Preferred Stock elects to convert any of such holder's Shares into Common Stock after such holder has received notice from the Corporation of the Corporation's
election to convert some or all of such holder's Series&nbsp;A Preferred Stock pursuant to <U>Section&nbsp;6(f)(i)</U>, such holder shall also be entitled to receive, and the
Corporation shall pay, upon conversion of such holder's Shares, the Make Whole Payment, if any, that the Corporation would have been required to pay such holder in connection with such conversion.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(n)</FONT></DT><DD><FONT SIZE=2>As
soon as possible after a conversion has been effected pursuant to this <U>Section&nbsp;6</U> (but in any event within 5&nbsp;business days after the
applicable Conversion Date), the Corporation shall deliver to the converting holder:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>a
certificate or certificates representing the number of shares of Common Stock issuable by reason of such conversion in such name or names and such denomination or
denominations as the converting holder has specified, or, at the holder's request, credit </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-105</FONT></P>

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<P><FONT SIZE=2>such
aggregate number of shares of Common Stock to which the holder shall be entitled to the holder's or its designee's balance account with the Depositary Trust Company ("DTC") through its Deposit
Withdrawal Agent Commission system; </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>payment
in cash or Common Stock of an amount equal to all accrued dividends with respect to each Share converted which have not been paid thereto;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>a
certificate representing any shares which were represented by the certificate or certificates delivered to the Corporation in connection with such conversion but
which were not converted;&nbsp;and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>the
Optional Make Whole Payment, if any, required pursuant to <U>Section&nbsp;6(a)</U>;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD><FONT SIZE=2>the
Make Whole Payment, if any, required pursuant to <U>Section&nbsp;6(f)(iii)</U>.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(o)</FONT></DT><DD><FONT SIZE=2>If
the Corporation shall fail for any reason to deliver to the holder any or all of the item(s) described in <U>Section&nbsp;6(n)</U> above within
5&nbsp;business days after the Conversion Date (such 5th&nbsp;business day, the "Delivery Date"), the Corporation shall, in addition to any other remedies under the Securities Purchase Agreement
(as defined below) or otherwise available to such holder, including any indemnification under Section&nbsp;8 of the Securities Purchase Agreement, pay as additional damages in cash to such holder on
each day after the Delivery Date such item(s) are not delivered in an amount equal to one-half&nbsp;percent&nbsp;(0.5%) per month multiplied by the product of (i)&nbsp;the sum of the number of
shares of Common Stock into which the Shares converted were converted and (ii)&nbsp;the Closing Sale Price (as defined in <U>Section&nbsp;6(d)(vi)</U> of the Common Stock on
the Delivery Date. The "Securities Purchase Agreement" means that certain Securities Purchase Agreement, dated as of March&nbsp;12, 2002, among the Corporation, Robertson Stephens,&nbsp;Inc. and
the initial purchasers of the Series&nbsp;A Preferred Stock as such agreement may be amended, supplemented and modified from time to&nbsp;time. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><U>Section&nbsp;7</U>.&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise
expressly provided herein or as required by law, the holder of each Share shall be entitled to vote on all matters as shall be submitted to a vote of the holders of the Common Stock and shall be
entitled to such number of votes as is equal to the largest number of full shares of Common Stock into which such holder's Shares are then convertible. Except as required by law or otherwise expressly
provided herein, the Series&nbsp;A Preferred Stock and the Common Stock and shares of all other classes or series of stock entitled to vote with the Common Stock shall be voted together as a single
class and not as separate classes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><U>Section&nbsp;8</U>.&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictions and
Limitations</U>.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except as otherwise required by law, so long as any Share is outstanding, the vote or written consent by the holders of at
least a majority of the outstanding Shares, voting or consenting as a separate class, shall be required for the Corporation to: </FONT></P>

<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>authorize
or issue any other class or series of Preferred Stock ranking senior to the Series&nbsp;A Preferred Stock as to the priority of payment of amounts
distributable upon dissolution, liquidation or winding up of the Corporation, or increase the number of authorized shares of Series&nbsp;A Preferred Stock. Nothing herein shall prevent the
Corporation from (A)&nbsp;authorizing or issuing a new or existing series of Preferred Stock that ranks junior to or </FONT><FONT SIZE=2><I>pari&nbsp;passu</I></FONT><FONT SIZE=2> with the
Series&nbsp;A Preferred Stock as to the priority of payment of amounts distributable upon dissolution, liquidation or winding up of the Corporation or (B)&nbsp;from issuing shares of
Series&nbsp;A Preferred Stock pursuant to the Securities Purchase Agreement;&nbsp;or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>pay
or declare any dividend or distribution on any shares of Common Stock or of any security ranking junior to the Series&nbsp;A Preferred Stock as to payment of
dividends other than a distribution or other payment made upon dissolution, liquidation or winding up of </FONT></DD></DL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-106</FONT></P>

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<P><FONT SIZE=2>the
Corporation in accordance with the provisions of <U>Section&nbsp;4</U> hereof and other than dividends payable solely in shares of Common Stock;&nbsp;or </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>reclassify
any Common Stock or other class or series of capital stock of the Corporation into shares having any preference or priority, or ranking senior to the
Series&nbsp;A Preferred Stock, as to the payment of amounts distributable upon dissolution, liquidation or winding up of the Corporation.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Except
as otherwise required by law, so long as any Share is outstanding, the vote or written consent by holders of two-thirds of the outstanding Shares, voting or consenting as a
separate class, shall be required for the Corporation to amend or repeal (by merger, consolidation or otherwise) any provision of, or add any provision to, the Corporation's Certificate of
Incorporation, including this Certificate of Designations, in a manner which would adversely affect the preferences, special rights or other powers of the Series&nbsp;A Preferred Stock; provided,
however, that the vote or written consent of holders of all the outstanding Shares, voting or consenting as a separate class, shall be required for the Corporation to amend or repeal (by merger,
consolidation or otherwise) any provision of the Corporation's Certificate of Incorporation, including this Certificate of Designations, with respect to the Dividend Rate, Liquidation Preference,
Redemption Price, Scheduled Redemption Date, Conversion Price or Make Whole Payment in a manner which would adversely affect the preferences, special rights or other powers of the Series&nbsp;A
Preferred Stock set forth in such provisions, or reduce the aforesaid percentage of outstanding Shares, the holders of which are required to consent to any amendment or repeal of the Corporation's
Certificate of Incorporation.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>The
Corporation will not, through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid the
observance or performance of any of the terms to be observed or performed hereunder by the&nbsp;Corporation. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, Manufacturers' Services Limited has caused this Certificate of Designations to be duly executed on March&nbsp;14,&nbsp;2002. </FONT></P>

<!-- User-specified TAGGED TABLE -->
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<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><B>MANUFACTURERS' SERVICES LIMITED</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ALBERT A. NOTINI</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Albert&nbsp;A. Notini<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer and<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>A-107</FONT></P>

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NAME="page_ea2148_1_108"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ea2148_certificate_of_designations_of__cer04160"> </A>
<A NAME="toc_ea2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>CERTIFICATE OF DESIGNATIONS<BR>  OF<BR>  4.5% SERIES B CONVERTIBLE PREFERRED STOCK<BR>  OF<BR>  MANUFACTURERS' SERVICES LIMITED<BR>  <BR>    ****    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manufacturers'
Services Limited, a corporation duly organized and existing under the General Corporation Law of the State of Delaware (the "Corporation"), does hereby certify as that
pursuant to authority conferred upon the Board of Directors of the Corporation by the Second Restated Certificate of Incorporation of the Corporation and pursuant to the Section&nbsp;151 of the
General Corporation Law of the State of Delaware, the Board of Directors at a meeting duly held adopted the following resolution on July&nbsp;1, 2003: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED,
that the Corporation is authorized to issue 500,000 shares of 4.5% Series&nbsp;B Convertible Preferred Stock, par value $0.001 per share ("Series&nbsp;B Preferred Stock"),
with the powers designations, preferences and relative, participating, optional and other special rights, and the qualifications, limitations and restrictions as set forth on Annex II. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ea2148_annex_ii"> </A>
<A NAME="toc_ea2148_2"> </A>
<BR></FONT><FONT SIZE=2><B>ANNEX II    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
1.</U>&nbsp;&nbsp;&nbsp;&nbsp;<U>Ranking.</U>&nbsp;&nbsp;&nbsp;&nbsp;Each share (a "Share") of Series&nbsp;B Preferred Stock shall have preferences,
limitations and relative rights identical with each other; and all Shares of Series&nbsp;B Preferred Stock shall have such preferences and relative rights expressly provided in this Annex II. The
Series&nbsp;B Preferred Stock shall rank </FONT><FONT SIZE=2><I>pari&nbsp;passu</I></FONT><FONT SIZE=2> with the 5.25% Series A Convertible Preferred Stock, par value $0.001 per share, of the
Corporation (the "Series&nbsp;A Preferred Stock") and prior to the Senior Preferred Stock of the Corporation. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
2.</U>&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation of the Number of Shares.</U>&nbsp;&nbsp;&nbsp;&nbsp;There shall be a series of Preferred Stock consisting
of 500,000 shares that shall be designated as "4.5% Series B Convertible Preferred Stock". The Series&nbsp;B Preferred Stock shall be entitled to dividends when, as and if declared pursuant to
<U>Section&nbsp;3</U> hereof, shall be entitled to a preference in liquidation as provided in <U>Section&nbsp;4</U> hereof, shall be redeemable as
provided in <U>Section&nbsp;5</U>, shall be convertible as provided in <U>Section&nbsp;6</U> hereof, and shall be entitled to vote as provided in
<U>Section&nbsp;7</U> hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;3.</U>&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends.</U>
</FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>To
the extent permitted under the Delaware General Corporation Law, the Corporation will pay preferential dividends to the holders of the Series&nbsp;B Preferred Stock, </FONT> <FONT SIZE=2><I>pari&nbsp;passu</I></FONT><FONT SIZE=2> with the
Series&nbsp;A Preferred Stock, as provided in this Section&nbsp;3. Except as otherwise provided herein, dividends on each
Share will accrue at a rate of 4.5% per annum (the "Dividend Rate") of the Liquidation Value (as defined) thereof from and including the Date of Issuance (as defined) of such Share to and including
the date on which the Liquidation Value (plus all accrued and unpaid dividends there) of such Share is paid in full. Such dividends will accrue whether or not they have been declared and whether or
not there are profits, surplus or other funds of the Corporation legally available for the payment of dividends. Such dividends shall accrue on a daily basis and shall be computed on the basis of a
360 day year comprised on twelve 30-day months. The date on which the Corporation initially issues any share shall be deemed to be its "Date of Issuance" regardless of the number of times a transfer
of such Share is made on the stock records maintained by or for the Corporation and regardless of the number of certificates which may be issued to evidence such Share. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-108</FONT></P>

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<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>All
accrued and unpaid dividends on each Share shall be paid on each Dividend Reference Date (as defined), and shall be paid, at the election of the Corporation, in cash or in shares
of the common stock, par value $.001 per share, of the Corporation (the "Common Stock") and except to the extent paid in cash or shares of Common Stock, such dividends will accumulate on each such
Dividend Reference Date. The Corporation shall only have the right to elect to pay a dividend in shares of Common Stock if, on the applicable Dividend Reference Date, (i)&nbsp;the sale of the shares
of Common Stock issuable in connection with such payment by the holders is covered by an effective registration statement or such shares may be sold pursuant to Rule&nbsp;144(k) under the Securities
Act and (ii)&nbsp;the shares of Common Stock to be issued in connection with such payment have been approved for listing, subject to official notice of issuance, on a national securities exchange,
the Nasdaq National Market or the Nasdaq Small Cap Market. If the Corporation elects to pay a dividend in shares of Common Stock, each share of Common Stock will be valued at 95% of Market Value (as
defined) as of the Dividend Reference Date for purposes of determining the number of shares of Common Stock issuable in connection with such payment. If the Corporation elects to pay a dividend in
shares of Common Stock, the Corporation shall mail written notice of such election to the record holders of Series&nbsp;B Preferred Stock at least 20 business days prior to each Dividend Reference
Date. Notwithstanding the foregoing, the Company may elect not to pay a quarterly dividend due under this Section 3, no more than two times in any 24 month period and such dividends will accumulate
instead. If and whenever, at any time or times, dividends on the outstanding shares shall not have been paid in an aggregate amount equal to two full quarterly dividends thereon in accordance with the
provisions of Section&nbsp;3(a) the Corporation shall pay such accumulated dividends in shares of Common Stock, and each share of Common Stock will be valued at 95% of Market Value as of the
Dividend Reference Date for the third such quarterly dividend. No fractional shares of Common Stock shall be issued upon payment of a dividend in shares of Common Stock, and in lieu of any fractional
shares to which the holder would otherwise be entitled, such fraction shall be rounded up or down to the nearest whole share. The Corporation covenants that all shares of Common Stock that may be
issued upon payment of a dividend on the Series&nbsp;B Preferred Stock will upon issue be fully paid and nonassessable and free of all taxes, liens and charges for the issue thereof. As used herein,
"Market Value" as of any date means the average closing price of the Common Stock for the ten consecutive trading days ending two business days prior to such date on the principal national securities
exchange on which the Common Stock is listed or admitted to trading, or, if the Common Stock is not so listed or admitted to trading, the average of the per share closing bid price and per share
closing asked rice for the ten trading days preceding such date as quoted on the National Association of Securities Dealers Automated Quotation System, including without limitation the OTC Bulletin
Board ("NASDAQ"), or such other market in which such priced are regularly quoted, or, if the Common Stock is not then quoted by NASDAQ, the Market Price shall be determined by agreement between the
Corporation and holders of Series&nbsp;B Preferred Stock outstanding at the time of such determination representing more than 50% of the number of shares of Common Stock into which each share of
Series&nbsp;B Preferred Stock is then convertible in accordance with <U>Section&nbsp;6</U>.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2><U>Dividend
Reference Date.</U>&nbsp;&nbsp;&nbsp;&nbsp;The accrued dividends will be payable March&nbsp;31, June&nbsp;30, September&nbsp;30 and December&nbsp;31 of
each year commencing on September&nbsp;30, 2003 (the "Dividend Reference Dates") to the record holders of Series&nbsp;B Preferred Stock at the close of business on the date that is 10 business
days immediately preceding the applicable Dividend Reference Dates of each year. To the extent all accrued dividends are not paid on the Dividend Reference Dates, all dividends which have accrued on
each Share outstanding during the three-month period (or other period in the case of the initial Dividend Reference Date) </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-109</FONT></P>

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<P><FONT SIZE=2>ending
upon each such Dividend Reference Date will be accumulated and shall remain accumulated dividends with respect to such Share until paid. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>If
at any time the Corporation elects to pay less than the total amount of dividends then accrued with respect to the Series&nbsp;A Preferred Stock and the Series&nbsp;B Preferred
Stock, such payment will be distributed among the holders of the Series&nbsp;A Preferred Stock and the Series&nbsp;B Preferred Stock based upon the aggregate accrued but unpaid dividends on the
Share of Series&nbsp;A Preferred Stock or the Series&nbsp;B Preferred Stock held by each such holder, and any amounts of such dividends remaining thereafter shall be accumulated and shall remain
accumulated dividends with respect to such Share until paid. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
4.</U>&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation Preference.</U> </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>In
the event of a dissolution, liquidation or winding up of the Corporation (whether voluntary or involuntary), but before any distribution to the holders of Common Stock or any other
class or series of the Corporation's then outstanding capital stock ranking in any such event junior to the Series&nbsp;B Preferred Stock, the holders of the Series&nbsp;B Preferred Stock then
outstanding shall be entitled to receive, </FONT><FONT SIZE=2><I>pari&nbsp;passu</I></FONT><FONT SIZE=2> with the holders of the Series&nbsp;A Preferred Stock, and the Corporation shall pay, the
following amounts out of assets of the Corporation legally available for distribution to the stockholders, whether such assets are capital, surplus or earnings: </FONT></DD></DL>

<UL>

<P><FONT SIZE=2>The
holders of the Series&nbsp;B Preferred Stock shall receive an amount per Share equal to the Liquidation value (plus all accrued and unpaid dividends thereon, it being understood that such amount
shall be calculated by including dividends accruing to the actual date of such dissolution, liquidation or winding up, as the case may be, rather than the most recent Dividend Reference Date); </FONT> <FONT SIZE=2><I>provided however</I></FONT><FONT
SIZE=2>, that if the assets to be distributed to the holders of the Series&nbsp;A Preferred Stock and the Series&nbsp;B Preferred Stock
shall be insufficient to permit the payment to such holders of the full Liquidation Value (plus all such accrued and unpaid dividends thereon), then all of the assets of the Corporation to be
distributed to the holders of the Series&nbsp;A Preferred Stock and the Series&nbsp;B Preferred Stock shall be distributed ratably to the holders of the Series&nbsp;A Preferred Stock and the
Series&nbsp;B Preferred Stock. </FONT></P>

<P><FONT SIZE=2>As
used herein, the term "Liquidation Value" means an amount initially equal to $50.00 per Share, subject to appropriate adjustment for any stock dividend, stock split, recapitalization or
consolidation of or on the Series&nbsp;B Preferred Stock. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Notwithstanding
the foregoing, each holder of Series&nbsp;B Preferred Stock may elect to receive, in the event of a dissolution, liquidation or winding up of the Corporation
(whether voluntary or involuntary), in lieu of the amount described in <U>Section&nbsp;4(a)</U> above, the amount that would be distributed to such holder if such holder's
Shares had been converted into shares of Common Stock in accordance with <U>Section&nbsp;6</U> immediately prior to such distribution.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>After
the payment of the amounts required to be paid to the holders of Series&nbsp;B Preferred Stock upon the liquidation, dissolution or winding up of the Corporation pursuant to
this <U>Section&nbsp;4</U>, the outstanding Shares shall be deemed to have been redeemed and shall be cancelled and shall no longer be deemed to be issued and outstanding and
the holders of the Series&nbsp;B Preferred Stock shall not be entitled to any further right or claim.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>A
Change in Control (as defined) of the Corporation will be deemed to be a liquidation, dissolution or winding up of the Corporation for purposes of this
<U>Section&nbsp;4</U> and in the event there is a Change of Control on or before July&nbsp;3, 2005, the amount to which a holder would be entitled under
<U>Section&nbsp;4(a)</U> above shall be deemed to be an amount equal to (i)&nbsp;105% of the Liquidation Value plus (ii)&nbsp;all accrued and unpaid dividends thereon, it
being understood that such amount shall be calculated by including dividends accruing to the actual date of such </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-110</FONT></P>

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<P><FONT SIZE=2>dissolution,
liquidation or winding up, as the case may be, rather than the most recent Dividend Reference Date. As used herein, "Change in Control" means (A)&nbsp;the sale, transfer or other
disposition of all or substantially all of the assets of the Corporation (other than to a wholly-owned subsidiary as a result of which the Company becomes a holding company) or (B)&nbsp;the
acquisition of the Corporation by another entity by means of any transaction or series of related transactions (including without limitation, any reorganization, merger or consolidation of the
Corporation with any other person (other than a wholly-owned subsidiary of the Corporation)) unless the Corporation's stockholders of record immediately prior to such transaction will immediately
after such transaction hold at least 50% of the voting power of the Corporation. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;5.</U>&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption.</U>
</FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>On
July 3, 2008 (the "Scheduled Redemption Date") the Corporation will redeem all issued and outstanding Shares, at a price per Share equal to the Liquidation Value thereof plus all
accrued and unpaid dividends thereon, including dividends accruing to the Scheduled Redemption Date (the "Redemption Price"), which amount shall be payable, at the election of the Corporation, in cash
or shares of Common Stock. The Corporation shall only have the right to elect to pay the Redemption Price in shares of Common Stock if, on the Scheduled Redemption Date, (i)&nbsp;the sale of the
shares of Common Stock issuable in connection with such redemption by the holders is covered by an effective registration statement or such shares may be sold pursuant to Rule&nbsp;144(k) under the
Securities Act and (ii)&nbsp;the shares of Common Stock to be issued in connection with such redemption have been approved for listing, subject to official notice of issuance, on a national
securities exchange, the Nasdaq National Market or the Nasdaq Small Cap Market. If the Corporation elects to pay the Redemption Price in shares of Common Stock, each share of Common Stock will be
valued at 95% of Market Value as of the Scheduled Redemption Date for purposes of determining the number of shares issuable in connection with such payment. If the Corporation elects to pay the
Redemption Price in shares of Common Stock, the Corporation shall mail written notice of such election to the record holders of Series&nbsp;B Preferred Stock at least 20 business days prior to the
Scheduled Reference Date. No fractional shares of Common Stock shall be issued upon payment of the Redemption Price, and in lieu of any fractional shares to which the holder would otherwise be
entitled, such fraction shall be rounded up or down to the nearest whole share. The Corporation covenants that all shares of Common Stock that may be issued upon a redemption of the Series&nbsp;B
Preferred Stock will upon issue by fully paid and nonassessable and free of all taxes, liens and charges for the issue thereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>If
at any time after July 3, 2006 and prior to the Scheduled Redemption Date, (i)&nbsp;a shelf registration statement covering resales of the Common Stock issuable upon conversion
of the Series&nbsp;B Preferred Stock is effective and available for use at all times during the period beginning on the Early Redemption Notice Date (as defined below) and ending on the Early
Redemption Date (as defined below), and is expected to remain effective and available for use until at least the earlier of thirty (30) days following the Early Redemption Date or the last date on
which the shelf registration statement is required to be kept effective under the terms of the Registration Rights Agreement (as defined below) or (ii)&nbsp;such shares may be sold pursuant to Rule
144(k) under the Securities Act, then the Corporation my elect to redeem some or all of the then issued and outstanding Shares at the Redemption Price. If the Corporation elects to redeem less than
all of the then issued and outstanding Shares, a pro rata portion of the Shares held by each record holder of the Series&nbsp;B Preferred Stock shall be redeemed based upon the number of Shares held
by such holder and the number of Shares the Corporation has elected to redeem. The "Registration Rights Agreement" means that certain Registration Rights Agreement, dated as of July&nbsp;1, 2003,
among the Corporation, U.S. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-111</FONT></P>

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<P><FONT SIZE=2>Bancorp
Piper Jaffray, RBC Dain Rauscher, Inc. and the initial purchasers of the Series&nbsp;B Preferred Stock as such agreement may be amended, supplemented and modified from time to time. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>The
Corporation will mail written notice of each redemption of Series&nbsp;B Preferred Stock pursuant to <U>Section&nbsp;5(b)</U> to each record holder at
least 30 days prior to the date on which such redemption is to be made (the "Early Redemption Date"). The date on which such notice is mailed is the "Early Redemption Notice Date." Each such notice of
redemption shall specify the number of Shares to be redeemed, the date fixed for redemption, the place or places of payment, that payment will be made upon presentation and surrender of such Shares
and the current Conversion Price. If fewer than all the outstanding Shares are to be redeemed, the notice of redemption shall identify the number of Shares to be redeemed. Each Share shall be
convertible into Common Stock at the option of the holder thereof in accordance with the provisions of <U>Section&nbsp;6</U> at any time prior to the Early Redemption Date.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>No
Share is entitled to any dividends accruing after the date on which the Redemption Price of such Share is paid in full (the "Redemption Date"). On such Redemption Date all rights
of the holder of such Share as a holder will cease (including the conversion rights set forth in <U>Section&nbsp;6</U>), and such Share will be concealed and will not be
reissued, sold or transferred. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;6.</U>&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion.</U>
</FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Each
share shall be convertible into Common Stock, at the then applicable Conversion Price (as hereinafter defined), at any time and from time to time, at the option of the holder
thereof in accordance with this <U>Section&nbsp;6(a)</U> without the need for the payment of any additional cash consideration. Before any holder of Series&nbsp;B Preferred
Stock shall be entitled to convert such stock into shares of Common Stock, the holder thereof shall surrender the certificate or certificates therefor (or in the case of any lost, stolen or destroyed
certificate or certificates the delivery of an affidavit to that effect accompanied by any indemnity bond, in each case, reasonably required by the Corporation), duly endorsed, to the Corporation and
shall give written notice, duly executed, to the Corporation of such election to convert the same and shall state the number of shares of Series&nbsp;B Preferred Stock being converted. Such
conversion shall be deemed to have been made immediately prior to the close of business on the date of the surrender of the certificate or certificates representing the Shares to be converted, and the
holder of such Shares shall be treated for all purposes as the record holder of such shares of Common Stock on such date (such date, the "Conversion Date"). If a holder of Series&nbsp;B Preferred
Stock elects to convert any of such holder's Shares into Common Stock on or before July&nbsp;3, 2005, such holder shall also be entitled to receive, and the Corporation shall pay, upon conversion of
such holder's Shares, an amount equal to four quarterly dividends to be paid pursuant to Section&nbsp;3 per Share (the "Optional Make Whole Payment"). The Optional Make Whole Payment may be paid, at
the Corporation's election, in cash or shares of Common Stock. The Corporation shall only have the right to elect to pay the Optional Make Whole Payment in shares of Common Stock if, on the Conversion
Date, (i)&nbsp;the sale of the shares of Common Stock issuable in connection with such Optional Make Whole Payment by the holders is covered by an effective registration statement or such shares may
be sold pursuant to Rule 144(k) under the Securities Act and (ii)&nbsp;the shares of Common Stock to be issued in connection with such Optional Make Whole Payment have been approved for listing,
subject to official notice of issuance, on a national securities exchange, the Nasdaq National Market or the Nasdaq Small Cap Market. If the Corporation elects to pay the Optional Make Whole Payment
in shares of Common Stock, each share of Common Stock will be valued at 95% of Market Value as of the Notice Date for purposes of determining the number of shares issuable in connection with such
payment. The Corporation shall deliver a notice within five (5) business days of receiving written notice from such holder </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-112</FONT></P>

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<P><FONT SIZE=2>of
Series&nbsp;B Preferred stock of its election to convert such Shares specifying whether the Optional Make Whole Payment, if any, is to be paid in cash or in shares of Common Stock. </FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
price at which shares of Common Stock shall be deliverable upon conversion of the Series&nbsp;B Preferred Stock is referred to herein as the "Conversion Price," and shall be
determined in accordance with this <U>Section&nbsp;6</U>. Each Share shall be convertible into such number of fully paid and non-assessable shares of Common Stock as is
determined by dividing the "Original Price" of each Share by the Conversion Price applicable to such series in effect at the time of conversion without the payment of additional cash consideration.
The "Original Price" of each share shall be $50.00. The initial Conversion Price for each Share shall be $5.90, subject to adjustment as set forth at <U>Section&nbsp;6(d)</U>
below.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>No
fractional shares of Common Stock shall be issued upon conversion of the Series&nbsp;B Preferred Stock or payment of the Optional Make Whole Payment, if any, and in lieu of any
fractional shares to which the holder would otherwise be entitled, such fraction shall be rounded up or down to the nearest whole share.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>The
Conversion Price shall be subject to adjustment at any time or from time to time as provided herein:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>In
case the Corporation shall hereafter pay a dividend or make a distribution to all holders of the outstanding Common Stock in shares of Common Stock, the Conversion
Price in effect at the opening of business on the date following the date fixed for the determination of shareholders entitled to receive such dividend or other distribution shall be reduced by
multiplying such conversion Price by a fraction of which (A)&nbsp;the numerator shall be the number of shares of Common Stock outstanding at the close of business on the Record Date (as defined)
fixed for such determination and (B)&nbsp;the denominator shall be the sum of such number of shares and the total number of shares constituting such dividend or other distribution, such reduction in
the Conversion Price to become effective immediately after the opening of business on the day following the Record Date. If any dividend or distribution of the type described in this
Section&nbsp;6(d)(i) is declared but not so paid or made, the Conversion Price shall again be adjusted to the conversion Price which would then be in effect if such dividend or distribution had not
been declared.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>In
case the outstanding shares of Common Stock shall be subdivided into a greater number of shares of Common Stock, the Conversion Price in effect at the opening of
business on the day following the day upon which such subdivision becomes effective shall be proportionately reduced, and conversely, in case outstanding shares of Common Stock shall be combined into
a smaller number of shares of Common Stock, the Conversion Price in effect at the opening of business on the day following the day upon which such combination becomes effective shall be
proportionately increased, such reduction or increase, as the case may be, to become effective immediately after the opening of business on the day following the day upon which such subdivision or
combination becomes effective.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>In
case the Company shall issue rights or warrants to all holders of its outstanding shares of Common Stock entitling them to subscribe for or purchase shares of
Common Stock at a price per share less than the Current Market Price (as defined) on the Record Date fixed for the determination of shareholders entitled to receive such rights or warrants, the
Conversion Price shall be adjusted so that the same shall equal the price determined by multiplying the Conversion Price in effect at the opening of business on the date after such Record Date by a
fraction of which (A)&nbsp;the numerator shall be the sum of the number of shares of Common Stock outstanding at the close of business on the Record Date plus the number of shares that the aggregate
offering price of the total number of </FONT></DD></DL>
</DD></DL>
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<P ALIGN="CENTER"><FONT SIZE=2>A-113</FONT></P>

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<UL>

<P><FONT SIZE=2>shares
so offered for subscription or purchase would purchase at such Current Market Price, and of which (B)&nbsp;the denominator shall be the sum of the number of shares of Common Stock outstanding
at the close of business on the Record Date plus the total number of additional shares of Common Stock so offered for subscription or purchase. Such adjustment shall become effective immediately after
the opening of business on the day following the Record Date fixed for determination of shareholders entitled to receive such rights or warrants. To the extent that shares of Common Stock are not
delivered pursuant to such rights or warrants, upon the expiration or termination of such rights or warrants the Conversion Price shall be readjusted to the Conversion Price that would then be in
effect had the adjustments made upon the issuance of such rights or warrants been made on the basis of delivery of only the number of shares of Common Stock actually delivered. In the event that such
rights or warrants are not so issued, the Conversion Price shall again be adjusted to be the Conversion Price that would then be in effect if such date fixed for the determination of shareholders
entitled to receive such rights or warrants had not been fixed. In determining whether any rights or warrants entitle the holders to subscribe for or purchase shares of Common Stock at less than such
Current Market Price, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account any consideration, if other than cash, to be determined in good
faith by the Corporation's Board of Directors. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>In
case the Corporation shall, by dividend or otherwise, distribute to all holders of its Common Stock shares of any class of capital stock of the Company (other than
any dividends or distributions to which <U>Section&nbsp;6(d)(i)</U> hereof applies) or evidences of its indebtedness or other assets (including securities, but excluding
(A)&nbsp;any rights or warrants referred to in <U>Section&nbsp;6(d)(iii)</U> hereof and (B)&nbsp;dividends and distributions paid exclusively in cash (except as set forth
in <U>Section&nbsp;6(d)(v)</U> and <U>(vi)</U> hereof, (the foregoing hereinafter in this <U>Section&nbsp;6(d)(iv)</U> called the
"Additional Securities")), unless the Corporation elects to reserve such Additional Securities for distribution to the holders of Series&nbsp;B Preferred Stock upon conversion thereof so that any
such holder converting shares of Series&nbsp;B Preferred Stock will receive upon such conversion, in addition to the shares of Common Stock to which such holder would have received if such holder
had converted its shares of Series&nbsp;B Preferred Stock into Common Stock immediately prior to the Record Date for such distribution, in each such case, the Conversion Price shall be reduced so
that the same shall be equal to the price determined by multiplying the Conversion Price in effect immediately prior to the close of business on the Record Date with respect to such distribution by a
fraction of which (x)&nbsp;the numerator shall be the Current Market Price on such date less the fair market value (as determined in good faith by the Corporation's Board of Directors, whose
determination shall be conclusive) on such date of the portion of the Additional Securities so distributed applicable to one share of Common Stock and (y)&nbsp;the denominator shall be such Current
Market Price, such reduction to become effective immediately prior to the opening of business on the day following the Record Date; provided, however, that in the event the then fair market value (as
so determined) of the portion of the Additional Securities so distributed applicable to one share of Common Stock is equal to or greater than the Current Market Price on the Record Date, in lieu of
the foregoing adjustment, adequate provision shall be made so that each holder of Series&nbsp;B Preferred Stock shall have the right to receive upon conversion of a share of Series&nbsp;B
Preferred Stock, the amount of Common Stock such holder would have received had such holder converted such share immediately prior to such Record Date. In the event that such dividend or distribution
is not so paid or made, the Conversion Price shall again be adjusted to be the Conversion Price which would then be in effect if such dividend or distribution had not been declared. If the
Corporation's Board of Directors </FONT></DD></DL>
</UL>
</UL>
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<P><FONT SIZE=2>determines
the fair market value of any distribution for purposes of this <U>Section&nbsp;6(d)(iv)</U> by reference to the actual or when issued trading market for any
securities comprising all or part of such distribution, it must in doing so consider the prices in such market over the same period (the "Reference Period") used in computing the Current Market Price
pursuant to <U>Section&nbsp;6(d)(iv)</U> hereof to the extent possible, unless the Corporation's Board of Directors determines in good faith that consideration of the fair
market value during the Reference Period would not be in the best interest of the holders of Series&nbsp;B Preferred Stock. </FONT></P>

</UL>
</UL>
<UL>

<P><FONT SIZE=2>In
the event that the Corporation implements a new shareholder rights plan, such rights plan shall provide that, upon conversion of the Series&nbsp;B Preferred Stock, the holders of Series&nbsp;B
Preferred Stock will receive, in addition to the Common Stock issuable upon such conversion, the rights issued under such rights plan (as if the holder had converted the Series&nbsp;B Preferred
Stock prior to implementing the rights plan and notwithstanding the occurrence of an event causing such rights to separate from the Common Stock at or prior to the time of conversion). Any
distribution of rights or warrants pursuant to a shareholder rights plan complying with the requirements set forth in the immediately preceding sentence of this paragraph shall not constitute a
distribution of rights or warrants for the purposes of the <U>Section&nbsp;6(d)(iv)</U>. </FONT></P>

<P><FONT SIZE=2>Rights
or warrants distributed by the Corporation to all holders of Common Stock entitling the holders thereof to subscribe for or purchase shares of the Corporation's capital stock (either initially
or under certain circumstances), which rights or warrants, until the occurrence of a specified event or events ("Trigger Event"): (A)&nbsp;are deemed to be transferred with such shares of Common
Stock; (B)&nbsp;are not exercisable; and (C)&nbsp;are also issued in respect of future issuances of Common Stock, shall be deemed not to have been distributed for purposes of this
<U>Section&nbsp;6(d)(iv)</U> (and no adjustment to the Conversion Price under this <U>Section&nbsp;6(d)(iv)</U> will be required) until the occurrence
of the earliest Trigger Event. If such right or warrant is subject to subsequent events, upon the occurrence of which such right or warrant shall become exercisable to purchase different securities,
evidences of indebtedness or other assets or entitle the holder to purchase a different number or amount of the foregoing or to purchase any of the foregoing at a different purchase price, then the
occurrence of each such event shall be deemed to be the date of issuance and record date with respect to a new right or warrant (and a termination or expiration of the existing right or warrant
without exercise by the holder thereof). In addition, in the event of any distribution (or deemed distribution) of rights or warrants, or any Trigger Event or other event (of the type described in the
preceding sentence) with respect thereto, that resulted in an adjustment to the Conversion Price under this <U>Section&nbsp;6(d)(iv)</U>, (x) in the case of any such rights or
warrants that shall all have been redeemed or repurchased without exercise by any holders thereof, the Conversion Price shall be readjusted upon such final redemption or repurchase to give effect to
such distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or repurchase price received by a holder of Common Stock with respect
to such rights or warrants (assuming such holder had retained such rights or warrants), made to all holders of Common Stock as of the date of such redemption or repurchase, and (y)&nbsp;in the case
of such rights or warrants all of which shall have expired or been terminated without exercise, the Conversion Price shall be readjusted as if such rights and warrants had never been issued. </FONT></P>


<P><FONT SIZE=2>For
purposes of the <U>Section&nbsp;6(d)(iv)</U> and <U>Sections&nbsp;6(d)(i)</U> and <U>(iii)</U> hereof, any dividend or
distribution to which this <U>Section&nbsp;6(d)(iv)</U> is applicable that also includes shares of Common Stock, or rights or warrants to subscribe for or purchase shares of
Common Stock to which <U>Sections&nbsp;6(d)(i)</U> or 6(d)(iii) hereof applies (or both), shall be deemed instead to be (A)&nbsp;a dividend or distribution of the evidences
of indebtedness, assets, shares of capital stock, rights </FONT></P>

