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<SEC-DOCUMENT>0001137171-05-000057.txt : 20050119
<SEC-HEADER>0001137171-05-000057.hdr.sgml : 20050119
<ACCEPTANCE-DATETIME>20050119171233
ACCESSION NUMBER:		0001137171-05-000057
CONFORMED SUBMISSION TYPE:	F-10
PUBLIC DOCUMENT COUNT:		4
REFERENCES 429:			333-106858
FILED AS OF DATE:		20050119
DATE AS OF CHANGE:		20050119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAN AMERICAN SILVER CORP
		CENTRAL INDEX KEY:			0000771992
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		F-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-122152
		FILM NUMBER:		05536985

	BUSINESS ADDRESS:	
		STREET 1:		1500-625 HOWE STREET
		CITY:			VANCOUVER BC CANADA
		STATE:			A1
		ZIP:			V6C 2T6

	MAIL ADDRESS:	
		STREET 1:		1500 625 HOWE ST
		CITY:			VANCOUVER BC V6C 2T6
		STATE:			A1
		ZIP:			999999999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAN AMERICAN MINERALS CORP
		DATE OF NAME CHANGE:	19950608
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-10
<SEQUENCE>1
<FILENAME>mainf10.htm
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<P style="margin:0pt; font-family:CG Times" align=center><B><font size="2">As filed with the Securities and Exchange Commission on January
18, 2005</font></B></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-right:-18pt; text-indent:402pt; font-family:CG Times"><B><U><font size="2">Registration No. 333-</font></U></B></P>
<P style="margin:0pt; padding-right:-18pt; text-indent:558pt; font-family:CG Times"><B><U><font size="2"><BR></font></U></B></P>
<P style="line-height: 16pt; font-family: CG Times; font-size: 14pt; border-top: 3 double #000000; margin: 0pt" align=center><B><font size="2">SECURITIES AND EXCHANGE COMMISSION</font></B></P>
<P style="margin:0pt; font-family:CG Times" align=center><B><font size="2">Washington, D.C. &nbsp;20549</font></B></P>
<P style="margin:0pt; line-height:8pt; font-family:CG Times; font-size:6pt" align=center><U><font size="2">&nbsp;&nbsp;&nbsp;</font></U></P>
<P style="margin:0pt; line-height:16pt; font-family:CG Times; font-size:14pt" align=center><B><font size="2">FORM F-10</font></B></P>
<P style="margin:0pt; font-family:CG Times" align=center><B><font size="2">REGISTRATION STATEMENT</font></B></P>
<P style="margin:0pt; font-family:CG Times" align=center><B><font size="2">UNDER THE</font></B></P>
<P style="margin:0pt; font-family:CG Times" align=center><B><font size="2">SECURITIES &nbsp;ACT OF 1933</font></B></P>
<P style="margin:0pt; line-height:8pt; font-family:CG Times; font-size:6pt" align=center><U><font size="2">&nbsp;&nbsp;&nbsp;</font></U></P>
<P style="line-height: 18pt; font-family: CG Times; font-size: 16pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=center><B><font size="2">Pan American Silver Corp.</font></B></P>
<P style="line-height: 10pt; font-family: CG Times; font-size: 8pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=center><I><font size="2">(Exact name of Registrant as specified in its charter)</font></I></P>
<P style="line-height: 10pt; font-family: CG Times; font-size: 8pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=center>&nbsp;</P>
<P style="line-height: 10pt; font-family: CG Times; font-size: 8pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=center>&nbsp;</P>
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<P style="text-indent: 0; line-height: 11pt; font-family: CG Times; margin-top: 0; margin-bottom: 0" align="center"><B><font size="2">British Columbia</font></B></P>
        <p style="text-indent: 0; margin-top: 0; margin-bottom: 0" align="center"><I><font size="2">(Province or other Jurisdiction
        of Incorporation or Organization)</font></I></td>
      <td width="31%" valign="bottom">
        <p style="text-indent: 0; margin-top: 0; margin-bottom: 0" align="center"><B><font size="2">1044</font></B></p>
        <p style="text-indent: 0; margin-top: 0; margin-bottom: 0" align="center"><I><font size="2">(Primary Standard Industrial
        Classification Code Number)</font></I></td>
      <td width="85%" valign="bottom">
<P style="text-indent: 0; font-family: CG Times; font-size: 9pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align="center"><B><font size="2">Not Applicable</font></B></P>
<P style="text-indent: 0; line-height: 9pt; font-family: CG Times; font-size: 7pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align="center"><I><font size="2">(I.R.S. Employer</font> </I></P>
<P style="text-indent: 0; line-height: 10.35pt; font-family: CG Times; font-size: 7pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align="center"><I><font size="2">Identification No.)</font></I></P>
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        <p style="text-indent: 0; margin-top: 0; margin-bottom: 0"></td>
      <td width="31%"></td>
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<P style="text-indent: 0; line-height: 11pt; font-family: CG Times; font-size: 9pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P style="margin:0pt; line-height:10pt; font-family:CG Times; font-size:8pt" align=center>&nbsp;</P>
<P style="margin:0pt; line-height:10pt; font-family:CG Times; font-size:8pt" align=center>&nbsp;</P>
<P style="margin:0pt; line-height:10pt; font-family:CG Times; font-size:8pt" align=center><B><font size="2">1500 - 625 Howe Street</font></B></P>
<P style="margin:0pt; line-height:10pt; font-family:CG Times; font-size:8pt" align=center><B><font size="2">Vancouver, British Columbia</font></B></P>
<P style="margin:0pt; line-height:10pt; font-family:CG Times; font-size:8pt" align=center><B><font size="2">Canada &nbsp;V6C 2T6</font></B></P>
<P style="margin:0pt; line-height:10pt; font-family:CG Times; font-size:8pt" align=center><B><font size="2">(604) 684-1175</font></B></P>
<P style="margin:0pt; line-height:9pt; font-family:CG Times; font-size:7pt" align=center><I><font size="2">(Address and telephone number of Registrant's principal executive offices)</font></I></P>
<P style="margin:0pt; line-height:10pt; font-family:CG Times; font-size:8pt" align=center><B><font size="2">Pan American Minerals Inc.</font></B></P>
<P style="margin:0pt; line-height:10pt; font-family:CG Times; font-size:8pt" align=center><B><font size="2">c/o Harris, Trimmer &amp; Thompson</font></B></P>
<P style="margin:0pt; line-height:10pt; font-family:CG Times; font-size:8pt" align=center><B><font size="2">6121 Lakeside Drive, Suite 260</font></B></P>
<P style="margin:0pt; line-height:10pt; font-family:CG Times; font-size:8pt" align=center><B><font size="2">Reno, Nevada 85511</font></B></P>
<P style="margin:0pt; line-height:10pt; font-family:CG Times; font-size:8pt" align=center><B><font size="2">(775) 825-4300</font></B></P>
<P style="margin:0pt; line-height:9pt; font-family:CG Times; font-size:7pt" align=center><I><font size="2">(Name, address and telephone number of agent for service)</font></I></P>
<P style="margin:0pt; line-height:8pt; font-family:CG Times; font-size:6pt" align=center><U><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></U></P>
<P style="margin:0pt; text-indent:249.2pt; line-height:10pt; font-family:CG Times; font-size:8pt"><font size="2">Copies to:</font></P>