</UL>
</UL>
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<BR>

<P><FONT SIZE=2>or
warrants other than such shares of Common Stock or rights or warrants to which <U>Section&nbsp;6(d)(iii)</U> hereof applies (and any Conversion Price reduction required by
this Section&nbsp;<U>6(d)(iv)</U> with respect to such dividend or distribution shall then be made) immediately followed by (B)&nbsp;a dividend or distribution of such shares
of Common Stock or such rights or warrants (and any further Conversion Price reduction required by <U>Sections&nbsp;6(d)(i)</U> and <U>(iii)</U> hereof
with respect to such dividend or distribution shall then be made, except (x)&nbsp;the Record Date of such dividend or distribution shall be substituted as "the date fixed for the determination of
shareholders entitled to receive such dividend or other distribution," "Record Date fixed for such determination" and "Record Date" within the meaning of
<U>Section&nbsp;6(d)(i)</U> hereof and as "the date fixed for the determination of shareholders entitled to receive such rights or warrants," "the Record Date fixed for the
determination of the shareholders entitled to receive such rights or warrants" and "such Record Date" within the meaning of <U>Section&nbsp;6(d)(iii)</U> hereof and
(y)&nbsp;any shares of Common Stock included in such dividend or distribution shall not be deemed "outstanding at the close of business on the date fixed for such determination" within the meaning
of <U>Section&nbsp;6(d)(i)</U> hereof. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD><FONT SIZE=2>In
case the Corporation shall, by dividend or otherwise, distribute to all holders of its Common Stock cash (excluding any cash that is distributed upon a merger or
consolidation to which <U>Section&nbsp;6(e)</U> hereof applies or as part of a distribution referred to in <U>Section&nbsp;6(d)(iv)</U> hereof), in an
aggregate amount that, combined together with (A)&nbsp;the aggregate amount of any other such distributions to all holders of its Common Stock made in cash within the twelve (12) months preceding
the date of payment of such distribution, and in respect of which no adjustment pursuant to this <U>Section&nbsp;6(d)(v)</U> has been made, and (B)&nbsp;the aggregate of any
cash plus the fair market value (as determined by the Corporation's Board of Directors, whose determination shall be conclusive) of consideration payable in respect of any tender offer by the
Corporation or any of its Subsidiaries for all or any portion of the Common Stock concluded within the twelve (12) months preceding the date of payment of such distribution exceeds ten percent (10%)
of the product of the Current Market Price (determined as provided in <U>Section&nbsp;6(d)(vi)</U> hereof) on the Record Date with respect to such distribution times the number
of shares of Common Stock outstanding on such date, then, and in each such case, immediately after the close of business on such date, the Conversion Price shall be reduced so that the same shall
equal the price determined by multiplying the Conversion Price in effect immediately prior to the close of business on such Record Date by a fraction of which (x)&nbsp;the numerator of which shall
be equal to the Current Market Price on the Record Date less an amount equal to the quotient of (</FONT><FONT SIZE=2><I>1</I></FONT><FONT SIZE=2>) such combined amount and
(</FONT><FONT SIZE=2><I>2</I></FONT><FONT SIZE=2>) the number of shares of Common Stock outstanding on the Record Date and (y)&nbsp;the denominator of which shall be equal to the Current Market
Price on such date; provided, however, that in the event the portion of the cash so distributed applicable to one (1) share of the Common Stock is equal to or greater than the Current Market Price of
the Common Stock on the Record Date, in lieu of the foregoing adjustment, adequate provision shall be made so that each holder shall have the right to receive upon conversion of a share of
Series&nbsp;B Preferred Stock, the amount of cash such holder would have received had such holder converted such share immediately prior to such Record Date. In the event that such dividend or
distribution is not so paid or made, the Conversion Price shall again be adjusted to be the Conversion Price that would then be in effect if such dividend or distribution had not been declared.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD><FONT SIZE=2>For
purposes of this <U>Section&nbsp;6(d)</U>, the following terms shall have the meaning indicated: </FONT></DD></DL>
</UL>
</UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>"Closing
Sale Price" with respect to any securities on any day shall mean the closing sale price regular way on such day or, in case no such sale takes place on such day, the </FONT></P>

</UL>
</UL>
</UL>
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<P><FONT SIZE=2>average
of the reported closing bid and asked prices, regular way, in each case on the Nasdaq National Market or New York Stock Exchange, as applicable, or, if such security is not listed or admitted
to trading on such National Market or Exchange, on the principal national security exchange or quotation system on which such security is quoted or listed or admitted to trading, or, if not quoted or
listed or admitted to trading on any national securities exchange or quotation system, the average of the closing bid and asked prices of such security on the over-the-counter
market on the day in question as reported by the National Quotation Bureau Incorporated, or a similar generally accepted reporting service, or if not so available, in such manner as furnished by any
New York Stock Exchange member firm selected from time to time by the Board of Directors for that purpose, whose determination shall be conclusive. </FONT></P>

<P><FONT SIZE=2>"Current
Market Price" shall mean the average of the daily Closing Sale Prices per share of Common Stock for the ten (10) consecutive trading days immediately prior to the date in question; provided,
however, that (A) if the "ex" date (as hereinafter defined) for any event (other than the issuance or distribution requiring such computation) that requires an adjustment to the Conversion Price
pursuant to Section 6(d)(i), (ii), (iii), (iv) or (v) hereof occurs during such ten (10) consecutive trading days, the Closing Sale Price for each trading day prior to the "ex" date for such other
event shall be adjusted by multiplying such Closing Sale Price by the same fraction by which the Conversion Price is so required to be adjusted as a result of such other event, (B) if the "ex" date
for any event (other than the issuance or distribution requiring such computation) that requires an adjustment to the Conversion Price pursuant to Section&nbsp;6(d)(i), (ii), (iii), (iv) or (v)
hereof occurs on or after the "ex" date for the issuance or distribution requiring such computation and prior to the day in question, the Closing Sale Price for each trading day on and after the "ex"
date for such other event shall be adjusted by multiplying such Closing Sale Price by the reciprocal of the fraction by which the Conversion Price is so required to be adjusted as a result of such
other event, and (C) if the "ex" date for the issuance or distribution requiring such computation is prior to the day in question, after taking into account any adjustment required pursuant to
clause&nbsp;(A) or (B) of this proviso, the Closing Sale Price for each trading day on or after such "ex" date shall be adjusted by adding thereto the amount of any cash and the fair market value
(as determined in good faith by the Corporation's Board of Directors in a manner consistent with any determination of such value for purposes of Section6(d)(iv) hereof, whose determination shall be
conclusive) of the evidences of indebtedness, shares of capital stock or assets being distributed applicable to one share of Common Stock as of the close of business on the day before such "ex" date.
The "ex" date shall be the first trading date following the event for which an adjustment to the Conversion Price is required pursuant to <U>Section&nbsp;6(d)</U>. </FONT></P>

<P><FONT SIZE=2>"Fair
market value" shall mean the amount which a willing buyer would pay a willing seller in an arm's length transaction. </FONT></P>


<P><FONT SIZE=2>"Record
Date" shall mean, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock have the right to receive any cash, securities or other property
or in which the Common Stock (or other applicable security) is exchanged for or converted into any
combination of cash, securities or other property, the date fixed for determination of shareholders entitled to receive such cash, securities or other property (whether such date is fixed by the Board
of Directors or by statute, contract or otherwise). </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(vii)</FONT></DT><DD><FONT SIZE=2>No
adjustment in the Conversion Price shall be required unless such adjustment would require a decrease of at least one percent (1%) in such price (and no adjustment
shall </FONT></DD></DL>
</UL>
</UL>
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<P><FONT SIZE=2>increase
the Conversion Price except in the case of reverse stock splits or other transactions involving a combination of shares of Common Stock); </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that any adjustments which by reason of this
<U>Section&nbsp;6(d)(vii)</U> are not required to be made shall be
carried forward and then taken into account in any subsequent adjustment; provided, further, that adjustment in the Conversion Price shall be required and made in accordance with the provisions of
this Certificate of Designations, other than this <U>Section&nbsp;6(d)(vii)</U>, not later than such time as may be required in order to preserve the tax-free
nature of a distribution (within the meaning of Section&nbsp;305 of the United States Internal Revenue Code of 1986, as amended) to the holders of Series&nbsp;B Preferred Stock and/or Common
Stock. All calculations under this <U>Section&nbsp;6</U> shall be made by the Corporation and shall be made to the nearest cent or to the nearest one hundredth of a share, as
the case may be. No adjustment need be made for a change in the par value or no par value of the Common Stock. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(viii)</FONT></DT><DD><FONT SIZE=2>Anything
in this <U>Section&nbsp;6</U> to the contrary notwithstanding, the Corporation shall be entitled (but shall not be required) to make
such reductions in the Conversion Price, in addition to those required by this <U>Section&nbsp;6</U>, as the Corporation, in its discretion, shall determine in good faith to be
advisable in order that any stock dividend, subdivision of shares, distribution of rights to purchase stock or securities or distribution of securities convertible into or exchangeable for stock
hereafter made by the Corporation to its stockholders shall not be taxable.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ix)</FONT></DT><DD><FONT SIZE=2>To
the extent permitted by applicable law, the Corporation from time to time may reduce the Conversion Price by any amount for any period of time if the period is at
least 20&nbsp;days, the reduction is irrevocable during the period and the Board of Directors shall have made a determination that such reduction would be in the best interests of the Corporation,
which determination shall be conclusive and described in a resolution of the Board of Directors. Whenever the Conversion Price is reduced pursuant to the preceding sentence, the Corporation shall mail
to each record holder of Series&nbsp;B Preferred Stock a notice of the reduction at least 15&nbsp;days prior to the date the reduced Conversion Price takes effect, and such notice shall state the
reduced Conversion Price and the period during which it will be in effect.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(x)</FONT></DT><DD><FONT SIZE=2>In
any case in which this <U>Section&nbsp;6(d)</U> provides that an adjustment shall become effective immediately after a Record Date for an
event, the Corporation may defer until the occurrence of such event (i)&nbsp;issuing to the holder of any shares of Series&nbsp;B Preferred Stock converted after such Record Date and before the
occurrence of such event the additional shares of Common Stock issuable upon such conversion by reason of the adjustment required by such event over and above the Common Stock issuable upon such
conversion before giving effect to such adjustment and (ii)&nbsp;paying to such holder any amount in cash in lieu of any fraction pursuant to <U>Section&nbsp;6(c)</U> hereof.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>Any
recapitalization, reorganization, reclassification, consolidation, merger, sale of all or substantially all of the Corporation's assets or other transactions, in each case ((i)
which is effected in such a manner that the holders of Common Stock are entitled to receive (either directly or upon subsequent liquidation) stock, securities or assets with respect to or in exchange
for Common Stock and (ii)&nbsp;is not a Change in Control, is referred to herein as an "Organic Change." Prior to the consummation of any Organic Change, the Corporation shall make appropriate
provisions (in form and substance reasonably satisfactory to the holders of a majority of the Series&nbsp;B Preferred Stock then outstanding) to insure that each of the holders of Series&nbsp;B
Preferred Stock shall thereafter have the right to acquire and receive, such shares of stock, securities or other assets as such holder would have received in connection with such Organic Change if
such holder had converted its Series&nbsp;B Preferred Stock immediately prior </FONT></DD></DL>
</UL>
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<P><FONT SIZE=2>to
such Organic Change. In each such case where the Series&nbsp;B Preferred Stock would remain outstanding after the Organic Change, the Corporation shall also make appropriate provisions (in form
and substance satisfactory to the holders of a majority of the Series&nbsp;B Preferred Stock then outstanding) to insure that the provisions of Section&nbsp;6(d) hereof shall thereafter be
applicable to the Series&nbsp;B Preferred Stock. The Corporation shall not effect any such consolidation, merger or sale, unless prior to the consummation thereof, the successor entity (if other
than the Corporation) resulting from the consolidation or merger or the entity purchasing such assets assumes by written instrument (in form and substance satisfactory to the holders of a majority of
the Series&nbsp;B Preferred Stock then outstanding), the obligation to deliver to each such holder such shares of stock, securities or other assets as, in accordance with the foregoing provisions,
such holder may be entitled to acquire. The provisions of this Section&nbsp;6(e) shall similarly apply to successive reorganizations reclassifications, mergers, consolidations or sales. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>If
any date shall be fixed by the Corporation as the date as of which holders of Common Stock (i)&nbsp;shall be entitled to receive any dividend or any distribution upon the Common
Stock of the Corporation, (ii)&nbsp;shall be offered any subscription or other rights, or (iii)&nbsp;shall be entitled to participate in any capital reorganization, reclassification of Common
Stock, consolidation, or merger, or in any liquidation, dissolution or winding up of the Corporation, the Corporation shall cause notice thereof (specifying such date) to be mailed to the holders of
the Series&nbsp;B Preferred Stock, at the address or such holder as appears on the Corporations stock transfer ledger of receiving notice, at least 30&nbsp;days prior to the date of consummation
of the transaction described in the notice.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD><FONT SIZE=2>The
issuance of stock certificates representing shares of Common Stock upon conversion of the Series&nbsp;B Preferred Stock shall be made without charge to the exercising holder of
Series&nbsp;B Preferred Stock for any tax for the issuance thereof. The Corporation shall not, however, be required to pay any tax that may be payable on any transfer involved in the issue and
delivery of stock in any name other than that of the registered holders of Series&nbsp;B Preferred Stock, and the Corporation shall not be required to issue or deliver any such stock certificate
unless and until the person or persons requesting the issue thereof shall have paid to the Corporation the amount of such tax or shall have established to the satisfaction of the Corporation that such
tax has been paid.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD><FONT SIZE=2>The
Corporation shall at all times reserve and keep available out of its authorized but unissued stock for the purpose of effecting the conversion of the Series&nbsp;B Preferred
Stock, such number of its duly authorized shares of Common Stock as shall from time to time be sufficient to effect the conversion of the Series&nbsp;B Preferred Stock; and if at any time the number
of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of the Series&nbsp;B Preferred Stock at the Conversion Price then in effect, the Corporation will
take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for this
purpose.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>The
Corporation covenants that all shares of Common Stock that may be issued upon conversion of the Series&nbsp;B Preferred Stock will upon issue be fully paid and nonassessable and
free of all taxes, liens and charges for the issue thereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD><FONT SIZE=2>In
each case of an adjustment or readjustment of the Conversion Price for the number of shares of Common Stock or other securities issuable upon conversion of the Series&nbsp;B
Preferred Stock, the Corporation shall compute such adjustment or readjustment in accordance herewith and prepare a certificate showing such adjustment or readjustment and shall mail such certificate,
by first class mail, postage prepaid, to each registered holder of </FONT></DD></DL>
</UL>
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<UL>

<P><FONT SIZE=2>Series&nbsp;B
Preferred Stock at the address last provided by such holder as it appears on the Corporation's stock transfer ledger. The certificate shall set forth such adjustment or readjustment
showing in detail the facts upon which such adjustment or readjustment is based including a statement of: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>The
adjusted or readjusted Conversion Price for the Series&nbsp;B Preferred Stock; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>The
number of additional shares of Common Stock and the type and amount, if any, of other property which would be received upon conversion of the adjusted or readjusted
Conversion Price for the Series&nbsp;B Preferred Stock.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD><FONT SIZE=2>Except
with the consent of the holders of two-thirds of the then outstanding shares of Series&nbsp;B Preferred Stock, the Corporation will not, by amendment of its
Certificate of Incorporation or through any reorganization, transfer of all or substantially all of its assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this <U>Section&nbsp;6</U> by the Corporation, but the
Corporation will at all times and in good faith assist in the carrying out of all of the provisions of this <U>Section&nbsp;6</U>.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD><FONT SIZE=2>As
soon as possible after a conversion has been effected pursuant to this <U>Section&nbsp;6</U> (but in any event within 5&nbsp;business days after the
applicable Conversion Date), the Corporation shall deliver to the converting holder:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>a
certificate or certificates representing the number of shares of Common Stock issuable by reason of such conversion in such name or names and such denomination or
denominations as the converting holder has specified, or, at the holder's request, credit such aggregate number of shares of Common Stock to which the holder shall be entitled to the holder's or its
designee's balance account with the Depositary Trust Company ("DTC") through its Deposit Withdrawal Agent Commission system;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>payment
in cash or Common Stock of an amount equal to all accrued dividends with respect to each Share converted which have not been paid thereto;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>a
certificate representing any Shares which were represented by the certificate or certificates delivered to the Corporation in connection with such conversion but
which were not converted; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>the
Optional Make Whole Payment, if any, required pursuant to <U>Section&nbsp;6(a)</U>.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(m)</FONT></DT><DD><FONT SIZE=2>If
the Corporation shall fail for any reason to deliver to the holder any or all of the item(s) described in <U>Section&nbsp;6(l)</U> above within
5&nbsp;business days after the Conversion Date (such 5th&nbsp;business day, the "Delivery Date"), the Corporation shall, in addition to any other remedies under the Securities Purchase Agreement
(as defined below) or otherwise available to such holder, including any indemnification under Section&nbsp;8 of the Securities Purchase Agreement, pay as additional damages in cash to such holder on
each day after the Delivery Date such item(s) are not delivered in an amount equal to one-half percent (0.5%) per month multiplied by the product of (i)&nbsp;the sum of the number of
shares of Common Stock into which the Shares converted were converted and (ii)&nbsp;the Closing Sale Price (as defined in <U>Section&nbsp;6(d)(vi)</U> of the Common Stock on
the Delivery Date. The "Securities Purchase Agreement" means that certain Securities Purchase Agreement, dated as of July&nbsp;1, 2003, among the Corporation, U.S.&nbsp;Bancorp Piper Jaffray and
the initial purchasers of the Series&nbsp;B Preferred Stock as such agreement may be amended, supplemented and modified from time to&nbsp;time. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;7.</U>&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting.</U>&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise expressly provided herein or as required by law, the
holder of each Share shall be entitled to vote on all matters as shall be submitted to a vote of the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-120</FONT></P>

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<BR>

<P><FONT SIZE=2>holders
of the Common Stock and shall be entitled to such number of votes as is equal to the largest number of full shares of Common Stock into which such holder's Shares are then convertible. Except
as required by law or otherwise expressly provided herein, the Series&nbsp;B Preferred Stock and the Common Stock and shares of all other classes or series of stock entitled to vote with the Common
Stock shall be voted together as a single class and not as separate classes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;8.</U>&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictions
and Limitations.</U>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except as otherwise required by law, so
long as any Share is outstanding, the vote or written consent by the holders of at least a majority of the outstanding Shares, voting or consenting as a separate class, shall be required for the
Corporation to: </FONT></P>

<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>authorize
or issue any other class or series of Preferred Stock ranking senior to the Series&nbsp;B Preferred Stock as to the priority of payment of amounts
distributable upon dissolution, liquidation or winding up of the Corporation, or increase the number of authorized shares of Series&nbsp;B Preferred Stock. Nothing herein shall prevent the
Corporation from (A)&nbsp;authorizing or issuing a new or existing series of Preferred Stock that ranks junior to or </FONT><FONT SIZE=2><I>pari&nbsp;passu</I></FONT><FONT SIZE=2> with the
Series&nbsp;B Preferred Stock as to the priority of payment of amounts distributable upon dissolution, liquidation or winding up of the Corporation or (B)&nbsp;from issuing shares of
Series&nbsp;B Preferred Stock pursuant to the Securities Purchase Agreement; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>pay
or declare any dividend or distribution on any shares of Common Stock or of any security ranking junior to the Series&nbsp;B Preferred Stock as to payment of
dividends other than a distribution or other payment made upon dissolution, liquidation or winding up of the Corporation in accordance with the provisions of
<U>Section&nbsp;4</U> hereof and other than dividends payable solely in shares of Common Stock; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>reclassify
any Common Stock or other class or series of capital stock of the Corporation into shares having any preference or priority, or ranking senior to the
Series&nbsp;B Preferred Stock, as to the payment of amounts distributable upon dissolution, liquidation or winding up of the Corporation.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Except
as otherwise required by law, so long as any Share is outstanding, the vote or written consent by holders of two-thirds of the outstanding Shares, voting or
consenting as a separate class, shall be required for the Corporation to amend or repeal (by merger, consolidation or otherwise) any provision of, or add any provision to, the Corporation's
Certificate of Incorporation, including this Certificate of Designations, in a manner which would adversely affect the preferences, special rights or other powers of the Series&nbsp;B Preferred
Stock; provided, however, that the vote or written consent of holders of all the outstanding Shares, voting or consenting as a separate class, shall be required for the Corporation to amend or repeal
(by&nbsp;merger, consolidation or otherwise) any provision of the Corporation's Certificate of Incorporation, including this Certificate of Designations, with respect to the Dividend Rate,
Liquidation Preference, Redemption Price, Scheduled Redemption Date, Conversion Price or Optional Make Whole Payment in a manner which would adversely affect the preferences, special rights or other
powers of the Series&nbsp;B Preferred Stock set forth in such provisions, or reduce the aforesaid percentage of outstanding Shares, the holders of which are required to consent to any amendment or
repeal of the Corporation's Certificate of Incorporation.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>The
Corporation will not, through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid the
observance or performance of any of the terms to be observed or performed hereunder by the Corporation. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-121</FONT></P>

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<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, Manufacturers' Services Limited has caused this Certificate of Designations to be duly executed on July&nbsp;2,&nbsp;2003. </FONT></P>

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<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><B>MANUFACTURERS' SERVICES LIMITED</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/ ALAN R. CORMIER</FONT><HR NOSHADE><FONT SIZE=2> Name: Alan R. Cormier<BR>
Title: Vice President &amp; General Counsel</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>A-122</FONT></P>

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NAME="page_ec2148_1_123"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ec2148_exhibit_d_form_of_affiliate_agreement"> </A>
<A NAME="toc_ec2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT D<BR>  <BR>    </B></FONT><FONT SIZE=2>FORM OF AFFILIATE AGREEMENT    <BR></FONT></P>

<P><FONT SIZE=2>Ladies
and Gentlemen: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned, a holder of shares of <U>&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>, par value
$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> per share ("</FONT><FONT SIZE=2><B>MSL
Shares</B></FONT><FONT SIZE=2>"), of Manufacturers' Services Limited, a Delaware corporation (the "</FONT><FONT SIZE=2><B>Company</B></FONT><FONT SIZE=2>"), is entitled to receive in connection with
the merger (the "</FONT><FONT SIZE=2><B>Merger</B></FONT><FONT SIZE=2>") of the Company with MSL Acquisition Sub&nbsp;Inc., a Delaware corporation ("</FONT><FONT SIZE=2><B>Merger
Sub</B></FONT><FONT SIZE=2>"), Subordinate Voting Shares (the "</FONT><FONT SIZE=2><B>Subordinate Shares</B></FONT><FONT SIZE=2>") of Celestica&nbsp;Inc., a corporation organized under the laws of
the Province of Ontario, Canada (the "</FONT><FONT SIZE=2><B>Parent</B></FONT><FONT SIZE=2>"). The undersigned acknowledges that the undersigned may be deemed an "affiliate" of the Company within the
meaning of Rule&nbsp;145 ("</FONT><FONT SIZE=2><B>Rule&nbsp;145</B></FONT><FONT SIZE=2>") promulgated under the Securities Act of 1933, as amended (the
"</FONT><FONT SIZE=2><B>Act</B></FONT><FONT SIZE=2>"), although nothing contained here should be construed as an admission of such fact. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the undersigned were an affiliate under the Act, the undersigned's ability to sell, assign or transfer the Subordinate Shares received by the undersigned in exchange for any MSL
Shares pursuant to the Merger may be restricted unless such transaction is registered under the Act or an exemption from such registration is available. The undersigned understands that such
exemptions are limited and the undersigned has obtained advice of counsel as to the nature and conditions of such exemptions including information with respect to the applicability to the sale of such
securities pursuant to Rules&nbsp;144 and&nbsp;145(d) promulgated under the Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby represents to and covenants with the Company, Merger Sub and Parent that the undersigned will not sell, assign or transfer any of the Subordinate Shares received
by the undersigned in exchange for MSL Shares pursuant to the merger except (i)&nbsp;pursuant to an effective registration statement under the Act or (ii)&nbsp;in conformity with Rule&nbsp;145,
or&nbsp;(iii) in a transaction which, in the opinion of the general counsel of Parent or other independent counsel reasonably satisfactory to Parent (including, without limitation, Davis
Polk&nbsp;&amp; Wardwell) or as described in a "no-action" or interpretative letter from Staff of the Securities and Exchange Commission (the
"</FONT><FONT SIZE=2><B>SEC</B></FONT><FONT SIZE=2>"), is not required to be registered under the Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of a sale or other disposition by the undersigned of Subordinate Shares pursuant to Rule&nbsp;145 prior&nbsp;to the one year anniversary of the Effective Time, the
undersigned will supply Parent with evidence of compliance with such Rule, in the form of a letter in the form of Annex I hereto or in such other form reasonably acceptable to Parent. The undersigned
understands that Parent may instruct its transfer agent not to effect the transfer of any Subordinate Shares disposed of by the undersigned prior to the one year anniversary of the Effective Time, but
that upon receipt of such evidence of compliance Parent shall cause the transfer agent to effectuate the prompt transfer of the Subordinate Shares sold as indicated in such letter. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned acknowledges and agrees that the following legend will be placed on certificates representing Subordinate Shares received by the undersigned in the merger, which legends
will be removed by delivery of substitute certificates upon the earlier of (i)&nbsp;the one year anniversary of the Effective Time or (ii)&nbsp;receipt of (x)&nbsp;an opinion in form and
substance reasonably satisfactory to Parent from independent counsel reasonably satisfactory to Parent to the effect that such legends are no longer required for purposes of the Act or (y)&nbsp;with
respect to Subordinate Shares sold or otherwise disposed of by the undersigned pursuant to Rule&nbsp;145, a letter in the form of Annex I or in such other form reasonably acceptable to Parent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE
SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE REOFFERED OR SOLD ONLY IF REGISTERED UNDER THE SECURITIES ACT OF&nbsp;1933, AS AMENDED, OR IF AN EXEMPTION FROM SUCH REGISTRATION
IS AVAILABLE. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-123</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned acknowledges that (i)&nbsp;the undersigned has carefully read this letter and understands the requirements hereof and the limitations imposed upon the distribution,
sale, transfer or other disposition of Subordinate Shares and (ii)&nbsp;the receipt by Parent of this letter is an inducement and a condition to Parent's obligations to consummate the Merger. </FONT></P>

<P><FONT SIZE=2>Dated:
</FONT></P>

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&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
Very truly yours,</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>A-124</FONT></P>

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NAME="page_ee2148_1_125"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_ee2148_1"> </A>
<BR></FONT><FONT SIZE=2>ANNEX I<BR>  TO EXHIBIT D    <BR></FONT></P>

<P><FONT SIZE=2><B>[NAME]</B></FONT><FONT
SIZE=2>&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;</FONT><FONT
SIZE=2><B>[DATE]</B></FONT><FONT SIZE=2>
 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
<U>&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> the undersigned sold the Subordinate Voting Shares of Celestica&nbsp;Inc. ("</FONT><FONT
SIZE=2><B>Parent</B></FONT><FONT SIZE=2>")
described below in the space provided for that purpose (the "</FONT><FONT SIZE=2><B>Subordinate Shares</B></FONT><FONT SIZE=2>'). The Subordinate Shares were received by the undersigned in connection
with the merger of Manufacturers' Services Limited with and into MSL Acquisition Sub&nbsp;Inc., a subsidiary of Parent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the most recent report or statement filed by Parent with the Securities and Exchange Commission, the Subordinate Shares sold by the undersigned were within the prescribed
limitations set forth in paragraph&nbsp;(e) of Rule&nbsp;144 promulgated under the Securities Act of 1933, as amended (the "</FONT><FONT SIZE=2><B>Act</B></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby represents that the Subordinate Shares were sold in "brokers' transactions" within the meaning of Section&nbsp;4(4) of the Act or in transactions directly with a
"market maker" as that term is defined in Section&nbsp;3(a)(38) of the Securities Exchange Act of 1934, as amended. The undersigned further represents that the undersigned has not solicited or
arranged for the solicitation of orders to buy the Subordinate Shares, and that the undersigned has not made any payment in connection with the offer or sale of the Subordinate Shares to any person
other than to the broker who executed the order in respect of such sale. </FONT></P>

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&nbsp;</FONT></TD>
<TD WIDTH="47%" VALIGN="TOP"><FONT SIZE=2><BR>
Very truly yours,</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 ALIGN="CENTER" VALIGN="TOP"><BR><FONT SIZE=2><B>[Space to be provided for description of securities]</B></FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>A-125</FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2><B>ANNEX B-1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fa2148_stockholder_agreement"> </A>
<A NAME="toc_fa2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>STOCKHOLDER AGREEMENT    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&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;STOCKHOLDER AGREEMENT, dated as of October&nbsp;14, 2003 (this "</FONT><FONT
SIZE=2><B>Agreement</B></FONT><FONT SIZE=2>") among CELESTICA&nbsp;INC., a
corporation organized under the laws of the Province of Ontario, Canada ("</FONT><FONT SIZE=2><B>Parent</B></FONT><FONT SIZE=2>"), MSL ACQUISITION SUB&nbsp;INC., a Delaware corporation and a wholly
owned subsidiary of Parent ("</FONT><FONT SIZE=2><B>Merger Sub</B></FONT><FONT SIZE=2>"), and each entity listed in Exhibit&nbsp;I hereto&nbsp;(each, a
"</FONT><FONT SIZE=2><B>Stockholder</B></FONT><FONT SIZE=2>" and together, the "</FONT><FONT SIZE=2><B>Stockholders</B></FONT><FONT SIZE=2>"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fa2148_recitals"> </A>
<A NAME="toc_fa2148_2"> </A>
<BR></FONT><FONT SIZE=2><B>RECITALS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&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;Parent, Merger Sub and Manufacturers' Services Limited (the "</FONT><FONT
SIZE=2><B>Company</B></FONT><FONT SIZE=2>") propose to enter into an Agreement and
Plan of Merger dated as of the date hereof (as the same may be amended or supplemented as permitted by Section&nbsp;5(b), the "</FONT><FONT SIZE=2><B>Merger Agreement</B></FONT><FONT SIZE=2>";
capitalized terms used but not defined herein shall have the meanings set forth in the Merger Agreement as entered into on the date hereof) providing for the merger of the Company with and into Merger
Sub (the "</FONT><FONT SIZE=2><B>Merger</B></FONT><FONT SIZE=2>"), upon the terms and subject to the conditions set forth in the Merger Agreement. </FONT></P>

<P><FONT SIZE=2>&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;As
of the date hereof, each Stockholder is the record owner of the number of shares of Company Common Stock, shares of Series&nbsp;A Preferred and shares of Series&nbsp;B Preferred
listed next to such Stockholder's name in Exhibit&nbsp;I (collectively as to such Stockholder, such Stockholder's "</FONT><FONT SIZE=2><B>Existing Shares</B></FONT><FONT SIZE=2>" and, together with
any shares of Company Common Stock, Series&nbsp;A Preferred, Series&nbsp;B Preferred and/or any other voting securities of the Company acquired by such Stockholder after the date hereof, whether
upon the exercise of warrants, options or other rights, the conversion or exchange of any such Existing Shares or convertible or exchangeable securities or by means of purchase, dividend, distribution
or otherwise, such Stockholder's "</FONT><FONT SIZE=2><B>Shares</B></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT SIZE=2>&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;As
an inducement and a condition to entering into the Merger Agreement, Parent has required that each Stockholder, severally and not jointly, agree, and each Stockholder has agreed,
severally and not jointly, to enter into this Agreement. </FONT></P>

<P><FONT SIZE=2>&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;Each
Stockholder and Parent desire to set forth their agreement with respect to the voting of the Shares in connection with the Merger and each Stockholder desires to grant to Merger
Sub an option to acquire certain of its Shares, in each case upon the terms and subject to the conditions set forth herein. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fa2148_agreement"> </A>
<A NAME="toc_fa2148_3"> </A>
<BR></FONT><FONT SIZE=2><B>AGREEMENT    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&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;To implement the foregoing and in consideration of the mutual agreements
contained herein, the parties agree as follows: </FONT></P>

<P><FONT SIZE=2>&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;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting,
Proxies, Etc.</U> </FONT></P>

<P><FONT
SIZE=2>&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;(a)
&nbsp;&nbsp;&nbsp;<U>Agreement
to Vote.</U>&nbsp;&nbsp;&nbsp;&nbsp;Each Stockholder hereby agrees, severally and not jointly, that, from and after the date hereof and until
this Agreement shall have been terminated in accordance with Section&nbsp;7: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any meeting of the stockholders of the Company called for purposes that include approval of the Merger and the Merger Agreement, however called, or at any adjournment
thereof, or in connection with any written consent of the stockholders of the Company or in any other circumstances in which such Stockholder is entitled to vote, consent or give any other approval
with respect to the Merger and the Merger Agreement, such Stockholder shall vote (or cause to be voted) such Stockholder's Shares (to the extent such Shares are entitled to be voted and are not so
voted pursuant to the proxy granted in </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>B-1-1</FONT></P>

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<UL>
<UL>

<P><FONT SIZE=2>Section&nbsp;1(b))
in favor of adoption of the Merger Agreement and the approval of the terms thereof and each of the other actions contemplated by the Merger Agreement and this Agreement. </FONT></P>

<P><FONT SIZE=2>&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;(ii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any meeting of the stockholders of the Company, however called, or at any adjournment thereof, or in connection with any written consent of the stockholders of the
Company, or in any other circumstances in which such Stockholder is entitled to vote, consent or give any other approval, such
Stockholder shall vote (or cause to be voted) such Stockholder's Shares (to the extent such Shares are entitled to be voted) against the following actions: </FONT></P>

<UL>

<P><FONT
SIZE=2>&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;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
proposal that would result in a breach by the Company of the Merger Agreement or by the Stockholder hereunder; or </FONT></P>

<P><FONT
SIZE=2>&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;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
action or agreement that is intended to, or would be reasonably likely to, impede, interfere with, delay, postpone or attempt to discourage the Merger, including,
but not limited to: (A)&nbsp;the adoption by the Company of any Acquisition Transaction; (B)&nbsp;any amendment of the Company's certificate of incorporation, certificates of designation or
by-laws; (C)&nbsp;any material change in the present capitalization or dividend policy of the Company; or (D)&nbsp;any other material change in the Company's corporate structure or
business. </FONT></P>

</UL>
</UL>
</UL>

<P><FONT
SIZE=2>&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;(b)
&nbsp;&nbsp;&nbsp;<U>Proxies.</U>&nbsp;&nbsp;&nbsp;&nbsp;As
security for the agreements of the Stockholder provided for herein, each Stockholder hereby grants to Merger Sub a
proxy for the term of this Agreement to vote such Stockholder's Shares as indicated in Section&nbsp;1(a) above. Such Stockholder agrees that this proxy shall be irrevocable during the term of this
Agreement and coupled with an interest and each of the Stockholder and Merger Sub will take such further action or execute such other instruments as may be necessary to effectuate the intent of this
proxy and such Stockholder hereby revokes any proxy previously granted by such Stockholder with respect to such Stockholder's Shares. </FONT></P>

<P><FONT
SIZE=2>&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;(c)
&nbsp;&nbsp;&nbsp;<U>Transfer
Restrictions.</U>&nbsp;&nbsp;&nbsp;&nbsp;Each Stockholder agrees not to (i)&nbsp;sell, transfer, pledge, encumber, assign or otherwise dispose
of or hypothecate (including by gift or by contribution or distribution to any trust or similar instrument (collectively, "</FONT><FONT SIZE=2><B>Transfer</B></FONT><FONT SIZE=2>")), or enter into
any contract, option or other arrangement or understanding (including any profit sharing arrangement) with respect to the Transfer of, any of such Stockholder's Shares other than pursuant to the terms
hereof and the Merger Agreement, (ii)&nbsp;enter into any voting arrangement or understanding with respect to such Stockholder's Shares (other than this Agreement), whether by proxy, voting
agreement or otherwise, or (iii)&nbsp;take any action that could make any of its representations or warranties contained herein untrue or incorrect in any material respect or would have the effect
of preventing or disabling such Stockholder from performing any of its obligations hereunder. For the avoidance of doubt, (i)&nbsp;nothing herein shall be construed to prohibit the conversion by any
stockholder of such Shareholder's Series&nbsp;A Preferred into Company Common Stock or exercise by any Stockholder of warrants to acquire any Company Common Stock, Series&nbsp;A Preferred or
Series&nbsp;B Preferred and (ii)&nbsp;any shares of Company Common Stock, Series&nbsp;A Preferred or Series&nbsp;B Preferred obtained by a Stockholder upon such conversion or exercise shall be
included in such Stockholder's Shares. </FONT></P>

<P><FONT
SIZE=2>&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;(d)
&nbsp;&nbsp;&nbsp;<U>Appraisal
Rights.</U>&nbsp;&nbsp;&nbsp;&nbsp;Each Stockholder hereby irrevocably waives any and all rights which it may have as to appraisal, dissent or
any similar or related matter with respect to the Merger. </FONT></P>

<P><FONT
SIZE=2>&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;(e)
&nbsp;&nbsp;&nbsp;<U>No
Solicitation.</U>&nbsp;&nbsp;&nbsp;&nbsp;Each Stockholder will not (and DLJ Merchant Banking,&nbsp;Inc. will not directly or indirectly) take any
action that if taken by the Company would be a breach of Section&nbsp;4.3(a) of the Merger Agreement (disregarding for this purpose the proviso to the first sentence of such Section&nbsp;4.3(a),
but subject to the last sentence of this Section&nbsp;1(e)). Each </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-1-2</FONT></P>

<HR NOSHADE>
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<A NAME="page_fa2148_1_3"> </A>
<BR>

<P><FONT SIZE=2>Stockholder
shall promptly advise Parent and Merger Sub orally and in writing of the receipt by it of any Acquisition Proposal or any inquiry from any Person other than Parent regarding a potential
acquisition of the Shares, the material terms and conditions of such Acquisition Proposal or inquiry, and the identity of the Person making any such Acquisition Proposal or inquiry. Such Stockholder
(or DLJ Merchant Banking,&nbsp;Inc.) will keep Parent and Merger Sub informed on a current basis with respect to material developments relating to any such Acquisition Proposal or inquiry or any
material modification or proposed modification thereto. Nothing in this Section shall restrict the activities of any individual (whether or not an affiliate of any Stockholder (or DLJ Merchant
Banking,&nbsp;Inc.)) in his or her capacity as a director or officer of the Company. Notwithstanding the foregoing, if the Board of Directors of the Company determines in good faith that a Qualified
Acquisition Proposal made by any Person or Persons is reasonably likely to result in a Superior Proposal, each Stockholder (and DLJ Merchant Banking,&nbsp;Inc.) shall be permitted to engage in
discussions and negotiations with, and furnish nonpublic information regarding the Acquired Corporations to, such Person or Persons if the Board of Directors of the Company has concluded in good
faith, after consultation with its outside legal counsel, that such action is required in order for the Board of Directors of the Company to comply with its fiduciary obligations to the Company's
stockholders under applicable Legal Requirements and the other requirements of the proviso to the first sentence of Section&nbsp;4.3(a) of the Merger Agreement have been satisfied. </FONT></P>

<P><FONT SIZE=2>&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;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Option.</U>
</FONT></P>

<P><FONT
SIZE=2>&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;(a)
&nbsp;&nbsp;&nbsp;Each
Stockholder hereby grants to Merger Sub an irrevocable option to purchase that number of shares of Company Common Stock as is set forth under the column
"</FONT><FONT SIZE=2><B>Option Shares</B></FONT><FONT SIZE=2>" on Exhibit&nbsp;I (as to such Stockholder, such Stockholders' "</FONT><FONT SIZE=2><B>Option Shares</B></FONT><FONT SIZE=2>"), on the
terms and subject to the conditions set forth herein (the "</FONT><FONT SIZE=2><B>Option</B></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT
SIZE=2>&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;(b)
&nbsp;&nbsp;&nbsp;The
Option may be exercised by Merger Sub, as a whole and not in part, at any time during the period commencing upon (x)&nbsp;the termination of the Merger Agreement
pursuant to Section&nbsp;9.1(f) thereof and (y)&nbsp;ending 96&nbsp;hours after such termination. </FONT></P>