<P style="margin-top:0pt; margin-bottom:-10pt; text-indent:78.75pt; line-height:10pt; font-family:CG Times; font-size:8pt"><B><font size="2">Christopher W. Morgan, Esq.</font></B></P>
<P style="margin:0pt; text-indent:378.95pt; line-height:10pt; font-family:CG Times; font-size:8pt"><B><font size="2">Fred R. Pletcher, Esq.</font></B></P>
<P style="margin-top:0pt; margin-bottom:-10pt; text-indent:54.65pt; line-height:10pt; font-family:CG Times; font-size:8pt"><B><font size="2">Skadden, Arps, Slate, Meagher &amp; Flom LLP</font></B></P>
<P style="margin:0pt; text-indent:368.35pt; line-height:10pt; font-family:CG Times; font-size:8pt"><B><font size="2">Borden Ladner Gervais LLP</font></B></P>
<P style="margin-top:0pt; margin-bottom:-10pt; text-indent:83.05pt; line-height:10pt; font-family:CG Times; font-size:8pt"><B><font size="2">Suite 1750, 222 Bay Street</font></B></P>
<P style="margin:0pt; text-indent:344.15pt; line-height:10pt; font-family:CG Times; font-size:8pt"><B><font size="2">1200 Waterfront Centre, 200 Burrard Street</font></B></P>
<P style="margin-top:0pt; margin-bottom:-10pt; text-indent:104.2pt; line-height:10pt; font-family:CG Times; font-size:8pt"><B><font size="2">P.O. Box 256</font></B></P>
<P style="margin:0pt; text-indent:360.25pt; line-height:10pt; font-family:CG Times; font-size:8pt"><B><font size="2">P.O. Box 48600, Stn. Bentall Ctr.</font></B></P>
<P style="margin-top:0pt; margin-bottom:-10pt; text-indent:81.95pt; line-height:10pt; font-family:CG Times; font-size:8pt"><B><font size="2">Toronto, Ontario &nbsp;M5K 1J5</font></B></P>
<P style="margin:0pt; text-indent:349.6pt; line-height:10pt; font-family:CG Times; font-size:8pt"><B><font size="2">Vancouver, British Columbia &nbsp;V7X 1T2</font></B></P>
<P style="margin-top:0pt; margin-bottom:-10pt; text-indent:101.05pt; line-height:10pt; font-family:CG Times; font-size:8pt"><B><font size="2">(416) 777-4700</font></B></P>
<P style="margin-top:0pt; margin-bottom:-10pt; text-indent:389.05pt; line-height:10pt; font-family:CG Times; font-size:8pt"><B><font size="2">(604) 687-5744</font></B></P>
<B><P style="margin:0pt; text-indent:504pt; font-family:CG Times; font-size:9pt"><font size="2"><BR></font></B></P>
<P style="margin:0pt; line-height:9.8pt; font-family:CG Times; font-size:6pt" align=center><U><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></U></P>
<P style="margin:0pt; line-height:10pt; font-family:CG Times; font-size:8pt" align=center><B><font size="2">Approximate date of commencement of proposed sale of &nbsp;the securities to the public:</font></B></P>
<P style="margin:0pt; line-height:11.55pt; font-family:CG Times; font-size:8pt" align=center><font size="2">From time to time on or after the effective date of this Registration Statement as determined by market conditions.</font> </P>
<P style="margin:0pt; line-height:10pt; font-family:CG Times; font-size:8pt" align=center><B><font size="2">Province of British Columbia, Canada</font></B></P>
<P style="margin:0pt; line-height:12.4pt; font-family:CG Times; font-size:8pt" align=center><I><font size="2">(Principal jurisdiction regulating this offering)</font></I></P>
<P style="margin:0pt; line-height:10pt; font-family:CG Times; font-size:8pt"><font size="2">It is proposed that this filing shall become effective (check appropriate box):</font></P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; padding-right:-18pt; text-indent:-27pt; line-height:10pt; font-family:CG Times; font-size:8pt"><font size="2">A. &#168;</font></P>
<P style="margin:0pt; padding-left:36pt; padding-right:-18pt; line-height:10pt; font-family:CG Times; font-size:8pt"><font size="2">Upon filing with the Commission, pursuant to Rule 467(a) (if in connection with an offering being made
contemporaneously in the United States and Canada).</font></P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-27pt; line-height:10pt; font-family:CG Times; font-size:8pt"><font size="2">B.<FONT FACE="Times New Roman"> </FONT><FONT FACE="WP IconicSymbolsA">:</FONT></font></P>
<P style="margin:0pt; padding-left:36pt; line-height:10pt; font-family:CG Times; font-size:8pt"><font size="2">At some future date (check the appropriate box below):</font></P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:108pt; text-indent:-72pt; line-height:10pt; font-family:CG Times; font-size:8pt"><font size="2">1.</font></P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:108pt; text-indent:-45pt; line-height:10pt; font-family:CG Times; font-size:8pt"><FONT FACE="WP IconicSymbolsA" size="2">9</FONT></P>
<P style="margin:0pt; padding-left:108pt; line-height:10pt; font-family:CG Times; font-size:8pt"><font size="2">pursuant to Rule 467(b) on ( &nbsp;&nbsp;&nbsp;&nbsp;) at ( &nbsp;&nbsp;&nbsp;&nbsp;) (designate a time not sooner than 7 calendar days after filing).</font></P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:108pt; text-indent:-72pt; line-height:10pt; font-family:CG Times; font-size:8pt"><font size="2">2.</font></P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:108pt; text-indent:-45pt; line-height:10pt; font-family:CG Times; font-size:8pt"><FONT FACE="WP IconicSymbolsA" size="2">9</FONT></P>
<P style="margin:0pt; padding-left:108pt; line-height:10pt; font-family:CG Times; font-size:8pt"><font size="2">pursuant to Rule 467(b) on ( &nbsp;&nbsp;&nbsp;&nbsp;) at ( &nbsp;&nbsp;&nbsp;&nbsp;) (designate a time 7 calendar days or sooner after filing) because the securities regulatory authority in the review jurisdiction has issued a receipt or
notification of clearance on ( &nbsp;&nbsp;&nbsp;).</font></P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:108pt; text-indent:-72pt; line-height:10pt; font-family:CG Times; font-size:8pt"><font size="2">3.</font></P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:108pt; text-indent:-45pt; line-height:10pt; font-family:CG Times; font-size:8pt"><FONT FACE="WP IconicSymbolsA" size="2">9</FONT></P>
<P style="margin:0pt; padding-left:108pt; line-height:10pt; font-family:CG Times; font-size:8pt"><font size="2">pursuant to Rule 467(b) as soon as practicable after notification of the
Commission by the Registrant or the Canadian securities regulatory authority of the review jurisdiction that a receipt or notification of clearance has been issued with respect hereto.</font></P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:108pt; text-indent:-72pt; line-height:10pt; font-family:CG Times; font-size:8pt"><font size="2">4.</font></P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-left:108pt; text-indent:-45pt; line-height:10pt; font-family:CG Times; font-size:8pt"><FONT FACE="WP IconicSymbolsA" size="2">:</FONT></P>
<P style="margin:0pt; padding-left:108pt; line-height:10pt; font-family:CG Times; font-size:8pt"><font size="2">after the filing of the next amendment to this Form (if preliminary material is being filed).</font></P>
<P style="margin:0pt; line-height:10pt; font-family:CG Times; font-size:8pt"><font size="2">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to the home jurisdiction's shelf prospectus offering procedures, check the