<P><FONT
SIZE=2>&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;(c)
&nbsp;&nbsp;&nbsp;If
Merger Sub wishes to exercise the Option, Merger Sub shall send a written notice to each Stockholder of its intention to exercise the Option, specifying the place,
and, if then known, the time and the date (the "</FONT><FONT SIZE=2><B>Option Closing Date</B></FONT><FONT SIZE=2>") of the closing (the "</FONT><FONT SIZE=2><B>Option
Closing</B></FONT><FONT SIZE=2>") of the purchase. The Option Closing Date shall occur on the fifth business day (or such longer period as may be required by applicable Legal Requirements) after the
later of (i)&nbsp;the date on which such notice is delivered and (ii)&nbsp;the satisfaction of the conditions set forth in Section&nbsp;2(f). </FONT></P>

<P><FONT
SIZE=2>&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;(d)
&nbsp;&nbsp;&nbsp;At
the Option Closing, each Stockholder shall deliver to Merger Sub (or its designee) all of the Option Shares by delivery of a certificate or certificates evidencing
its Option Shares in the denominations designated by Merger Sub in its exercise notice delivered pursuant to Section&nbsp;2(c), duly endorsed to Merger Sub or accompanied by stock powers duly
executed in favor of Merger Sub, with all necessary stock transfer stamps affixed. </FONT></P>

<P><FONT
SIZE=2>&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;(e)
&nbsp;&nbsp;&nbsp;At
the Option Closing, Merger Sub shall deliver, and Parent shall cause Merger Sub to deliver to each Stockholder in respect of each Stockholder's Option Shares the
purchase price per Option Share, as defined in the next sentence. The purchase price per Option Share shall be, in respect of each share of Company Common Stock constituting an Option Share, $6.5992
per share (the "</FONT><FONT SIZE=2><B>Option Shares Purchase Price</B></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT
SIZE=2>&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;(f)
&nbsp;&nbsp;&nbsp;&nbsp;The
Option Closing shall be subject to the satisfaction of (or, in the case of subparagraph&nbsp;(iii), the waiver by Merger Sub of) each of the following conditions: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
temporary restraining order, preliminary or permanent injunction or other order preventing the consummation of the purchase and sale of the Shares pursuant to the
exercise of the Option shall have been issued by any court of competent </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>B-1-3</FONT></P>

<HR NOSHADE>
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<A NAME="page_fa2148_1_4"> </A>
<UL>
<UL>

<P><FONT SIZE=2>jurisdiction
or any other Governmental Body of a Relevant Jurisdiction and shall remain in effect, and there shall not be any Legal Requirement of a Relevant Jurisdiction enacted, adopted or deemed
applicable to the consummation of the purchase and sale of the Shares pursuant to the exercise of the Option that makes such consummation illegal or otherwise prohibits consummation of the Option; </FONT></P>

<P><FONT SIZE=2>&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;(ii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
waiting period applicable to the consummation of the purchase and sale of the Shares pursuant to the exercise of the Option under any applicable Antitrust Laws or
other Legal Requirements of a Relevant Jurisdiction shall have expired or been terminated; and </FONT></P>

<P><FONT SIZE=2>&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;(iii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
purchase and sale of each Stockholder's Option Shares shall occur concurrently. </FONT></P>

<P><FONT SIZE=2>If
the Option Closing shall not occur within 90&nbsp;days after the exercise of the Option then, unless such failure results from a Stockholder's failure to comply with this Agreement, the Option
and this Agreement shall terminate and be of no further force or effect. </FONT></P>

</UL>
</UL>

<P><FONT
SIZE=2>&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;(g)
&nbsp;&nbsp;&nbsp;If,
after purchasing the Option Shares pursuant to the Option, (x)&nbsp;Merger Sub or any of its affiliates has not acquired, or consummated a tender or exchange
offer for, the remaining Company Common Stock or consummated a merger or consolidation with the Company and (y)&nbsp;Merger Sub or any of its affiliates receives any cash or non-cash
consideration in respect of some or all of the Option Shares (the "</FONT><FONT SIZE=2><B>Transferred Shares</B></FONT><FONT SIZE=2>") in connection with (or during the pendency of) a Third Party
Business Combination (as defined below) during the period commencing on the date of the Option Closing and ending on the six month anniversary thereof, Merger Sub shall promptly pay over to the
Stockholders (to be allocated among them <U>pro&nbsp;rata</U>), in cash as an addition to the aggregate Option Shares Purchase Price for all Option Shares, 50% of the excess,
if any, of the value of such consideration received over the aggregate Option Shares Purchase Price paid for the Transferred Shares; provided that, (i)&nbsp;with respect to any of the consideration
received by Merger Sub or such affiliates for the Transferred Shares consisting of securities listed on a national securities exchange or traded on the Nasdaq National Market, the per share value of
such consideration shall be equal to the closing price per share of such securities listed on such national securities exchange or the Nasdaq National Market on the date such transaction is
consummated, and (ii)&nbsp;with respect to any consideration received by Merger Sub or such affiliates for the Transferred Shares in a form other than securities so listed, the per share value shall
be determined in good faith as of the date such transaction is consummated by Merger Sub and the Stockholders, or, if Merger Sub and the Stockholders cannot reach agreement, by a nationally recognized
investment banking firm reasonably acceptable to the parties. The term "Third Party Business Combination" means the occurrence of any of the following events: (A)&nbsp;the Company, or more than 50%
of the outstanding shares of the Company Common Stock, is acquired by merger or otherwise by any Person other than Parent, Merger Sub, Stockholder or their respective affiliates (a "Third Party"); or
(B)&nbsp;a Third Party acquires all or substantially all of the assets of the Company and its subsidiaries, taken as a whole; provided, however, that in no event will any transaction in which shares
of the Company Common Stock or any of its assets are sold or transferred directly or indirectly in connection with or as a part of a sale or other transaction involving a sale, merger or other similar
transaction of Parent or any of its material assets or business constitute a Third Party Business Combination, and in no event will a sale of any division, line of business or similar unit of the
Company and its subsidiaries (other than a sale of all or substantially all of the assets of the Company and its subsidiaries) constitute a Third Party Business Combination. </FONT></P>

<P><FONT
SIZE=2>&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;(h)
&nbsp;&nbsp;&nbsp;If,
within six months after purchasing the Option Shares pursuant to the Option, Merger Sub or any of its affiliates consummates a tender or exchange offer for the
remaining Company Common Stock or consummates a merger or consolidation with the Company, in either case </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-1-4</FONT></P>

<HR NOSHADE>
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<A NAME="page_fa2148_1_5"> </A>
<BR>

<P><FONT SIZE=2>at
a price per share of Company Common Stock in excess of the Option Shares Purchase Price, Merger Sub shall pay over to the Stockholders (to be allocated among them
<U>pro&nbsp;rata</U>) promptly after the consummation of the first such tender offer, exchange offer, merger or consolidation to occur, as an addition to the aggregate Option
Shares Purchase Price for all Option Shares, an amount in cash equal to 50% of the product of (i)&nbsp;the number of Option Shares sold to Merger Sub by all Stockholders pursuant to the Option and
(ii)&nbsp;the excess, if any, of the price per share of Company Common Stock paid in such transaction over the Option Shares Purchase Price (for purposes of calculating the price per share paid in
such transaction with respect to (i)&nbsp;any such consideration consisting of securities listed on a national securities exchange or traded on the Nasdaq National Market, the per share value of
such consideration shall be equal to the closing price per share of such securities listed on such national securities exchange or the Nasdaq National Market on the date such transaction is
consummated, and (ii)&nbsp;any consideration other than securities so listed, the per share value shall be determined in good faith as of the date such transaction is consummated by Merger Sub and
the Stockholder, or, if Merger Sub and the Stockholders cannot reach agreement, by a nationally recognized investment banking firm reasonably acceptable to the parties). </FONT></P>

<P><FONT
SIZE=2>&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;(i)
&nbsp;&nbsp;&nbsp;&nbsp;If,
after the Option expires unexercised, (x)&nbsp;the Stockholders or any of their respective affiliates have not acquired, or consummated a tender or exchange offer
for, the remaining Company Common Stock or consummated a merger or consolidation with the Company and (y)&nbsp;a Stockholder receives any cash or non-cash consideration in respect of
some or (subject to the final sentence of this Section&nbsp;2(i)) all of its Company Common Stock (the "</FONT><FONT SIZE=2><B>Transferred Stock</B></FONT><FONT SIZE=2>") in connection with (or
during the pendency of) a Third Party Business Combination during the period commencing on the expiration of the period specified in Section&nbsp;2(b) and&nbsp;ending on the six month anniversary
thereof, such Stockholder shall promptly pay over to Merger Sub an amount in cash equal to 50% of the excess, if any, of the value of such consideration received over the product of (A)&nbsp;the
Option Shares Purchase Price and (B)&nbsp;the number of shares of Transferred Stock sold by it; provided that, (i)&nbsp;with respect to consideration received by the Stockholder for the
Transferred Stock consisting of securities listed on a national securities exchange or traded on the Nasdaq National Market, the per share value of such consideration shall be equal to the closing
price per share of such securities listed on such national securities exchange or the Nasdaq National Market on the date such transaction is consummated, and (ii)&nbsp;with respect to consideration
received by the Stockholder for the Transferred Stock consisting of a form other than securities so listed, the per share value shall be determined in good faith as of the date such transaction is
consummated by Merger Sub and the Stockholder, or, if Merger Sub and the Stockholder cannot reach agreement, by a nationally recognized investment banking firm reasonably acceptable to the parties.
For purposes of calculating the consideration payable to Merger Sub pursuant to this Section&nbsp;2(i), the number of shares of Transferred Stock sold by any Stockholder shall not exceed the number
of such Stockholder's Option Shares and, if the Stockholder sells a greater number of shares of Company Common Stock under the circumstances contemplated by clause&nbsp;(y) of the preceding
sentence, such sales shall be taken into account in the order in which they occur until the number of shares of Company Common Stock subject to those sales equals the number of such Stockholder's
Option Shares and then no further sharing under this Section&nbsp;2(i) shall be required. </FONT></P>

<P><FONT
SIZE=2>&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;(j)
&nbsp;&nbsp;&nbsp;&nbsp;If,
after the date hereof, the Company Common Stock or the Parent Subordinated Voting Shares are combined into a smaller number of shares or split or subdivided into a
greater number of shares, the determinations in this Section&nbsp;2 shall be proportionately adjusted so that the economic consequences of the transactions contemplated hereby are not affected by
such action. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-1-5</FONT></P>

<HR NOSHADE>
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<A NAME="page_fa2148_1_6"> </A>
<BR>

<P><FONT
SIZE=2>&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;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of the Stockholder.</U>&nbsp;&nbsp;&nbsp;&nbsp;Each Stockholder hereby represents and warrants to Parent and Merger Sub as
of the date hereof as to itself as follows: </FONT></P>

<P><FONT
SIZE=2>&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;(a)
&nbsp;&nbsp;&nbsp;<U>Organization.</U>&nbsp;&nbsp;&nbsp;&nbsp;Such
Stockholder is a corporation, limited liability company or limited partnership duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization. </FONT></P>

<P><FONT
SIZE=2>&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;(b)
&nbsp;&nbsp;&nbsp;<U>Authorization;
Validity of Agreement; Necessary Action .</U>&nbsp;&nbsp;&nbsp;&nbsp;Such Stockholder has all necessary power and authority to execute and
deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution, delivery and performance by it of this Agreement and the
consummation by it of the transactions contemplated hereby have been duly and validly authorized by all necessary action and no other proceedings on the part of such Stockholder are necessary to
authorize the execution and delivery by it of this Agreement and the consummation by it of the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by the
Stockholder, and constitutes the legal, valid and binding obligation of the Stockholder, enforceable against it in accordance with its terms, except that (i)&nbsp;such enforcement may be subject to
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws, now or hereafter in effect, affecting creditors' rights generally and (ii)&nbsp;the remedy of specific
performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding may be brought. </FONT></P>


<P><FONT
SIZE=2>&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;(c)
&nbsp;&nbsp;&nbsp;<U>No
Violations; Consents and Approvals.</U> </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
for filings, permits, authorizations, Consents and approvals as may be required under, and other applicable requirements of, any applicable Antitrust Laws,
neither the execution, delivery or performance of this Agreement by such Stockholder nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the provisions
hereof will directly or indirectly (with or without notice or lapse of time or both): (i)&nbsp;contravene, conflict with, or result in a violation of (A)&nbsp;any provision of the Organizational
Documents of such Stockholder, or (B)&nbsp;any resolution adopted by the board of directors or the stockholders of such Stockholder or any of its Subsidiaries; or (ii)&nbsp;contravene, conflict
with, or result in a violation of, or give any Governmental Body or other Person the right to exercise any remedy or obtain any relief under, any Legal Requirement or any order, injunction, writ or
decree to which such Stockholder or any of its Subsidiaries, or any of the assets owned or used by such Stockholder or any of its Subsidiaries, may be subject, or (iii)&nbsp;require a Consent from
any Person; except, in the case of clauses&nbsp;(ii) and&nbsp;(iii), for any such conflicts, violations, breaches,
defaults or other occurrences that would not prevent or impair the ability of the such Stockholder from consummating the transactions contemplated hereby in any material respect, or otherwise prevent
Parent or Merger Sub from exercising their respective rights under this Agreement or as a stockholder of the Company in any material respect. </FONT></P>

<P><FONT SIZE=2>&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;(ii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution and delivery of this Agreement by such Stockholder does not, and the performance of this Agreement and the consummation of the transactions contemplated
hereby will not, require any Consent of, or filing with or notification to, any Governmental Body, except (i)&nbsp;for the pre-merger notification requirements of applicable Antitrust
Laws, and (ii)&nbsp;where failure to obtain such Consents, or to make such filings or notifications, would not prevent or impair the ability of such Stockholder from consummating the transactions
contemplated hereby in any material respect, or otherwise prevent Parent or Merger Sub from exercising their respective rights under this Agreement or as a stockholder of the Company in any material
respect. </FONT></P>

</UL>
</UL>

<P><FONT
SIZE=2>&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;(d)
&nbsp;&nbsp;&nbsp;<U>Shares.</U>&nbsp;&nbsp;&nbsp;&nbsp;Such
Stockholder's Existing Shares are, and the Option Shares on the Option Closing Date will be, owned of record by
such Stockholder. Such Stockholder's Existing </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-1-6</FONT></P>

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<P><FONT SIZE=2>Shares
constitute all of the voting securities of the Company owned of record by the Stockholder. Except as set forth in Exhibit&nbsp;I, all of the Stockholder's Existing Shares are issued and
outstanding and such Stockholder does not own, of record or beneficially, any warrants, options or other rights to acquire any other voting securities of the Company. Such Stockholder has sole voting
power, sole power of disposition, sole power to issue instructions with respect to the matters set forth in Sections&nbsp;1 and&nbsp;2 hereof, sole power of conversion, sole power to demand
appraisal rights and sole power to agree to all of the matters set forth in this Agreement, in each case with respect to all of such Stockholder's Existing Shares or Option Shares, as the case may be,
and will have sole voting power, sole power of disposition, sole power to issue instructions with respect to the matters set forth in Sections&nbsp;1 and&nbsp;2 hereof, sole power of conversion,
sole power to demand appraisal rights and sole power to agree to all of the matters set forth in this Agreement, with respect to all of such Stockholder's Shares on the Option Closing Date or the
Closing Date, with no limitations, qualifications or restrictions on such rights, subject to applicable federal securities laws and the terms of this Agreement. Such Stockholder has good and valid
title to its Existing Shares and at all times during the term hereof and on the Option Closing Date or the Closing Date will have good and valid title to its Option Shares, free and clear of all
liens, claims, security interests or other charges or encumbrances (it being understood that the Stockholders are party to that certain Amended and Restated Stockholders Agreement dated as of
June&nbsp;22, 2000 by and among the Company, the DLJMB Entities (as defined therein), the Mezzanine Holders (as defined therein), certain Trusts, Kevin C. Melia, Robert J. Graham, Julie Kent and
certain other persons listed on the signature pages thereto, which is not contravened by the transactions contemplated hereby), and, upon delivery of such Stockholder's Option Shares to Merger Sub
against delivery of the consideration therefor pursuant to this Agreement, good and valid title thereto, free and clear of all liens, claims, security interests or other charges or encumbrances (other
than any arising as a result of actions taken or omitted by Parent or Merger Sub or any arising under this Agreement), will pass to Merger Sub. </FONT></P>

<P><FONT
SIZE=2>&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;(e)
&nbsp;&nbsp;&nbsp;<U>No
Broker's Fees.</U>&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Merger Agreement, no broker, finder, investment banker or other Person is
entitled to any broker's, finder's or other fee or commission in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of the Stockholder. </FONT></P>

<P><FONT
SIZE=2>&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;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of Parent and Merger Sub.</U>&nbsp;&nbsp;&nbsp;&nbsp;Parent and Merger Sub, jointly and severally, hereby represent and
warrant to the Stockholder as of the date hereof as follows: </FONT></P>

<P><FONT
SIZE=2>&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;(a)
&nbsp;&nbsp;&nbsp;<U>Organization.</U>&nbsp;&nbsp;&nbsp;&nbsp;Each
of Parent and Merger Sub is a corporation duly organized, validly existing and in good standing under the
laws of the jurisdiction of its incorporation. </FONT></P>

<P><FONT
SIZE=2>&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;(b)
&nbsp;&nbsp;&nbsp;<U>Corporate
Authorization; Validity of Agreement; Necessary Action.</U>&nbsp;&nbsp;&nbsp;&nbsp;Each of Parent and Merger Sub has all necessary corporate
power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution, delivery and performance by each
of Parent and Merger Sub of this Agreement and the consummation by them of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action and no other
corporate proceedings on the part of the Parent or Merger Sub are necessary to authorize the execution and delivery by them of this Agreement and the consummation by them of the transactions
contemplated hereby. This Agreement has been duly and validly executed and delivered by Parent and Merger Sub, and constitutes the legal, valid and binding obligation of Parent and Merger, enforceable
against each of them in accordance with its terms, except that (i)&nbsp;such enforcement may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws, now or
hereafter in effect, affecting creditors' rights generally and (ii)&nbsp;the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses
and to the discretion of the court before which any proceeding may be brought. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-1-7</FONT></P>

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<P><FONT
SIZE=2>&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;(c)
&nbsp;&nbsp;&nbsp;<U>No
Violations; Consents and Approvals.</U> </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
for filings, permits, authorizations, Consents and approvals as may be required under, and other applicable requirements of, any applicable Antitrust Laws,
neither the execution, delivery or performance of this Agreement by Parent or Merger Sub nor the consummation by them of the transactions contemplated hereby nor compliance by them with any of the
provisions hereof will directly or indirectly (with or without notice or lapse of time or both): (i)&nbsp;contravene, conflict with or result in a violation of (A)&nbsp;any provision of the
Organizational Documents of Parent or Merger Sub, or (B)&nbsp;any resolution adopted by the board of directors or the stockholders of Parent or Merger Sub; (ii)&nbsp;contravene, conflict with, or
result in a violation of, or give any Governmental Body or other Person the right to exercise any remedy or obtain any relief under, any Legal Requirement or any order, injunction, writ or decree to
which Parent or Merger Sub, or any of the respective assets owned or used by each of them, may be subject, or (iii)&nbsp;require a Consent from any Person; except, in the case of
clauses&nbsp;(ii) and&nbsp;(iii), for any such conflicts, violations, breaches, defaults or other occurrences that would not prevent or impair the ability of Parent or Merger Sub from consummating
the transactions contemplated hereby in any material respect, or otherwise prevent Parent or Merger Sub from exercising their respective rights under this Agreement in any material respect. </FONT></P>

<P><FONT SIZE=2>&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;(ii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution and delivery of this Agreement by Parent and Merger Sub does not, and the performance of this Agreement and the consummation of the transactions
contemplated hereby will not, require any Consent of, or filing with or notification to, any Governmental Body, except (i)&nbsp;for the pre-merger notification requirements of applicable
Antitrust Laws, and (ii)&nbsp;where failure to obtain such Consents, or to make such filings or notifications, would not prevent or impair the ability of Parent or Merger Sub from consummating the
transactions contemplated hereby in any material respect, or otherwise prevent Parent or Merger Sub from exercising their respective rights under this Agreement in any material respect. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&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;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Agreements.</U> </FONT></P>

<P><FONT
SIZE=2>&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;(a)
&nbsp;&nbsp;&nbsp;<U>Further
Agreement of the Stockholder.</U>&nbsp;&nbsp;&nbsp;&nbsp;Each Stockholder hereby authorizes and requests the Company's counsel to notify the
Company's transfer agent that there is a stop transfer order with respect to all of such Stockholder's Shares (and that this Agreement places limits on the voting of such Stockholder's Shares). Such
Stockholder agrees with, and covenants to, Parent that the Stockholder shall not request that the Company register the transfer (book-entry or otherwise) of any certificate or
uncertificated interest representing any of such Stockholder's Shares, unless such transfer is made in compliance with this Agreement. In the event of a stock dividend or distribution, or any change
in any of such Stockholder's Shares by reason of any stock dividend or distribution, or any change in any of such Stockholder's Shares by reason of any stock dividend, split-up,
recapitalization, combination, exchange of shares or the like, the term "Shares" shall be deemed to refer to and include the Shares as well as all such stock dividends and distributions and any shares
into which or for which any or all of the Shares may be changed or exchanged and the Option Shares Purchase Price shall be accordingly adjusted. </FONT></P>

<P><FONT
SIZE=2>&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;(b)
&nbsp;&nbsp;&nbsp;<U>Further
Agreement of each of Parent and Merger Sub.</U>&nbsp;&nbsp;&nbsp;&nbsp;Each of Parent and Merger Sub agrees that it will not agree to any
material amendment to the Merger Agreement without the prior written consent of each of the Stockholders. </FONT></P>

<P><FONT SIZE=2>&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;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Assurances.</U>&nbsp;&nbsp;&nbsp;&nbsp;From time to time prior to the Closing, at any other party's request and without further consideration,
each party hereto shall execute and deliver such additional documents and take all such further lawful action as may be necessary or desirable to consummate and make effective, in the most expeditious
manner practicable, the transactions </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-1-8</FONT></P>

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<BR>

<P><FONT SIZE=2>contemplated
by this Agreement. Without limiting the generality of the foregoing, each party hereto shall cooperate with the other parties hereto in preparing and filing any notifications required
under any applicable Antitrust Laws in connection with the transactions contemplated hereby. </FONT></P>

<P><FONT
SIZE=2>&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;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination.</U>&nbsp;
&nbsp;&nbsp;&nbsp;The
obligations of the Stockholder under Sections&nbsp;1(a), (b), (d) and&nbsp;(e) shall terminate upon the
earlier of the Effective Time or the termination of the Merger Agreement. Subject to the following sentences, all other provisions of this Agreement shall terminate, and no party shall have any rights
or obligations hereunder and this Agreement shall become null and void and have no further effect upon the earliest to occur of (a)&nbsp;the Effective Time, (b)&nbsp;the expiration of the period
specified in Section&nbsp;2(b) without exercise of the Option, (c)&nbsp;the Option Closing, (d)&nbsp;as set forth in the final paragraph of Section&nbsp;2(f) or&nbsp;(e) termination of the
Merger Agreement other than pursuant to Section&nbsp;9.1(f) thereof. Unless the Effective Time shall have occurred, Sections&nbsp;2(g), (h), (i) and&nbsp;(j) shall survive termination of this
Agreement. Nothing in this Section&nbsp;7 shall relieve any party of liability for failure to perform its covenants under this Agreement. </FONT></P>

<P><FONT SIZE=2>&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;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Costs
and Expenses.</U>&nbsp;&nbsp;&nbsp;&nbsp;All costs and expenses incurred in connection with this Agreement and the consummation of the transactions
contemplated hereby shall be paid by the party incurring such expenses. </FONT></P>

<P><FONT SIZE=2>&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;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
and Modification.</U>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be amended, modified and supplemented in any and all respects only by written
agreement of the parties hereto. </FONT></P>

<P><FONT
SIZE=2>&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;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices.</U>&nbsp;&nbsp;&nbsp;
&nbsp;All
notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally,
telecopied (which is confirmed) or sent by an overnight courier service (providing proof of delivery) to the parties at the following addresses (or at such other address for a party as it may specify
by like notice): </FONT></P>

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<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>(i)</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>if to Parent or Merger Sub, to:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2><BR>
Celestica&nbsp;Inc.<BR>
1150 Eglinton Avenue East<BR>
Toronto, Ontario M3C&nbsp;1H7<BR>
Canada</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2><BR>
Attention: Senior Vice President, Corporate Development<BR>
Fax No.: (416)&nbsp;448-5444<BR>
Confirmation No.: (416) 448-4577</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2><BR>
with copies to:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2><BR>
Celestica&nbsp;Inc.<BR>
1150 Eglinton Avenue East<BR>
Toronto, Ontario M3C&nbsp;1H7<BR>
Canada</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2><BR>
Attention: Chief Legal Officer<BR>
Fax No.: (416)&nbsp;448-2817<BR>
Confirmation No.: (416) 448-4620</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<BR>
<P ALIGN="CENTER"><FONT SIZE=2>B-1-9</FONT></P>

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<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2><BR>
and</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2><BR>
Kaye Scholer&nbsp;LLP<BR>
425 Park Avenue<BR>
New&nbsp;York, NY 10022</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2><BR>
Joel I. Greenberg and Lynn Toby Fisher<BR>
Fax No.: (212)&nbsp;836-8689<BR>
Confirmation No.: (212)&nbsp;836-8000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
(ii)</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2><BR>
if to a Stockholder, to:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="83%"><BR><FONT SIZE=2><B>[Name of Stockholder]</B></FONT><FONT SIZE=2><BR>
11 Madison Avenue<BR>
16<SUP>th</SUP> Floor<BR>
New&nbsp;York, NY 10010<BR>
Attention: General Counsel<BR>
Fax No.: (212)&nbsp;325-8256<BR>
Confirmation No.: (212)&nbsp;538-3948</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2><BR>
with a copy to:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="83%"><FONT SIZE=2><BR>
Davis Polk&nbsp;&amp; Wardwell<BR>
450 Lexington Avenue<BR>
New&nbsp;York, NY 10017<BR>
att.: George R. Bason, Jr.<BR>
Fax No.: (212)&nbsp;450-4800<BR>
Confirmation No.: (212)&nbsp;450-4177</FONT></TD>
</TR>
</TABLE>
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<P><FONT
SIZE=2>&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;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretation.</U>&nbsp;&nbsp;
&nbsp;&nbsp;When
a reference is made in this Agreement to Sections, such reference shall be to a Section of this Agreement
unless otherwise indicated. Whenever the words "include," "includes" or "including" are used in this Agreement they shall be deemed to be followed by the words "without limitation." The phrases "the
date of this Agreement," "the date hereof," and terms of similar import, unless the context otherwise requires, shall be deemed to refer to October&nbsp;14, 2003. </FONT></P>

<P><FONT
SIZE=2>&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;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts.</U>&nbsp;&nbsp;
&nbsp;&nbsp;This
Agreement may be executed in two or more counterparts, all of which shall be considered one and the same
agreement and shall become effective when two or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the
same counterpart. </FONT></P>

<P><FONT SIZE=2>&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;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement; No Third Party Beneficiaries.</U>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement constitutes the entire agreement and supersedes all prior
agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof, and is not intended to confer upon any person other than the parties hereto any
rights or remedies hereunder. </FONT></P>

<P><FONT
SIZE=2>&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;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability.</U>&nbsp;&nbsp;
&nbsp;&nbsp;If
any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule
of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner materially adverse to any party. </FONT></P>

<P><FONT SIZE=2>&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;All
rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise of
any thereof by any party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such party. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-1-10</FONT></P>

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<P><FONT SIZE=2>&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;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law.</U>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed and construed in accordance with the laws of the State of Delaware without
giving effect to the principles of conflicts of law thereof. </FONT></P>

<P><FONT
SIZE=2>&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;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment.</U>&nbsp;&nbsp;&nbsp;
&nbsp;Neither
this Agreement nor any of the rights, interests or obligations hereunder, except as specifically provided
herein with respect to Merger Sub's rights under the Option, shall be assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of the other
parties, except that Parent and Merger Sub may assign, in Parent's sole discretion, any or all of their respective rights, interests and obligations hereunder to any direct or indirect wholly owned
Subsidiary of Parent; provided, however, that no such assignment shall relieve Parent from any of its obligations hereunder. Subject to the preceding sentence, this Agreement will be binding upon,
inure to the benefit of and be enforceable by the parties and their respective successors (including the Company as successor to Merger Sub pursuant to the Merger), heirs, agents, representatives,
trust beneficiaries, attorneys, affiliates and associates and all of their respective predecessors, successors, permitted assigns, heirs, executors and administrators. </FONT></P>

<P><FONT SIZE=2>&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;17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consent
to Jurisdiction; Waiver of Jury Trial; Specific Performance.</U> </FONT></P>

<P><FONT
SIZE=2>&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;(a)
&nbsp;&nbsp;&nbsp;In
any action or proceeding between any of the parties arising out of or relating to this Agreement or any of the transactions contemplated by this Agreement, each of
the parties: (a)&nbsp;irrevocably and unconditionally consents and submits to the exclusive jurisdiction and venue of the Chancery Court of the State of Delaware and the United&nbsp;States
District Court for the District of Delaware, and (b)&nbsp;agrees that all claims in respect of such action or proceeding may be heard and determined exclusively in such courts. For purposes of
implementing the foregoing, each Stockholder does hereby appoint Corporation Services Company, and Parent and Merger Sub do hereby appoint CT Corporation, as agent to service of process in the State
of Delaware in connection with this Agreement. </FONT></P>

<P><FONT
SIZE=2>&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;(b)
&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING IN RELATION TO THIS AGREEMENT
AND FOR ANY COUNTERCLAIM THEREIN.</B></FONT></P>

<P><FONT
SIZE=2>&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;(c)
&nbsp;&nbsp;&nbsp;The
parties acknowledge and agree that Parent, Merger Sub and the Stockholder would be irreparably damaged if any of the provisions of this Agreement are not performed
in accordance with their specific terms and that any breach of this Agreement could not be adequately compensated in all cases by monetary damages alone. Accordingly, in addition to any other right or
remedy to which Parent, Merger Sub or the Stockholder may be entitled, at law or in equity, it shall be entitled to enforce any provision of this Agreement by a decree of specific performance and
temporary, preliminary and permanent injunctive relief to prevent breaches or threatened breaches of any of the provisions of this Agreement, without posting any bond or other undertaking. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-1-11</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=11,SEQ=254,EFW="2121685",CP="CELESTICA",DN="1",CHK=11797,FOLIO='B-1-11',FILE='DISK033:[03TOR8.03TOR2148]FA2148D.;2',USER='JATHANA',CD=';6-NOV-2003;03:19' -->
<A NAME="page_fa2148_1_12"> </A>
<BR>

<P><FONT SIZE=2>&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;IN
WITNESS WHEREOF, Parent, Merger Sub and each Stockholder have caused this Agreement to be signed by their respective officers or other authorized person thereunto duly authorized as
of the date first written above. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
DLJ MERCHANT BANKING FUNDING,&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
<BR>
By:</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
<BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBIN S. ESTERSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Robin S. Esterson<BR>
Title: Attorney-in-fact</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
<BR>
DLJ MERCHANT BANKING PARTNERS,&nbsp;L.P.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
<BR>
By:</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
<BR>
DLJ Merchant Banking,&nbsp;Inc., its<BR>
Managing General Partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
<BR>
By:</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
<BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBIN S. ESTERSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Robin S. Esterson<BR>
Title: Attorney-in-fact</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
<BR>
DLJ INTERNATIONAL BANKING PARTNERS,&nbsp;C.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
<BR>
By:</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
<BR>
DLJ Merchant Banking,&nbsp;Inc., its<BR>
Advisory General Partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
<BR>
By:</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
<BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBIN S. ESTERSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Robin S. Esterson<BR>
Title: Attorney-in-fact</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>B-1-12</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=12,SEQ=255,EFW="2121685",CP="CELESTICA",DN="1",CHK=867422,FOLIO='B-1-12',FILE='DISK033:[03TOR8.03TOR2148]FA2148D.;2',USER='JATHANA',CD=';6-NOV-2003;03:19' -->
<A NAME="page_fa2148_1_13"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
<BR>
DLJ OFFSHORE PARTNERS,&nbsp;C.V.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
<BR>
By:</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
<BR>
DLJ Merchant Banking,&nbsp;Inc., its<BR>
Advisory General Partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
<BR>
By:</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
<BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBIN S. ESTERSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Robin S. Esterson<BR>
Title: Attorney-in-fact</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
<BR>
DLJ FIRST ESC L.P.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
<BR>
By:</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
<BR>
DLJ LBO Plans Management<BR>
Corporation, its General Partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
<BR>
By:</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
<BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBIN S. ESTERSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Robin S. Esterson<BR>
Title: Attorney-in-fact</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
<BR>
DLJ ESC II L.P.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
<BR>
By:</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
<BR>
DLJ LBO Plans Management<BR>
Corporation, its General Partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
<BR>
By:</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
<BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBIN S. ESTERSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Robin S. Esterson<BR>
Title: Attorney-in-fact</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- insert table folio -->
<BR>
<P ALIGN="CENTER"><FONT SIZE=2>B-1-13</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=13,SEQ=256,EFW="2121685",CP="CELESTICA",DN="1",CHK=272385,FOLIO='B-1-13',FILE='DISK033:[03TOR8.03TOR2148]FA2148D.;2',USER='JATHANA',CD=';6-NOV-2003;03:19' -->
<A NAME="page_fa2148_1_14"> </A>
<!-- end of table folio -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
<BR>
CREDIT SUISSE FIRST BOSTON LLC, AS<BR>
NOMINEE FOR:<BR>
EMA 2001 PLAN, L.P.<BR>
DLJ FIRST ESC. L.P.<BR>
DOCKLANDS 2001 PLAN, L.P.<BR>
PARADEPLATZ PLAN 2001 PLAN, L.P.<BR>
CREDIT SUISSE FIRST BOSTON<BR>
PRIVATE EQUITY, INC.<BR>
CSFB 2001 INVESTORS, L.P.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
<BR>
By:</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
<BR>
Credit Suisse First Boston (USA) Inc., its<BR>
sole member</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
<BR>
By:</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
<BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBIN S. ESTERSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Robin S. Esterson<BR>
Title: Attorney-in-fact</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
<BR>
DLJ MERCHANT BANKING, INC.,<BR>
Solely for purposes of Section&nbsp;1(e) of<BR>
this Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
<BR>
By:</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
<BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBIN S. ESTERSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Robin S. Esterson<BR>
Title: Attorney-in-fact</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
<BR>
CELESTICA INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
<BR>
By:</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
<BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>RAHUL SURI</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Rahul Suri<BR>
Title: Senior Vice President<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Development</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><BR>
<BR>
MSL ACQUISITION SUB INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="53%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
<BR>
By:</FONT></TD>
<TD WIDTH="40%"><FONT SIZE=2><BR>
<BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>RAHUL SURI</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Rahul Suri<BR>
Title: Vice President</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>B-1-14</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=14,SEQ=257,EFW="2121685",CP="CELESTICA",DN="1",CHK=497876,FOLIO='B-1-14',FILE='DISK033:[03TOR8.03TOR2148]FA2148D.;2',USER='JATHANA',CD=';6-NOV-2003;03:19' -->
<A NAME="page_fa2148_1_15"> </A>
<P ALIGN="RIGHT"><FONT SIZE=2><B>EXHIBIT&nbsp;I  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="36%" ALIGN="CENTER"><BR><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B><BR>
Shares of Company Common Stock</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B><BR>
Series&nbsp;A Preferred Stock</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B><BR>
Series&nbsp;B Preferred Stock</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B><BR>
Common Underlying Warrants</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B><BR>
Option Shares Company Common Stock</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2><BR>
DLJ Merchant Banking Partners,&nbsp;LP</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
7,683,054</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
128,471</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
249,555</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6,354,162</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2><BR>
DLJ International Partners, CV</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,452,918</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
68,408</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
132,883</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2,855,687</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2><BR>
DLJ Offshore Partners CV</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
199,998</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,762</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
7,308</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
165,406</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2><BR>
DLJ Merchant Banking Funding&nbsp;Inc.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,027,236</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2,503,633</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2><BR>
DLJ First ESC&nbsp;LP</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,882,440</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,556,845</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2><BR>
DLJ ESC II,&nbsp;LP</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10,417</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
8,615</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="36%"><FONT SIZE=2><BR>
CSFB&nbsp;LLC as nominee for 2001 Plan Investors</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
97,916</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
99,359</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
193,005</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
80,980</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>B-1-15</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=15,SEQ=258,EFW="2121685",CP="CELESTICA",DN="1",CHK=983268,FOLIO='B-1-15',FILE='DISK033:[03TOR8.03TOR2148]FA2148D.;2',USER='JATHANA',CD=';6-NOV-2003;03:19' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_fc2148_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>ANNEX B-2  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fc2148_stockholder_agreement"> </A>
<A NAME="toc_fc2148_1"> </A></FONT> <FONT SIZE=2><B>STOCKHOLDER AGREEMENT    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&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;STOCKHOLDER AGREEMENT, dated as of October&nbsp;14, 2003 (this
"</FONT><FONT SIZE=2><B>Agreement</B></FONT><FONT SIZE=2>") among CELESTICA&nbsp;INC., a
corporation organized under the laws of the Province of Ontario, Canada ("</FONT><FONT SIZE=2><B>Parent</B></FONT><FONT SIZE=2>"), MSL ACQUISITION SUB&nbsp;INC., a Delaware corporation and a wholly
owned subsidiary of Parent ("</FONT><FONT SIZE=2><B>Merger Sub</B></FONT><FONT SIZE=2>"), and
<U>&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> (the
"</FONT><FONT SIZE=2><B>Stockholder</B></FONT><FONT SIZE=2>"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fc2148_recitals"> </A>
<A NAME="toc_fc2148_2"> </A>
<BR></FONT><FONT SIZE=2><B>RECITALS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&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;Parent, Merger Sub and MANUFACTURERS' SERVICES LIMITED, a Delaware
corporation (the "</FONT><FONT SIZE=2><B>Company</B></FONT><FONT SIZE=2>"), propose to enter
into an Agreement and Plan of Merger dated as of the date hereof (as the same may be amended or supplemented, the "</FONT><FONT SIZE=2><B>Merger Agreement</B></FONT><FONT SIZE=2>"; capitalized terms
used but not defined herein shall have the meanings set forth in the Merger Agreement as entered into on the date hereof) providing for the merger of Merger Sub with and into the Company (the
"</FONT><FONT SIZE=2><B>Merger</B></FONT><FONT SIZE=2>"), upon the terms and subject to the conditions set forth in the Merger Agreement. </FONT></P>