following box. &nbsp;<FONT FACE="WP IconicSymbolsA">:</FONT></font></P>
<P style="margin:0pt; line-height:11pt; font-family:CG Times; font-size:6pt" align=center><U><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></U></P>
<P style="margin:0pt; line-height:10pt; font-family:CG Times; font-size:8pt" align=center><B><font size="2">CALCULATION OF &nbsp;REGISTRATION FEE</font></B></P>
<div align="center">
  <center>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-left:0.75pt solid #FFFFFF; border-top:1pt solid #000000; border-right:1pt solid #000000; border-bottom:1pt solid #000000" valign=top width=179.667><P style="margin:0pt; line-height:8.35pt; font-family:CG Times; font-size:8pt" align=center><B><font size="2">Title of Each Class of
      Securities to be Registered</font></B></P>
</TD><TD style="border-top:1pt solid #000000; border-right:1pt solid #000000; border-bottom:1pt solid #000000" valign=top width=204.333><P style="margin:0pt; line-height:8.35pt; font-family:CG Times; font-size:8pt" align=center><B><font size="2">Amount to be
      Registered</font></B></P>
</TD><TD style="border-top:1pt solid #000000; border-right:1pt solid #000000; border-bottom:1pt solid #000000" valign=top width=184><P style="margin:0pt; line-height:8.35pt; font-family:CG Times; font-size:8pt" align=center><B><font size="2">Proposed
      Maximum Aggregate Offering Price</font></B></P>
</TD><TD style="border-top:1pt solid #000000; border-right:0.75pt solid #FFFFFF; border-bottom:1pt solid #000000" valign=top width=176><P style="margin:0pt; line-height:8.35pt; font-family:CG Times; font-size:8pt" align=center><B><font size="2">Amount of
      Registration Fee</font></B></P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:1pt solid #000000; border-bottom:1pt solid #000000" valign=top width=179.667><P style="margin:0pt; line-height:8.35pt; font-family:CG Times; font-size:8pt"><B><font size="2">Common Shares</font></B></P>
<P style="margin:0pt; line-height:8.35pt; font-family:CG Times; font-size:8pt"><B><font size="2">Debt Securities</font></B></P>
<P style="margin:0pt; line-height:8.35pt; font-family:CG Times; font-size:8pt"><B><font size="2">Subscription Receipts</font></B></P>
<P style="margin:0pt; line-height:8.35pt; font-family:CG Times; font-size:8pt"><B><font size="2">Warrants &nbsp;&nbsp;&nbsp;</font></B></P>
</TD><TD style="border-right:1pt solid #000000; border-bottom:1pt solid #000000" valign=top width=204.333><font size="2">&nbsp;</font></TD><TD style="border-right:1pt solid #000000; border-bottom:1pt solid #000000" valign=top width=184><font size="2">&nbsp;</font></TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:1pt solid #000000" valign=top width=176><font size="2">&nbsp;</font></TD></TR>
<TR><TD style="border-left:0.75pt solid #FFFFFF; border-right:1pt solid #000000; border-bottom:6pt double #000000" valign=bottom width=179.667><P style="margin-top:0pt; margin-bottom:-10pt; text-indent:36pt; line-height:10pt; font-family:CG Times; font-size:8pt"><B><font size="2">Total...................</font></B></P>
<P style="margin:0pt; text-indent:122.05pt; font-family:CG Times; font-size:8pt"><B><font size="2"><BR></font></B></P>
</TD><TD style="border-right:1pt solid #000000; border-bottom:6pt double #000000" valign=bottom width=204.333><P style="margin-top:2pt; margin-bottom:0pt; font-family:CG Times; font-size:8pt" align=center><B><font size="2">$150,000,000<SUP>(1)</SUP></font></B></P>
</TD><TD style="border-right:1pt solid #000000; border-bottom:6pt double #000000" valign=bottom width=184><P style="margin-top:2pt; margin-bottom:0pt; font-family:CG Times; font-size:8pt" align=center><B><font size="2">$150,000,000<SUP>(2)</SUP></font></B></P>
</TD><TD style="border-right:0.75pt solid #FFFFFF; border-bottom:6pt double #000000" valign=bottom width=176><P style="margin-top:2pt; margin-bottom:0pt; font-family:CG Times; font-size:8pt" align=center><B><font size="2">$17,655<SUP>(3)</SUP></font></B></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin-top:0pt; margin-bottom:-9pt; padding-left:36pt; padding-right:-12pt; text-indent:-36pt; line-height:9pt; font-family:CG Times; font-size:7pt"><font size="1">(1)</font></P>
<P style="margin:0pt; padding-left:36pt; padding-right:-12pt; line-height:9pt; font-family:CG Times; font-size:7pt"><font size="1">There are being registered under this registration statement such indeterminate number of common shares of the Registrant, such indeterminate principal amount of debt securities of the registrant, such indeterminate number of subscription receipts of the registrant and such indeterminate number of warrants of the registrant as shall have an aggregate initial offering price of $150,000,000. &nbsp;If any debt securities are issued at an original issue discount then the securities registered shall include such debt securities as may be necessary such that the aggregate initial public offering price of all securities issued pursuant to this registration statement will equal $150,000,000. &nbsp;Any securities registered by this registration statement may be sold separately or as units with other securities registered under this registration statement. &nbsp;The proposed maximum initia
l offering price per security will be determined, from time to time, by the Registrant in connection with the sale of the securities under this registration statement.</font></P>
<P style="margin-top:0pt; margin-bottom:-9pt; padding-left:36pt; text-indent:-36pt; line-height:9pt; font-family:CG Times; font-size:7pt"><font size="1">(2)</font></P>
<P style="margin:0pt; padding-left:36pt; line-height:9pt; font-family:CG Times; font-size:7pt"><font size="1">In United States dollars or the equivalent thereof in Canadian dollars.</font></P>
<P style="margin-top:0pt; margin-bottom:-9pt; padding-left:36pt; padding-right:-24pt; text-indent:-36pt; line-height:9pt; font-family:CG Times; font-size:7pt"><font size="1">(3)</font></P>
<P style="margin:0pt; padding-left:36pt; padding-right:-24pt; line-height:9pt; font-family:CG Times; font-size:7pt"><font size="1">Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o). &nbsp;Pursuant to Rule 457(p), $1,112.37 of the $19,005 filing fee paid by the Registrant for the Registration Statement on Form F-10 (No. 333-106858) filed with the Commission on July 7, 2003 is offset against the current filing fee.</font></P>
<P style="margin:0pt; padding-left:36pt; padding-right:-24pt; text-indent:-36pt; font-family:CG Times; font-size:7pt"><font size="1"><BR></font></P>
<P style="margin:0pt; padding-right:-24pt; line-height:9pt; font-family:CG Times; font-size:7pt"><B><font size="1">Pursuant to Rule 429 under the Securities Act, the prospectus contained in this registration statement also relates to the Registrant's Registration Statement on Form F-10 (File No. 333- 106858).</font></B></P>
<P style="margin:0pt; line-height:9pt; font-family:CG Times; font-size:7pt"><B><font size="1">The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registration statement shall become effective as provided in Rule 467 under the Securities Act of 1933 or on such date as the Commission, acting pursuant to Section 8(a) of the Act, may determine.</font></B></P>