<P><FONT SIZE=2>&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;Stockholder
is an employee of the Company or one of the other Acquired Corporations and anticipates continuing his or her employment with Parent or one of its Subsidiaries following the
consummation of the Merger. </FONT></P>

<P><FONT SIZE=2>&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;As
of the date hereof, the Stockholder is the record owner (individually or, if applicable, jointly with the Stockholder's spouse) of the number of shares of Company Common Stock set
forth on <U>Schedule&nbsp;A</U> hereto&nbsp;(the "</FONT><FONT SIZE=2><B>Existing Shares</B></FONT><FONT SIZE=2>" and, together with any shares of Company Common Stock,
Series&nbsp;A Preferred, Series&nbsp;B Preferred and/or any other voting securities of the Company acquired by the Stockholder (individually or, if applicable, jointly by the Stockholder and his
or her spouse) after the date hereof,
whether upon the exercise of warrants, options or other rights, the conversion or exchange of any such Existing Shares or convertible or exchangeable securities or by means of purchase, dividend,
distribution or otherwise, the "</FONT><FONT SIZE=2><B>Shares</B></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT SIZE=2>&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;As
an inducement and a condition to entering into the Merger Agreement, Parent has required that the Stockholder agree, and the Stockholder has agreed, to enter into this Agreement. </FONT></P>

<P><FONT SIZE=2>&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;The
Stockholder and Parent desire to set forth their agreement with respect to the voting of the Shares in connection with the Merger upon the terms and subject to the conditions set
forth herein. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fc2148_agreement"> </A>
<A NAME="toc_fc2148_3"> </A>
<BR></FONT><FONT SIZE=2><B>AGREEMENT    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&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;To implement the foregoing and in consideration of the mutual agreements
contained herein, the parties agree as follows: </FONT></P>

<P><FONT
SIZE=2>&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;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting,
Proxies, Etc.</U> </FONT></P>

<P><FONT
SIZE=2>&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;(a)&nbsp;&nbsp;&nbsp;<U>Agreement
to Vote.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Stockholder hereby agrees that, from and after the date hereof and until this Agreement shall have been
terminated in accordance with Section&nbsp;7: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>&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;(i)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any meeting of the stockholders of the Company called for purposes that include approval of the Merger and the Merger Agreement, however called, or at any
adjournment thereof, or in connection with any written consent of the stockholders of the Company or in any other circumstances in which the Stockholder is entitled to vote, consent or give any other
approval with respect to the Merger and the Merger Agreement, the Stockholder shall vote (or cause to be voted) the Stockholder's Shares (to the extent such Shares are entitled to be voted and are not
so voted pursuant to the proxy granted in Section&nbsp;1(b)) in favor of adoption of the Merger Agreement and the approval of the terms thereof and each of the other actions contemplated by the
Merger Agreement and this Agreement. </FONT></P>

</UL>
</UL>
<HR NOSHADE ALIGN="LEFT" WIDTH="60">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>*</FONT></DT><DD><FONT SIZE=1>On
October&nbsp;14, 2003 the following executives of MSL executed this form of stockholder agreement: John&nbsp;Boucher, Robert&nbsp;C.&nbsp;Bradshaw, Gerald&nbsp;Campenella,
Alan&nbsp;R.&nbsp;Cormier, Richard&nbsp;Gaynor, Sean&nbsp;Lannan, Bruce Leasure, Albert&nbsp;A.&nbsp;Notini, Santosh&nbsp;Rao and Dewayne&nbsp;Rideout. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>B-2-1</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=259,EFW="2121685",CP="CELESTICA",DN="1",CHK=964244,FOLIO='B-2-1',FILE='DISK033:[03TOR8.03TOR2148]FC2148A.;5',USER='JATHANA',CD=';6-NOV-2003;03:19' -->
<A NAME="page_fc2148_1_2"> </A>
<UL>
<UL>

<P><FONT SIZE=2>&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;(ii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
any meeting of the stockholders of the Company, however called, or at any adjournment thereof, or in connection with any written consent of the stockholders of the
Company, or in any other circumstances in which the Stockholder is entitled to vote, consent or give any other approval, the Stockholder shall vote (or cause to be voted) the Stockholder's Shares (to
the extent such Shares are entitled to be voted) against the following actions: </FONT></P>

<UL>

<P><FONT
SIZE=2>&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;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
proposal that would result in a breach by the Company of the Merger Agreement or by the Stockholder hereunder; or </FONT></P>

<P><FONT
SIZE=2>&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;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
action or agreement that would impede, interfere with, delay, postpone or attempt to discourage the Merger, including, but not limited to: (A)&nbsp;the adoption
by the Company of any Acquisition Transaction; (B)&nbsp;any amendment of the Company's certificate of incorporation, certificates of designation or by-laws; (C)&nbsp;any material
change in the present capitalization or dividend policy of the Company; or (D)&nbsp;any other material change in the Company's corporate structure or business. </FONT></P>

</UL>
</UL>
</UL>

<P><FONT
SIZE=2>&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;(b)
&nbsp;&nbsp;&nbsp;<U>Proxies.</U>&nbsp;&nbsp;&nbsp;&nbsp;As
security for the agreements of the Stockholder provided for herein, the Stockholder hereby grants to Merger Sub a
proxy for the term of this Agreement to vote the Shares as indicated in Section&nbsp;1(a) above. The Stockholder agrees that this proxy shall be irrevocable during the term of this Agreement and
coupled with an interest and each of the Stockholder and Merger Sub will take such further action or execute such other instruments as may be necessary to effectuate the intent of this proxy and
hereby revokes any proxy previously granted by the Stockholder with respect to the Shares. </FONT></P>

<P><FONT
SIZE=2>&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;(c)
&nbsp;&nbsp;&nbsp;<U>Transfer
Restrictions.</U> </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Stockholder agrees not to (A)&nbsp;sell, transfer, pledge, encumber, assign or otherwise dispose of or hypothecate (including by gift or by contribution or
distribution to any trust or similar instrument (collectively, "</FONT><FONT SIZE=2><B>Transfer</B></FONT><FONT SIZE=2>")), or enter into any contract, option or other arrangement or understanding
(including any profit sharing arrangement) with respect to the Transfer of, any of the Shares other than pursuant to the terms hereof and the Merger Agreement, (B)&nbsp;enter into any voting
arrangement or understanding with respect to the Shares (other than this Agreement), whether by proxy, voting agreement or otherwise, or (C)&nbsp;take any action that could make any of its
representations or warranties contained herein untrue or incorrect in any material respect or would have the effect of preventing or disabling the Stockholder from performing any of its obligations
hereunder. </FONT></P>

<P><FONT SIZE=2>&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;(ii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Merger is consummated, the Stockholder agrees: </FONT></P>

<UL>

<P><FONT
SIZE=2>&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;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;during
the period commencing at the Effective Time and ending on the earlier of (x)&nbsp;the day after the Stockholder ceases to be employed by Parent or any of its
Subsidiaries and (y)&nbsp;the second anniversary of the Effective Time, not to Transfer, or enter into any contract, option or other arrangement or understanding (including any profit sharing
arrangement) with respect to the Transfer of, any Parent Subordinate Voting Shares owned or held by him or her as a result of the Merger or the exercise of Company Stock Options (whether before or
after the Merger); and </FONT></P>

<P><FONT
SIZE=2>&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;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;without
limiting the restrictions set forth in paragraph&nbsp;(A) above, for&nbsp;so long as the Stockholder is employed by Parent or any of its Subsidiaries and
until the day after the Stockholder ceases to be employed by Parent or one of its Subsidiaries, not to Transfer, or enter into any contract, option or other arrangement or understanding (including any
profit sharing arrangement) with respect to </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>B-2-2</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=260,EFW="2121685",CP="CELESTICA",DN="1",CHK=873293,FOLIO='B-2-2',FILE='DISK033:[03TOR8.03TOR2148]FC2148A.;5',USER='JATHANA',CD=';6-NOV-2003;03:19' -->
<A NAME="page_fc2148_1_3"> </A>
<UL>
<UL>
<UL>
<BR>

<P><FONT SIZE=2>the
Transfer of, any Parent Subordinate Voting Shares owned or held by him or her, except in compliance with the policies and procedures for Transfers of Parent Subordinate Voting Shares applicable to
officers of Parent and its Subsidiaries from time to time, </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that Parent has provided written notice of such policies and procedures to the
Stockholder. </FONT></P>

</UL>

<P><FONT SIZE=2>&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;(iii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the avoidance of doubt, (A)&nbsp;nothing herein shall be construed to prohibit the exercise by the Stockholder of any Company Stock Option (whether before or
after the Merger) and (B)&nbsp;any shares of Company Common Stock or Parent Subordinate Voting Shares acquired by the Stockholder upon such exercise shall be subject to clauses&nbsp;(i)
and&nbsp;(ii) above, as applicable. </FONT></P>

</UL>
</UL>

<P><FONT
SIZE=2>&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;(d)
&nbsp;&nbsp;&nbsp;<U>Appraisal
Rights.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Stockholder hereby irrevocably waives any and all rights which it may have as to appraisal, dissent or
any similar or related matter with respect to the Merger. </FONT></P>

<P><FONT
SIZE=2>&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;(e)
&nbsp;&nbsp;&nbsp;<U>No
Solicitation.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Stockholder acknowledges and agrees that he or she will be deemed a Representative of the Acquired
Corporations for purposes of Section&nbsp;4.3 of the Merger Agreement and agrees to be bound by and to comply with the provisions of Section&nbsp;4.3 of the Merger Agreement as if he or she was a
party to the Merger Agreement. Nothing in this Section shall restrict the activities of any Stockholder in his or her capacity as a director or officer of the Company. </FONT></P>

<P><FONT
SIZE=2>&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;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of the Stockholder.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Stockholder hereby represents and warrants to Parent and Merger Sub as
of the date hereof as follows: </FONT></P>

<P><FONT
SIZE=2>&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;(a)
&nbsp;&nbsp;&nbsp;<U>Authorization;
Validity of Agreement; Necessary Action.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Stockholder has all necessary power and authority to execute and
deliver this Agreement, to perform his or her obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by the
Stockholder, and constitutes the legal, valid and binding obligation of the Stockholder, enforceable against it in accordance with its terms, except that (i)&nbsp;such enforcement may be subject to
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws, now or hereafter in effect, affecting creditors' rights generally and (ii)&nbsp;the remedy of specific
performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding may be brought. </FONT></P>


<P><FONT
SIZE=2>&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;(b)
&nbsp;&nbsp;&nbsp;<U>No
Violations; Consents and Approvals.</U> </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
for filings, permits, authorizations, Consents and approvals as may be required under, and other applicable requirements of, applicable Antitrust laws, neither
the execution, delivery or performance of this Agreement by the Stockholder nor the consummation by him or her of the transactions contemplated hereby nor compliance by him or her with any of the
provisions hereof will directly or indirectly (with or without notice or lapse of time or both): (A)&nbsp;contravene, conflict with, or result in a violation of, or give any Governmental Body or
other Person the right to exercise any remedy or obtain any relief under, any Legal Requirement or any order, injunction, writ or decree to which the Stockholder or any of the Stockholder's assets may
be subject, or (B)&nbsp;require a Consent from any Person; except, in the case of clause&nbsp;(A), for&nbsp;any such conflicts, violations, breaches, defaults or other occurrences that would not
prevent or impair the ability of the Stockholder from consummating the transactions contemplated hereby in any material respect, or otherwise prevent Parent or Merger Sub from exercising their
respective rights under this Agreement in any material respect. </FONT></P>

<P><FONT SIZE=2>&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;(ii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution and delivery of this Agreement by the Stockholder does not, and the performance of this Agreement and the consummation of the </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>B-2-3</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=261,EFW="2121685",CP="CELESTICA",DN="1",CHK=98646,FOLIO='B-2-3',FILE='DISK033:[03TOR8.03TOR2148]FC2148A.;5',USER='JATHANA',CD=';6-NOV-2003;03:19' -->
<A NAME="page_fc2148_1_4"> </A>
<UL>
<UL>
<BR>

<P><FONT SIZE=2>transactions
contemplated hereby will not, require any Consent of, or filing with or notification to, any Governmental Body, except (A)&nbsp;for the pre-merger notification requirements
of applicable Antitrust laws and (B)&nbsp;where failure to obtain such Consents, or to make such filings or notifications, would not prevent or impair the ability of the Stockholder from
consummating the transactions contemplated hereby in any material respect, or otherwise prevent Parent or Merger Sub from exercising their respective rights under this Agreement in any material
respect. </FONT></P>

</UL>
</UL>

<P><FONT
SIZE=2>&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;(c)
&nbsp;&nbsp;&nbsp;<U>Shares.</U>&nbsp;&nbsp;&nbsp;&nbsp;The
Existing Shares are, and the Shares on the Closing Date will be, owned of record by the Stockholder (individually
or, if applicable, jointly with the Stockholder's spouse). The Existing Shares constitute all of the voting securities of the Company owned of record by the Stockholder (individually and, if
applicable, jointly with the Stockholder's spouse). All of the Existing Shares are issued and outstanding and, other than as set forth on <U>Schedule&nbsp;A</U> hereto, the
Stockholder does not own, of record or beneficially (individually or, if applicable, jointly with the Stockholder's spouse), any warrants, options or other rights to acquire any other voting
securities of the Company. The Stockholder (individually or, if applicable, jointly with the Stockholder's spouse) has sole voting power, sole power of disposition, sole power to issue instructions
with respect to the matters set forth in Section&nbsp;1 hereof, sole power of conversion, sole power to demand appraisal rights and sole power to agree to all of the matters set forth in this
Agreement, in each case with respect to all of the Existing Shares and will have sole voting power, sole power of disposition, sole power to issue instructions with respect to the matters set forth in
Section&nbsp;1 hereof, sole power of conversion, sole power to demand appraisal rights and sole power to agree to all of the matters set forth in this Agreement, with respect to all of the Shares on
the Closing Date, with no limitations, qualifications or restrictions on such rights, subject to applicable federal securities laws and the terms of this Agreement. The Stockholder has (individually
or, if applicable, jointly with the Stockholder's spouse) good and valid title to the Existing Shares and at all times during the term hereof and on the Closing Date will have good and valid title to
the Shares, free and clear of all liens, claims, security interests or other charges or encumbrances (other than any arising as a result of actions taken or omitted by Parent or Merger Sub or any
arising under this Agreement). </FONT></P>

<P><FONT
SIZE=2>&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;(d)
&nbsp;&nbsp;&nbsp;<U>No
Broker's Fees.</U>&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Merger Agreement, no broker, finder, investment banker or other Person is
entitled to any broker's, finder's or other fee or commission in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of the Stockholder. </FONT></P>

<P><FONT
SIZE=2>&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;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of Parent and Merger Sub.</U>&nbsp;&nbsp;&nbsp;&nbsp;Parent and Merger Sub, jointly and severally, hereby represent and
warrant to the Stockholder as of the date hereof as&nbsp;follows: </FONT></P>

<P><FONT
SIZE=2>&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;(a)
&nbsp;&nbsp;&nbsp;<U>Organization.</U>&nbsp;&nbsp;&nbsp;&nbsp;Each
of Parent and Merger Sub is a corporation duly organized, validly existing and in good standing under the
laws of the jurisdiction of its incorporation. </FONT></P>

<P><FONT
SIZE=2>&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;(b)
&nbsp;&nbsp;&nbsp;<U>Corporate
Authorization; Validity of Agreement; Necessary Action.</U>&nbsp;&nbsp;&nbsp;&nbsp;Each of Parent and Merger Sub has all necessary corporate
power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution, delivery and performance by each
of Parent and Merger Sub of this Agreement and the consummation by them of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action and no other
corporate proceedings on the part of the Parent or Merger Sub are necessary to authorize the execution and delivery by them of this Agreement and the consummation by them of the transactions
contemplated hereby. This Agreement has been duly and validly executed and delivered by Parent and Merger Sub, and constitutes the legal, valid and binding obligation of Parent and Merger, enforceable
against each of them in accordance with its terms, except that (i)&nbsp;such enforcement may be subject to applicable bankruptcy, insolvency, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-2-4</FONT></P>

<HR NOSHADE>
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<A NAME="page_fc2148_1_5"> </A>
<BR>

<P><FONT SIZE=2>reorganization,
moratorium or other similar laws, now or hereafter in effect, affecting creditors' rights generally and (ii)&nbsp;the remedy of specific performance and injunctive and other forms of
equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding may be brought. </FONT></P>

<P><FONT
SIZE=2>&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;(c)
&nbsp;&nbsp;&nbsp;<U>No
Violations; Consents and Approvals.</U> </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
for filings, permits, authorizations, Consents and approvals as may be required under, and other applicable requirements of, applicable Antitrust laws, neither
the execution, delivery or performance of this Agreement by Parent or Merger Sub nor the consummation by them of the transactions contemplated hereby nor compliance by them with any of the provisions
hereof will directly or indirectly (with or without notice or lapse of time or both): (i)&nbsp;contravene, conflict with or result in a violation of (A)&nbsp;any provision of the Organizational
Documents of Parent or Merger Sub, or (B)&nbsp;any resolution adopted by the board of directors or the stockholders of Parent or Merger Sub; (ii)&nbsp;contravene, conflict with, or result in a
violation of, or give any Governmental Body or other Person the right to exercise any remedy or obtain any relief under, any Legal Requirement or any order, injunction, writ or decree to which Parent
or Merger Sub, or any of the respective assets owned or used by each of them, may be subject, or (iii)&nbsp;require a Consent from any Person; except, in the case of clauses&nbsp;(ii)
and&nbsp;(iii), for any such conflicts, violations, breaches, defaults or other occurrences that would not prevent or impair the ability of Parent or Merger Sub from consummating the transactions
contemplated hereby in any material respect, or otherwise prevent Parent or Merger Sub from exercising their respective rights under this Agreement in any material respect. </FONT></P>

<P><FONT SIZE=2>&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;(ii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution and delivery of this Agreement by Parent and Merger Sub does not, and the performance of this Agreement and the consummation of the transactions
contemplated hereby will not, require any Consent of, or filing with or notification to, any Governmental Body, except (i)&nbsp;for the pre-merger notification requirements of applicable
Antitrust laws, and (ii)&nbsp;where failure to obtain such Consents, or to make such filings or notifications, would not prevent or impair the ability of Parent or Merger Sub from consummating the
transactions contemplated hereby in any
material respect, or otherwise prevent Parent or Merger Sub from exercising their respective rights under this Agreement in any material respect. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&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;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Agreement of the Stockholder.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Stockholder hereby authorizes and requests the Company's counsel to notify the
Company's transfer agent that there is a stop transfer order with respect to all of the Shares (and that this Agreement places limits on the voting of the Shares). The Stockholder agrees with, and
covenants to, Parent that the Stockholder shall not request that the Company register the transfer (book-entry or otherwise) of any certificate or uncertificated interest representing any
of the Stockholder's Shares, unless such transfer is made in compliance with this Agreement. In the event of a stock dividend or distribution, or any change in any Shares by reason of any stock
dividend or distribution, or any change in any Shares by reason of any stock dividend, split-up, recapitalization, combination, exchange of shares or the like, the term "Shares" shall be
deemed to refer to and include the Shares as well as all such stock dividends and distributions and any shares into which or for which any or all of the Shares may be changed or exchanged. </FONT></P>

<P><FONT SIZE=2>&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;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Assurances.</U>&nbsp;&nbsp;&nbsp;&nbsp;From time to time prior to the Closing, at any other party's request and without further consideration,
each party hereto shall execute and deliver such additional documents and take all such further lawful action as may be necessary or desirable to consummate and make effective, in the most expeditious
manner practicable, the transactions contemplated by this Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-2-5</FONT></P>

<HR NOSHADE>
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<A NAME="page_fc2148_1_6"> </A>
<BR>

<P><FONT
SIZE=2>&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;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination.</U>&nbsp;
&nbsp;&nbsp;&nbsp;This
Agreement shall terminate, and no party shall have any rights or obligations hereunder and this Agreement
shall become null and void and have no further effect upon the earlier to occur of (a)&nbsp;the Effective Time (except that the provisions of Section&nbsp;1(c)(ii) of this Agreement shall survive
for the periods specified in such Section), or (b)&nbsp;the termination of the Merger Agreement. Nothing in this Section&nbsp;6 shall relieve any party of liability for breach of this Agreement. </FONT></P>

<P><FONT SIZE=2>&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;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Costs
and Expenses.</U>&nbsp;&nbsp;&nbsp;&nbsp;All costs and expenses incurred in connection with this Agreement and the consummation of the transactions
contemplated hereby shall be paid by the party incurring such expenses. </FONT></P>

<P><FONT SIZE=2>&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;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment
and Modification.</U>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be amended, modified and supplemented in any and all respects only by written
agreement of the parties hereto. </FONT></P>

<P><FONT
SIZE=2>&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;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices.</U>&nbsp;
&nbsp;&nbsp;&nbsp;All
notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally,
telecopied (which is confirmed) or sent by an overnight courier service (providing proof of delivery) to the parties at the following addresses (or at such other address for a
party as shall be specified by like notice) </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, that any communication delivered or sent on a day that is not a business day or after
5:00&nbsp;p.m. (local time) on a business day shall be deemed to have been delivered or sent on the next following business day: </FONT></P>

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<TABLE WIDTH="59%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2>(i)</FONT></TD>
<TD WIDTH="93%"><FONT SIZE=2>if to Parent or Merger Sub, to:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="93%"><FONT SIZE=2><BR>
Celestica&nbsp;Inc.<BR>
1150 Eglinton Avenue East<BR>
Toronto, Ontario M3C&nbsp;1H7<BR>
Canada</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="93%"><FONT SIZE=2><BR>
Attention: Senior Vice President, Corporate Development<BR>
Fax No.: (416)&nbsp;448-5444<BR>
Confirmation No.: (416)&nbsp;448-4577</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="93%"><FONT SIZE=2><BR>
with mandatory copies to:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="93%"><FONT SIZE=2><BR>
Celestica&nbsp;Inc.<BR>
1150 Eglinton Avenue East<BR>
Toronto, Ontario M3C&nbsp;1H7<BR>
Canada</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="93%"><FONT SIZE=2><BR>
Attention: Chief Legal Officer<BR>
Fax No.: (416)&nbsp;448-2817<BR>
Confirmation No.: (416)&nbsp;448-4620</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="93%"><FONT SIZE=2><BR>
and</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="93%"><FONT SIZE=2><BR>
Kaye Scholer&nbsp;LLP<BR>
425 Park Avenue<BR>
New&nbsp;York, NY 10022</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="93%"><FONT SIZE=2><BR>
Attention: Joel I. Greenberg and Lynn Toby Fisher<BR>
Fax No.: (212)&nbsp;836-8689<BR>
Confirmation No.: (212)&nbsp;836-8000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2><BR>
(ii)</FONT></TD>
<TD WIDTH="93%"><FONT SIZE=2><BR>
if to the Stockholder, to the address(es) set forth on Schedule&nbsp;A hereto.</FONT></TD>
</TR>
</TABLE>
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<P><FONT
SIZE=2>&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;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretation.</U>&nbsp;&nbsp;
&nbsp;&nbsp;When
a reference is made in this Agreement to Sections, such reference shall be to a Section of this Agreement
unless otherwise indicated. Whenever the words </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-2-6</FONT></P>

<HR NOSHADE>
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<A NAME="page_fc2148_1_7"> </A>
<BR>

<P><FONT SIZE=2>"include,"
"includes" or "including" are used in this Agreement they shall be deemed to be followed by the words "without limitation." The phrases "the date of this Agreement," "the date hereof," and
terms of similar import, unless the context otherwise requires, shall be deemed to refer to October&nbsp;14, 2003. </FONT></P>

<P><FONT
SIZE=2>&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;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts.</U>&nbsp;&nbsp;
&nbsp;&nbsp;This
Agreement may be executed in two or more counterparts, all of which shall be considered one and the same
agreement and shall become effective when two or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the
same counterpart. </FONT></P>

<P><FONT SIZE=2>&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;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement; No Third Party Beneficiaries.</U>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement constitutes the entire agreement and supersedes all prior
agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof, and is not intended to confer upon any person other than the parties hereto any
rights or remedies hereunder. </FONT></P>

<P><FONT
SIZE=2>&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;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability.</U>&nbsp;&nbsp;
&nbsp;&nbsp;If
any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule
of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner materially adverse to any party. </FONT></P>

<P><FONT SIZE=2>&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;All
rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise of
any thereof by any party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such party. </FONT></P>

<P><FONT SIZE=2>&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;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law.</U>&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed and construed in accordance with the laws of the State of Delaware without
giving effect to the principles of conflicts of law thereof. </FONT></P>

<P><FONT
SIZE=2>&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;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment.</U>&nbsp;&nbsp;&nbsp;
&nbsp;Neither
this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the
parties hereto (whether by operation of law or otherwise) without the prior written consent of the other parties, except that Parent and Merger Sub may assign, in Parent's sole discretion, any or all
of their respective rights, interests and obligations hereunder to any direct or indirect wholly owned Subsidiary of Parent; provided, however, that no such assignment shall relieve Parent from any of
its obligations hereunder. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors
(including the Company as successor to Merger Sub pursuant to the Merger), heirs, agents, representatives, trust beneficiaries, attorneys, affiliates and associates and all of their respective
predecessors, successors, permitted assigns, heirs, executors and administrators. </FONT></P>

<P><FONT SIZE=2>&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;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consent
to Jurisdiction; Waiver of Jury Trial; Specific Performance.</U> </FONT></P>

<P><FONT
SIZE=2>&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;(a)
&nbsp;&nbsp;&nbsp;In
any action or proceeding between any of the parties arising out of or relating to this Agreement or any of the transactions contemplated by this Agreement, each of
the parties: (a)&nbsp;irrevocably and unconditionally consents and submits to the exclusive jurisdiction and venue of the Chancery Court of the State of Delaware and the United&nbsp;States
District Court for the District of Delaware, and (b)&nbsp;agrees that all claims in respect of such action or proceeding may be heard and determined exclusively in such courts. For purposes of
implementing the foregoing, the Stockholder, Parent and Merger Sub does hereby appoint Ct Corporation as agent to service of process in the State of Delaware in connection with this Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-2-7</FONT></P>

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<A NAME="page_fc2148_1_8"> </A>
<BR>

<P><FONT
SIZE=2>&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;(b)
&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING IN RELATION TO THIS AGREEMENT
AND FOR ANY COUNTERCLAIM THEREIN.</B></FONT></P>

<P><FONT
SIZE=2>&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;(c)
&nbsp;&nbsp;&nbsp;The
parties acknowledge and agree that Parent and Merger Sub would be irreparably damaged if any of the provisions of this Agreement are not performed in accordance
with their specific terms and that any breach of this Agreement by the Company could not be adequately compensated in all cases by monetary damages alone. Accordingly, in addition to any other right
or remedy to which Parent or Merger Sub may be entitled, at law or in equity, it shall be entitled to enforce any provision of this Agreement by a decree of specific performance and temporary,
preliminary and permanent injunctive relief to prevent breaches or threatened breaches of any of the provisions of this Agreement, without posting any bond or other undertaking. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>B-2-8</FONT></P>

<HR NOSHADE>
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<A NAME="page_fc2148_1_9"> </A>

<P><FONT SIZE=2>&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;IN
WITNESS WHEREOF, Parent, Merger Sub and the Stockholder have caused this Agreement to be executed as of the date first written above. </FONT></P>

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<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>STOCKHOLDER</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><BR><HR NOSHADE><FONT SIZE=2> Name:<BR>
<BR></FONT>
</TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>CELESTICA,&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><BR><HR NOSHADE><FONT SIZE=2> Name:<BR>
Title:<BR>
<BR></FONT>
</TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>MSL ACQUISITION SUB&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><BR><HR NOSHADE><FONT SIZE=2> Name:<BR>
Title:</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>B-2-9</FONT></P>

<HR NOSHADE>
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<A NAME="page_fc2148_1_10"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fc2148_schedule_a"> </A>
<A NAME="toc_fc2148_4"> </A>
<BR></FONT><FONT SIZE=2><B>Schedule&nbsp;A    <BR>    </B></FONT></P>

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<TR VALIGN="TOP">
<TD COLSPAN=3><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2>Number of Existing Shares:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2>shares of Company Common Stock</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2>Description of any warrants, options or other rights to purchase voting securities of the Company:</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><HR NOSHADE></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2>Address(es) for notices and other communications pursuant to Section&nbsp;10 of the Agreement:</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" VALIGN="TOP"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>Attention:<BR>
Telephone No.:<BR>
Telecopy No.:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>with a copy to:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>Attention:<BR>
Telephone No.:<BR>
Telecopy No.:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><HR NOSHADE></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>B-2-10</FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_fe2148_1_1"> </A> </FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2><B>ANNEX C  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fe2148_[letterhead_of_credit_suisse_first_boston_llc]"> </A>
<A NAME="toc_fe2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>[LETTERHEAD OF CREDIT SUISSE FIRST BOSTON&nbsp;LLC]    <BR>    </B></FONT></P>

<P><FONT SIZE=2>October&nbsp;14,
2003 </FONT></P>

<P><FONT SIZE=2>Board
of Directors<BR>
Manufacturers' Services Limited<BR>
300 Baker Avenue<BR>
Suite&nbsp;106<BR>
Concord, Massachusetts 01742 </FONT></P>

<P><FONT SIZE=2>Members
of the Board: </FONT></P>

<P><FONT SIZE=2>You
have asked us to advise you with respect to the fairness, from a financial point of view, to the holders of shares of the common stock, par value $0.001 per share ("MSL Common Stock"), of
Manufacturers' Services Limited ("MSL") (other than the Private Equity Funds (as defined below) and those holders (the "Selected Stockholders") who have entered into stockholder
agreements in connection with the Merger (as defined below) and their respective affiliates) of the Share Exchange Ratio (as defined below) to be received by the holders of MSL Common Stock pursuant
to the terms of the Agreement and Plan of Merger, dated as of October&nbsp;14, 2003 (the "Agreement") by and among Celestica&nbsp;Inc. ("Celestica"), MSL Acquisition Sub&nbsp;Inc., a wholly
owned subsidiary of Celestica ("Merger Sub") and MSL. The Agreement provides for, among other things, the merger of MSL with and into
the Merger Sub (the "Merger") and each outstanding share of MSL Common Stock will be converted into the right to receive (i)&nbsp;if the Parent Weighted Average Closing Price (as defined in the
Agreement) is $16.00 or less, that number of Celestica subordinate voting shares ("Celestica Subordinate Voting Shares") equal to the quotient of $6.00 divided by the Parent Weighted Average Closing
Price, (ii)&nbsp;if the Parent Weighted Average Closing Price is $19.33 or more, that number of Celestica Subordinate Voting Shares equal to the quotient of $7.25 divided by the Parent Weighted
Average Closing Price or (iii)&nbsp;in all other circumstances, 0.375 of a Celestica Subordinate Voting Share (as applicable, the "Share Exchange Ratio"). </FONT></P>

<P><FONT SIZE=2>In
arriving at our opinion, we have reviewed the Agreement and certain related documents, as well as certain publicly available business and financial information relating to MSL and Celestica. We
also have reviewed certain other information relating to MSL and Celestica, including internal financial forecasts of MSL and publicly available financial forecasts of Celestica, provided to or
discussed with us by the managements of MSL and Celestica, and have met with the managements of MSL and Celestica to discuss the businesses and prospects of MSL and Celestica, respectively. We have
considered certain financial and stock market data of MSL and Celestica and have compared that data with similar data for other publicly held companies in businesses we deemed similar to MSL and
Celestica, and we have considered, to the extent publicly available, the financial terms of certain other business combinations and transactions which have been announced or effected. We also
considered such other information, financial studies, analyses and investigations and financial, economic and market criteria which we deemed relevant. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>C-1</FONT></P>

<HR NOSHADE>
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<A NAME="page_fe2148_1_2"> </A>

<P><FONT SIZE=2>Board
of Directors<BR>
Manufacturers' Services Limited<BR>
October&nbsp;14, 2003<BR>
Page&nbsp;2 </FONT></P>

<P><FONT SIZE=2>In
connection with our review, we have not assumed any responsibility for independent verification of any of the foregoing information and have relied on such information being complete and accurate
in all material respects. With respect to the financial forecasts relating to MSL referred to above, we have been advised, and we have assumed, that such forecasts have been reasonably prepared on
bases reflecting the best currently available estimates and judgments of the management of MSL as to the future financial performance of MSL. With respect to the publicly available financial forecasts
relating to Celestica referred to above, we have reviewed and discussed such publicly available forecasts with the management of Celestica and have been advised, and have assumed, that such forecasts
represent reasonable estimates as to the future financial performance of Celestica. You also have informed us, and we have assumed, that the Merger will be treated as a tax-free
reorganization for federal income tax purposes. We further have assumed, with your consent, that the Merger will be consummated as set forth in the Agreement without waiver, modification or amendment
of any
material term, condition or agreement thereof and that, in the course of obtaining any regulatory or third party consents, approvals or agreements in connection with the Merger, no limitations,
restrictions or conditions will be imposed that would have an adverse effect on MSL, Celestica or the contemplated benefits of the Merger. We have not been requested to make, and we have not made, an
independent evaluation or appraisal of the assets or liabilities (contingent or otherwise) of MSL or Celestica, nor have we been furnished with any such evaluations or appraisals. Our opinion is
necessarily based upon information available to us as of the date hereof, and financial, economic, market and other conditions as they exist and can be evaluated as of the date hereof. We are not
expressing any opinion as to the actual value of Celestica Subordinate Voting Shares when issued to the holders of MSL Common Stock pursuant to the Merger or the prices at which Celestica Subordinate
Voting Shares will trade at any time. In connection with our engagement, we were not requested to, and we did not, solicit third party indications of interest in acquiring all or any part of MSL. Our
opinion does not address the relative merits of the Merger as compared to other business strategies that might be available to MSL, nor does it address the underlying business decision of MSL to
proceed with the Merger. </FONT></P>

<P><FONT SIZE=2>We
have acted as financial advisor to MSL in connection with the Merger and will receive a fee for our services, a significant portion of which is contingent upon the consummation of the Merger. We
also will receive a fee for rendering this opinion. Certain private equity funds affiliated or associated with Credit Suisse First Boston&nbsp;LLC (the "Private Equity Funds") own approximately
47.5% of the outstanding shares of MSL Common Stock, as well as shares of Series&nbsp;A Preferred Stock of MSL. In addition, we and our affiliates in the past have provided, currently are providing
and may in the future provide financial and investment banking services to MSL and Celestica unrelated to the proposed Merger, for which services we and our affiliates have received, and would expect
to receive, compensation. In the ordinary course of our business, we and our affiliates may actively trade securities of MSL and Celestica for our and such affiliates' own accounts and for the
accounts of customers and, accordingly, may at any time hold a long or short position in such securities. </FONT></P>

<P><FONT SIZE=2>It
is understood that this letter is for the information of the Board of Directors of MSL in connection with its evaluation of the Merger and does not constitute a recommendation to </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>C-2</FONT></P>

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<A NAME="page_fe2148_1_3"> </A>

<P><FONT SIZE=2>Board
of Directors<BR>
Manufacturers' Services Limited<BR>
October&nbsp;14, 2003<BR>
Page&nbsp;3 </FONT></P>

<P><FONT SIZE=2>any
stockholder as to how such stockholder should vote or act with respect to any matters relating to the Merger. </FONT></P>

<P><FONT SIZE=2>Based
upon and subject to the foregoing, it is our opinion that, as of the date hereof, the Share Exchange Ratio is fair, from a financial point of view, to the holders of MSL Common Stock (other than
the Private Equity Funds and the Selected Shareholders and their respective affiliates). </FONT></P>

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<TD WIDTH="40%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Very truly yours,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2>CREDIT SUISSE FIRST BOSTON&nbsp;LLC</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>C-3</FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_fg2148_1_1"> </A> </FONT> <FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>ANNEX D</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>[Letterhead of Sonenshine Pastor<BR>
Advisors&nbsp;LLC]</B></FONT></P>

<P><FONT SIZE=2>October 14, 2003 </FONT></P>

<P><FONT SIZE=2>Board
of Directors<BR>
Manufacturers' Services Limited<BR>
300 Baker Avenue<BR>
Suite 106<BR>
Concord, Massachusetts 01742 </FONT></P>

<P><FONT SIZE=2>Gentlemen: </FONT></P>

<P><FONT SIZE=2>Sonenshine
Pastor Advisors&nbsp;LLC (together with its wholly-owned broker dealer, Sonenshine Pastor&nbsp;&amp;&nbsp;Co.&nbsp;LLC, "SP") has acted as financial advisor to Manufacturers' Services
Limited ("MSL" or "Client") in connection with the proposed acquisition by stock merger (the "Transaction") of Client by Celestica&nbsp;Inc. ("Buyer") in accordance with the Agreement and Plan of
Merger, dated as of October&nbsp;14, 2003, by and among Client and Buyer (the "Merger Agreement"). As set forth more fully in the Merger Agreement, as a result of the Transaction, each share of the
Common Stock, par value $0.001 per share, of Client ("Client Common Stock") not owned directly or indirectly by Buyer or Client will be converted into the right to receive 0.375 per share in Buyer
fully-registered subordinated voting shares ("Buyer Stock") subject to a minimum consideration of US&nbsp;$6.00 per share of Client Common Stock and a maximum consideration of US&nbsp;$7.25 per
share of Client Common Stock (the "Exchange Ratio"). The terms and conditions of the Transaction are more fully set forth in the Merger Agreement. </FONT></P>

<P><FONT SIZE=2>You
have requested SP's opinion, as investment bankers, as to the fairness, from a financial point of view, to Client's common shareholders of the Exchange Ratio. </FONT></P>

<P><FONT SIZE=2>In
connection with SP's role as financial advisor to Client, and in arriving at its opinion, SP has reviewed certain publicly available financial and other information concerning Client and Buyer and
certain internal analyses and other information furnished to it by Client. SP has also held discussions with members of the senior management of Client regarding the businesses and prospects of
Client, including certain strategic and financial challenges that Client currently faces. In addition, SP has: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>reviewed
the reported prices and trading activity for Client Common Stock and Buyer Stock;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>prepared
a Discounted Cash Flow analysis ("DCF") of the financial projections made available by Client's management;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>compared
certain financial and stock market information for Client and Buyer with similar information for certain other companies whose securities are publicly traded
and whose business are comparable thereto;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>reviewed
the financial terms of certain recent corporate mergers and acquisitions which it deemed relevant in whole or in part;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD><FONT SIZE=2>reviewed
the terms of the Merger Agreement and certain related documents; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD><FONT SIZE=2>performed
such other financial studies and analyses and considered such other factors as it deemed appropriate and feasible. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>SP
has not assumed responsibility for independent verification of, and has not independently verified, any information, whether publicly available or furnished to it, concerning Client or Buyer,
including, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>D-1</FONT></P>

<HR NOSHADE>
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<A NAME="page_fg2148_1_2"> </A>

<P><FONT SIZE=2>without
limitation, any financial information, forecasts or projections considered in connection with the rendering of its opinion. Accordingly, for purposes of its opinion, SP has assumed and relied
upon the accuracy and completeness of all such information. In addition, SP has not conducted a physical inspection of any of the properties or assets and has not prepared or obtained any independent
evaluation or appraisal of any of the assets or liabilities, of Client or Buyer. In the case of information concerning Client, with respect to financial estimates and projections made available by
Client to SP and used in its analyses, SP has assumed that they have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of Client as to
the matters covered thereby. In rendering its opinion, SP expresses no view as to the reasonableness of such analyses, forecasts and projections, or the assumptions on which they are based. In
addition, in the case of information concerning Buyer, SP has been asked to rely and has relied solely on certain publicly available information and certain additional information provided orally by
Client or certain representatives of senior management of Buyer, all without independent verification by SP or any other party. SP's opinion is necessarily based upon economic, market and other
conditions as in effect on, and the information made available to it as of, the date&nbsp;hereof. </FONT></P>

<P><FONT SIZE=2>For
purposes of rendering its opinion, SP has assumed that, in all respects material to its analysis, the representations and warranties of Client and Buyer contained in the Merger Agreement are true
and correct, Client and Buyer will each perform all of the covenants and agreements to be performed by it under the Merger Agreement and all conditions to the obligations of each of Client and Buyer
to consummate the Transaction will be satisfied without any waiver thereof. SP has also assumed that all material governmental, regulatory or other approvals and consents required in connection with
the consummation of the Transaction will be obtained and that in connection with obtaining any necessary governmental, regulatory or other approvals and consents, or any amendments, modifications or
waivers to any agreements, instruments or orders to which any of Client or Buyer is a party or is subject or by which it is bound, no limitations, restrictions or conditions will be imposed or
amendments, modifications or waivers made that would have a material adverse effect on Client or Buyer or materially reduce the contemplated benefits of the Transaction to Client. </FONT></P>

<P><FONT SIZE=2>This
opinion is addressed to, and for the use and benefit of, the Board of Directors of Client and is not a recommendation to the stockholders of Client as to how to vote with respect to the
Transaction. This opinion is limited to the fairness, from a financial point of view, to Client's common shareholders of the Exchange Ratio. SP&nbsp;expresses no opinion as to the merits of the
underlying decision by Client to engage in the Transaction. </FONT></P>

<P><FONT SIZE=2>SP
will be paid a fee for its services as financial advisor to Client in connection herewith, a significant portion of which is contingent upon the delivery of an opinion or the consummation of the
Transaction. </FONT></P>

<P><FONT SIZE=2>Based
upon and subject to the foregoing, it is SP's&nbsp;opinion as investment bankers that the Exchange Ratio is fair, from a financial point of view, to Client's common shareholders. </FONT></P>

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<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>Very truly yours,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><BR><FONT SIZE=2>SONENSHINE PASTOR ADVISORS LLC</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>D-2</FONT></P>

<HR NOSHADE>
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="page_fk2148_1_1"> </A> </FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2><B>ANNEX E  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fk2148_section_262_of_the_delaware_general_corporation_law"> </A>
<A NAME="toc_fk2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>Section&nbsp;262 of the Delaware General Corporation Law    <BR>    </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Any
stockholder of a corporation of this State who holds shares of stock on the date of the making of a demand pursuant to subsection&nbsp;(d) of this section with respect to such
shares, who continuously holds such shares through the effective date of the merger or consolidation, who has otherwise complied with subsection&nbsp;(d) of this section and who has neither voted in
favor of the merger or consolidation nor consented thereto in writing pursuant to &sect;&nbsp;228 of this title shall be entitled to an appraisal by the Court of Chancery of the fair value of
the stockholder's shares of stock under the circumstances described in subsections&nbsp;(b) and&nbsp;(c) of this section. As used in this section, the word "stockholder" means a holder of record
of stock in a stock corporation and also a member of record of a nonstock corporation; the words "stock" and "share" mean and include what is ordinarily meant by those words and also membership or
membership interest of a member of a nonstock corporation; and the words "depository receipt" mean a receipt or other instrument issued by a depository representing an interest in one or more shares,
or fractions thereof, solely of stock of a corporation, which stock is deposited with the depository.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Appraisal
rights shall be available for the shares of any class or series of stock of a constituent corporation in a merger or consolidation to be effected pursuant to
&sect;&nbsp;251 (other than a merger effected pursuant to &sect;&nbsp;251(g) of this title), &sect;&nbsp;252, &sect;&nbsp;254, &sect;&nbsp;257,
&sect;&nbsp;258, &sect;&nbsp;263 or &sect;&nbsp;264 of this title:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Provided,
however, that no appraisal rights under this section shall be available for the shares of any class or series of stock, which stock, or depository receipts in respect
thereof, at the record date fixed to determine the stockholders entitled to receive notice of and to vote at the meeting of stockholders to act upon the agreement of merger or consolidation, were
either (i)&nbsp;listed on a national securities exchange or designated as a national market system security on an interdealer quotation system by the National Association of Securities
Dealers,&nbsp;Inc. or (ii)&nbsp;held of record by more than 2,000 holders; and further provided that no appraisal rights shall be available for any shares of stock of the constituent corporation
surviving a merger if the merger did not require for its approval the vote of the stockholders of the surviving corporation as provided in subsection&nbsp;(f) of &sect;&nbsp;251 of this
title.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Notwithstanding
paragraph&nbsp;(1) of this subsection, appraisal rights under this section shall be available for the shares of any class or series of stock of a constituent
corporation if the holders thereof are required by the terms of an agreement of merger or consolidation pursuant to &sect;&sect;&nbsp;251, 252, 254, 257, 258, 263 and 264 of this title
to accept for such stock anything except:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Shares
of stock of the corporation surviving or resulting from such merger or consolidation, or depository receipts in respect thereof;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Shares
of stock of any other corporation, or depository receipts in respect thereof, which shares of stock (or depository receipts in respect thereof) or depository receipts at the
effective date of the merger or consolidation will be either listed on a national securities exchange or designated as a national market system security on an interdealer quotation system by the
National Association of Securities Dealers,&nbsp;Inc. or held of record by more than 2,000 holders;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Cash
in lieu of fractional shares or fractional depository receipts described in the foregoing subparagraphs&nbsp;a. and&nbsp;b. of this paragraph; or </FONT></DD></DL>
</DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>E-1</FONT></P>

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<A NAME="page_fk2148_1_2"> </A>
<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>Any
combination of the shares of stock, depository receipts and cash in lieu of fractional shares or fractional depository receipts described in the foregoing subparagraphs&nbsp;a.,
b. and c. of this paragraph.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>In
the event all of the stock of a subsidiary Delaware corporation party to a merger effected under &sect;&nbsp;253 of this title is not owned by the parent corporation
immediately prior to the merger, appraisal rights shall be available for the shares of the subsidiary Delaware corporation.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Any
corporation may provide in its certificate of incorporation that appraisal rights under this section shall be available for the shares of any class or series of its stock as a
result of an amendment to its certificate of incorporation, any merger or consolidation in which the corporation is a constituent corporation or the sale of all or substantially all of the assets of
the corporation. If the certificate of incorporation contains such a provision, the procedures of this section, including those set forth in subsections&nbsp;(d) and&nbsp;(e) of this section,
shall apply as nearly as is practicable.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>Appraisal
rights shall be perfected as follows:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>If
a proposed merger or consolidation for which appraisal rights are provided under this section is to be submitted for approval at a meeting of stockholders, the corporation, not
less than 20&nbsp;days prior to the meeting, shall notify each of its stockholders who was such on the record date for such meeting with respect to shares for which appraisal rights are available
pursuant to subsection&nbsp;(b) or&nbsp;(c) hereof that appraisal rights are available for any or all of the shares of the constituent corporations, and shall include in such notice a copy of this
section. Each stockholder electing to demand the appraisal of such stockholder's shares shall deliver to the corporation, before the taking of the vote on the merger or consolidation, a written demand
for appraisal of such stockholder's shares. Such demand will be sufficient if it reasonably informs the corporation of the identity of the stockholder and that the stockholder intends thereby to
demand the appraisal of such stockholder's shares. A proxy or vote against the merger or consolidation shall not constitute such a demand. A stockholder electing to take such action must do so by a
separate written demand as herein provided. Within 10&nbsp;days after the effective date of such merger or consolidation, the surviving or resulting corporation shall notify each stockholder of each
constituent corporation who has complied with this subsection and has not voted in favor of or consented to the merger or consolidation of the date that the merger or consolidation has become
effective; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>If
the merger or consolidation was approved pursuant to &sect;&nbsp;228 or &sect;&nbsp;253 of this title, then either a constituent corporation before the effective
date of the merger or consolidation or the surviving or resulting corporation within 10&nbsp;days thereafter shall notify each of the holders of any class or series of stock of such constituent
corporation who are entitled to appraisal rights of the approval of the merger or consolidation and that appraisal rights are available for any or all shares of such class or series of stock of such
constituent corporation, and shall include in such notice a copy of this section. Such notice may, and, if given on or after the effective date of the merger or consolidation, shall, also notify such
stockholders of the effective date of the merger or consolidation. Any stockholder entitled to appraisal rights may, within 20&nbsp;days after the date of mailing of such notice, demand in writing
from the surviving or resulting corporation the appraisal of such holder's shares. Such demand will be sufficient if it reasonably informs the corporation of the identity of the stockholder and that
the stockholder intends thereby to demand the appraisal of such holder's shares. If such notice did not notify stockholders of the effective date of the merger or consolidation, either (i)&nbsp;each
such constituent corporation shall send a second notice before the effective date of the merger or consolidation notifying each of the holders of any class or series of stock of such constituent </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>E-2</FONT></P>

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<UL>

<P><FONT SIZE=2>corporation
that are entitled to appraisal rights of the effective date of the merger or consolidation or (ii)&nbsp;the surviving or resulting corporation shall send such a second notice to all such
holders on or within 10&nbsp;days after such effective date; provided, however, that if such second notice is sent more than 20&nbsp;days following the sending of the first notice, such second
notice need only be sent to each stockholder who is entitled to appraisal rights and who has demanded appraisal of such holder's shares in accordance with this subsection. An affidavit of the
secretary or assistant secretary or of the transfer agent of the corporation that is required to give either notice that such notice has been given shall, in the absence of fraud, be prima facie
evidence of the facts stated therein. For purposes of determining the stockholders entitled to receive either notice, each constituent corporation may fix, in advance, a record date that shall be not
more than 10&nbsp;days prior to the date the notice is given, provided, that if the notice is given on or after the effective date of the merger or consolidation, the record date shall be such
effective date. If no record date is fixed and the notice is given prior to the effective date, the record date shall be the close of business on the day next preceding the day on which the notice is
given. </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>Within
120&nbsp;days after the effective date of the merger or consolidation, the surviving or resulting corporation or any stockholder who has complied with subsections&nbsp;(a)
and&nbsp;(d) hereof and who is otherwise entitled to appraisal rights, may file&nbsp;a petition in the Court of Chancery demanding a determination of the value of the stock of all such
stockholders. Notwithstanding the foregoing, at any time within 60&nbsp;days after the effective date of the merger or consolidation, any stockholder shall have the right to withdraw such
stockholder's demand for appraisal and to accept the terms offered upon the merger or consolidation. Within 120&nbsp;days after the effective date of the merger or consolidation, any stockholder who
has complied with the requirements of subsections&nbsp;(a) and&nbsp;(d) hereof, upon written request, shall be entitled to receive from the corporation surviving the merger or resulting from the
consolidation a statement setting forth the aggregate number of shares not voted in favor of the merger or consolidation and with respect to which demands for appraisal have been received and the
aggregate number of holders of such shares. Such written statement shall be mailed to the stockholder within 10&nbsp;days after such stockholder's written request for such a statement is received by
the surviving or resulting corporation or within 10&nbsp;days after expiration of the period for delivery of demands for appraisal under subsection&nbsp;(d) hereof, whichever is later.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>Upon
the filing of any such petition by a stockholder, service of a copy thereof shall be made upon the surviving or resulting corporation, which shall within 20&nbsp;days after
such service file in the office of the Register in Chancery in which the petition was filed a duly verified list containing the names and addresses of all stockholders who have demanded payment for
their shares and with whom agreements as to the value of their shares have not been reached by the surviving or resulting corporation. If the petition shall be filed by the surviving or resulting
corporation, the petition shall be accompanied by such a duly verified list. The Register in Chancery, if so ordered by the Court, shall give notice of the time and place fixed for the hearing of such
petition by registered or certified mail to the surviving or resulting corporation and to the stockholders shown on the list at the addresses therein stated. Such notice shall also be given by 1 or
more publications at least 1&nbsp;week before the day of the hearing, in a newspaper of general circulation published in the City of Wilmington, Delaware or such publication as the Court deems
advisable. The forms of the notices by mail and by publication shall be approved by the Court, and the costs thereof shall be borne by the surviving or resulting corporation.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD><FONT SIZE=2>At
the hearing on such petition, the Court shall determine the stockholders who have complied with this section and who have become entitled to appraisal rights. The Court may require
the stockholders who have demanded an appraisal for their shares and who hold stock represented by certificates to submit their certificates of stock to the Register in Chancery for notation thereon
of </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>E-3</FONT></P>

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<P><FONT SIZE=2>the
pendency of the appraisal proceedings; and if any stockholder fails to comply with such direction, the Court may dismiss the proceedings as to such stockholder. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD><FONT SIZE=2>After
determining the stockholders entitled to an appraisal, the Court shall appraise the shares, determining their fair value exclusive of any element of value arising from the
accomplishment or expectation of the merger or consolidation, together with a fair rate of interest, if any, to be paid upon the amount determined to be the fair value. In determining such fair value,
the Court shall take into account all relevant factors. In determining the fair rate of interest, the Court may consider all relevant factors, including the rate of interest which the surviving or
resulting corporation would have had to pay to borrow money during the pendency of the proceeding. Upon application by the surviving or resulting corporation or by any stockholder entitled to
participate in the appraisal proceeding, the Court may, in its discretion, permit discovery or other pretrial proceedings and may proceed to trial upon the appraisal prior to the final determination
of the stockholder entitled to an appraisal. Any stockholder whose name appears on the list filed by the surviving or resulting corporation pursuant to subsection&nbsp;(f) of this section and who
has submitted such stockholder's certificates of stock to the Register in Chancery, if such is required, may participate fully in all proceedings until it is finally determined that such stockholder
is not entitled to appraisal rights under this section.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>The
Court shall direct the payment of the fair value of the shares, together with interest, if any, by the surviving or resulting corporation to the stockholders entitled thereto.
Interest may be simple or compound, as the Court may direct. Payment shall be so made to each such stockholder, in the case of holders of uncertificated stock forthwith, and the case of holders of
shares represented by certificates upon the surrender to the corporation of the certificates representing such stock. The Court's decree may be enforced as other decrees in the Court of Chancery may
be enforced, whether such surviving or resulting corporation be a corporation of this State or of any state.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD><FONT SIZE=2>The
costs of the proceeding may be determined by the Court and taxed upon the parties as the Court deems equitable in the circumstances. Upon application of a stockholder, the Court
may order all or a portion of the expenses incurred by any stockholder in connection with the appraisal proceeding, including, without limitation, reasonable attorney's fees and the fees and expenses
of experts, to be charged pro&nbsp;rata against the value of all the shares entitled to an appraisal.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD><FONT SIZE=2>From
and after the effective date of the merger or consolidation, no stockholder who has demanded appraisal rights as provided in subsection&nbsp;(d) of this section shall be
entitled to vote such stock for any purpose or to receive payment of dividends or other distributions on the stock (except dividends or other distributions payable to stockholders of record at a date
which is prior to the effective date of the merger or consolidation); provided, however, that if no petition for an appraisal shall be filed within the time provided in subsection&nbsp;(e) of this
section, or if such stockholder shall deliver to the surviving or resulting corporation a written withdrawal of such stockholder's demand for an appraisal and an acceptance of the merger or
consolidation, either within 60&nbsp;days after the effective date of the merger or consolidation as provided in subsection&nbsp;(e) of this section or thereafter with the written approval of the
corporation, then the right of such stockholder to an appraisal shall cease. Notwithstanding the foregoing, no appraisal proceeding in the Court of Chancery shall be dismissed as to any stockholder
without the approval of the Court, and such approval may be conditioned upon such terms as the Court deems just.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD><FONT SIZE=2>The
shares of the surviving or resulting corporation to which the shares of such objecting stockholders would have been converted had they assented to the merger or consolidation
shall have the status of authorized and unissued shares of the surviving or resulting corporation. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>E-4</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ea2147_part_ii_information_not_required_in_the_prospectus"> </A>
<A NAME="toc_ea2147_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART II<BR>  INFORMATION NOT REQUIRED IN THE PROSPECTUS    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>Item&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica's bylaws provide that Celestica shall indemnify its officers and directors to the extent permitted by the Business Corporations Act (Ontario). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Business Corporations Act (Ontario), a corporation may indemnify a present or former director or officer or a person who acts or acted at the corporation's request as a
director or officer of another body corporate of which the corporation is or was a shareholder or creditor, and his or her heirs and legal representatives, against all costs, charges and expenses,
including an amount paid to settle an action or satisfy a judgment, reasonably incurred by him or her in respect of any civil, criminal or administrative action or proceeding to which he or she is a
party by reason of being or having been a director or officer of such corporation or body corporate, and provided that the director or officer acted honestly and in good faith with a view to the best
interests of the corporation and, in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, had reasonable grounds for believing that his or her conduct
was lawful. Such indemnification may be made in connection with a derivative action only with court approval. A director or officer is entitled to indemnification from the corporation as a matter of
right if he or she was substantially successful on the merits and fulfilled the conditions set forth above. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
directors and officers of the registrant are covered by directors' and officers' insurance policies. </FONT></P>

<P><FONT SIZE=2><B>Item&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits and Financial Statement Schedules  </B></FONT></P>

<P><FONT SIZE=2><B>(a)&nbsp;&nbsp;&nbsp;Exhibits.  </B></FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit No.</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="89%" ALIGN="LEFT"><FONT SIZE=1><B>Description<BR> </B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>2.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Agreement and Plan of Merger, dated as of October&nbsp;14, 2003, by and among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Manufacturers' Services Limited included as Annex A to the Proxy Statement/Prospectus.(1)
</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>3.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Restated Articles of Incorporation effective November&nbsp;20, 2001.(2)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>3.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Bylaw No.&nbsp;1.(2)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>3.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Bylaw No.&nbsp;2.(3)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>4.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>See Articles of Incorporation and Bylaws identified in Exhibits&nbsp;3.1 through&nbsp;3.3.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>4.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Subordinate Voting Share Certificate.(4)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>4.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Indenture, dated as of August&nbsp;1, 2000, between Celestica&nbsp;Inc. and The Chase Manhattan Bank, as Trustee. (5)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>4.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Second Amended and Restated Revolving Term Credit Agreement, dated as of December&nbsp;17, 2002, among Celestica&nbsp;Inc., the subsidiaries of Celestica&nbsp;Inc., specified therein as Designated Subsidiaries, The Bank
of Nova Scotia, as Administrative Agent, CIBC World Markets, as Joint Lead Arranger and Syndication Agent, RBC Capital Markets, as Joint Lead Arranger and Co-Documentation Agent, Banc of America Securities&nbsp;LLC, as Joint Lead Arranger and
Co-Documentation Agent, and the financial institutions named in Schedule&nbsp;A as lenders.(6)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>4.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>First Amendment to the Second Amended and Restated Revolving Term Credit Agreement, dated as of October&nbsp;31, 2003, among Celestica&nbsp;Inc., the subsidiaries of Celestica&nbsp;Inc., specified therein as Designated
Subsidiaries, The Bank of Nova Scotia, as Administrative Agent, and the financial institutions named in Schedule&nbsp;A as lenders.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>4.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Amended and Restated Four Year Revolving Term Credit Agreement, dated as of December&nbsp;17, 2002, among Celestica&nbsp;Inc. and Celestica International&nbsp;Inc., as Borrowers, The Bank of Nova Scotia, as Administrative
Agent, and the financial institutions named therein, as Lenders.(6)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>4.7</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>First Amendment to the Amended and Restated Four Year Revolving Term Credit Agreement, dated as of October&nbsp;31, 2003, among Celestica&nbsp;Inc., Celestica International&nbsp;Inc., as Borrowers, The Bank of Nova Scotia,
 as Administrative Agent, and the financial institutions named therein, as Lenders.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>5.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Opinion of Davies Ward Phillips&nbsp;&amp; Vineberg&nbsp;LLP regarding the legality of the securities being registered.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Opinion of Kaye Scholer&nbsp;LLP as to certain tax consequences of the merger.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>8.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Opinion of Hale and Dorr&nbsp;LLP as to certain tax consequences of the merger.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>9.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and DLS Merchant Banking Funding&nbsp;Inc., DLJ Merchant Banking Partners,&nbsp;L.P., DLJ International
Partners, C.V., DLJ Offshore Partners C.V., DLJ First ESC&nbsp;L.P., DLJ ESC II&nbsp;L.P., EMA 2001 Plan,&nbsp;L.P., Dockhards 2001 Plan,&nbsp;L.P., Paradeplatz 2001 Plan,&nbsp;L.P., LSFB 2001 Investors,&nbsp;L.P., Credit Suisse First Boston Private
Equity,&nbsp;Inc. and DLJ Merchant Banking,&nbsp;Inc.(7)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>9.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and John Boucher.(7)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>9.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Robert Bradshaw.(7)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>9.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Alan Cormier.(7)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>9.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Richard J Gaynor.(7)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>9.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Sean Lannan.(7)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>9.7</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Bruce Leasure.(7)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>9.8</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Albert A. Notini.(7)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>9.9</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Santosh Rao.(7)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>9.10</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Dewayne Rideout.(7)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>9.11</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Gerald Campenella.(7)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Amended and Restated Management Services Agreement, dated as of July&nbsp;1, 2003, among Celestica&nbsp;Inc., Celestica International&nbsp;Inc. and Onex Corporation.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Asset Purchase Agreement, dated as of February&nbsp;19, 2001, by and between Avaya&nbsp;Inc. and Celestica Corporation.(2)*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Amendment No.&nbsp;1 to&nbsp;the Asset Purchase Agreement, dated as of May&nbsp;4, 2001, by and between Avaya&nbsp;Inc. and Celestica Corporation.(2)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Arrangement Agreement, dated as of May&nbsp;31, 2001, between Celestica&nbsp;Inc. and Primetech Electronics&nbsp;Inc.(8)*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Merger Agreement, dated as of June&nbsp;15, 2001, between Omni Industries Limited and Celestica&nbsp;Inc.(8)*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Asset Purchase Agreement, dated as of July&nbsp;24, 2001, between Lucent Technologies&nbsp;Inc. and Celestica Corporation.(8)*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.7</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Asset Purchase Agreement, dated as of July&nbsp;24, 2001, between Lucent Technologies&nbsp;Inc. and Celestica Corporation.(8)*</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.8</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Asset Purchase Agreement, dated January&nbsp;28, 2002, between NEC Corporation, NEC Miyagi,&nbsp;Ltd., NEC Yamanashi,&nbsp;Ltd., 1325091 Ontario&nbsp;Inc., and Celestica&nbsp;Inc.(6)*</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.9</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of October&nbsp;22, 1996, by and between Celestica,&nbsp;Inc. and Eugene V. Polistuk.(3)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.10</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of October&nbsp;22, 1996, by and between Celestica,&nbsp;Inc. and Anthony P. Puppi.(3)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.11</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of October&nbsp;22, 1996, by and between Celestica,&nbsp;Inc. and Daniel P. Shea.(3)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.12</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Employment Agreement, dated as of June&nbsp;30, 1998, by and between Celestica&nbsp;Inc. and R. Thomas Tropea.(9)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.13</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Amended and Restated D2D Employee Share Purchase and Option Plan (1997).(2)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.14</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Celestica 1997 U.K.&nbsp;Approved Share Option Scheme.(10)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.15</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Amended and Restated 1998 U.S.&nbsp;Executive Share Purchase and Option Plan.(6)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.16</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Amended and Restated Long-Term Incentive Plan.(11)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.17</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Primetech Electronics Inc. Stock Option Plan.(12)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.18</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>International Manufacturing Services,&nbsp;Inc. 1996 Stock Option Plan.(13)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.19</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>International Manufacturing Services,&nbsp;Inc. 1997 Stock Option Plan.(13)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>10.20</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>International Manufacturing Services, Inc. 1997 Director Option Plan.(14)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>21.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>List of subsidiaries of Celestica&nbsp;Inc.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>23.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Consent of KPMG&nbsp;LLP.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>23.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Consent of PricewaterhouseCoopers&nbsp;LLP.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>23.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Consent of Davies Ward Phillips&nbsp;&amp; Vineberg&nbsp;LLP (included in Exhibit&nbsp;5.1).</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>23.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Consent of Kaye Scholer&nbsp;LLP (included in Exhibit&nbsp;8.1).</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>23.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Consent of Hale and Dorr&nbsp;LLP (included in Exhibit&nbsp;8.2).</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>24.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Power of Attorney (included in the signature page hereto).</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>99.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Proxy Card.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>99.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form of Preferred Stock Election Form.(15)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>99.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Consent of Credit Suisse First Boston&nbsp;LLC.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>99.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Consent of Sonenshine Pastor&nbsp;Advisors&nbsp;LLC.</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="60">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Included
elsewhere in this Registration Statement.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Annual Report on Form&nbsp;20-F of Celestica&nbsp;Inc. filed on May&nbsp;22, 2001 (Registration No.&nbsp;001-14832).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Registration Statement on Form&nbsp;F-1 of Celestica&nbsp;Inc. filed on April&nbsp;29, 1998 (Registration
No.&nbsp;333-8700).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to Amendment No.&nbsp;3 to&nbsp;the Registration Statement on Form&nbsp;F-1 of Celestica&nbsp;Inc. filed on June&nbsp;25, 1998
(Registration No.&nbsp;333-8700). </FONT></DD></DL>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(5)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Registration Statement on Form&nbsp;F-3 of Celestica&nbsp;Inc. filed on November&nbsp;17, 2000 (Registration
No.&nbsp;333-50240).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(6)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Annual Report on Form&nbsp;20-F of Celestica&nbsp;Inc. filed on April&nbsp;21, 2003 (Registration No.&nbsp;001-14832).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(7)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the General Statement of Acquisition of Beneficial Ownership on Schedule&nbsp;13D of Celestica&nbsp;Inc. filed on October&nbsp;24, 2003.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(8)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Annual Report on Form&nbsp;20-F of Celestica&nbsp;Inc. filed on May&nbsp;3, 2002. (Registration No.&nbsp;001-14832)
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(9)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Annual Report on Form&nbsp;20-F of Celestica&nbsp;Inc. filed on May&nbsp;18, 2000.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(10)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Registration Statement on Form&nbsp;S-8 of Celestica&nbsp;Inc. filed on June&nbsp;15, 2001 (Registration No.&nbsp;333-63112).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(11)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Registration Statement on Form&nbsp;S-8 of Celestica&nbsp;Inc. filed on May&nbsp;14,&nbsp;2002 (Registration No.&nbsp;333-88210).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(12)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Registration Statement on Form&nbsp;S-8 of Celestica&nbsp;Inc. filed on August&nbsp;3,&nbsp;2001 (Registration No.&nbsp;333-66726).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(13)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Registration Statement on Form&nbsp;S-8 of Celestica&nbsp;Inc. filed on December&nbsp;23,&nbsp;1998 (Registration No.&nbsp;333-09780).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(14)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Registration Statement on Form&nbsp;S-8 of Celestica&nbsp;Inc. filed on January&nbsp;19,&nbsp;1999 (Registration No.&nbsp;333-09822).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(15)</FONT></DT><DD><FONT SIZE=1>To
be filed by amendment.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>*</FONT></DT><DD><FONT SIZE=1>Request
for confidential treatment granted. Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission. </FONT></DD></DL>


<P><FONT SIZE=2><B>(b)&nbsp;&nbsp;&nbsp;Financial Statement Schedules.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial statement schedules have been omitted because they are inapplicable or the required information is shown in the consolidated financial statements of
Celestica and the notes therein. </FONT></P>

<P><FONT SIZE=2><B>(c)&nbsp;&nbsp;&nbsp;Report, Opinion or Appraisals.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fairness Opinions of Credit Suisse First Boston&nbsp;LLC and Sonenshine Pastor&nbsp;Advisors&nbsp;LLC are included as Annexes C and D, respectively, to
the Proxy Statement/Prospectus. </FONT></P>

<P><FONT SIZE=2><B>Item&nbsp;22.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to
section&nbsp;13(a) or section&nbsp;15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section&nbsp;15(d) of
the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>The
undersigned registrant hereby undertakes as follows: that prior to any public reoffering of the securities registered hereunder through use of a prospectus which is a part of this
registration statement, by any person or party who is deemed to be an underwriter within the meaning of Rule&nbsp;145(c), the issuer undertakes that such reoffering prospectus will contain the
information called for by the applicable registration form with respect to reofferings by persons who may be deemed underwriters, in addition to the information called for by the other Items of the
applicable form.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>The
registrant undertakes that every prospectus (i)&nbsp;that is filed pursuant to paragraph&nbsp;2 immediately preceding, or (ii)&nbsp;that purports to meet the requirements of
Section&nbsp;10(a)(3) of the Act and is used in connection with an offering of securities subject to Rule&nbsp;415, will be filed as a part of an amendment to the registration statement and will
not be used until such amendment is </FONT></DD></DL>
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<UL>

<P><FONT SIZE=2>effective,
and that, for purposes of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD><FONT SIZE=2>The
undersigned registrant hereby undertakes: (i)&nbsp;to respond to requests for information that is incorporated by reference into the prospectus pursuant to Item&nbsp;4, 10(b),
11 or 13 of this Form, within one business day of receipt of such request, and to send the incorporated documents by first class mail or other equally prompt means; and (ii)&nbsp;to arrange or
provide for a facility in the U.S.&nbsp;for the purpose of responding to such requests. The undertaking in subparagraph&nbsp;(i) above includes information contained in documents filed subsequent
to the effective date of the registration statement through the date of responding to the request.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD><FONT SIZE=2>The
undersigned registrant hereby undertakes to supply by means of a post-effective amendment all information concerning a transaction and the company being acquired
involved therein, that was not the subject of and included in the registration statement when it became effective. </FONT></DD></DL>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ea2147_signatures"> </A>
<A NAME="toc_ea2147_2"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Toronto, Province of Ontario, Country of Canada on this 7th&nbsp;day of November, 2003. </FONT></P>

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<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>CELESTICA&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ELIZABETH DELBIANCO</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Elizabeth DelBianco<BR>
Title: Chief Legal Officer</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ec2147_power_of_attorney"> </A>
<A NAME="toc_ec2147_1"> </A>
<BR></FONT><FONT SIZE=2><B>POWER OF ATTORNEY    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENTS that each individual whose signature appears below hereby severally constitutes and appoints Elizabeth DelBianco and
Anthony&nbsp;P. Puppi, and each of them, his or her true and lawful attorneys-in-fact and agents with full power of substitution, for him or her and in his or her name, place
and stead, in any and all capacities, to sign any and all pre- or post-effective amendments to this registration statement, and an subsequent registration statement for the same offering
which may be filed under Rule&nbsp;462(b) under the Securities Act (a "Rule&nbsp;462(b) registration statement") and any and all pre- or post-effective amendments thereto,
and to file the same, with all exhibits thereto, and all documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents, and each of them, full power and authority to do and perform each and every act and thing which they, or any of them, may deem necessary or advisable to be done in connection with this
registration statement or any Rule&nbsp;462(b) registration statement, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agent or any of them, or substitutes for any or all of them, may lawfully do or cause to be done by virtue hereof. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the indicated capacities held as of
November&nbsp;7,&nbsp;2003. </FONT></P>

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<TH WIDTH="46%" ALIGN="CENTER"><FONT SIZE=1><B>Signature</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="51%" ALIGN="CENTER"><FONT SIZE=1><B>Title</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="46%" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>EUGENE V. POLISTUK</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Eugene V. Polistuk</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP"><FONT SIZE=2><BR>
Chairman of the Board and Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ANTHONY P. PUPPI</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Anthony P. Puppi</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%"><FONT SIZE=2><BR>
Executive Vice President, Chief Financial Officer and General Manager, Global Services</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="46%" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>PETER J. BAR</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Peter J. Bar</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP"><FONT SIZE=2><BR>
Vice President and Corporate Controller</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="46%" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>J. MARVIN M</FONT><FONT SIZE=2>a</FONT><FONT SIZE=2>GEE</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> J. Marvin M<SUP>a</SUP>Gee</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP"><FONT SIZE=2><BR>
President and Chief Operating Officer</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="46%" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBERT L. CRANDALL</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Robert L. Crandall</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="46%" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>WILLIAM A. ETHERINGTON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> William A. Etherington</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="46%" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>RICHARD S. LOVE</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Richard S. Love</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="46%" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ANTHONY R. MELMAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Anthony R. Melman</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="46%" VALIGN="TOP"><BR><HR NOSHADE><FONT SIZE=2> Gerald W. Schwartz</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="46%" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>CHARLES W. SZULUK</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Charles W. Szuluk</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="46%" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DON TAPSCOTT</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Don Tapscott</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ec2147_authorized_representative"> </A>
<A NAME="toc_ec2147_2"> </A>
<BR></FONT><FONT SIZE=2><B>AUTHORIZED REPRESENTATIVE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section&nbsp;6(a) of the Securities Act, the undersigned has signed this Registration Statement, in the capacity of the duly
authorized representative if Celestica&nbsp;Inc. in the United&nbsp;States of America on the 7th&nbsp;day of November,&nbsp;2003. </FONT></P>