<B><U><P style="margin:0pt; padding-right:-18pt; text-indent:558pt; font-family:CG Times; font-size:8pt"><font size="2"><BR></font></U></B></P>
<font size="2">
<BR>
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<P style="page-break-before:always; margin:0pt; font-family:CG Times"><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=center><B><font size="2">PART I</font></B></P>
<P style="margin:0pt; font-family:CG Times" align=center><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=center><B><font size="2">INFORMATION REQUIRED TO BE</font></B></P>
<P style="margin:0pt; font-family:CG Times" align=center><B><U><font size="2">DELIVERED TO OFFEREES OR PURCHASERS</font></U></B></P>
&nbsp;
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><font size="2">
<BR>
</font></p>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
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<b><font size="2">
Subject to Completion dated January <font face="Times New Roman">18,</font> 2005</font></b>
<p align="center">&nbsp;
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><i><u><font size="2">Prospectus</font></u></i></p>
<div align="center">
  <center>
  <table style="font-size:10pt" cellspacing="0" width="100%">
    <tr>
      <td valign="top" width="10%">
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><img src="prospectus002.gif" alt="[prospectus002.gif]" align="middle" height="41.6" width="39.2"></font></p>
      </td>
  </center>
      <td valign="top" width="90%">
        <p style="line-height: 18pt; font-family: Times New Roman; font-size: 16pt; margin: 0pt; padding-left: -54pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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><font size="2">PAN
        AMERICAN SILVER CORP.</font></b></p>
        <p style="line-height: 18pt; font-family: Times New Roman; font-size: 16pt; margin: 0pt; padding-left: -54pt" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 size="2"><b>US$150,000,000</b></font></p>
        <p style="line-height: 15pt; font-family: Times New Roman; font-size: 13pt; margin: 0pt; padding-left: -54pt" align="left"><b><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Common
        Shares</font></b></p>
        <p style="line-height: 15pt; font-family: Times New Roman; font-size: 13pt; margin: 0pt; padding-left: -54pt" align="left"><b><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Debt Securities</font></b></p>
        <p style="line-height: 15pt; font-family: Times New Roman; font-size: 13pt; margin: 0pt; padding-left: -54pt" align="left"><b><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Warrants</font></b></p>
        <p style="line-height: 15pt; font-family: Times New Roman; font-size: 13pt; margin: 0pt; padding-left: -54pt" align="left"><b><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Subscription Receipts</font></b></p>
      </td>
    </tr>
  </table>
</div>
<p style="line-height: 13pt; font-family: Times New Roman; text-indent: 36pt; margin: 0pt" align="justify"><font size="2">Pan
American Silver Corp. (the "Company") may offer for sale, from time to time,
common shares ("Common Shares"), debt securities ("Debt Securities")
warrants to purchase Common Shares or Debt Securities ("Warrants") or
subscription receipts, which entitle the holder to receive upon satisfaction of
certain release conditions, and for no additional consideration, Common Shares,
Warrants or Debt Securities ("Subscription Receipts") of the Company
(collectively, the "Securities") or any combination thereof up to an
aggregate initial offering price of US$150,000,000 (or its equivalent in
Canadian dollars or any other currency or currency unit used to denominate the
Securities), during the 25-month period that this short form base shelf
prospectus (the "Prospectus"), including any amendments hereto, remains
valid.</font></p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="2">The
specific variable terms of any offering of the Securities, will be set forth in
a shelf prospectus supplement (a "Prospectus Supplement") including, where
applicable: &nbsp;(i)&nbsp;in the case of Common Shares, the number of Common
Shares offered, the offering price and any other specific terms; (ii)&nbsp;in
the case of Debt Securities, the title of the Debt Securities, aggregate
principal amount, currency or the currency unit for which such Debt Securities
may be purchased, maturity, interest provisions, authorized denominations,
offering price, any redemption terms, any sinking fund provisions, any exchange
or conversion terms, whether payment on the Debt Securities will be senior or
subordinated to the Company's other liabilities and obligations and any other
specific terms; (iii)&nbsp;in the case of Warrants, the designation, number and
terms of the Common Shares or Debt Securities purchasable upon exercise of the
Warrants, any procedures that will result in the adjustment of those numbers,
the exercise price, dates and periods of exercise, and the currency or the
currency unit in which the exercise price must be paid and any other specific
terms; and (iv) in the case of Subscription Receipts, the designation, number
and terms of the Common Shares, Warrants or Debt Securities receivable upon
satisfaction of certain release conditions, any procedures that will result in
the adjustment of those numbers, any additional payments to be made to holders
of Subscription Receipts upon satisfaction of the release conditions, the terms
of the release conditions, terms governing the escrow of all or a portion of the
gross proceeds from the sale of the Subscription Receipts, terms for the refund
of all or a portion of the purchase price for Subscription Receipts in the event
the release conditions are not met and any other specific terms. &nbsp;The
Company reserves the right to include in a Prospectus Supplement specific
variable terms pertaining to the Securities that are not within the options and
parameters set forth in this Prospectus.</font></p>
<hr width="25%" noshade size="1">
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><font size="2">This
offering is made by a Canadian issuer that is permitted, under a
multijurisdictional disclosure system adopted by the United States, to prepare
this prospectus supplement and the accompanying prospectus in accordance with
the disclosure requirements of Canada. &nbsp;Prospective investors &nbsp;should
be aware that such requirements are different from those of the United States.
&nbsp;Certain of the financial statements included or incorporated herein have
been prepared in accordance with Canadian generally accepted accounting
principles, and may be subject to Canadian auditing and auditor independence
standards, and thus may not be comparable to financial statements of United
States companies.</font></b></p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><font size="2">Prospective
investors should be aware that the acquisition of the securities described
herein may have tax consequences both in the United States and in Canada.