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<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>CELESTICA (U.S.)&nbsp;INC.<BR>
(Authorized U.S.&nbsp;Representative)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
/s/ </FONT><FONT SIZE=2>J. MARVIN M</FONT><FONT SIZE=2><SUP>a</SUP></FONT><FONT SIZE=2>GEE</FONT><HR NOSHADE><FONT SIZE=2> Name: J. Marvin M<SUP>a</SUP>Gee<BR>
Title: President and Chief Operating Officer</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ec2147_exhibit_index"> </A>
<A NAME="toc_ec2147_3"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT INDEX    <BR>    </B></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit&nbsp;No.<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="89%" ALIGN="CENTER"><FONT SIZE=1><B>Description<BR> </B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
2.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Agreement and Plan of Merger, dated as of October&nbsp;14, 2003, by and among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Manufacturers' Services Limited included as Annex A to the Proxy Statement/Prospectus.&nbsp;(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
3.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Restated Articles of Incorporation effective November&nbsp;20,&nbsp;2001.&nbsp;(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
3.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Bylaw No.&nbsp;1.&nbsp;(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
3.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Bylaw No.&nbsp;2.&nbsp;(3)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
4.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
See Articles of Incorporation and Bylaws identified in Exhibits&nbsp;3.1 through&nbsp;3.3.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
4.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Form of Subordinate Voting Share Certificate.&nbsp;(4)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
4.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Indenture, dated as of August&nbsp;1, 2000, between Celestica&nbsp;Inc. and The Chase Manhattan Bank, as Trustee.&nbsp;(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
4.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Second Amended and Restated Revolving Term Credit Agreement, dated as of December&nbsp;17, 2002, among Celestica&nbsp;Inc., the subsidiaries of Celestica&nbsp;Inc., specified therein as Designated Subsidiaries, The Bank of Nova Scotia, as
Administrative Agent, CIBC World Markets, as Joint Lead Arranger and Syndication Agent, RBC Capital Markets, as Joint Lead Arranger and Co-Documentation Agent, Banc of America Securities&nbsp;LLC, as Joint Lead Arranger and Co-Documentation Agent,
and the financial institutions named in Schedule&nbsp;A as lenders.&nbsp;(6)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
4.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
First Amendment to the Second Amended and Restated Revolving Term Credit Agreement, dated as of October&nbsp;31, 2003, among Celestica&nbsp;Inc., the subsidiaries of Celestica&nbsp;Inc., specified therein as Designated Subsidiaries, The Bank of Nova
Scotia, as Administrative Agent, and the financial institutions named in Schedule&nbsp;A as lenders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
4.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Amended and Restated Four Year Revolving Term Credit Agreement, dated as of December&nbsp;17, 2002, among Celestica&nbsp;Inc. and Celestica International&nbsp;Inc., as Borrowers, The Bank of Nova Scotia, as Administrative Agent, and the financial
institutions named therein, as Lenders.&nbsp;(6)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
4.7</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
First Amendment to the Amended and Restated Four Year Revolving Term Credit Agreement, dated as of October&nbsp;31, 2003, among Celestica&nbsp;Inc., Celestica International&nbsp;Inc., as Borrowers, The Bank of Nova Scotia, as Administrative Agent,
and the financial institutions named therein, as&nbsp;Lenders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
5.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Opinion of Davies Ward Phillips&nbsp;&amp; Vineberg&nbsp;LLP regarding the legality of the securities being registered.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
8.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Opinion of Kaye Scholer&nbsp;LLP as to certain tax consequences of the merger.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
8.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Opinion of Hale and Dorr&nbsp;LLP as to certain tax consequences of the merger.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
9.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and DLS Merchant Banking Funding&nbsp;Inc., DLJ Merchant Banking Partners,&nbsp;L.P., DLJ International Partners, C.V., DLJ Offshore
Partners C.V., DLJ First ESC&nbsp;L.P., DLJ ESC II&nbsp;L.P., EMA 2001 Plan,&nbsp;L.P., Dockhards 2001 Plan,&nbsp;L.P., Paradeplatz 2001 Plan,&nbsp;L.P., LSFB 2001 Investors,&nbsp;L.P., Credit Suisse First Boston Private Equity,&nbsp;Inc. and DLJ
Merchant Banking,&nbsp;Inc.&nbsp;(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
9.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and John Boucher.&nbsp;(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
9.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Robert Bradshaw.&nbsp;(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
9.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Alan Cormier.&nbsp;(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
9.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Richard J Gaynor.&nbsp;(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
9.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Sean Lannan.&nbsp;(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
9.7</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Bruce Leasure.&nbsp;(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
9.8</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Albert A. Notini.&nbsp;(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
9.9</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Santosh Rao.&nbsp;(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
9.10</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Dewayne Rideout.&nbsp;(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
9.11</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Stockholder Agreement, dated as of October&nbsp;14, 2003, among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Gerald Campenella.&nbsp;(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Amended and Restated Management Services Agreement, dated as of July&nbsp;1, 2003, among Celestica&nbsp;Inc., Celestica International&nbsp;Inc. and Onex Corporation.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Asset Purchase Agreement, dated as of February&nbsp;19, 2001, by and between Avaya&nbsp;Inc. and Celestica Corporation.&nbsp;(2)*</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Amendment No.&nbsp;1 to&nbsp;the Asset Purchase Agreement, dated as of May&nbsp;4, 2001, by and between Avaya&nbsp;Inc. and Celestica Corporation.&nbsp;(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Arrangement Agreement, dated as of May&nbsp;31, 2001, between Celestica&nbsp;Inc. and Primetech Electronics&nbsp;Inc.&nbsp;(8)*</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Merger Agreement, dated as of June&nbsp;15, 2001, between Omni Industries Limited and Celestica&nbsp;Inc.&nbsp;(8)*</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Asset Purchase Agreement, dated as of July&nbsp;24, 2001, between Lucent Technologies&nbsp;Inc. and Celestica Corporation.&nbsp;(8)*</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.7</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Asset Purchase Agreement, dated as of July&nbsp;24, 2001, between Lucent Technologies&nbsp;Inc. and Celestica Corporation.&nbsp;(8)*</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.8</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Asset Purchase Agreement, dated January&nbsp;28, 2002, between NEC Corporation, NEC Miyagi,&nbsp;Ltd., NEC Yamanashi,&nbsp;Ltd., 1325091 Ontario&nbsp;Inc., and Celestica&nbsp;Inc.&nbsp;(6)*</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.9</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Employment Agreement, dated as of October&nbsp;22, 1996, by and between Celestica,&nbsp;Inc. and Eugene V. Polistuk.&nbsp;(3)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.10</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Employment Agreement, dated as of October&nbsp;22, 1996, by and between Celestica,&nbsp;Inc. and Anthony P. Puppi.&nbsp;(3)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.11</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Employment Agreement, dated as of October&nbsp;22, 1996, by and between Celestica,&nbsp;Inc. and Daniel P. Shea.&nbsp;(3)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.12</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Employment Agreement, dated as of June&nbsp;30, 1998, by and between Celestica&nbsp;Inc. and R. Thomas Tropea.&nbsp;(9)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.13</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Amended and Restated D2D Employee Share Purchase and Option Plan (1997). (2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.14</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Celestica 1997 U.K.&nbsp;Approved Share Option Scheme. (10)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.15</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Amended and Restated 1998 U.S.&nbsp;Executive Share Purchase and Option Plan. (6)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.16</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Amended and Restated Long-Term Incentive Plan. (11)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.17</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Primetech Electronics Inc. Stock Option Plan. (12)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.18</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
International Manufacturing Services,&nbsp;Inc. 1996 Stock Option Plan. (13)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.19</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
International Manufacturing Services,&nbsp;Inc. 1997 Stock Option Plan. (13)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
10.20</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
International Manufacturing Services, Inc. 1997 Director Option Plan. (14)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
21.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
List of subsidiaries of Celestica&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
23.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Consent of KPMG&nbsp;LLP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
23.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Consent of PricewaterhouseCoopers&nbsp;LLP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
23.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Consent of Davies Ward Phillips&nbsp;&amp; Vineberg&nbsp;LLP (included in Exhibit&nbsp;5.1).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
23.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Consent of Kaye Scholer&nbsp;LLP (included in Exhibit&nbsp;8.1).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
23.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Consent of Hale and Dorr&nbsp;LLP (included in Exhibit&nbsp;8.2).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
24.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Power of Attorney (included in the signature page hereto).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
99.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Form of Proxy Card.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
99.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Form of Preferred Stock Election Form.&nbsp;(15)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
99.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Consent of Credit Suisse First Boston&nbsp;LLC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2><BR>
99.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Consent of Sonenshine Pastor&nbsp;Advisors&nbsp;LLC.</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="60">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Included
elsewhere in this Registration Statement.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Annual Report on Form&nbsp;20-F of Celestica&nbsp;Inc. filed on May&nbsp;22, 2001 (Registration No.&nbsp;001-14832).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Registration Statement on Form&nbsp;F-1 of Celestica&nbsp;Inc. filed on April&nbsp;29, 1998 (Registration
No.&nbsp;333-8700).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to Amendment No.&nbsp;3 to&nbsp;the Registration Statement on Form&nbsp;F-1 of Celestica&nbsp;Inc. filed on June&nbsp;25, 1998
(Registration No.&nbsp;333-8700).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(5)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Registration Statement on Form&nbsp;F-3 of Celestica&nbsp;Inc. filed on November&nbsp;17, 2000 (Registration
No.&nbsp;333-50240).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(6)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Annual Report on Form&nbsp;20-F of Celestica&nbsp;Inc. filed on April&nbsp;21, 2003 (Registration No.&nbsp;001-14832).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(7)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the General Statement of Acquisition of Beneficial Ownership on Schedule&nbsp;13D of Celestica&nbsp;Inc. filed on October&nbsp;24, 2003.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(8)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Annual Report on Form&nbsp;20-F of Celestica&nbsp;Inc. filed on May&nbsp;3, 2002. (Registration No.&nbsp;001-14832)
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(9)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Annual Report on Form&nbsp;20-F of Celestica&nbsp;Inc. filed on May&nbsp;18, 2000.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(10)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Registration Statement on Form&nbsp;S-8 of Celestica&nbsp;Inc. filed on June&nbsp;15, 2001 (Registration No.&nbsp;333-63112).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(11)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Registration Statement on Form&nbsp;S-8 of Celestica&nbsp;Inc. filed on May&nbsp;14,&nbsp;2002 (Registration No.&nbsp;333-88210).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(12)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Registration Statement on Form&nbsp;S-8 of Celestica&nbsp;Inc. filed on August&nbsp;3,&nbsp;2001 (Registration No.&nbsp;333-66726).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(13)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Registration Statement on Form&nbsp;S-8 of Celestica&nbsp;Inc. filed on December&nbsp;23,&nbsp;1998 (Registration No.&nbsp;333-09780).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(14)</FONT></DT><DD><FONT SIZE=1>Incorporated
by reference to the Registration Statement on Form&nbsp;S-8 of Celestica&nbsp;Inc. filed on January&nbsp;19,&nbsp;1999 (Registration No.&nbsp;333-09822).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(15)</FONT></DT><DD><FONT SIZE=1>To
be filed by amendment.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>*</FONT></DT><DD><FONT SIZE=1>Request
for confidential treatment granted. Confidential portions of this document have been redacted and filed separately with the Securities and Exchange Commission. </FONT></DD></DL>
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<BR>
<P><br><A NAME="03TOR2147_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_be2147_1">NOTICE OF SPECIAL MEETING OF STOCKHOLDERS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bg2147_1">TABLE OF CONTENTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bg2147_2">ENFORCEABILITY OF CIVIL LIABILITIES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_da2147_1">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da2147_2">QUESTIONS AND ANSWERS REGARDING THE MERGER</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da2147_3">General Questions and Answers</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da2147_4">Questions and Answers About the MSL Special Meeting</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dc2147_1">SUMMARY</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dd2147_1">RISK FACTORS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dd2147_2">Risks Related to the Merger</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dd2147_3">Risks Related to Receiving Celestica Subordinate Voting Shares</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_de2147_1">SUMMARY SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA OF CELESTICA</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de2147_2">SUMMARY SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA OF MSL</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dg2147_1">COMPARATIVE HISTORICAL AND PRO FORMA DATA</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg2147_2">Celestica (U.S. GAAP)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg2147_3">MSL (U.S. GAAP)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg2147_4">Celestica and MSL (U.S. GAAP)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg2147_5">COMPARATIVE PER SHARE MARKET PRICE DATA</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg2147_6">THE SPECIAL MEETING OF MSL STOCKHOLDERS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_di2147_1">THE MERGER</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dm2147_1">THE MERGER AGREEMENT</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_do2147_1">THE STOCKHOLDER AGREEMENTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_do2147_2">COMPARISON OF CELESTICA AND MSL STOCKHOLDERS' RIGHTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ds2147_1">APPRAISAL RIGHTS FOR MSL PREFERRED STOCK</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ds2147_2">FUTURE MSL STOCKHOLDER PROPOSALS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ds2147_3">LEGAL MATTERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ds2147_4">EXPERTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ds2147_5">WHERE YOU CAN FIND MORE INFORMATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bg2148_1">TABLE OF CONTENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bi2148_1">EXHIBITS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_da2148_1">AGREEMENT AND PLAN OF MERGER</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da2148_2">RECITALS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da2148_3">AGREEMENT</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dk2148_1">EXHIBIT A</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dk2148_2">CERTAIN DEFINITIONS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dm2148_1">EXHIBITS B-1 and B-2</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dq2148_1">EXHIBIT C MANUFACTURERS' SERVICES LIMITED SECOND RESTATED CERTIFICATE OF INCORPORATION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2148_2">ARTICLE I</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2148_3">ARTICLE II</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2148_4">ARTICLE III</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2148_5">ARTICLE IV</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2148_6">ARTICLE V</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2148_7">ARTICLE VI</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2148_8">ARTICLE VII</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2148_9">ARTICLE VIII</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2148_10">ARTICLE IX</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2148_11">ARTICLE X</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2148_12">ARTICLE XI</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2148_13">ARTICLE XII</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2148_14">ARTICLE XIII</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2148_15">ARTICLE XIV</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2148_16">ARTICLE XV</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2148_17">ARTICLE XVI</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_du2148_1">EXHIBIT A SUMMARY OF TERMS OF INDENTURE FOR SUBORDINATED EXCHANGE DEBENTURES</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dw2148_1">CERTIFICATE OF DESIGNATIONS OF 5.25% SERIES A CONVERTIBLE PREFERRED STOCK OF MANUFACTURERS' SERVICES LIMITED</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dw2148_2">ANNEX II</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ea2148_1">CERTIFICATE OF DESIGNATIONS OF 4.5% SERIES B CONVERTIBLE PREFERRED STOCK OF MANUFACTURERS' SERVICES LIMITED</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ea2148_2">ANNEX II</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ec2148_1">EXHIBIT D FORM OF AFFILIATE AGREEMENT</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ee2148_1">ANNEX I TO EXHIBIT D</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fa2148_1">STOCKHOLDER AGREEMENT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_fa2148_2">RECITALS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_fa2148_3">AGREEMENT</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fc2148_1">STOCKHOLDER AGREEMENT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_fc2148_2">RECITALS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_fc2148_3">AGREEMENT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_fc2148_4">Schedule A</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fe2148_1">[LETTERHEAD OF CREDIT SUISSE FIRST BOSTON LLC]</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fk2148_1">Section 262 of the Delaware General Corporation Law</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ea2147_1">PART II INFORMATION NOT REQUIRED IN THE PROSPECTUS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ea2147_2">SIGNATURES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ec2147_1">POWER OF ATTORNEY</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ec2147_2">AUTHORIZED REPRESENTATIVE</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ec2147_3">EXHIBIT INDEX</A></FONT><BR>
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<TYPE>EX-4.5
<SEQUENCE>3
<FILENAME>a2121685zex-4_5.htm
<DESCRIPTION>EXHIBIT 4.5
<TEXT>
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<HEAD>

</HEAD>
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 4.5  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ka2148_first_amendment_to_second_amen__fir03148"> </A>
<A NAME="toc_ka2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>FIRST AMENDMENT TO SECOND AMENDED AND RESTATED<BR>  REVOLVING TERM CREDIT AGREEMENT    <BR>    </B></FONT></P>

<P><FONT SIZE=2>MADE
as of October&nbsp;31, 2003 </FONT></P>

<P><FONT SIZE=2>BETWEEN:
</FONT></P>

<UL>
<UL>
<UL>

<P><FONT SIZE=2><B>CELESTICA&nbsp;INC.</B></FONT><FONT SIZE=2>, a corporation incorporated under the laws of the Province of Ontario, and </FONT><FONT SIZE=2><B>SUBSIDIARIES OF
CELESTICA&nbsp;INC. SPECIFIED AS DESIGNATED SUBSIDIARIES IN ACCORDANCE WITH THE CREDIT AGREEMENT</B></FONT><FONT SIZE=2>, as Borrowers, </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>&#151;&nbsp;and&nbsp;&#151; </FONT></P>

<UL>
<UL>
<UL>

<P><FONT SIZE=2><B>THE FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY TO THE CREDIT AGREEMENT</B></FONT><FONT SIZE=2>, as Lenders, </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>&#151;&nbsp;and&nbsp;&#151; </FONT></P>

<UL>
<UL>
<UL>

<P><FONT SIZE=2><B>THE BANK OF NOVA SCOTIA</B></FONT><FONT SIZE=2>, as Administrative Agent. </FONT></P>

</UL>
</UL>
</UL>

<P><FONT SIZE=2><B>RECITALS:  </B></FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Celestica&nbsp;Inc. ("Celestica"), the Subsidiaries of Celestica specified therein as Designated Subsidiaries, CIBC
World Markets, as Joint Lead Arranger and Syndication Agent, RBC Capital Markets, as Joint Lead Arranger and Co-Documentation Agent, Bank of America Securities&nbsp;LLC, as Joint Lead
Arranger and Co-Documentation Agent, The Bank of Nova Scotia, as Administrative Agent, and the financial institutions named therein as Lenders are parties to the Second Amended and
Restated Revolving Term Credit Agreement dated as of December&nbsp;17, 2002 (together with all schedules attached thereto, the "Credit Agreement"); </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Congress Financial Corporation (Canada), KeyBank National Association and Lehman Commercial Paper&nbsp;Inc. have agreed
to become Lenders, and Bank of Montreal and Key Corporate Capital,&nbsp;Inc. will no longer be Lenders; and </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The parties to the Credit Agreement wish to amend the Credit Agreement on the terms and conditions set forth herein. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>THEREFORE THIS AGREEMENT WITNESSES</B></FONT><FONT SIZE=2> that, in consideration of the premises, the covenants herein contained and other good and valuable
consideration, the parties hereto agree as follows: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE 1<BR>
INTERPRETATION  </B></FONT></P>

<P><FONT SIZE=2><B>1.1&nbsp;&nbsp;&nbsp;Definitions  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used in this Agreement and not otherwise defined shall have the respective meanings attributed to them in the Credit Agreement, and: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Agreement"</B></FONT><FONT SIZE=2> means this agreement, as the same may be amended, restated, replaced or superseded from time to time; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Closing"</B></FONT><FONT SIZE=2> means the time at which the terms of this Agreement shall become effective, including, without limitation, the satisfaction of
the conditions precedent set out in Section&nbsp;3.1; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Credit Agreement"</B></FONT><FONT SIZE=2> has the meaning specified in the first recital hereof. </FONT></P>

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<P><FONT SIZE=2><B>1.2&nbsp;&nbsp;&nbsp;Headings  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The division of this Agreement into Articles and Sections and the insertion of headings is for convenience of reference only and shall not affect the construction
or interpretation hereof. The terms </FONT><FONT SIZE=2><B>"this Agreement"</B></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><B>"hereof"</B></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><B>"hereunder"</B></FONT><FONT SIZE=2> and similar expressions refer to
this Agreement and not to any particular Article, Section, paragraph or other portion hereof and include
any agreement supplemental hereto. </FONT></P>

<P><FONT SIZE=2><B>1.3&nbsp;&nbsp;&nbsp;Extended Meanings  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Words importing the singular number only shall include the plural and </FONT><FONT SIZE=2><I>vice versa</I></FONT><FONT SIZE=2>, and words importing any gender
shall include all genders. </FONT></P>

<P><FONT SIZE=2><B>1.4&nbsp;&nbsp;&nbsp;Cross References  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified, references in this Agreement to any Article or Section are references to such Article or Section of this Agreement, and unless
otherwise specified, references in the Article, Section or definition to any Clause are references to such Clause of such Article, Section or definition. </FONT></P>

<P><FONT SIZE=2><B>1.5&nbsp;&nbsp;&nbsp;Reference to Administrative Agent or Lenders  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any reference in this Agreement to the Administrative Agent or a Lender shall be construed so as to include its permitted successors, transferees or assigns under
the Credit Agreement in accordance with their respective interests. </FONT></P>

<P><FONT SIZE=2><B>1.6&nbsp;&nbsp;&nbsp;Severability  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that one or more of the provisions contained in this Agreement shall be invalid, illegal or unenforceable in any respect under any Applicable Law,
the validity, legality or enforceability of the remaining provisions hereof shall not be affected or impaired thereby. </FONT></P>

<P><FONT SIZE=2><B>1.7&nbsp;&nbsp;&nbsp;Currency  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All monetary amounts in this Agreement refer to United&nbsp;States Dollars unless otherwise specified. </FONT></P>

<P><FONT SIZE=2><B>1.8&nbsp;&nbsp;&nbsp;References to Agreements  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided herein, any reference herein to this Agreement, the Credit Agreement and any other Loan Document or any other agreement or document
shall be construed to be a reference to this Agreement, the Credit Agreement or such Loan Document or such other agreement or document, as the case may be, as the same may have been, or may from time
to time be, amended, restated, extended, supplemented or replaced. </FONT></P>

<P><FONT SIZE=2><B>1.9&nbsp;&nbsp;&nbsp;Effect on the Credit Agreement  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On and after the date of this Agreement, each reference in the Credit Agreement to "this Agreement" and each reference to the Credit Agreement in the Loan
Documents and any and all other agreements, documents and instruments delivered by any of the Lenders, the Administrative Agent, the Borrowers, the Guarantors or any other Person shall mean and be a
reference to the Credit Agreement as amended by this Agreement. Except as specifically amended by this amending agreement, the Credit Agreement shall remain in full force and effect and is hereby
ratified and confirmed. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE 2<BR>
AMENDMENTS  </B></FONT></P>

<P><FONT SIZE=2><B>2.1&nbsp;&nbsp;&nbsp;Aggregate Principal Amount of the Facility  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The
definition of </FONT><FONT SIZE=2><B>"Facility"</B></FONT><FONT SIZE=2> in Section&nbsp;1.1 of the Credit Agreement is hereby deleted and replaced with the following: </FONT></DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>"Facility"</B></FONT><FONT SIZE=2> means the revolving term credit facility in an aggregate principal amount of U.S.$&nbsp;200,000,000 to be made available to the Borrowers
as set out in Article&nbsp;2 as same may be increased and/or extended subject to the terms set out herein;"; </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
body and title of Section&nbsp;2.23 of the Credit Agreement are hereby amended so that each occurrence of "U.S.$&nbsp;500,000,000" is deleted and replaced with
"U.S.$&nbsp;250,000,000";
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Schedule&nbsp;A
to&nbsp;the Credit Agreement is hereby deleted and replaced with Exhibit&nbsp;1 to&nbsp;this Agreement; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>Schedule&nbsp;B
to&nbsp;the Credit Agreement is hereby deleted and replaced with Exhibit&nbsp;2 to&nbsp;this Agreement. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>2.2&nbsp;&nbsp;&nbsp;Term  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The
definition of </FONT><FONT SIZE=2><B>"Final Maturity Date"</B></FONT><FONT SIZE=2> in Section&nbsp;1.1 of the Credit Agreement is hereby deleted.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
following definition of </FONT><FONT SIZE=2><B>"Maturity Date"</B></FONT><FONT SIZE=2> is hereby inserted in Section&nbsp;1.1 of the Credit Agreement, immediately following the
definition of "Material Restricted Subsidiary": </FONT></DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>"Maturity Date"</B></FONT><FONT SIZE=2> means October&nbsp;31, 2003 or such later date to which the Maturity Date has been extended pursuant to Section&nbsp;2.8;"; </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>The
definition of </FONT><FONT SIZE=2><B>"Conversion Date"</B></FONT><FONT SIZE=2> in Section&nbsp;1.1 of the Credit Agreement is hereby deleted;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>Each
occurrence of the term Conversion Date in the Credit Agreement is hereby deleted and replaced with the term Maturity Date;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>Each
occurrence of the term Final Maturity Date in the Credit Agreement is hereby deleted and replaced with the term Maturity Date;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>In
the first paragraph of Section&nbsp;2.7 of the Credit Agreement, the phrase "including, without limitation, during the period between the Conversion Date and the Final Maturity
Date," is hereby deleted;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD><FONT SIZE=2>Section&nbsp;2.8(b)(v)
of the Credit Agreement is hereby deleted and replaced with the following: </FONT></DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>"(v)&nbsp;If
Lenders having Commitments of less than 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the Commitments under the Facility approve the requested extension, the Maturity Date shall not be extended."; </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD><FONT SIZE=2>The
last paragraph of Section&nbsp;2.8 of the Credit Agreement is hereby deleted and replaced with the following: </FONT></DD></DL>

<UL>

<P><FONT SIZE=2>"A
Dissenting Lender shall remain committed to make Advances under the Facility until the earlier of the date on which the Obligations owing to it are assigned or repaid as aforesaid and the Maturity
Date."; and </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>The
second sentence of Section&nbsp;9.3(c) is hereby deleted. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<UL>
</UL>
</UL>

<P><FONT SIZE=2><B>2.3&nbsp;&nbsp;&nbsp;Financial Covenants  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Section&nbsp;9.3(a)
of the Credit Agreement is hereby deleted and replaced with the following: </FONT></DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>"(a)
</FONT><FONT SIZE=2><B>Minimum Tangible Net Worth</B></FONT><FONT SIZE=2>. Celestica shall maintain, at all times, a minimum Tangible Net Worth in an amount that shall not be less than an amount
equal to the sum of U.S.$&nbsp;1,600,000,000, plus 50% of cumulative annual positive Net Income commencing with the fiscal year ending December&nbsp;31, 2003 and in each subsequent fiscal year,
subject to the following sentence. The minimum Tangible Net Worth that must be maintained by Celestica shall be reduced by an amount equal to the aggregate purchase price paid for subordinate voting
shares in the capital of Celestica purchased at Arm's Length by Celestica commencing October&nbsp;1, 2003, subject to an aggregate limit on such amount deducted on account of such share purchases
since October&nbsp;1, 2003 of U.S.$&nbsp;250,000,000. For clarity, the foregoing limit of U.S.$&nbsp;250,000,000 shall not in any way be interpreted as limiting or restricting Celestica's
ability to spend more than U.S.$&nbsp;250,000,000 to purchase subordinate voting shares in the capital of Celestica at Arm's Length."; and </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Exhibit&nbsp;1
to Schedule&nbsp;D to&nbsp;the Credit Agreement is hereby deleted and replaced with Exhibit&nbsp;3 to&nbsp;this Agreement. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE 3<BR>
CONDITIONS PRECEDENT  </B></FONT></P>

<P><FONT SIZE=2><B>3.1&nbsp;&nbsp;&nbsp;Conditions for Closing  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following conditions shall be satisfied by the Borrowers contemporaneously with their execution and delivery of this Agreement: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>each
Borrower shall have duly authorized, executed and delivered to the Administrative Agent each of the Loan Documents to which it is a party and which is required to be delivered
pursuant to this Agreement, and each such Loan Document shall constitute a legal, valid and binding obligation of such Borrower, enforceable against such Borrower in accordance with its terms;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>each
Borrower shall have delivered to the Administrative Agent:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>a
certified copy of its Organic Documents;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>a
certified copy of the resolutions authorizing it to enter into, execute and deliver the Loan Documents to which it is a party and to perform its obligations
thereunder;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>a
certificate as to the incumbency of its officers signing the Loan Documents to which it is a party; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>a
certificate of status, good standing or like certificate with respect to such Borrower issued by the appropriate government officials of the jurisdiction of its
incorporation;
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>there
shall have been no Material Adverse Change since September&nbsp;30, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>no
Default or Event of Default shall have occurred and be continuing;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>each
Borrower shall have executed and delivered to the Administrative Agent a confirmation of its Guarantee;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>opinions
of Borrowers' Counsel in form and substance satisfactory to the Lenders' Counsel and the Administrative Agent, acting reasonably, shall have been delivered to the
Administrative Agent; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD><FONT SIZE=2>the
Borrowers shall have paid all fees and expenses that are due to the Administrative Agent or the Lenders and related to the Facility and this Agreement; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD><FONT SIZE=2>Celestica,
on behalf of itself and the other Borrowers, shall pay to the Administrative Agent for the account of the Lenders who have consented to this Agreement an amendment fee of
25 basis points on the aggregate Commitments after giving effect to the amendments contemplated hereby. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>3.2&nbsp;&nbsp;&nbsp;Conditions for Material Restricted Subsidiaries  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following conditions shall be satisfied by the Material Restricted Subsidiaries within forty-five (45)&nbsp;days of the date of this Agreement,
or such later date as Celestica and the Administrative Agent, for and on behalf of the Lenders, may agree: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>each
Material Restricted Subsidiary shall have executed and delivered to the Administrative Agent (i)&nbsp;a confirmation of its Guarantee if previously provided in connection with
the Credit Agreement, or (ii)&nbsp;a Guarantee;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>opinions
of local counsel to each Material Restricted Subsidiary, in form and substance satisfactory to the Lenders' Counsel and the Administrative Agent, acting reasonably, shall
have been delivered to the Administrative Agent; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>each
Material Restricted Subsidiary shall have delivered to the Administrative Agent all documents, agreements, instruments and certificates requested by the Administrative Agent or
the Lenders' Counsel, acting reasonably. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
conditions set forth in this Article&nbsp;3 are inserted for the sole benefit of the Lenders and may be waived by the Administrative Agent on behalf of the Lenders in whole or in
part, with or without terms or conditions. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE 4<BR>
EXTENSION OF MATURITY DATE  </B></FONT></P>

<P><FONT SIZE=2><B>4.1&nbsp;&nbsp;&nbsp;Extension of Maturity Date  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Celestica
hereby represents and warrants that it has delivered an Extension Request to the Administrative Agent in accordance with Section&nbsp;2.8(b) of the Credit Agreement and
the Administrative Agent acknowledges receipt of the Extension Request.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
parties hereto agree that the Maturity Date, as amended by Section&nbsp;2.2(b) of this Agreement and extended as requested by Celestica, is October&nbsp;28, 2004. </FONT></DD></DL>
</UL>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE 5<BR>
GENERAL  </B></FONT></P>

<P><FONT SIZE=2><B>5.1&nbsp;&nbsp;&nbsp;Survival  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All covenants, agreements, representations and warranties made herein or in the Credit Agreement or in certificates delivered in connection with the Credit
Agreement by or on behalf of the Borrowers and each Guarantor shall survive the execution and delivery of this Agreement and shall continue in full force and effect so long as there is any obligation
of the Borrowers and each Guarantor to the Agents and the Lenders under the Credit Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2><B>5.2&nbsp;&nbsp;&nbsp;Benefit of the Agreement  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall enure to the benefit of and be binding upon the successors and permitted assigns of the Borrowers and the successors and permitted assigns of
the Administrative Agent and the Lenders. </FONT></P>

<P><FONT SIZE=2><B>5.3&nbsp;&nbsp;&nbsp;Governing Law  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein. The
Administrative Agent, Lenders and Borrowers agree that any legal suit, action or proceeding arising out of this Agreement, the Credit Agreement or any Loan Document may be instituted in the courts of
the Province of Ontario, and the Administrative Agent, Lenders and Borrowers hereby accept and irrevocably submit to the nonexclusive jurisdiction of said courts and acknowledge their competence and
agree to be bound by any judgment thereof. </FONT></P>

<P><FONT SIZE=2><B>5.4&nbsp;&nbsp;&nbsp;Further Assurances  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Obligor shall promptly cure any default in its execution and delivery of this Agreement or in any of the other instruments referred to or contemplated herein
to which it is a party. Each Obligor, at its expense, will promptly execute and deliver, or cause to be executed and delivered, to the Administrative Agent, upon request, all such other and further
documents, agreements, certificates and instruments in compliance with, or accomplishment of the covenants and agreements of such Obligor hereunder or more fully to state the obligations of such
Obligor as set out herein or to make any recording, file any notice or obtain any consents, all as may be necessary or appropriate in connection therewith. </FONT></P>

<P><FONT SIZE=2><B>5.5&nbsp;&nbsp;&nbsp;No Waiver, etc.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided, operate as a waiver of any right, power or remedy of the
Administrative Agent or any of the Lenders under any of the Loan Documents nor constitute a waiver of any provision of any of the Loan Documents. </FONT></P>

<P><FONT SIZE=2><B>5.6&nbsp;&nbsp;&nbsp;Execution in Counterparts  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in counterparts, each of which shall be considered an original and all of which taken together shall constitute a single agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>IN WITNESS WHEREOF</B></FONT><FONT SIZE=2> the Borrowers, the Lenders and the Administrative Agent have executed this Agreement. </FONT></P>

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<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><B>CELESTICA&nbsp;INC.</B></FONT></TD>
</TR>
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<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
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By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>GRAHAM THOURET</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Graham Thouret<BR>
Title: Vice President&nbsp;&#151;&nbsp;Finance</FONT></TD>
</TR>
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<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>PAUL NICOLETTI</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Paul Nicoletti<BR>
Title: Vice President and Corporate Treasurer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>CELESTICA INTERNATIONAL&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>GRAHAM THOURET</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Graham Thouret<BR>
Title: Vice President&nbsp;&#151;&nbsp;Finance</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>PAUL NICOLETTI</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Paul Nicoletti<BR>
Title: Vice President and Corporate Treasurer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>THE BANK OF NOVA SCOTIA,<BR>
as Administrative Agent</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ANUJ DHAWAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Anuj Dhawan<BR>
Title: Associate Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ALASTAIR BORTHWICK</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Alastair Borthwick<BR>
Title: Director</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
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<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><B>CANADIAN IMPERIAL BANK OF COMMERCE</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>STEVE NISHIMURA</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Steve Nishimura<BR>
Title: Executive Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DAVID J. COHEN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: David&nbsp;J. Cohen<BR>
Title: Director</FONT></TD>
</TR>
</TABLE>
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<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
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<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>BANK OF AMERICA, NATIONAL ASSOCIATION, CANADA&nbsp;BRANCH</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>NELSON LAM</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Nelson Lam<BR>
Title: Vice President</FONT></TD>
</TR>
</TABLE>
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<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>ROYAL BANK OF CANADA</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>STEPHANIE BABICH-ALLEGRA</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Stephanie Babich-Allegra<BR>
Title: Authorized Signatory</FONT></TD>
</TR>
</TABLE>
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<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>EXPORT DEVELOPMENT CANADA</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>KEVIN SKILLITER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Kevin Skilliter<BR>
Title: Loan Asset Manager</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>LYNDA BERNST</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Lynda Bernst<BR>
Title: IT&nbsp;&#151;&nbsp;Portfolio Manager</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=8,SEQ=8,EFW="2121685",CP="CELESTICA",DN="2",CHK=87857,FOLIO='8',FILE='DISK033:[03TOR8.03TOR2148]KA2148B.;2',USER='IMORTON',CD=';6-NOV-2003;18:36' -->
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&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>THE BANK OF NOVA SCOTIA</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>STEVE TORRENS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Steve Torrens<BR>
Title: Managing Director, Corporate Banking&nbsp;&#151;&nbsp;Communications&nbsp;&amp; Technology</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DEREK ORANGE</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Derek Orange<BR>
Title: Associate Director, Corporate Banking&nbsp;&#151;&nbsp;Communications&nbsp;&amp; Technology</FONT></TD>
</TR>
</TABLE>
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<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>BANK OF TOKYO-MITSUBISHI (CANADA)</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>T. HAMAMURA</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: T. Hamamura<BR>
Title: Executive Vice President</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>T. VANDERLAAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: T. Vanderlaan<BR>
Title: Vice President</FONT></TD>
</TR>
</TABLE>
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<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>DEUTSCHE BANK&nbsp;AG, CANADA&nbsp;BRANCH</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBERT A. JOHNSTON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Robert&nbsp;A. Johnston<BR>
Title: Vice President</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>MARIA GOZEN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Maria Gozen<BR>
Title: Vice President</FONT></TD>
</TR>
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<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>KEYBANK NATIONAL ASSOCIATION</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>VIJAYA KULKARNI</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Vijaya Kulkarni<BR>
Title: Assistant Vice President</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
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<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>NATIONAL BANK OF CANADA</B></FONT></TD>
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<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ED SUSTAR</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Ed Sustar<BR>
Title: Vice President</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>IAN GILLESPIE</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Ian Gillespie<BR>
Title: Vice President</FONT></TD>
</TR>
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<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>CITIBANK&nbsp;N.A., CANADA&nbsp;BRANCH</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DALJEET LAMBA</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Daljeet Lamba<BR>
Title: Authorized Signatory</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>CONGRESS FINANCIAL CORPORATION (CANADA)</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>H. ROSENFELD</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: H. Rosenfeld<BR>
Title: Senior Vice President</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>LEHMAN COMMERCIAL PAPER&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>FRANCIS CHANG</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Francis Chang<BR>
Title: Vice President</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kc2148_exhibit_1_to_first_amendment_t__exh04354"> </A>
<A NAME="toc_kc2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT&nbsp;1 TO FIRST AMENDMENT TO SECOND AMENDED AND<BR>  RESTATED REVOLVING TERM CREDIT AGREEMENT<BR>  <BR>    SCHEDULE A<BR>  <BR>    LENDERS    <BR>    </B></FONT></P>


<P><FONT SIZE=2><B>Canadian Imperial Bank of Commerce  </B></FONT></P>

<P><FONT SIZE=2>161
Bay Street<BR>
8th Floor<BR>
Toronto, ON M5J&nbsp;2S8 </FONT></P>

<P><FONT SIZE=2>Attn.:
Steve Nishimura<BR>
Tel: (416)&nbsp;956-3837<BR>
Fax: (416)&nbsp;956-3816 </FONT></P>

<P><FONT SIZE=2>Attn.:
David Cohen<BR>
Tel: (416)&nbsp;594-8246<BR>
Fax: (416)&nbsp;956-3816 </FONT></P>

<P><FONT SIZE=2><B>Bank of America National Association, Canada Branch  </B></FONT></P>

<P><FONT SIZE=2>200
Front Street West<BR>
Suite&nbsp;2700<BR>
Toronto, ON M5V&nbsp;3L2 </FONT></P>

<P><FONT SIZE=2>Attn.:
Medina Sales de Andrade, Assistant Vice President<BR>
Tel: (416)&nbsp;349-5433<BR>
Fax: (416)&nbsp;349-4283 </FONT></P>

<P><FONT SIZE=2>backup
for Medina Sales de Andrade: </FONT></P>

<P><FONT SIZE=2>Attn.:
Nelson Lam, Vice President,<BR>
Tel: (416)&nbsp;349-5496<BR>
Fax: (416)&nbsp;349-4283 </FONT></P>

<P><FONT SIZE=2>with
a copy to: </FONT></P>

<P><FONT SIZE=2>Bank
of America<BR>
12 Floor, 555 California St.<BR>
San Francisco CA 94 </FONT></P>


<P><FONT SIZE=2>Attn:
James P. Johnson, Managing Director<BR>
Tel: (415)&nbsp;622-6177<BR>
Fax: (415)&nbsp;622-4057 </FONT></P>

<P><FONT SIZE=2><B>Royal Bank of Canada  </B></FONT></P>

<P><FONT SIZE=2>Royal
Bank of Canada<BR>
One Liberty Plaza<BR>
165 Broadway<BR>
New&nbsp;York, NY 10006-1404 </FONT></P>

<P><FONT SIZE=2>Attn.:
Stephanie Babich-Allegra<BR>
Tel: (212)&nbsp;428-6319<BR>
Fax: (212)&nbsp;428-6460 </FONT></P>

<P><FONT SIZE=2>With
a copy to: </FONT></P>

<P><FONT SIZE=2>Royal
Bank of Canada<BR>
One Liberty Plaza<BR>
165 Broadway<BR>
New&nbsp;York, NY 10006-1404 </FONT></P>

<HR NOSHADE>

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<A NAME="page_kc2148_1_2"> </A>

<P><FONT SIZE=2>Attn:
Suzanne Kaicher<BR>
Tel: (212)&nbsp;428-6324<BR>
Fax: (212)&nbsp;428-2319 </FONT></P>

<P><FONT SIZE=2><B>Export Development Canada  </B></FONT></P>

<P><FONT SIZE=2>151
O'Connor<BR>
Ottawa, ON, K1A&nbsp;1K3<BR></FONT></P>

<P><FONT SIZE=2>Attn.:
Loans Services<BR>
Tel: (613)&nbsp;598-3017<BR>
Fax: (613)&nbsp;598-2514 </FONT></P>

<P><FONT SIZE=2>Attn.:
Carl Burlock, Senior Financial Services Manager<BR>
Tel: (613)&nbsp;598-3087<BR>
Fax: (613)&nbsp;598-6858 </FONT></P>

<P><FONT SIZE=2><B>The Bank of Nova Scotia  </B></FONT></P>

<P><FONT SIZE=2>40
King Street West<BR>
62<SUP>nd</SUP> Floor<BR>
Toronto, ON M5W&nbsp;2X6 </FONT></P>

<P><FONT SIZE=2>Attn.:
Steven J. Torrens, Managing Director<BR>
Tel: (416)&nbsp;866-5362<BR>
Fax: (416)&nbsp;866-2010 </FONT></P>


<P><FONT SIZE=2>Attn.:
Robert M. Miret, Managing Director<BR>
Tel: (416)&nbsp;866-4945<BR>
Fax: (416)&nbsp;866-2010 </FONT></P>

<P><FONT SIZE=2><B>Bank of Tokyo-Mitsubishi (Canada)  </B></FONT></P>

<P><FONT SIZE=2>Royal
Bank Plaza&nbsp;&#151;&nbsp;South Tower<BR>
Suite&nbsp;2100<BR>
Toronto, ON M5J&nbsp;2J1 </FONT></P>

<P><FONT SIZE=2>Attn.:
Ted Vanderlaan, Vice President<BR>
Tel: (416)&nbsp;865-8954<BR>
Fax: (416)&nbsp;865-9511 </FONT></P>

<P><FONT SIZE=2><B>Deutsche Bank AG, Canada Branch  </B></FONT></P>


<P><FONT SIZE=2>222
Bay Street<BR>
Suite&nbsp;1100, P.O.&nbsp;Box&nbsp;64<BR>
Toronto, ON M5K&nbsp;1E7 </FONT></P>

<P><FONT SIZE=2>Attn.:
Robert A. Johnston, Vice President<BR>
Tel: (416)&nbsp;682-8151<BR>
Fax: (416)&nbsp;682-8444 </FONT></P>

<P><FONT SIZE=2>Attn.:
Maria Gorzen, Vice President<BR>
Tel: (416)&nbsp;682-8448<BR>
Fax: (416)&nbsp;682-8444 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
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<A NAME="page_kc2148_1_3"> </A>

<P><FONT SIZE=2><B>KeyBank National Association  </B></FONT></P>

<P><FONT SIZE=2>127
Public Square<BR>
4<SUP>th</SUP> Floor<BR>
Cleveland, OH 44114-1306 </FONT></P>

<P><FONT SIZE=2>Attn.:
Vijaya N. Kulkarni, Assistant Vice President<BR>
Tel: (216)&nbsp;689-0238<BR>
Fax: (216)&nbsp;689-8329 </FONT></P>

<P><FONT SIZE=2><B>National Bank of Canada  </B></FONT></P>

<P><FONT SIZE=2>The
Exchange Tower&nbsp;&#151;&nbsp;130 King Street West<BR>
Suite&nbsp;3200<BR>
Toronto, ON M5X&nbsp;1J9 </FONT></P>


<P><FONT SIZE=2>Attn.:
Ed Sustar, Vice President<BR>
Tel: (416)&nbsp;869-6426<BR>
Fax: (416)&nbsp;869-6545 </FONT></P>

<P><FONT SIZE=2>Attn.:
Brian Smith, Managing Director<BR>
Tel: (416)&nbsp;869-7486<BR>
Fax: (416)&nbsp;869-6545 </FONT></P>

<P><FONT SIZE=2><B>Citibank N.A., Canadian Branch  </B></FONT></P>

<P><FONT SIZE=2>Citibank
Place&nbsp;&#151;&nbsp;123 Front Street West<BR>
Toronto, ON M5J&nbsp;2M3 </FONT></P>

<P><FONT SIZE=2>Attn.:
John Hastings, Managing Director<BR>
Tel: (416)&nbsp;947-2947<BR>
Fax: (416)&nbsp;947-5802 </FONT></P>

<P><FONT SIZE=2>Attn.:
Daljeet Lamba, Vice President<BR>
Tel: (416)&nbsp;947-2937<BR>
Fax: (416)&nbsp;947-5802 </FONT></P>

<P><FONT SIZE=2><B>Congress Financial Corporation (Canada)  </B></FONT></P>

<P><FONT SIZE=2>141
Adelaide Street East<BR>
Suite&nbsp;1500<BR>
Toronto, ON M5H&nbsp;3L9 </FONT></P>

<P><FONT SIZE=2>Attn.:
Michael R. Kenney, First Vice President<BR>
Tel: (416)&nbsp;364-6080<BR>
Fax: (416) </FONT></P>

<P><FONT SIZE=2><B>Lehman Commercial Paper&nbsp;Inc.  </B></FONT></P>

<P><FONT SIZE=2>745
7<SUP>th</SUP> Avenue<BR>
New&nbsp;York, NY 10019 </FONT></P>

<P><FONT SIZE=2>Attn.:
Robert G. Berzins, Managing Director<BR>
Tel: (212)&nbsp;526-3712<BR>
Fax: (646)&nbsp;758-1906 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
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<A NAME="page_kc2148_1_4"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kc2148_exhibit_2_to_first_amendment_t__exh04901"> </A>
<A NAME="toc_kc2148_2"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT&nbsp;2 TO FIRST AMENDMENT TO SECOND AMENDED AND<BR>  RESTATED REVOLVING TERM CREDIT AGREEMENT<BR>  <BR>    SCHEDULE B<BR>  <BR>    LENDERS' COMMITMENTS    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="80%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>Canadian Imperial Bank of Commerce</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>U.S.$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>27,000,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>Bank of America National Association, Canada Branch</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>U.S.$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>27,000,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>3.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>Royal Bank of Canada</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>U.S.$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>27,000,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>4.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>Export Development Canada</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>U.S.$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>25,000,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>5.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>The Bank of Nova Scotia</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>U.S.$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>10,000,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>6.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>Bank of Tokyo-Mitsubishi (Canada)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>U.S.$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>25,000,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>7.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>Deutsche Bank AG, Canada Branch</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>U.S.$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>10,000,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>8.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>KeyBank National Association</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>U.S.$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>25,000,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>9.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>National Bank of Canada</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>U.S.$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>10,000,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>10.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>Citibank N.A., Canadian Branch</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>U.S.$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>14,000,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>11.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>Congress Financial Corporation (Canada)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>U.S.$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>25,000,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>12.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>Lehman Commercial Paper&nbsp;Inc.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>U.S.$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>25,000,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>Total:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>U.S.$</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>250,000,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
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<A NAME="page_kc2148_1_5"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kc2148_exhibit_3_to_first_amendment_t__exh05327"> </A>
<A NAME="toc_kc2148_3"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT&nbsp;3 TO FIRST AMENDMENT TO SECOND AMENDED AND<BR>  RESTATED REVOLVING TERM CREDIT AGREEMENT<BR>  <BR>    EXHIBIT 1<BR>  <BR>    <U>Calculation of Tangible Net Worth</U>  <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="79%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Capital stock</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Preferred stock</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>3.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Paid-in capital</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>4.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Retained earnings</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>5.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Cumulative translation adjustment (positive or negative)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>6.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Patents, patent applications, trade-marks, service marks, industrial designs, copyright and trade-marks</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>($</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>7.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Goodwill and other intangibles</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>($</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>8.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Any equity in, loan to or other investment or interest in an Unrestricted Subsidiary whatsoever</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>($</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM"><HR NOSHADE></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Tangible Net Worth</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=6 ALIGN="CENTER"><BR><FONT SIZE=2><B><U>Calculation of Covenant Level</U></B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2><BR>
9.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2><BR>
Opening Tangible Net Worth as set out in Section&nbsp;9.3(a)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>10.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Plus 50% of cumulative annual consolidated positive Net Income, commencing with the fiscal year ending December&nbsp;31, 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>11.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Less aggregate purchase price paid for subordinate voting shares in the capital of Celestica purchased at Arm's Length by Celestica, commencing October&nbsp;1, 2003 (subject to an aggregate deduction limit of
U.S.&nbsp;$250,000,000), as set out in Annex&nbsp;A</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>($</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM"><HR NOSHADE></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ke2148_annex_a_to_exhibit_1"> </A>
<A NAME="toc_ke2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>ANNEX A<BR>  TO EXHIBIT 1    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ke2148_aggregate_purchase_price_for_s__agg04823"> </A>
<A NAME="toc_ke2148_2"> </A>
<BR></FONT><FONT SIZE=2><B>Aggregate Purchase Price for Subordinate Voting Shares in the Capital of Celestica<BR>  Purchased at Arm's Length by Celestica    <BR>    </B></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="83%" VALIGN="TOP"><FONT SIZE=2>During all fiscal quarters commencing October&nbsp;1, 2003, to and including the fiscal quarter commencing:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>(1)</SUP></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="83%" VALIGN="TOP"><FONT SIZE=2>Plus fiscal quarter commencing:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>(2)</SUP></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="83%" VALIGN="TOP"><FONT SIZE=2>Total:</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="60">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>All
previous fiscal quarters, commencing on October 1, 2003, up to and including the fiscal quarter immediately prior to the most recently completed fiscal quarter. </FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>The
most recently completed fiscal quarter, which is the subject of the Quarterly Certificate on Covenants to which this Exhibit and Annex are attached. </FONT></DD></DL>
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<BR>
<P><br><A NAME="03TOR2147_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ka2148_1">FIRST AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING TERM CREDIT AGREEMENT</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_kc2148_1">EXHIBIT 1 TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING TERM CREDIT AGREEMENT SCHEDULE A LENDERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kc2148_2">EXHIBIT 2 TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING TERM CREDIT AGREEMENT SCHEDULE B LENDERS' COMMITMENTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kc2148_3">EXHIBIT 3 TO FIRST AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING TERM CREDIT AGREEMENT EXHIBIT 1 Calculation of Tangible Net Worth</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ke2148_1">ANNEX A TO EXHIBIT 1</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ke2148_2">Aggregate Purchase Price for Subordinate Voting Shares in the Capital of Celestica Purchased at Arm's Length by Celestica</A></FONT><BR>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.7
<SEQUENCE>4
<FILENAME>a2121685zex-4_7.htm
<DESCRIPTION>EXHIBIT 4.7
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#03TOR2147_3">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 4.7  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="la2148_first_amendment_to_amended_and__fir03289"> </A>
<A NAME="toc_la2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>FIRST AMENDMENT TO AMENDED AND RESTATED FOUR YEAR<BR>  REVOLVING TERM CREDIT AGREEMENT    <BR>    </B></FONT></P>

<P><FONT SIZE=2>MADE
as of October&nbsp;31, 2003 </FONT></P>

<P><FONT SIZE=2>BETWEEN:
</FONT></P>

<UL>
<UL>
<UL>

<P><FONT SIZE=2><B>CELESTICA&nbsp;INC.</B></FONT><FONT SIZE=2>, a corporation incorporated under the laws of the Province of Ontario, and </FONT><FONT SIZE=2><B>CELESTICA
INTERNATIONAL&nbsp;INC.</B></FONT><FONT SIZE=2>, a corporation incorporated under the laws of the Province of Ontario, as Borrowers, </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>&#151;&nbsp;and&nbsp;&#151; </FONT></P>

<UL>
<UL>
<UL>

<P><FONT SIZE=2><B>THE FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY TO THE CREDIT AGREEMENT</B></FONT><FONT SIZE=2>, as Lenders, </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>&#151;&nbsp;and&nbsp;&#151; </FONT></P>

<UL>
<UL>
<UL>

<P><FONT SIZE=2><B>THE BANK OF NOVA SCOTIA,</B></FONT><FONT SIZE=2> as Administrative Agent. </FONT></P>

</UL>
</UL>
</UL>

<P><FONT SIZE=2><B>RECITALS:  </B></FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Celestica&nbsp;Inc. ("Celestica"), Celestica International&nbsp;Inc. ("International"), The Bank of Nova Scotia, as
Administrative Agent, and the financial institutions named therein as Lenders are parties to the Amended and Restated Four Year Revolving Term Credit Agreement dated as of December&nbsp;17, 2002
(together with all schedules attached thereto, the "Credit Agreement"); and </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The parties to the Credit Agreement wish to amend the Credit Agreement on the terms and conditions set forth herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>THEREFORE THIS AGREEMENT WITNESSES</B></FONT><FONT SIZE=2> that, in consideration of the premises, the covenants herein contained and other good and valuable
consideration, the parties hereto agree as follows: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE 1<BR>
INTERPRETATION  </B></FONT></P>

<P><FONT SIZE=2><B>1.1&nbsp;&nbsp;&nbsp;Definitions  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used in this Agreement and not otherwise defined herein shall have the respective meanings attributed to them in the Credit Agreement, and: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Agreement"</B></FONT><FONT SIZE=2> means this agreement, as the same may be amended, restated, replaced or superseded from time to time; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Closing"</B></FONT><FONT SIZE=2> means the time at which the terms of this Agreement shall become effective, including, without limitation, the satisfaction of
the conditions precedent set out in Section&nbsp;3.1; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>"Credit Agreement"</B></FONT><FONT SIZE=2> has the meaning specified in the first recital hereof. </FONT></P>

<P><FONT SIZE=2><B>1.2&nbsp;&nbsp;&nbsp;Headings  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The division of this Agreement into Articles and Sections and the insertion of headings is for convenience of reference only and shall not affect the construction
or interpretation hereof. The terms </FONT><FONT SIZE=2><B>"this Agreement"</B></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><B>"hereof"</B></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><B>"hereunder"</B></FONT><FONT SIZE=2> and similar expressions refer to
this Agreement and not to any particular Article, Section, paragraph or other portion hereof and include
any agreement supplemental hereto. </FONT></P>

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<P><FONT SIZE=2><B>1.3&nbsp;&nbsp;&nbsp;Extended Meanings  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Words importing the singular number only shall include the plural and </FONT><FONT SIZE=2><I>vice versa</I></FONT><FONT SIZE=2>, and words importing any gender
shall include all genders. </FONT></P>


<P><FONT SIZE=2><B>1.4&nbsp;&nbsp;&nbsp;Cross References  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified, references in this Agreement to any Article or Section are references to such Article or Section of this Agreement, and unless
otherwise specified, references in the Article, Section or definition to any Clause are references to such Clause of such Article, Section or definition. </FONT></P>

<P><FONT SIZE=2><B>1.5&nbsp;&nbsp;&nbsp;Reference to Administrative Agent or Lenders  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any reference in this Agreement to the Administrative Agent or a Lender shall be construed so as to include its permitted successors, transferees or assigns under
the Credit Agreement in accordance with their respective interests. </FONT></P>

<P><FONT SIZE=2><B>1.6&nbsp;&nbsp;&nbsp;Severability  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that one or more of the provisions contained in this Agreement shall be invalid, illegal or unenforceable in any respect under any Applicable Law,
the validity, legality or enforceability of the remaining provisions hereof shall not be affected or impaired thereby. </FONT></P>

<P><FONT SIZE=2><B>1.7&nbsp;&nbsp;&nbsp;Currency  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All monetary amounts in this Agreement refer to United&nbsp;States Dollars unless otherwise specified. </FONT></P>


<P><FONT SIZE=2><B>1.8&nbsp;&nbsp;&nbsp;References to Agreements  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided herein, any reference herein to this Agreement, the Credit Agreement and any other Loan Document or any other agreement or document
shall be construed to be a reference to this Agreement, the Credit Agreement or such Loan Document or such other agreement or document, as the case may be, as the same may have been, or may from time
to time be, amended, restated, extended, supplemented or replaced. </FONT></P>

<P><FONT SIZE=2><B>1.9&nbsp;&nbsp;&nbsp;Effect on the Credit Agreement  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On and after the date of this Agreement, each reference in the Credit Agreement to "this Agreement" and each reference to the Credit Agreement in the Loan
Documents and any and all other agreements, documents and instruments delivered by any of the Lenders, the Administrative Agent, the Borrowers, the Guarantors or any other Person shall mean and be a
reference to the Credit Agreement as amended by this Agreement. Except as specifically amended by this amending agreement, the Credit Agreement shall remain in full force and effect and is hereby
ratified and confirmed. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE 2<BR>
AMENDMENTS  </B></FONT></P>

<P><FONT SIZE=2><B>2.1&nbsp;&nbsp;&nbsp;Financial Covenants  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Section&nbsp;7.3(a)
of the Credit Agreement is hereby deleted and replaced with the following: </FONT></DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2>"(a)
</FONT><FONT SIZE=2><B>Minimum Tangible Net Worth</B></FONT><FONT SIZE=2>. Celestica shall maintain, at all times, a minimum Tangible Net Worth in an amount that shall not be less than an amount
equal to the sum of U.S.$&nbsp;1,600,000,000, plus 50% of cumulative annual positive Net Income commencing with the fiscal year ending December&nbsp;31, 2003 and in each subsequent fiscal year,
subject to the </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<UL>

<P><FONT SIZE=2>following
sentence. The minimum Tangible Net Worth that must be maintained by Celestica shall be reduced by an amount equal to the aggregate purchase price paid for subordinate voting shares in the
capital of Celestica purchased at Arm's Length by Celestica commencing October&nbsp;1, 2003, subject to an aggregate limit on such amount deducted on account of such share purchases since
October&nbsp;1, 2003, of U.S.$&nbsp;250,000,000. For clarity, the foregoing limit of U.S.$&nbsp;250,000,000 shall not in any way be interpreted as limiting or restricting Celestica's ability to
spend more than U.S.$&nbsp;250,000,000 to purchase subordinate voting shares in the capital of Celestica at Arm's Length."; and </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Exhibit&nbsp;1
to Schedule&nbsp;D to&nbsp;the Credit Agreement is hereby deleted and replaced with Exhibit&nbsp;1 to&nbsp;this Agreement. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE 3<BR>
CONDITIONS PRECEDENT  </B></FONT></P>

<P><FONT SIZE=2><B>3.1&nbsp;&nbsp;&nbsp;Conditions for Closing  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following conditions shall be satisfied by the Borrowers contemporaneously with their execution and delivery of this Agreement: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>each
Borrower shall have duly authorized, executed and delivered to the Administrative Agent each of the Loan Documents to which it is a party and which is required to be delivered
pursuant to this Agreement, and each such Loan Document shall constitute a legal, valid and binding obligation of such Borrower, enforceable against such Borrower in accordance with its terms;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>each
Borrower shall have delivered to the Administrative Agent:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>a
certified copy of its Organic Documents;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>a
certified copy of the resolutions authorizing it to enter into, execute and deliver the Loan Documents to which it is a party and to perform its obligations
thereunder;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>a
certificate as to the incumbency of its officers signing the Loan Documents to which it is a party; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>a
certificate of status, good standing or like certificate with respect to such Borrower issued by the appropriate government officials of the jurisdiction of its
incorporation;
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>there
shall have been no Material Adverse Change since September&nbsp;30, 2003;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>no
Default or Event of Default shall have occurred and be continuing;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>opinions
of Borrowers' Counsel, in form and substance satisfactory to the Lenders' counsel and the Administrative Agent, acting reasonably, shall have been delivered to the
Administrative Agent;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>the
Borrowers shall have paid all fees and expenses that are due to the Administrative Agent or the Lenders and related to the Facility and this Agreement; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD><FONT SIZE=2>Celestica,
on behalf of itself and International, shall pay to the Administrative Agent for the account of the Lenders who have consented to this Agreement an amendment fee of 10
basis points on the aggregate Commitments. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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</UL>
</UL>

<P><FONT SIZE=2><B>3.2&nbsp;&nbsp;&nbsp;Conditions for Material Restricted Subsidiaries  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following conditions shall be satisfied by the Material Restricted Subsidiaries within forty-five (45)&nbsp;days of the date of this Agreement,
or such later date as Celestica and the Administrative Agent, for and on behalf of the Lenders, may agree: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>opinions
of local counsel to each Material Restricted Subsidiary, in form and substance satisfactory to the Lenders' Counsel and the Administrative Agent, acting reasonably, shall
have been delivered to the Administrative Agent; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>each
Material Restricted Subsidiary shall have delivered to the Administrative Agent all documents, agreements, instruments and certificates requested by the Administrative Agent or
the Lenders' Counsel, acting reasonably. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
conditions set forth in this Article&nbsp;3 are inserted for the sole benefit of the Lenders and may be waived by the Administrative Agent on behalf of the Lenders in whole or in
part, with or without terms or conditions. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>ARTICLE 4<BR>
GENERAL  </B></FONT></P>

<P><FONT SIZE=2><B>4.1&nbsp;&nbsp;&nbsp;Survival  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All covenants, agreements, representations and warranties made herein or in the Credit Agreement or in certificates delivered in connection with the Credit
Agreement by or on behalf of the Borrowers and each Guarantor shall survive the execution and delivery of this Agreement and shall continue in full force and effect so long as there is any obligation
of the Borrowers and each Guarantor to the Agents and the Lenders under the Credit Agreement. </FONT></P>

<P><FONT SIZE=2><B>4.2&nbsp;&nbsp;&nbsp;Benefit of the Agreement  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall enure to the benefit of and be binding upon the successors and permitted assigns of the Borrowers and the successors and permitted assigns of
the Administrative Agent and the Lenders. </FONT></P>


<P><FONT SIZE=2><B>4.3&nbsp;&nbsp;&nbsp;Governing Law  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein. The
Administrative Agent, Lenders and Borrowers agree that any legal suit, action or proceeding arising out of this Agreement, the Credit Agreement or any Loan Document may be instituted in the courts of
the Province of Ontario, and the Administrative Agent, Lenders and Borrowers hereby accept and irrevocably submit to the nonexclusive jurisdiction of said courts and acknowledge their competence and
agree to be bound by any judgment thereof. </FONT></P>


<P><FONT SIZE=2><B>4.4&nbsp;&nbsp;&nbsp;Further Assurances  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Obligor shall promptly cure any default in its execution and delivery of this Agreement or in any of the other instruments referred to or contemplated herein
to which it is a party. Each Obligor, at its expense, will promptly execute and deliver, or cause to be executed and delivered, to the Administrative Agent, upon request, all such other and further
documents, agreements, certificates and instruments in compliance with, or accomplishment of the covenants and agreements of such Obligor hereunder or more fully to state the obligations of such
Obligor as set out herein or to make any recording, file any notice or obtain any consents, all as may be necessary or appropriate in connection therewith. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2><B>4.5&nbsp;&nbsp;&nbsp;No Waiver, etc.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided, operate as a waiver of any right, power or remedy of the
Administrative Agent or any of the Lenders under any of the Loan Documents nor constitute a waiver of any provision of any of the Loan Documents. </FONT></P>


<P><FONT SIZE=2><B>4.6&nbsp;&nbsp;&nbsp;Execution in Counterparts  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in counterparts, each of which shall be considered an original and all of which taken together shall constitute a single agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>IN WITNESS WHEREOF</B></FONT><FONT SIZE=2> the Borrowers, the Lenders and the Administrative Agent have executed this Agreement. </FONT></P>

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<TD COLSPAN=3><FONT SIZE=2><B>CELESTICA&nbsp;INC.</B></FONT></TD>
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<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>GRAHAM THOURET</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Graham Thouret<BR>
Title: Senior Vice President&nbsp;&#151;&nbsp;Finance</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>PAUL NICOLETTI</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Paul Nicoletti<BR>
Title: Vice President and Corporate Treasurer</FONT></TD>
</TR>
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<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><B>CELESTICA INTERNATIONAL&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>GRAHAM THOURET</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Graham Thouret<BR>
Title: Senior Vice President&nbsp;&#151;&nbsp;Finance</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>PAUL NICOLETTI</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Paul Nicoletti<BR>
Title: Vice President and Corporate Treasurer</FONT></TD>
</TR>
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<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><B>THE BANK OF NOVA SCOTIA,</B></FONT><BR>
<FONT SIZE=2><B>as Administrative Agent</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ANUJ DHAWAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Anuj Dhawan<BR>
Title: Associate Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ALASTAIR BORTHWICK</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Alastair Borthwick<BR>
Title: Director</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<TD COLSPAN=3><FONT SIZE=2><B>THE BANK OF NOVA SCOTIA</B></FONT></TD>
</TR>
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<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>STEVE TORRENS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Steve Torrens<BR>
Title: Managing Director, Corporate Banking&nbsp;&#151;&nbsp;Communications&nbsp;&amp; Technology</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DEREK ORANGE</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Derek Orange<BR>
Title: Associate Director, Corporate Banking&nbsp;&#151;&nbsp;Communications&nbsp;&amp; Technology</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><B>BANK OF AMERICA, NATIONAL ASSOCIATION, CANADA&nbsp;BRANCH</B></FONT></TD>
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<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>NELSON LAM</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Nelson Lam<BR>
Title: Vice-President</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><B>ROYAL BANK OF CANADA</B></FONT></TD>
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<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>STEPHANIE BABICH-ALLEGRA</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Stephanie Babich-Allegra<BR>
Title: Authorized Signatory</FONT></TD>
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<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2><B>Signature Page for Canadian Imperial Bank of Commerce, as Lender  </B></FONT></P>

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<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><B>CANADIAN IMPERIAL BANK OF COMMERCE</B></FONT></TD>
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<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>STEVE NISHIMURA</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Steve Nishimura<BR>
Title: Executive Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DAVID J. COHEN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: David J. Cohen<BR>
Title: Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Signature Page for Citibank&nbsp;N.A., Canada Branch, as Lender  </B></FONT></P>

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<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><B>CITIBANK&nbsp;N.A., CANADA&nbsp;BRANCH</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DALJEET LAMBA</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Daljeet Lamba<BR>
Title: Authorized Signatory</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Signature Page for Credit Suisse First Boston, Toronto Branch, as Lender  </B></FONT></P>

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<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><B>CREDIT SUISSE FIRST BOSTON, TORONTO&nbsp;BRANCH</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ALAIN DAOUST</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Alain Daoust<BR>
Title: Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>PETER CHAUVIN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Peter Chauvin<BR>
Title: Vice President</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=8,SEQ=8,EFW="2121685",CP="CELESTICA",DN="3",CHK=529112,FOLIO='8',FILE='DISK033:[03TOR8.03TOR2148]LA2148B.;1',USER='PANDERS',CD=';6-NOV-2003;00:47' -->
<A NAME="page_la2148_1_9"> </A>
<P ALIGN="RIGHT"><FONT SIZE=2><B>Signature Page for Deutsche Bank&nbsp;AG, Canada Branch, as Lender  </B></FONT></P>

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<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><B>DEUTSCHE BANK&nbsp;AG, CANADA&nbsp;BRANCH</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROBERT A. JOHNSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Robert A. Johnson<BR>
Title: Vice President</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>MARIA GOZEN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Maria Gozen<BR>
Title: Vice President</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Signature Page for Bank of Nova Scotia (on its own account),<BR>
as Lender in respect of the Commitment of The Royal Bank of Scotland&nbsp;Plc  </B></FONT></P>

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<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><B>THE BANK OF NOVA SCOTIA (on its own account and not as agent), as Lender in respect of the Commitment of The Royal Bank of Scotland&nbsp;Plc</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>STEVE TORRENS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Steve Torrens<BR>
Title: Managing Director, Corporate Banking&nbsp;&#151;&nbsp;Communications&nbsp;&amp; Technology</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DEREK ORANGE</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Derek Orange<BR>
Title: Associate Director, Corporate Banking&nbsp;&#151;&nbsp;Communications&nbsp;&amp; Technology</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Signature Page for National Bank of Canada, as Lender  </B></FONT></P>

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<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><B>NATIONAL BANK OF CANADA</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ED SUSTAR</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Ed Sustar<BR>
Title: Vice President</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>IAN GILLESPIE</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Ian Gillespie<BR>
Title: Vice President</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=9,SEQ=9,EFW="2121685",CP="CELESTICA",DN="3",CHK=856340,FOLIO='9',FILE='DISK033:[03TOR8.03TOR2148]LA2148B.;1',USER='PANDERS',CD=';6-NOV-2003;00:47' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lc2148_exhibit_1_to_first_amendment_t__exh05466"> </A>
<A NAME="toc_lc2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT&nbsp;1 TO FIRST AMENDMENT TO AMENDED AND<BR>  RESTATED FOUR YEAR REVOLVING TERM CREDIT AGREEMENT<BR>  <BR>    EXHIBIT 1<BR>  <BR>    <U>Calculation of Tangible Net Worth</U>  <BR>    </B></FONT></P>

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<TABLE WIDTH="79%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Capital stock</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Preferred stock</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>3.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Paid-in capital</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>4.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Retained earnings</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>5.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Cumulative translation adjustment (positive or negative)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>6.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Patents, patent applications, trade-marks, service marks, industrial designs, copyright and trade-marks</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>($</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>7.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Goodwill and other intangibles</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>($</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>8.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Any equity in, loan to or other investment or interest in an Unrestricted Subsidiary whatsoever</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>($</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM"><HR NOSHADE></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Tangible Net Worth</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=6 ALIGN="CENTER"><BR><FONT SIZE=2><B><U>Calculation of Covenant Level</U></B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2><BR>
9.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2><BR>
Opening Tangible Net Worth as set out in Section&nbsp;9.3(a)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>10.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Plus 50% of cumulative annual consolidated positive Net Income, commencing with the fiscal year ending December&nbsp;31, 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>11.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>Less aggregate purchase price paid for subordinate voting shares in the capital of Celestica purchased at Arm's Length by Celestica, commencing October&nbsp;1, 2003 (subject to an aggregate deduction limit of
U.S.&nbsp;$250,000,000), as set out in Annex&nbsp;A</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>($</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM"><HR NOSHADE></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="76%"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lc2148_annex_a_to_exhibit_1"> </A>
<A NAME="toc_lc2148_2"> </A>
<BR></FONT><FONT SIZE=2><B>ANNEX A<BR>  TO EXHIBIT 1    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="lc2148_aggregate_purchase_price_for_s__agg04823"> </A>
<A NAME="toc_lc2148_3"> </A>
<BR></FONT><FONT SIZE=2><B>Aggregate Purchase Price for Subordinate Voting Shares in the Capital of Celestica<BR>  Purchased at Arm's Length by Celestica    <BR>    </B></FONT></P>

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<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><FONT SIZE=2>During all fiscal quarters commencing October&nbsp;1, 2003, to and including the fiscal quarter commencing:</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="83%" VALIGN="TOP"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>(1)</SUP></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2>&#149;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><FONT SIZE=2>Plus fiscal quarter commencing:</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="83%" VALIGN="TOP"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;<SUP>(2)</SUP></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2>&#149;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="9%" ALIGN="CENTER"><FONT SIZE=2>&#149;</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="60">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>All
previous fiscal quarters, commencing on October 1, 2003, up to and including the fiscal quarter immediately prior to the most recently completed fiscal quarter. </FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>The
most recently completed fiscal quarter, which is the subject of the Quarterly Certificate on Covenants to which this Exhibit and Annex are attached. </FONT></DD></DL>
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<P><br><A NAME="03TOR2147_3">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_la2148_1">FIRST AMENDMENT TO AMENDED AND RESTATED FOUR YEAR REVOLVING TERM CREDIT AGREEMENT</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_lc2148_1">EXHIBIT 1 TO FIRST AMENDMENT TO AMENDED AND RESTATED FOUR YEAR REVOLVING TERM CREDIT AGREEMENT EXHIBIT 1 Calculation of Tangible Net Worth</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_lc2148_2">ANNEX A TO EXHIBIT 1</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_lc2148_3">Aggregate Purchase Price for Subordinate Voting Shares in the Capital of Celestica Purchased at Arm's Length by Celestica</A></FONT><BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>a2121685zex-5_1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 5.1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT> <FONT SIZE=2><B>[LETTERHEAD OF DAVIES WARD PHILLIPS &amp; VINEBERG LLP]  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>File No.&nbsp;202668 </FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>November&nbsp;5,
2003 </FONT></P>

<P><FONT SIZE=2>Celestica&nbsp;Inc.<BR>
1150 Eglinton Avenue East<BR>
Toronto, ON M3C&nbsp;1H7 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Celestica&nbsp;Inc.<BR>
Registration Statement on Form F-4  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<U>&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;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as Canadian counsel to Celestica&nbsp;Inc. (the "Corporation") in connection with the preparation and filing with the United&nbsp;States
Securities and Exchange Commission (the "Commission") under the United&nbsp;States Securities Act of 1933, as amended (the "Securities Act") of the Corporation's registration statement on
Form&nbsp;F-4 dated November&nbsp;5, 2003, as amended (the "Registration Statement") relating to the offering, as set forth in the Registration Statement and the form of
prospectus/proxy statement contained therein (the "Prospectus"), of the subordinate voting shares of the Corporation registered under the Registration Statement (the "Subject Shares"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have examined such corporate records of the Corporation, such certificates of officers of the Corporation, public officials and others and originals, copies or facsimiles of such
other agreements, instruments, certificates and documents as we have deemed necessary or advisable as a basis for the opinion expressed below. We have assumed the genuineness of all signatures, the
legal capacity of all individuals, the authenticity of all documents submitted to us as originals and the conformity to authentic originals of all documents submitted to us as certified or photostatic
copies or as facsimiles. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
and relying on, and subject to, the foregoing, we are of the opinion that, upon the issuance by the Corporation of the Subject Shares upon the terms and conditions contemplated in
the Registration Statement (including, without limitation, the receipt by the Corporation of the consideration therefor), the Subject Shares will be validly issued and outstanding as fully paid and
non-assessable shares in the capital of the Corporation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
opinion expressed below is limited to the laws of the Province of Ontario and the federal laws of Canada applicable in that province. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hereby consent to the filing of this opinion as an Exhibit to the Registration Statement (as it may be further amended from time to time) and to the reference to our firm under the
heading "Legal Matters" in the Prospectus, as it may be further amended from time to time, without thereby admitting that we are "experts" under the Securities Act or the rules and regulations of the
Commission thereunder for purposes of any part of the Registration Statement (as it may be further amended from time to time), including this Exhibit. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
opinion expressed herein is provided solely for your benefit in connection with the filing of the Registration Statement with the Commission and may not be used or relied upon by any
other person or for any other purpose. </FONT></P>

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<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="53%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="53%"><FONT SIZE=2>Yours very truly,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="53%"><FONT SIZE=2><BR>
/s/ DAVIES WARD PHILLIPS&nbsp;&amp; VINEBERG&nbsp;LLP</FONT></TD>
</TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>6
<FILENAME>a2121685zex-8_1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#03TOR2147_5">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 8.1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="na2148_[kaye_scholer_letterhead]"> </A>
<A NAME="toc_na2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>[Kaye Scholer Letterhead]</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>November&nbsp;&nbsp;&nbsp;&nbsp;,
2003 </FONT></P>

<P><FONT SIZE=2>Celestica&nbsp;Inc.<BR>
1150 Eglinton Avenue East<BR>
Toronto, Ontario<BR>
Canada M3C&nbsp;1H7 </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>Re:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2><U>Merger among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Manufacturers' Services Limited</U></FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>Ladies and Gentlemen: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are acting as counsel for Celestica&nbsp;Inc., a corporation organized under the laws of the Province of Ontario, Canada ("Parent"), in connection with the preparation and execution
of the Agreement and Plan of Merger (the "Merger Agreement"), dated as of October&nbsp;14, 2003, by and among Parent, MSL Acquisition Sub&nbsp;Inc., a Delaware corporation and wholly owned
first-tier subsidiary of Parent ("Merger Sub"), and Manufacturers' Services Limited, a Delaware corporation ("Company").
Unless otherwise defined, capitalized terms referred to herein have the meanings set forth in the Merger Agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
this capacity, we have participated in the preparation of a registration statement on Form&nbsp;F-4 filed pursuant to the Securities Act of 1933, including the Proxy
Statement/Prospectus of Parent and Company, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003 (the "Proxy Statement"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Merger Agreement, Company will merge with and into Merger Sub (the "Merger"), the separate corporate existence of Company will cease and Merger Sub will continue as the
surviving corporation and as a wholly-owned subsidiary of Parent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
have requested our opinion regarding certain U.S.&nbsp;federal income tax consequences of the Merger. This opinion is being delivered to you in response to such request and
pursuant to Section&nbsp;5.12(a) of the Merger Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
delivering this opinion, we have reviewed and relied upon the facts, statements, descriptions and representations set forth in the Merger Agreement (including the Schedules and
Exhibits thereto), the Proxy Statement and such other documents pertaining to the Merger as we have deemed necessary or appropriate. We have also relied, with your consent, and consistent with
Section&nbsp;5.12(a) of the Merger Agreement, upon the certifications of officers of Parent and Merger Sub and officers of Company, respectively, dated as
of&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;, 2003
(the "Officers' Tax Certificates") which have been delivered to us for purposes of this opinion. Moreover, you have advised us that the Board of Directors of Parent believes that the Merger is
consistent with Parent's objectives and strategies to gain access to new markets, technologies and products in order to maintain its competitive position and that the Merger will create a stronger
company, both from a financial and an operational viewpoint. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with rendering this opinion, we have also assumed (without any independent investigation) that: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>Original
documents (including signatures) are authentic, documents submitted to us as copies conform to the original documents, and there has been (or will be by the Effective Time)
due execution and delivery of all documents where due execution and delivery are prerequisites to effectiveness thereof; </FONT></DD></DL>
</UL>
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<A NAME="page_na2148_1_2"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>Any
statement made in any of the documents referred to herein as being "to the best of the knowledge" of, or "the expectation" of, any person or party, or similarly qualified, is
correct without such qualification; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>All
statements, descriptions and representations contained in any of the documents referred to herein or otherwise made to us are true, correct and complete in all material respects
and, as of the Effective Time, will be true, correct and complete and no actions have been (or will be) taken which are inconsistent with such representations. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on our examination of the foregoing items and subject to the assumptions, exceptions, limitations and qualifications set forth herein, we are of the opinion that: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>If
the Merger is consummated in accordance with the Merger Agreement and the statements set forth in the Officers' Tax Certificates are true, correct and complete as of the date hereof
and at the Effective Time, then, for U.S.&nbsp;federal income tax purposes, the Merger will constitute a "reorganization" within the meaning of Section&nbsp;368(a) of the Internal Revenue Code of
1986, as amended (the "Code"); and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>The
discussion in the Proxy Statement under the heading "Material United&nbsp;States Federal Income Tax Consequences," insofar as it describes the U.S.&nbsp;federal income tax
consequences of the Merger to U.S.&nbsp;Holders and the U.S.&nbsp;federal income tax considerations applicable to the ownership of Parent subordinate voting shares by U.S.&nbsp;Holders following
the Merger, is accurate in all material respects. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
opinion represents and is based upon our best judgment regarding the application of U.S.&nbsp;federal income tax laws arising under the Code, existing judicial decisions, Treasury
regulations and published rulings and procedures. Our opinion is not binding upon the Internal Revenue Service or the courts, and there is no assurance that the Internal Revenue Service will not
successfully assert a contrary position. Furthermore, no assurance can be given that future legislative, judicial or administrative changes, on either a prospective or retroactive basis, would not
adversely affect the accuracy of the conclusions stated herein. Nevertheless, we undertake no responsibility to advise you of any new developments in the application or interpretation of the
U.S.&nbsp;federal income tax laws. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
opinion addresses only the classification of the Merger as a reorganization within the meaning of Section&nbsp;368(a) of the Code, and does not address any other federal, state,
local or foreign tax consequences that may result from the Merger or any other transaction (including any transaction undertaken in connection with the Merger). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
opinion is expressed as to any transaction other than the Merger as described in the Merger Agreement or to any transaction whatsoever, including the Merger, if all the transactions
described in the Merger Agreement are not consummated in accordance with the terms of the Merger Agreement and without waiver or breach of any material provision thereof, or if any of the
representations, warranties, statements and assumptions upon which we relied are not true, correct and complete at all relevant times. In the event any one of the representations, warranties,
statements or assumptions upon which we have relied to issue this opinion is incorrect, our opinion might be adversely affected and may not be relied upon. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
consent to the filing of this opinion as an exhibit to the Proxy Statement and to the use of our name under the heading "The Merger&nbsp;&#151;&nbsp;Material
U.S.&nbsp;Federal Income Tax Consequences" in the Proxy Statement. In giving this consent, we do not concede that we are experts within the meaning of the Securities Act of 1933, as amended, or the
rules and regulations thereunder, or that this consent is required by Section&nbsp;7 of the Securities Act of 1933. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as contemplated in the preceding paragraph, this opinion is intended solely for the benefit of Parent and Merger Sub and may not be relied upon by any other person. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Very
truly yours, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P><br><A NAME="03TOR2147_5">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_na2148_1">[Kaye Scholer Letterhead]</A></FONT><BR>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.2
<SEQUENCE>7
<FILENAME>a2121685zex-8_2.htm
<DESCRIPTION>EXHIBIT 8.2
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#03TOR2147_6">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 8.2  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="oa2148_[hale_and_dorr_llp_letterhead]"> </A>
<A NAME="toc_oa2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>[Hale and Dorr&nbsp;LLP letterhead]    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>November&nbsp;&nbsp;&nbsp;&nbsp;,
2003 </FONT></P>