&nbsp;Such consequences for investors who are resident in, or citizens of, the
United States may not be described fully herein.</font></b></p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><font size="2">The
enforcement by investors of civil liabilities under the federal securities laws
may be affected adversely by the fact that the Company is incorporated or
organized under the laws of British Columbia, Canada, that some or all of its
officers and directors may be residents of Canada, that some or all of the
underwriters or experts named in the registration statement may be residents of
Canada and that a substantial portion of the assets of the Company and said
persons may be located outside the United States.</font></b></p>
<hr width="25%" noshade size="1">
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><font size="2">These
securities have not been approved or disapproved by the Securities and Exchange
Commission or any state securities commission nor has the Securities and
Exchange Commission or any state securities commission passed upon the accuracy
or adequacy of this Prospectus. &nbsp;Any representation to the contrary is a
criminal offense.</font></b></p>
<hr width="25%" noshade size="1">
<p style="line-height: 13pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 10pt" align="center"><font size="2">The
date of this Prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<font face="Times New Roman">,</font> 2005.</font></p>
<font size="2">
<br>
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</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="2">All
shelf information permitted under applicable laws to be omitted from this
Prospectus will be contained in one or more Prospectus Supplements that will be
delivered to purchasers together with this Prospectus. &nbsp;Each Prospectus
Supplement will be incorporated by reference into this Prospectus for the
purposes of securities legislation as of the date of the Prospectus Supplement
and only for the purposes of the distribution of the Securities to which the
Prospectus Supplement pertains.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="2">The
Company may offer and sell Securities to or through underwriters or dealers,
directly to one or more purchasers pursuant to applicable statutory exemptions,
or through agents designated from time to time. &nbsp;The Prospectus Supplement
relating to a particular offering of Securities will identify each underwriter,
dealer or agent engaged in connection with the offering and sale of Securities
and will set forth the plan of distribution for such Securities, including the
proceeds to the Company and any fees, discounts, concessions or other
compensation payable to the underwriters, dealers or agents, and any other
material terms of the plan of distribution.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="2">The
Common Shares of the Company are listed on the Toronto Stock Exchange (the "TSX")
and the Nasdaq National Market ("Nasdaq"). &nbsp;On January <font face="Times New Roman">17</font>,
2005, the closing price of the Common Shares on the TSX was Cdn $<font face="Times New Roman">17.74</font>
per Common Share. &nbsp;On January <font face="Times New Roman">14</font>, 2005,
the closing price of the Common Shares on Nasdaq was US$<font face="Times New Roman">14.68</font>
per Common Share.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><font size="2">The
earnings coverage ratios of the Company for the year ended December 31, 2003 is less than one-to-one. &nbsp;See
"Earnings Coverage".</font></b></p>
<font size="2">
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<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
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</p>
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<br>
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<p align="center"><b><font size="2" face="serif">TABLE OF CONTENTS</font></b></p>
<div align="center">
  <center>
  <table border="0" width="101%">
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">DOCUMENTS
        INCORPORATED BY REFERENCE</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">4</font></p>
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">SPECIAL
        NOTE REGARDING FORWARD-LOOKING INFORMATION</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">6</font></p>
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">CAUTIONARY
        NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES OF MEASURED,
        INDICATED&nbsp;</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"></td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">AND
        INFERRED RESOURCES</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">7</font></p>
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">CERTAIN
        AVAILABLE INFORMATION</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">7</font></p>
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">PRESENTATION
        OF FINANCIAL INFORMATION AND EXCHANGE RATE DATA</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">8</font></p>
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">THE
        COMPANY&nbsp;</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">9</font></p>
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">BUSINESS
        OF THE COMPANY</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">9</font></p>
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">USE
        OF PROCEEDS</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">9</font></p>
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">EARNINGS
        COVERAGE&nbsp;</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">9</font></p>
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">DESCRIPTION
        OF SHARE CAPITAL</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">10</font></p>
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">DESCRIPTION
        OF DEBT SECURITIES</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">11</font></p>
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">DESCRIPTION
        OF WARRANTS</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">17</font></p>
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">DESCRIPTION
        OF SUBSCRIPTION RECEIPTS</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">18</font></p>
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">PLAN
        OF DISTRIBUTION</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">22</font></p>
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">CHANGES
        TO CONSOLIDATED CAPITALIZATION</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">23</font></p>
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">RISK
        FACTORS</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">24</font></p>
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">AUDITORS,
        TRANSFER AGENT AND REGISTRAR</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">32</font></p>
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">DOCUMENTS
        FILED AS PART OF THE U.S. REGISTRATION STATEMENT</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">32</font></p>
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">COMPILATION
        REPORT</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">23</font></p>
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2" face="serif">INDEX
        TO FINANCIAL STATEMENTS&nbsp;</font></td>
      <td width="6%" align="right" valign="top">
        <p style="line-height: 100%; margin-top: 0; margin-bottom: 0"><font size="2">F-1</font></td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%">
        <p style="line-height: 100%"></td>
      <td width="6%" align="right">
        <p style="line-height: 100%"></td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%">
        <p style="line-height: 100%"></td>
      <td width="6%" align="right">
        <p style="line-height: 100%"></td>
      <td width="2%">
        <p style="line-height: 100%"></td>
    </tr>
    <tr>
      <td width="93%"></td>
    </tr>
  </table>
  </center>
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<p style="page-break-before:always; margin-top:11pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2"><a NAME="_Toc93312460"></a><b>DOCUMENTS
INCORPORATED BY REFERENCE</b></font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b>Information
has been incorporated by reference in this Prospectus from documents filed with
securities commissions or similar authorities in each of the Provinces of
Canada.</b> &nbsp;Copies of the documents incorporated by reference in this
Prospectus may be obtained on request without charge from the Controller and
Corporate Secretary of the Company at 1500-625 Howe Street, Vancouver, British
Columbia, V6C&nbsp;2T6 (telephone: (604) 684-1175). &nbsp;These documents are
also available through the Internet on the System for Electronic Document
Analysis and Retrieval ("SEDAR"), which can be accessed at www.sedar.com.&nbsp;
For the purpose of the Province of Quebec, this simplified prospectus contains
information to be completed by consulting the permanent information
record.&nbsp; A copy of the permanent record may be obtained from the Controller
and Corporate Secretary of the Company at the above mentioned address and
telephone number.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
following documents, filed with the securities commissions or similar regulatory
authorities in each of the Provinces of Canada, are specifically incorporated by
reference into and form an integral part of this Prospectus:</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
Annual Information Form of the Company, dated May&nbsp;19, 2004;</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
audited consolidated financial statements of the Company and the notes thereto
as at and for the years ended December&nbsp;31, 2003 and 2002, together with the
auditors' report thereon;</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">management's
discussion and analysis of financial condition and results of operations for the
years ended December&nbsp;31, 2003 and 2002;</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
information circular of the Company, dated April&nbsp;6, 2004, in connection
with the Company's May&nbsp;11, 2004 annual general meeting of members, other
than the sections entitled "Corporate Governance", "Executive Compensation - Compensation Committee", "Executive Compensation
- - Report on Executive
Compensation" and "Executive Compensation - Performance Graph";</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
unaudited interim financial statements of the Company and the notes thereto for
the three and nine month periods ended September&nbsp;30, 2004 and 2003;</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(f)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">management's
discussion and analysis of financial condition and results of operations for the
three and nine month periods ended September&nbsp;30, 2004 and 2003 as filed on
SEDAR on December 16, 2004;</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(g)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">a
material change report of the Company, dated January&nbsp;8, 2004, relating to
the filing of an unallocated preliminary base shelf prospectus by the Company;</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(h)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">a
material change report of the Company, dated February&nbsp;10, 2004, relating to
the Company signing a binding agreement, subject to regulatory approval and
other conditions, to purchase 92.014% of the voting shares of Compa&ntilde;ia Minera
Argentum S.A. ("Argentum"), which will acquire, through a split-off process
from Sociedad Minera Corona S.A., the Anticona and Manuelita mining units of the
Morococha silver mine and related infrastructure and processing units in Peru;</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">a
material change report of the Company, dated February&nbsp;18, 2004, relating to
financial and operational results for the fourth quarter and year ended
December&nbsp;31, 2003;</font></p>
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<p style="page-break-before:always; margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(j)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">a
material change report of the Company, dated February&nbsp;27, 2004, relating to
the offering of 3,333,333 common shares of the Company for aggregate gross
proceeds of US$55 million;</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(k)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">a
material change report of the Company, dated February&nbsp;27, 2004, relating to
the intention of the Company to make an offer to encourage early conversion of
its outstanding 5.25% convertible unsecured senior subordinated debentures
maturing on July 31, 2009;</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(l)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">a
material change report of the Company, dated March&nbsp;30, 2004, relating to
the offer to encourage conversion by holders of the Company's US$86.25 million
outstanding principal amount of 5.25% convertible debentures;</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(m)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">a
material change report of the Company, dated May&nbsp;11, 2004, relating to
financial and operational results for the first quarter of 2004;</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(n)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">a
material change report of the Company, dated July&nbsp;23, 2004, relating to the
Company's US$36.7 million cash offer to purchase the voting shares of Argentum,
which holds most of the assets comprising the Morococha mine in central Peru;</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(o)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">a
material change report of the Company, dated August&nbsp;23, 2004, relating to
the filing of a shelf prospectus supplement to the Company's short form base
shelf prospectus dated January 26, 2004;</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(p)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">a
material change report of the Company, dated August&nbsp;26, 2004, relating to
the closing of the Company's purchase of an 88% interest in the Morococha
silver mine in central Peru; and</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(q)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">a
material change report of the Company, dated November&nbsp;22, 2004, relating to
the sale of the Company's 20% interest in the Dukat silver mine in Magadan
State, Russia for up to US $43 million.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Any
documents of the types referred to in the preceding paragraph (excluding
confidential material change reports and the sections of any information
circular permitted to be excluded under National Instrument 44-101 - Short Form
Prospectus Distributions) filed by the Company with a securities commission or
similar authority in Canada after the date of this Prospectus and prior to the
termination of the offering under any Prospectus Supplement shall be deemed to
be incorporated by reference into this Prospectus. &nbsp;Any document filed by
the Company with the United States Securities and Exchange Commission (the "SEC")
or Report of Foreign Private Issuer on Form 6-K furnished to the SEC pursuant to
the United States Securities Exchange Act of 1934, as amended (the "Exchange
Act"), after the date of this Prospectus shall also be deemed to be
incorporated by reference into this Prospectus if and to the extent provided in
such document.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
addition, the unaudited interim financial statements of the Company and the
notes thereto for the three and nine month periods ended September 30, 2004 and
2003, including a reconciliation to United States generally accepted accounting
principles in accordance with Item 18 of Form 20-F, filed on SEDAR on January <font face="Times New Roman">14</font>,
2005, are incorporated by reference in this Prospectus.</font></p>
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</font>
</p>
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</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><b><font size="2">Any
statement contained in this Prospectus or in a document incorporated or deemed
to be incorporated by reference in this Prospectus shall be deemed to be
modified or superseded for the purposes of this Prospectus to the extent that a
statement contained in this Prospectus or in any other
subsequently filed document which also is or is deemed to be incorporated by
reference in this Prospectus modifies or supersedes that statement. &nbsp;The
modifying or superseding statement need not state that it has modified or
superseded a prior statement or include any other information set forth in the
document that it modifies or supersedes. &nbsp;The making of a modifying or
superseding statement is not to be deemed an admission for any purposes that the
modified or superseded statement, when made, constituted a misrepresentation, an
untrue statement of material fact or an omission to state a material fact that
is required to be stated or is necessary to make a statement not misleading in
light of the circumstances in which it was made. &nbsp;Any statement so modified
or superseded shall not constitute a part of this Prospectus, except as so
modified or superseded.</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">A
Prospectus Supplement containing the specific terms of an offering of Securities
and other information in relation to such offering will be delivered to
purchasers of such Securities together with this Prospectus and will be deemed
to be incorporated by reference into this Prospectus as of the date of such
Prospectus Supplement solely for the purposes of the offering of Securities
covered by that Prospectus Supplement.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Upon
a new annual information form and the related annual financial statements being
filed by the Company with, and where required, accepted by, the applicable
securities regulatory authorities during the currency of this Prospectus, the
previous annual information form, the previous annual financial statements and
all interim financial statements, material change reports and information
circulars and all Prospectus Supplements filed prior to the commencement of the
Company's financial year in which the new annual information form was filed
shall be deemed no longer to be incorporated into this Prospectus for purposes
of future offers and sales of Securities hereunder.</font></p>
<a NAME="_Toc93312461"></a>
<p style="margin-top:11pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><font size="2">SPECIAL
NOTE REGARDING FORWARD-LOOKING INFORMATION</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Some
of the statements included or incorporated by reference in this Prospectus
constitute "forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995. &nbsp;When used in this
Prospectus, the words "anticipate", "believe", "estimate", "expect", "target", "plan",
"budget", "may", "schedule" and similar
words or expressions, identify forward-looking statements. &nbsp;These
forward-looking statements relate to, among other things:</font></p>
<ul>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
    sufficiency of the Company's current working capital and anticipated
    operating cash flow;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
    sufficiency of the mineral reserves and resources at Quiruvilca, Huaron,
    Morococha, La Colorada, Alamo Dorado, Manantial Espejo or other properties;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">estimated
    production from the Quiruvilca, Huaron, Morococha, La Colorada, Alamo
    Dorado, Manantial Espejo or other properties;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
    estimated cost of and availability of funding for ongoing capital
    improvement programs;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
    estimated cost of development or expansion of Huaron, Morococha, Alamo
    Dorado, Manantial Espejo or other projects;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
    estimated cost and effectiveness of changes to the mine plan at the La
    Colorada mine;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">estimated
    exploration expenditures to be incurred on the Company's various silver
    exploration properties;</font></li>
</ul>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify">&nbsp;
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
6 -</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
</font>
<ul>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">compliance
    with environmental standards;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">forecast
    capital and non-operating spending; and</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">levels
    of silver and other metals production, production costs and metal prices.</font></li>
</ul>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">These
statements reflect the Company's current views with respect to future events
and are necessarily based upon a number of assumptions and estimates that are
inherently subject to significant uncertainties and contingencies. &nbsp;Many
factors, both known and unknown, could cause actual results, performance or
achievements to be materially different from the results, performance or
achievements that are or may be expressed or implied by such forward-looking
statements including, without limitation, the factors identified under the
caption "Risk Factors" in this Prospectus and in the Company's Annual
Information Form, dated May 19, 2004, under the caption &quot;Trends and
Uncertainties.&quot; &nbsp;Investors are cautioned against attributing undue
certainty to forward-looking statements. &nbsp;Although the Company has
attempted to identify important factors that could cause actual results to
differ materially, there may be other factors that cause results not to be
anticipated, estimated or intended. &nbsp;The Company does not intend, and does
not assume any obligation, to update these forward-looking statements to reflect
changes in assumptions or changes in circumstances or any other events affecting
such statements, other than as required by applicable law.</font></p>
<a NAME="_Toc93312462"></a>
<p style="margin-top:11pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><font size="2">CAUTIONARY
NOTE TO UNITED STATES INVESTORS CONCERNING<br>
ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
this Prospectus, the terms "measured resources", "indicated resources"
and "inferred resources" are used. &nbsp;United States investors are advised
that while such terms are recognized and required under Canadian securities
rules, the SEC does not recognize them. &nbsp;"Inferred resources" have a
great amount of uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. &nbsp;It cannot be assumed that all or any
part of an inferred resource will ever be upgraded to a higher category.