<P><FONT SIZE=2>Manufacturers'
Services Limited<BR>
300 Baker Avenue<BR>
Suite&nbsp;106<BR>
Concord, Massachusetts 01742 </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>Re:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Merger pursuant to Agreement and Plan of Merger among<BR>
<U>Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Manufacturers' Services Limited</U></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>Ladies and Gentlemen: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
opinion is being delivered to you in connection with the filing of a registration statement (the "Registration Statement") on Form&nbsp;F-4, which includes the Proxy
Statement and Prospectus relating to the Agreement and Plan of Merger dated as of October&nbsp;14, 2003 (the "Merger Agreement") by and among Celestica&nbsp;Inc., a corporation organized under the
laws of the Province of
Ontario, Canada ("Parent"), MSL Acquisition Sub&nbsp;Inc., a Delaware corporation and wholly owned subsidiary of Parent ("Merger Sub"), and Manufacturers' Services Limited, a Delaware corporation
("Company"). Pursuant to the Merger Agreement, Company will merge with and into Merger Sub (the "Merger"). Except as otherwise provided, capitalized terms not defined herein have the meanings set
forth in the Merger Agreement and the exhibits thereto or in the letters delivered to Hale and Dorr&nbsp;LLP by Parent and Company containing certain representations of Parent and Company relevant
to this opinion (the "Representation Letters"). All section references, unless otherwise indicated, are to the United&nbsp;States Internal Revenue Code of 1986, as amended (the "Code"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
our capacity as counsel to Company in the Merger, and for purposes of rendering this opinion, we have examined and relied upon the Registration Statement, the Merger Agreement and the
schedules and exhibits thereto, the Representation Letters, and such other documents as we considered relevant to our analysis. In our examination of documents, we have assumed the authenticity of
original documents, the accuracy of copies, the genuineness of signatures, and the legal capacity of signatories. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have assumed that all parties to the Merger Agreement and to any other documents examined by us have acted, and will act, in accordance with the terms of such Merger Agreement and
documents and that the Merger will be consummated at the Effective Time pursuant to the terms and conditions set forth in the Merger Agreement without the waiver or modification of any such terms and
conditions. Furthermore, we have assumed that all representations contained in the Merger Agreement, as well as those representations contained in the Representation Letters, are, and at the Effective
Time will be, true and complete in all material respects, and that any representation made in any of the documents referred to herein "to the best of the knowledge and belief" (or similar
qualification) of any person or party is, and at the Effective Time will be, correct without such qualification. We have also assumed that as to all matters for which a person or entity has
represented that such person or entity is not a party to, does not have, or is not aware of, any plan, intention, understanding, or agreement, there is no such plan, intention, understanding, or
agreement. We have not attempted to verify independently such representations, but in the course of our representation, nothing has come to our attention that would cause us to question the accuracy
thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
conclusions expressed herein represent our judgment as to the proper treatment of certain aspects of the Merger under the income tax laws of the United&nbsp;States based upon the
Code, Treasury Regulations, case law, and rulings and other pronouncements of the Internal Revenue Service (the "IRS") as in effect on the date of this opinion. No assurances can be given that such
laws will not be </FONT></P>

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<P><FONT SIZE=2>amended
or otherwise changed prior to the Effective Time, or at any other time, or that such changes will not affect the conclusions expressed herein. Nevertheless, we undertake no responsibility to
advise you of any developments after the Effective Time in the application or interpretation of the income tax laws of the United&nbsp;States. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
opinion represents our best judgment of how a court would decide if presented with the issues addressed herein and is not binding upon either the IRS or any court. Thus, no
assurances can be given that a position taken in reliance on our opinion will not be challenged by the IRS or rejected by a court. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
opinion addresses only the classification of the Merger as a reorganization within the meaning of Section&nbsp;368(a) of the Code, and does not address any other federal, state,
local, or foreign income, estate, gift, transfer, sales, use, or other tax consequences that may result from the Merger or any other transaction (including any transaction undertaken in connection
with the Merger). Without limiting the generality of the foregoing, we express no opinion regarding the tax consequences of the Merger: (i)&nbsp;to shareholders of Company that are subject to
special tax rules, (ii)&nbsp;arising in connection with the ownership of options or warrants for Company stock, and (iii)&nbsp;in relation to the survival or availability of the tax attributes and
elections of Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the basis of, and subject to, the foregoing, and in reliance upon the representations and assumptions described above, we are of the opinion that (a)&nbsp;for United&nbsp;States
federal income tax purposes, the Merger will constitute a reorganization within the meaning of Section&nbsp;368(a) of the Code and (b)&nbsp;the discussion set forth in the section entitled "The
Merger&nbsp;&#151;&nbsp;Material United&nbsp;States Federal Income Tax Consequences" in the Registration Statement, insofar as it describes the United&nbsp;States federal
income tax consequences of the Merger and the U.S.&nbsp;federal income tax considerations applicable to the ownership of Parent subordinate voting shares following the merger, is accurate in all
material respects. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
rendering this opinion, we have assumed that Kaye Scholer&nbsp;LLP has delivered, and has not withdrawn, an opinion that is substantially similar to this one. No opinion is
expressed as to any federal income tax consequence of the Merger except as specifically set forth herein, and this opinion may not be relied upon except with respect to the consequences specifically
discussed herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
opinion is intended solely for the purpose of inclusion as an exhibit to the Registration Statement. It may not be relied upon for any other purpose or by any other person or
entity, and may not be made available to any other person or entity without our prior written consent. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and
further consent to the use of our name in the Registration Statement in connection with references to this opinion and the tax consequences of the Merger. In giving this consent, however, we do not
hereby concede that we are experts within the meaning of the Securities Act of 1933, as amended, or the rules and regulations thereunder, nor do we admit that we are in the category of persons whose
consent is required under Section&nbsp;7 of the Securities Act of 1933, as amended. </FONT></P>

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<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>Very truly yours,<BR>
<BR>
<BR>
<BR>
<BR></FONT> <FONT SIZE=2>HALE AND DORR LLP</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>8
<FILENAME>a2121685zex-10_1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 10.1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="pa2148_amended_and_restated_management_services_agreement"> </A>
<A NAME="toc_pa2148_1"> </A>
<BR></FONT><FONT SIZE=2><B><U>AMENDED AND RESTATED MANAGEMENT SERVICES AGREEMENT</U>  <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>MEMORANDUM OF AGREEMENT</B></FONT><FONT SIZE=2> made as of the 1<SUP>st</SUP> day of July&nbsp;2003. </FONT></P>

<P><FONT SIZE=2>B
E T W E E N: </FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="24%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="42%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="29%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><B>CELESTICA INTERNATIONAL&nbsp;INC.,</B></FONT><FONT SIZE=2><BR>
a corporation existing under the laws of the<BR>
Province of Ontario,</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%" ALIGN="RIGHT"><FONT SIZE=2>OF THE FIRST PART,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%" ALIGN="CENTER"><FONT SIZE=2><BR>
&#151;&nbsp;and&nbsp;&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><BR><FONT SIZE=2><B>CELESTICA&nbsp;INC.,</B></FONT><FONT SIZE=2><BR>
a corporation existing under the laws of the<BR>
Province of Ontario,</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%" ALIGN="RIGHT"><FONT SIZE=2>OF THE SECOND PART,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%" ALIGN="CENTER"><FONT SIZE=2><BR>
&#151;&nbsp;and&nbsp;&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><BR><FONT SIZE=2><B>ONEX CORPORATION,</B></FONT><FONT SIZE=2><BR>
a corporation existing under the laws of the<BR>
Province of Ontario,</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
(hereinafter referred to as "Onex"),</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%" ALIGN="RIGHT"><FONT SIZE=2>OF THE THIRD PART.</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>&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;WHEREAS
Onex is a corporation with substantial experience in strategic planning, business planning, financial matters, raising capital, negotiating business arrangements
and other business management and administration matters; </FONT></P>

<P><FONT SIZE=2>&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;AND
WHEREAS each of Celestica International&nbsp;Inc. (formerly Celestica North America&nbsp;Inc.) and Celestica&nbsp;Inc. (collectively, "Celestica") desires to
avail itself of the experience, sources of information, advice, assistance and personnel of and available to Onex; </FONT></P>

<P><FONT SIZE=2>&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;AND
WHEREAS Celestica and Onex entered into this management services agreement dated as of July&nbsp;7, 1998 (the "Original Agreement"); </FONT></P>

<P><FONT SIZE=2>&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;AND
WHEREAS Celestica and Onex desire to amend and restate the Original Agreement effective as of the date hereof; </FONT></P>

<P><FONT SIZE=2>&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;NOW
THEREFORE this agreement witnesses that in consideration of the respective covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties covenant and agree as follows: </FONT></P>

<P><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Scope of Services</U></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Onex hereby agrees to provide to Celestica on a continuing basis, through
personnel of Onex or, at Onex's discretion, the personnel of subsidiaries of Onex, management, administrative, strategic planning, financial and support services relating to Celestica and its
subsidiaries of such nature as Celestica may reasonably require from time to time having regard to Onex's experience, expertise and personnel or the personnel of its subsidiaries, as the case may be. </FONT></P>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Sourcing of Services</U></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;For greater certainty, under no circumstances shall Onex be obligated to
provide to Celestica or its subsidiaries the services of outside professionals or consultants in fulfilling the obligations of Onex set forth herein. In no circumstances shall Celestica be prevented
from seeking similar services from third parties, any such services to be paid for by Celestica. </FONT></P>

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<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Fees</U></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the services to be rendered by Onex as described herein, Celestica
shall pay to Onex a base fee (the "Base Fee") and a performance incentive fee, if any (the "Incentive Fee"), in each case determined and paid as set out below. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2><U>Base
Fee</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Base Fee payable to Onex in respect of each of the following periods shall be as set out opposite such period below: </FONT></DD></DL>
</UL>
<BR>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="71%" ALIGN="CENTER"><FONT SIZE=1><B>Period<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="25%" ALIGN="CENTER"><FONT SIZE=1><B>Amount</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><FONT SIZE=2>Six months ending December&nbsp;31, 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><FONT SIZE=2>U.S.$250,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><FONT SIZE=2>Year ending December&nbsp;31, 2004</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><FONT SIZE=2>U.S.$500,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><FONT SIZE=2>Year ending December&nbsp;31, 2005</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><FONT SIZE=2>U.S.$1,000,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><FONT SIZE=2>Year ending December&nbsp;31, 2006</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><FONT SIZE=2>U.S.$1,000,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><FONT SIZE=2>Year ending December&nbsp;31, 2007</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><FONT SIZE=2>U.S.$1,000,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="71%"><FONT SIZE=2>Year ending December&nbsp;31, 2008</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><FONT SIZE=2>U.S.$1,000,000</FONT></TD>
</TR>
</TABLE>
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<UL>
<UL>

<P><FONT SIZE=2>The
Base Fee shall be payable in equal quarterly instalments in arrears on the last business day of March, June, September and December each year. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2><U>Incentive
Fee</U>.&nbsp;&nbsp;&nbsp;&nbsp;The Incentive Fee payable to Onex in respect of any calendar year will be determined in accordance with the following formula: </FONT></DD></DL>
</UL>
<BR>

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<TR VALIGN="BOTTOM">
<TH WIDTH="23%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="23%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="23%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="23%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2>Incentive Fee =</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER"><FONT SIZE=2><U>A</U><BR>
B</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER"><FONT SIZE=2>&times;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER"><FONT SIZE=2>C</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2>where:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<TR VALIGN="BOTTOM">
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="91%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=2>A&nbsp;=</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>the aggregate amount (the "Bonus Amount") of the annual bonuses (excluding any personal performance factor adjustments) in respect of such calendar year paid to the five executive officers of Celestica (including
subsidiaries) who are most highly compensated under its regular compensation plans (the "Executive Officers");</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=2>B&nbsp;=</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>the aggregate amount (the "Target Amount") of the target bonus amounts in respect of such calendar year for the Executive Officers determined by the Compensation Committee of Celestica&nbsp;Inc.; and</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=2>C&nbsp;=</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>the aggregate Base Fee payable in respect of such calendar year, which, for greater certainty, shall be U.S.$250,000 for the year ending December&nbsp;31, 2003.</FONT></TD>
</TR>
</TABLE>
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<UL>
<UL>

<P><FONT SIZE=2>The
Incentive Fee shall be payable on the date when annual bonuses are generally paid to the Executive Officers in accordance with Celestica's then-current policies. </FONT></P>

<P><FONT SIZE=2>No
Incentive Fee shall be payable in respect of the year ending December&nbsp;31, 2003 if the Bonus Amount for such year is less than the Target Amount for such year. No Incentive Fee shall be
payable in respect of any period if the cumulative aggregate of the Base Fees and Incentive Fees paid to Onex in respect of prior periods ending after June&nbsp;30, 2003 exceeds U.S.$10,000,000. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Interest
on any payable and unpaid amounts shall be payable at the annual rate of interest announced from time to time by Bank of Nova Scotia as being its prime rate of interest used
by it as a reference rate for commercial loans made in Canadian dollars within Canada adjusted on a daily basis for changes in that rate (such interest to be payable on demand by Onex).
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>The
Base Fee and the Incentive Fee shall be allocated between and payable by Celestica International&nbsp;Inc. and Celestica&nbsp;Inc. in such proportion as they determine, having
regard to the benefits that each of them receives from the provision of the services contemplated herein. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Change in Control</U></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;In the event of a Change in Control, Celestica shall pay to Onex an amount
(the "Change in Control Amount") equal to U.S.$10,000,000 minus the aggregate amount of the Base </FONT></P>

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<BR>

<P><FONT SIZE=2>Fees
and the Incentive Fees paid to Onex under this Agreement after July&nbsp;1, 2003 and before the date of the Change in Control (the "Change in Control Date"). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
further Base Fees or Incentive Fees shall be payable to Onex under this Agreement after the Change in Control Date. The Change in Control Amount shall be payable to Onex on the date
that is 30 calendar days after the Change in Control Date. This agreement shall automatically terminate upon the payment of the Change in Control Amount. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of this section&nbsp;4, "Change in Control" means the acquisition by any person (other than Onex or an affiliate of Onex) of beneficial ownership of more than 50% of
the outstanding equity securities of Celestica&nbsp;Inc. or any successor company pursuant to an offer to acquire all of the equity securities of such company. </FONT></P>


<P><FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Celestica shall pay to Onex, as and when invoiced from time to time, the reasonable
out-of-pocket expenses incurred in connection with any services provided by Onex to Celestica pursuant to this agreement, including the fees and disbursements of Onex's legal
counsel to the extent that legal services are provided to Onex in connection with Onex's performance
of its obligations to Celestica under this Agreement and provided such fees are reasonable in the circumstances. </FONT></P>

<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional Services</U></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;From time to time hereafter, Celestica may request that Onex provide to
Celestica or any of Celestica's subsidiaries services in addition to those contemplated in section&nbsp;1 above. Onex may agree or not agree to provide such services in its sole discretion and may
elect to provide such services without charging additional consideration therefor or may charge such fees in connection therewith as may be agreed to between Onex and Celestica. If Celestica uses Onex
management personnel to provide investment banking or financial advice in connection with any acquisition, Onex will be entitled to receive fees consistent, in the determination of the board of
directors of Celestica&nbsp;Inc., with fees typically paid for financial advice in such circumstances to investment bankers or other expert advisors at arm's-length to Celestica. </FONT></P>

<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Responsibility</U></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Onex assumes no responsibility to Celestica hereunder other than as expressly
set forth herein. Onex shall not be liable to Celestica hereunder except where Onex has acted in bad faith or has been grossly negligent in the performance of its obligations hereunder. </FONT></P>

<P><FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Goods and Services Tax ("GST") Elections</U></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Celestica agrees to cooperate with Onex in making
any election in connection with GST that would otherwise be exigible in respect of the services provided hereunder and the consideration paid therefor, provided such election is made in accordance
with applicable law. </FONT></P>

<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;This agreement shall terminate on December&nbsp;31, 2008. </FONT></P>


<P><FONT SIZE=2><B>10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Automatic Termination</U></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Subject to section&nbsp;4 above, this agreement shall terminate
automatically and the rights of Onex to receive fees (other than accrued and unpaid fees) will terminate 30&nbsp;days after the first day on which Onex ceases to hold at least one multiple voting
share in the capital of Celestica&nbsp;Inc. or any successor company. </FONT></P>

<P><FONT SIZE=2><B>11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice</U></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Any notice required or permitted to be given under this agreement and shall be given
by delivering the same or by sending it by facsimile transmission, in the case of Onex, to 161 Bay Street, 49th Floor, Canada Trust Tower, Toronto, Ontario, M5J&nbsp;2S1, Attention: Anthony Melman
or Donald Lewtas, fax: (416)&nbsp;362-5765 and in the case of either Celestica International&nbsp;Inc. or Celestica&nbsp;Inc. to 1150 Eglinton Avenue East, Toronto, Ontario,
M3C&nbsp;1H7, Attention: Chairman and Chief Executive Officer, fax: (416)&nbsp;448-4758. A notice so given shall be deemed to have been given and received on the business day on which
it is delivered or sent by facsimile transmission. Either party may change its address for service from time to time by notice given in accordance with the foregoing. </FONT></P>

<P><FONT SIZE=2><B>12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire Agreement</U></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;This agreement constitutes the entire agreement between the parties hereto
relating to the subject matter hereof. This agreement may not be amended or modified in any way except by the written consent of the parties hereto. </FONT></P>

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2><B>13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Enurement</U></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this agreement shall enure to the benefit of and be binding on
the parties hereto and their respective successors and permitted assigns. This agreement may not be assigned by Celestica without the prior written consent of Onex. Onex may, without the consent of
Celestica, assign all or some part of the benefit and its obligations under this agreement to one or more affiliates of Onex. </FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Further Assurance</U></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Each party shall from time to time and at all times hereafter do such
further acts and things and execute such further documents and instruments as shall be reasonably required in order to perform fully and carry out the terms of this agreement. </FONT></P>

<P><FONT SIZE=2><B>15.&nbsp;&nbsp;&nbsp;&nbsp;<U>Time of the Essence</U></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Time shall be of the essence of this agreement. </FONT></P>

<P><FONT SIZE=2><B>16.&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;This agreement shall be governed by and construed in accordance with the laws
of the Province of Ontario and the federal laws of Canada applicable therein, and the parties hereto hereby irrevocably attorn to the non-exclusive jurisdiction of the courts of the
Province of Ontario. </FONT></P>

<P><FONT SIZE=2><B>17.&nbsp;&nbsp;&nbsp;&nbsp;<U>Execution in Counterparts</U></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;This agreement may be executed in counterparts, each of which
shall constitute an original, and all of which taken together shall constitute one and the same instrument. </FONT></P>

<P><FONT SIZE=2>&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;IN
WITNESS WHEREOF this agreement has been executed by the parties hereto as of the date first above written. </FONT></P>

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<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>CELESTICA INTERNATIONAL&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>EUGENE V. POLISTUK</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Eugene V. Polistuk<BR>
Title: Chief Executive Office</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>CELESTICA&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>EUGENE V. POLISTUK</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Eugene V. Polistuk<BR>
Title: Chief Executive Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>ONEX CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ANTHONY R. MELMAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Anthony R. Melman<BR>
Title: Managing Director</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DONALD LEWTAS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: Donald Lewtas<BR>
Title: Vice President</FONT></TD>
</TR>
</TABLE>
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<BR>
<P><br><A NAME="03TOR2147_7">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_pa2148_1">AMENDED AND RESTATED MANAGEMENT SERVICES AGREEMENT</A></FONT><BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>9
<FILENAME>a2121685zex-21_1.htm
<DESCRIPTION>EXHIBIT 21.1
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#03TOR2147_8">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 21.1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> <A NAME="qa2148_celestica_inc._subsidiaries"> </A>
<A NAME="toc_qa2148_1"> </A>
CELESTICA&nbsp;INC. SUBSIDIARIES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>1204362
Ontario&nbsp;Inc., Ontario corporation<BR>
1282087 Ontario&nbsp;Inc., Ontario corporation<BR>
1282088 Ontario&nbsp;Inc., Ontario corporation<BR>
1287347 Ontario&nbsp;Inc., Ontario corporation<BR>
1334607 Ontario&nbsp;Inc., Ontario corporation<BR>
1346574 Ontario&nbsp;Inc., Ontario corporation<BR>
1346575 Ontario&nbsp;Inc., Ontario corporation<BR>
1346576 Ontario&nbsp;Inc., Ontario corporation<BR>
1346817 Ontario&nbsp;Inc., Ontario corporation<BR>
1346818 Ontario&nbsp;Inc., Ontario corporation<BR>
1346819 Ontario&nbsp;Inc., Ontario corporation<BR>
1555151 Ontario&nbsp;Inc., Ontario corporation<BR>
Amnitek Corporation, Texas corporation<BR>
Celestica Acquisition Corp., Delaware corporation<BR>
Celestica Aerospace Technologies Corporation, Delaware corporation<BR>
Celestica AG, Switzerland corporation<BR>
Celestica Asia Pte Limited, Singapore corporation<BR>
Celestica (Barbados)&nbsp;Inc., Barbados corporation<BR>
Celestica Corporation, Delaware corporation<BR>
Celestica de Monterrey&nbsp;S.A. de C.V., Mexico corporation<BR>
Celestica do Brasil&nbsp;Ltda., Brazil limited liability corporation<BR>
Celestica Electronics (China) Pte&nbsp;Ltd., Singapore corporation<BR>
Celestica Electronics (M)&nbsp;Sdn. Bhd., Malaysia corporation<BR>
Celestica Electronics (S)&nbsp;Pte&nbsp;Ltd., Singapore corporation<BR>
Celestica Employee Nominee Corporation, Ontario corporation<BR>
Celestica Europe&nbsp;Inc., Ontario corporation<BR>
Celestica France SAS, France corporation<BR>
Celestica Holdings Pte Limited, Singapore corporation<BR>
Celestica Hong Kong Limited, Hong Kong corporation<BR>
Celestica International&nbsp;Inc., Ontario corporation<BR>
Celestica Ireland Holdings, Ireland unlimited liability company<BR>
Celestica Ireland Limited, Ireland corporation<BR>
Celestica Italia&nbsp;S.r.l., Italy corporation<BR>
Celestica Japan KK, Japan corporation<BR>
Celestica Kladno, s.r.o., Czech Republic corporation<BR>
Celestica Limited, United&nbsp;Kingdom corporation<BR>
Celestica Liquidity Management Hungary Limited Liability Company, Hungary corporation<BR>
Celestica Malaysia Sdn. Bhd., Malaysia corporation<BR>
Celestica Medical Systems Corporation, Delaware corporation<BR>
Celestica Montreal&nbsp;Inc., Canada corporation<BR>
Celestica (Netherlands)&nbsp;B.V., Netherlands corporation<BR>
Celestica (PMI)&nbsp;LLC, Delaware limited liability company<BR>
Celestica (PMII)&nbsp;LLC, Delaware limited liability company<BR>
Celestica Rajecko, s.r.o., Czech Republic corporation<BR>
Celestica Services Limited, United&nbsp;Kingdom corporation<BR>
Celestica Singapore Pte Limited, Singapore corporation<BR>
Celestica South America Holdings&nbsp;Inc., Ontario corporation<BR>
Celestica Suzhuo Technology&nbsp;Ltd., China corporation<BR>
Celestica (Switzerland) AG, Switzerland corporation<BR>
Celestica Systems Corporation, Delaware corporation<BR>
Celestica (Telford) Limited, United&nbsp;Kingdom corporation<BR></FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2>Celestica
(Thailand) Limited, Thailand corporation<BR>
Celestica (U.S.)&nbsp;Inc., Delaware corporation<BR>
Celestica (UK) Holdings Limited, United&nbsp;Kingdom corporation<BR>
Dongguan Celestica Electronics,&nbsp;Ltd., China corporation<BR>
EMS Manufacturing Services Limited, Barbados corporation<BR>
EMS Manufacturing Services (Holdings) Limited, Barbados corporation<BR>
ETEQ Components (HK)&nbsp;Ltd., Hong Kong corporation<BR>
ETEQ Components Pte&nbsp;Ltd., Singapore corporation<BR>
Fowseng Plastics Industries Pte&nbsp;Ltd., Singapore corporation<BR>
IMS Holdco&nbsp;Inc., Delaware corporation<BR>
IMS International Manufacturing Services Limited, Cayman Islands corporation<BR>
Jiminy&nbsp;S.r.l., Italy corporation<BR>
Kojin Mould Mfg. Pte&nbsp;Ltd., Singapore corporation<BR>
MSL Acquisition Sub&nbsp;Inc., Delaware corporation<BR>
Omni Electronics (Shanghai)&nbsp;Co.&nbsp;Ltd., China corporation<BR>
Omni Engineering (Shanghai)&nbsp;Co.,&nbsp;Ltd., China corporation<BR>
Omni HR Resources Services&nbsp;S.A. de C.V., Mexico corporation<BR>
Omni Industries (Singapore)&nbsp;Inc., California corporation<BR>
Omni Manufacturing Services,&nbsp;S.A. de C.V., Mexico corporation<BR>
Omni Plastics (China) Pte&nbsp;Ltd., Singapore corporation<BR>
Omni Plastics (Shanghai)&nbsp;Co.,&nbsp;Ltd., China corporation<BR>
Omni Plastics (Suzhuo)&nbsp;Co.&nbsp;Ltd., China corporation<BR>
Omni Plastics (Xiamen)&nbsp;Co.,&nbsp;Ltd., China corporation<BR>
Omni Plastics Pte&nbsp;Ltd., Singapore corporation<BR>
Omni Plastics Technologies (Shanghai)&nbsp;Co.,&nbsp;Ltd., China corporation<BR>
Omni Precision Pte&nbsp;Ltd., Singapore corporation<BR>
Omni Precision Sdn. Bhd., Malaysia corporation<BR>
Plastimer Precision&nbsp;Co.,&nbsp;Ltd., Thailand corporation<BR>
Proto Services,&nbsp;Inc., Singapore corporation<BR>
P.T. Omni Electronics Bintan, Indonesia corporation<BR>
P.T. Omni Precision Batam, Indonesia corporation<BR>
Signar, s.r.o., Czech Republic corporation </FONT></P>

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<FONT SIZE=2><A HREF="#toc_qa2148_1">CELESTICA INC. SUBSIDIARIES</A></FONT><BR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>10
<FILENAME>a2121685zex-23_1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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</HEAD>
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<BR>
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 23.1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>CONSENT OF INDEPENDENT ACCOUNTANTS  </B></FONT></P>


<P><FONT SIZE=2>The
Board of Directors<BR>
Celestica&nbsp;Inc. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
consent to the use of our report dated January&nbsp;21, 2003 relating to the consolidated balance sheets of Celestica&nbsp;Inc. as at December&nbsp;31, 2002 and 2001, and the
related consolidated statements of earnings (loss), shareholders' equity and cash flows for each of the years in the three-year period ended December&nbsp;31, 2002, incorporated herein
by reference and to the reference to our firm under the heading "Experts" in the registration statement. </FONT></P>


<P><FONT SIZE=2>/s/
KPMG&nbsp;LLP </FONT></P>

<P><FONT SIZE=2>Toronto,
Canada<BR>
November&nbsp;5, 2003 </FONT></P>

<HR NOSHADE>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>11
<FILENAME>a2121685zex-23_2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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<HEAD>

</HEAD>
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<BR>
<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 23.2  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>CONSENT OF INDEPENDENT ACCOUNTANTS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hereby consent to the incorporation by reference in this Registration Statement on Form&nbsp;F-4 of Celestica&nbsp;Inc. of our report dated January&nbsp;28, 2003,
except for Note&nbsp;1 and Note&nbsp;20, as to which the date is March&nbsp;27, 2003, relating to the financial statements and financial statement schedule, which appears in Manufacturers'
Services Limited's Annual Report on Form&nbsp;10-K for&nbsp;the year ended December&nbsp;31, 2002. We also consent to the references to us under the headings "Experts" and "Selected
Financial Data" in such Registration Statement. </FONT></P>

<P><FONT SIZE=2>/s/
PricewaterhouseCoopers&nbsp;LLP </FONT></P>

<P><FONT SIZE=2>Boston,
Massachusetts<BR>
November&nbsp;5, 2003 </FONT></P>

<HR NOSHADE>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>12
<FILENAME>a2121685zex-99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#03TOR2147_11">QuickLinks</A></FONT>
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 99.1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ta2148_manufacturers_#39;_#160;servic__man02409"> </A>
<A NAME="ta2148_manufacturers__services_limite__man03163"> </A>
<A NAME="toc_ta2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>MANUFACTURERS' SERVICES LIMITED<BR>  PROXY<BR>  FOR THE SPECIAL MEETING OF
STOCKHOLDERS<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF<BR>
MANUFACTURERS' SERVICES LIMITED  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned stockholder(s) of Manufacturers' Services Limited, a Delaware corporation, hereby acknowledge(s) receipt of the Notice of Special Meeting of
Stockholders and Proxy Statement/Prospectus, each dated <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2003, and hereby appoints Albert A. Notini and Alan R. Cormier, or any of them, each with full
power of substitution, the lawful attorneys and proxies of the undersigned to attend the Special Meeting of Stockholders of Manufacturers' Services Limited to be held on
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2003, at 10:00&nbsp;a.m., local time, at the offices of Hale and Dorr&nbsp;LLP, 60 State Street, Boston, Massachusetts 02109, and any adjournments or
postponements thereof, to vote the number of shares the undersigned would be entitled to vote if personally present, and to vote in their discretion upon any other business that may properly come
before the meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER SPECIFIED THEREIN. IF NO CHOICE IS SPECIFIED, THIS PROXY WILL BE VOTED "FOR" THE PROPOSAL TO ADOPT
THE MERGER AGREEMENT. THIS PROXY MAY BE REVOKED AT ANY TIME PRIOR TO THE TIME IT IS VOTED BY ANY MEANS DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>CONTINUED AND TO BE SIGNED ON REVERSE SIDE  </B></FONT></P>

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<TD WIDTH="91%"><BR><FONT SIZE=2><B>PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
</TR>
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<TD WIDTH="66%" VALIGN="TOP"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=1><BR>
FOR</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=1><BR>
AGAINST</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=1><BR>
ABSTAIN</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="66%" VALIGN="TOP"><FONT SIZE=2>Proposal to adopt the Agreement and Plan of Merger, dated as of October&nbsp;14, 2003, by and among Celestica&nbsp;Inc., MSL Acquisition Sub&nbsp;Inc. and Manufacturers' Services Limited.</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
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To change the address on your account, please check the box at right and indicate your new address in the space provided to the right. Please note that changes to the registered name(s) on the account may not be submitted via this method.</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="48%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TD WIDTH="14%"><BR><FONT SIZE=1> Signature&nbsp;of<BR>
Stockholder:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><BR><HR NOSHADE></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM"><FONT SIZE=1><BR>
Date:</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><BR><HR NOSHADE></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM"><FONT SIZE=1><BR>
Signature&nbsp;of<BR>
Stockholder:</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><BR><HR NOSHADE></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM"><FONT SIZE=1><BR>
Date:</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM"><BR><HR NOSHADE></TD>
</TR>
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<TD WIDTH="5%"><FONT SIZE=1><B>Note:</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="92%"><FONT SIZE=1><B>Please sign exactly as your name or names appear on this Proxy. When shares are held jointly, each holder should sign. When signing as executor, administrator, attorney, trustee or guardian, please give full title as
such. If the signer is a corporation, please sign full corporate name by duly authorized officer, giving full title as such. If signer is a partnership, please sign in partnership name by authorized person.</B></FONT></TD>
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<FONT SIZE=2><A HREF="#toc_ta2148_1">MANUFACTURERS&#39;&#160;SERVICES&#160;LIMITED&#160;PROXY&#160;FOR&#160;THE&#160;SPECIAL&#160;MEETING&#160;OF&#160;STOCKHOLDERS</A></FONT><BR>
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<TYPE>EX-99.3
<SEQUENCE>13
<FILENAME>a2121685zex-99_3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 99.3  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ua2148_[letterhead_of_credit_suisse_first_boston_llc]"> </A>
<A NAME="toc_ua2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>[LETTERHEAD OF CREDIT SUISSE FIRST BOSTON&nbsp;LLC]    <BR>    </B></FONT></P>

<P><FONT SIZE=2>The
Board of Directors<BR>
Manufacturers' Services Limited<BR>
300 Baker Avenue<BR>
Suite&nbsp;106<BR>
Concord, Massachusetts 01742 </FONT></P>

<P><FONT SIZE=2>Members
of the Board: </FONT></P>

<P><FONT SIZE=2>We
hereby consent to the inclusion of our opinion letter, dated October&nbsp;14, 2003, to the Board of Directors of Manufacturers' Services Limited ("MSL") as Annex C to the Proxy
Statement/Prospectus relating to the proposed merger transaction involving MSL and Celestica&nbsp;Inc. ("Celestica") included in the Registration Statement on Form&nbsp;F-4 of
Celestica and reference thereto in such Proxy Statement/Prospectus under the captions "SUMMARY&nbsp;&#151;&nbsp;Opinions of MSL's Financial Advisors" and "The
Merger&nbsp;&#151;&nbsp;Opinions of MSL's Financial Advisors&nbsp;&#151;&nbsp;Credit Suisse First Boston." In giving such consent, we do
not admit that we come within the category of persons whose consent is required under, and we do not admit that we are "experts" for purposes of, the Securities Act of 1933, as amended, and the rules
and regulations promulgated thereunder. </FONT></P>

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<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>/s/ </FONT><FONT SIZE=2>CREDIT SUISSE FIRST BOSTON LLC</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="47%"><FONT SIZE=2>Credit Suisse First Boston&nbsp;LLC</FONT></TD>
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<P><FONT SIZE=2>
November 7, 2003 </FONT></P>

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<FONT SIZE=2><A HREF="#toc_ua2148_1">[LETTERHEAD OF CREDIT SUISSE FIRST BOSTON LLC]</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>14
<FILENAME>a2121685zex-99_4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 99.4  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="va2148_consent_of_sonenshine_pastor_advisors_llc"> </A>
<A NAME="toc_va2148_1"> </A>
<BR></FONT><FONT SIZE=2><B>CONSENT<BR>  of<BR>  Sonenshine Pastor&nbsp;Advisors&nbsp;LLC    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to (i)&nbsp;the inclusion of our opinion letter, dated October&nbsp;14, 2003, to the Board of Directors of Manufacturers' Services Limited
as Annex D to the Proxy Statement/Prospectus forming part of this Registration Statement on Form&nbsp;F-4, and&nbsp;(ii) references made to our firm and such opinion in such Proxy
Statement/Prospectus under the captions entitled "SUMMARY&nbsp;&#151;&nbsp;Opinions of MSL's Financial Advisors", "THE
MERGER&nbsp;&#151;&nbsp;Background of the Merger", "THE MERGER&nbsp;&#151;&nbsp;MSL's Reasons for the Merger" and "THE
MERGER&nbsp;&#151;&nbsp;Opinion of MSL's Financial Advisors&nbsp;&#151;&nbsp;Sonenshine Pastor&nbsp;Advisors". In giving such consent, we
do not admit that we come within the category of persons whose consent is required under Section&nbsp;7 of the Securities Act of 1933, as Amended, and the Rules and Regulations Promulgated
thereunder, and we do not admit that we are experts with respect to any part of the Registration Statement within the meaning of the term "expert" as used in the Securities Act of 1933, as amended, or
the rules and regulations of the Securities and Exchange Commission promulgated thereunder. </FONT></P>

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<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>SONENSHINE PASTOR&nbsp;ADVISORS LLC</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>CARLO BRONZINI VENDER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="50%" ALIGN="CENTER"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Name:</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2>Carlo Bronzini Vender</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2>Partner</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
November 6, 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<FONT SIZE=2><A HREF="#toc_va2148_1">CONSENT of Sonenshine Pastor Advisors LLC</A></FONT><BR>
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