&nbsp;Under Canadian securities rules, estimates of inferred resources may not
form the basis of feasibility or other economic studies. &nbsp;<b>United States
investors are cautioned not to assume that all or any part of measured or
indicated resources will ever be converted into reserves. &nbsp;United States
investors also are cautioned not to assume that all or any part of an inferred
resource exists, or is economically or legally mineable.</b></font></p>
<a NAME="_Toc93312463"></a>
<p style="margin-top:11pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><font size="2">CERTAIN
AVAILABLE INFORMATION</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company has filed with the SEC a registration statement on Form F-10 (the "Registration
Statement") under the United States Securities Act of 1933, as amended (the "1933 Act"), with respect to the Securities. &nbsp;This Prospectus, which
constitutes a part of that Registration Statement, does not contain all of the
information set forth in such Registration Statement and its exhibits, to which
reference is made for further information. &nbsp;See "Documents Filed as Part
of the U.S. Registration Statement".</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company is subject to the informational reporting requirements of the Exchange
Act, and in accordance therewith files reports and other information with the
SEC. Under a multijurisdictional disclosure system adopted by the United States,
the Company is permitted to prepare such reports and other information in
accordance with the disclosure requirements of Canada, which are different from
those of the United States. &nbsp;As a foreign private issuer, the Company is
exempt from the rules under the Exchange Act prescribing the furnishing and
content of proxy statements, and its officers, directors and principal
shareholders are exempt from the reporting and short-swing profit recovery rules
contained in Section 16 of the Exchange Act. &nbsp;Under the Exchange Act, the
Company is not required to publish financial statements as frequently or as
promptly as U.S. companies.</font></p>
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</font>
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<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
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</font>
<p style="page-break-before:always; margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company files annual reports with the SEC on Form 40-F, which includes:</font></p>
<blockquote>
  <ul>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
      Company's Annual Information Form;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">management's
      discussion and analysis of financial condition and results of operations;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
      Company's consolidated financial statements, which have been prepared in
      accordance with generally accepted accounting principles in Canada ("Canadian
      GAAP") and reconciled to generally accepted accounting principles in the
      United States ("U.S. GAAP"); and</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">other
      information specified by the Form 40-F.</font></li>
  </ul>
</blockquote>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company also furnishes the following types of information to the SEC under cover
of Form&nbsp;6-K:</font></p>
<blockquote>
  <ul>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">material
      information the Company otherwise makes publicly available in reports that
      it files with securities regulatory authorities in Canada;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">material
      information that the Company files with, and which is made public by, the
      TSX; and</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">material
      information that the Company distributes to its shareholders in Canada.</font></li>
  </ul>
</blockquote>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Investors
may read and copy any document the Company files with, or furnishes to, the SEC
at the SEC's public reference room at Room 1024, 450 Fifth Street, N.W., Room
1024, Washington, D.C. 20549. &nbsp;Copies of the material can also be obtained
from the SEC's public reference room in Washington, D.C. by paying a fee.
&nbsp;Please call the SEC at 1-800-SEC-0330 for further information on the
public reference room. &nbsp;The SEC also maintains a website (www.sec.gov) that
makes available reports and other information that the Company files or
furnishes electronically with it.</font></p>
<a NAME="_Toc93312464"></a>
<p style="margin-top:5.5pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><font size="2">PRESENTATION
OF FINANCIAL INFORMATION AND EXCHANGE RATE DATA</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company presents its consolidated financial statements in United States dollars.
&nbsp;All references in this prospectus to "dollars", "$" or "US$"
are to United States dollars and all references to "Cdn$" are to Canadian
dollars, unless otherwise noted. &nbsp;Except as otherwise indicated, all
financial statements and financial data contained in, or incorporated by
reference into, this Prospectus have been prepared in accordance with Canadian
GAAP, which differ in certain significant respects from U.S. GAAP. &nbsp;For a
description of the material differences between Canadian GAAP and U.S. GAAP as
they relate to the Company's financial statements, see note&nbsp;16 to the
Company's audited consolidated financial statements for the years ended
December 31, 2003 and 2002 and note&nbsp;8 to the Company's unaudited interim
consolidated financial statements for the nine months ended September&nbsp;30,
2004, each incorporated by reference into this Prospectus, and note&nbsp;15 to
the audited consolidated financial statements of Corner Bay Silver Inc., for the
years ended June&nbsp;30, 2002 and 2001 and note&nbsp;5 to the unaudited pro
forma consolidated financial statements of the Company for the year ended
December&nbsp;31, 2002 and the three months ended March&nbsp;31, 2003, each
included in this Prospectus.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
following table sets forth, for each period indicated, the exchange rates of the
Canadian dollar to the U.S. dollar for the end of each period indicated and the
high, low and average (based on the exchange rate on the last day of each month
during such period) exchange rates for each of such periods (such rates, which
are expressed in Canadian dollars are based on the noon buying rates for U.S.
dollars reported by the Bank of Canada).</font></p>
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</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
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</font>
<div align="center">
  <center>
  <table style="page-break-before:always; font-size:10pt" cellspacing="0">
    <tr>
      <td valign="top" width="102"><font size="2">&nbsp;</font></td>
      <td valign="top" width="156">
        <p style="margin:0pt; padding-right:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="2">Nine
        Months</font></b></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="336" colspan="3">
        <p style="margin:0pt; padding-right:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="2">Year
        Ended December 31,</font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="102"><font size="2">&nbsp;</font></td>
      <td valign="top" width="156">
        <p style="margin-top:0pt; margin-bottom:4.5pt; padding-right:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="2">Ended
        September 30, 2004</font></u></b></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:4.5pt; padding-right:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="2">2003</font></u></b></p>
      </td>
      <td valign="top" width="114">
        <p style="margin-top:0pt; margin-bottom:4.5pt; padding-right:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="2">2002</font></u></b></p>
      </td>
      <td valign="top" width="114">
        <p style="margin-top:0pt; margin-bottom:4.5pt; padding-right:2.2pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="2">2001</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="102">
        <p style="margin-top:0pt; margin-bottom:1.85pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font size="2">High</font></p>
      </td>
      <td valign="top" width="156">
        <p style="margin-top:0pt; margin-bottom:1.85pt; padding-right:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2">Cdn$1.3968</font></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:1.85pt; padding-right:12.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2">Cdn$1.5747</font></p>
      </td>
      <td valign="top" width="114">
        <p style="margin-top:0pt; margin-bottom:1.85pt; padding-left:-5.4pt; padding-right:21.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2">Cdn$1.6132</font></p>
      </td>
      <td valign="top" width="114">
        <p style="margin-top:0pt; margin-bottom:1.85pt; padding-left:-5.4pt; padding-right:21.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2">Cdn$1.6021</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="102">
        <p style="margin-top:0pt; margin-bottom:1.85pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font size="2">Low</font></p>
      </td>
      <td valign="top" width="156">
        <p style="margin-top:0pt; margin-bottom:1.85pt; padding-right:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2">1.2639</font></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:1.85pt; padding-right:12.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2">$1.2924</font></p>
      </td>
      <td valign="top" width="114">
        <p style="margin-top:0pt; margin-bottom:1.85pt; padding-right:21.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2">1.5110</font></p>
      </td>
      <td valign="top" width="114">
        <p style="margin-top:0pt; margin-bottom:1.85pt; padding-right:21.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2">1.4936</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="102">
        <p style="margin-top:0pt; margin-bottom:1.85pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font size="2">Average</font></p>
      </td>
      <td valign="top" width="156">
        <p style="margin-top:0pt; margin-bottom:1.85pt; padding-right:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2">1.3280</font></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:1.85pt; padding-right:12.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2">$1.4015</font></p>
      </td>
      <td valign="top" width="114">
        <p style="margin-top:0pt; margin-bottom:1.85pt; padding-right:21.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2">1.5704</font></p>
      </td>
      <td valign="top" width="114">
        <p style="margin-top:0pt; margin-bottom:1.85pt; padding-right:21.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2">1.5484</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="102">
        <p style="margin-top:0pt; margin-bottom:1.85pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font size="2">End
        of Period</font></p>
      </td>
      <td valign="top" width="156">
        <p style="margin-top:0pt; margin-bottom:1.85pt; padding-right:39.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2">1.2639</font></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:1.85pt; padding-right:12.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2">$1.2924</font></p>
      </td>
      <td valign="top" width="114">
        <p style="margin-top:0pt; margin-bottom:1.85pt; padding-right:21.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2">1.5796</font></p>
      </td>
      <td valign="top" width="114">
        <p style="margin-top:0pt; margin-bottom:1.85pt; padding-right:21.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2">1.5926</font></p>
      </td>
      <a NAME="_Toc443098849"></a>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:5.5pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">On
January <font face="Times New Roman">17</font>, 2005, the noon buying rate
reported by the Bank of Canada was $1.00 = Cdn $<font face="Times New Roman">0.8220</font>.</font></p>
<a NAME="_Toc93312465"></a>
<p style="margin-top:11pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><font size="2">THE
COMPANY</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Pan
American Silver Corp. is a company existing under the <i>Business Corporations
Act</i> (British Columbia). &nbsp;The Company's head office is located at 1500
- - 625 Howe Street, Vancouver, British Columbia, V6C&nbsp;2T6 and its registered
and records office is located at 900 Waterfront Centre, 200 Burrard Street,
Vancouver, British Columbia, V7X&nbsp;1T2. &nbsp;In this Prospectus, the term "Pan American" refers to the Company and its principal subsidiaries.</font></p>
<a NAME="_Toc93312466"></a>
<p style="margin-top:11pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><font size="2">BUSINESS
OF THE COMPANY</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Pan
American is principally engaged in the exploration for, and the acquisition,
development and operation of silver properties. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Pan
American: (i) owns and operates the producing Quiruvilca silver mine in Peru;
(ii) owns and operates the producing Huaron silver mine in Peru; (iii) owns an
86% equity interest in, and operates, the producing Morococha silver mine in
Peru; (iv) owns and operates the producing La Colorada silver mine in Mexico;
(v) mines and sells silver-rich pyrite stockpiles at a small-scale operation in
central Peru; and (vi) holds an option to acquire the San Vincente silver mine
in Bolivia, on which small-scale toll mining has taken place and is expected to
resume in the future. &nbsp;Pan
American also either holds an interest in or may earn an interest in
non-producing silver resource and silver exploration properties in Peru,
Argentina, the United States and Mexico, including the Alamo Dorado deposit in
Mexico and Manantial Espejo deposit in Argentina on which the Company is
preparing feasibility studies.</font></p>
<a NAME="_Toc443098857"></a><a NAME="_Toc93312467"></a>
<p style="margin-top:11pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><font size="2">USE
OF PROCEEDS</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Unless
otherwise indicated in the applicable Prospectus Supplement, the net proceeds
from the sale of Securities will be used by the Company to fund development of
the Alamo Dorado project, development of the Manantial Espejo project, expansion
of the Morococha mine, other ongoing exploration programs, working capital
requirements or for other general corporate purposes. &nbsp;The Company may,
from time to time, issue common shares or other securities otherwise than
through the offering of Securities pursuant to this Prospectus.</font></p>
<a NAME="_Toc93312468"></a>
<p style="margin-top:11pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><font size="2">EARNINGS
COVERAGE</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
following consolidated financial earnings deficiency figures and cash flow
coverage ratios are calculated for the year ended December 31, 2003 and the
12-month period ended September 30, 2004 and give effect to all long-term
financial liabilities of Pan American and the repayment, redemption or
retirement thereof since those dates, respectively. &nbsp;The earnings coverage
deficiencies, cash flow coverage ratios, cash flow coverage deficiencies and the
amount of earnings, cash flow and interest expense set forth below do not
purport to be indicative of earnings coverage deficiencies or ratios or cash
flow</font></p>
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</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
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</font>
<p style="page-break-before: always; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font size="2">coverage
deficiencies or ratios for any future periods. &nbsp;The deficiency figures and
coverage ratios have been calculated based on Canadian GAAP. &nbsp;These
coverage deficiencies, coverage ratios, earnings, cash flows or interest
expenses do not give effect to the issuance of any Debt Securities that may be
issued pursuant to this Prospectus and any Prospectus Supplement, since the
aggregate principal amounts and the terms of such Debt Securities are not
presently known.</font></p>
<div align="center">
  <center>
  <table style="font-size:10pt" cellspacing="0">
    <tr>
      <td valign="top" width="342"><font size="2">&nbsp;</font></td>
      <td valign="top" width="124.8">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:13pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="2">12
        Months Ended<br>
        <u>September 30, 2004</u></font></b></p>
      </td>
      <td valign="top" width="115.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:13pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="2">Year
        Ended<br>
        <u>December 31, 2003</u></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="342"><font size="2">&nbsp;</font></td>
      <td valign="top" width="240.2" colspan="2">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:13pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="2">(US$
        millions except ratios)</font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="342">
        <p style="margin-top:0pt; margin-bottom:-15pt; line-height:15pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Earnings
        coverage / (deficiency) <sup>(1)</sup></font></p>
        <p style="margin-top:0pt; margin-bottom:5.5pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><br>
        </font>
        </p>
      </td>
      <td valign="top" width="124.8">
        <p style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">2.44x</font></p>
      </td>
      <td valign="top" width="115.4">
        <p style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">($6.79)</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="342">
        <p style="margin-top:0pt; margin-bottom:-15pt; line-height:15pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Cash
        flow deficiency <sup>(2)</sup></font></p>
        <p style="margin:0pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><br>
        </font>
        </p>
      </td>
      <td valign="top" width="124.8">
        <p style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">$0.60</font></p>
      </td>
      <td valign="top" width="115.4">
        <p style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">$3.80</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:5.5pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">___________________________</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><sup><font size="1">(1)</font></sup></p>
<p style="margin-top:0pt; margin-bottom:4.5pt; padding-left:54pt; line-height:11pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="1">Earnings
coverage deficiency is the dollar amount of earnings required to attain an
earnings coverage ratio of one-to-one. &nbsp;Earnings coverage ratio is equal to
net income before interest expense and income taxes divided by interest expense
on all debt.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><sup><font size="1">(2)</font></sup></p>
<p style="margin-top:0pt; margin-bottom:9pt; padding-left:54pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><font size="1">Cash
flow deficiency is the dollar amount of cash flow required to attain a cash flow
coverage ratio of one-to-one. &nbsp;Cash flow coverage ratio is equal to cash
flow from operating activities before interest expense and income taxes divided
by interest expense on all debt.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company's interest expense requirements amounted to approximately $1,156,000
for the year ended December&nbsp;31, 2003. &nbsp;The Company's losses before
interest expense and income tax for the year ended December&nbsp;31, 2003 were
approximately $5,638,000, which is a deficiency of approximately $6,794,000 of
the earnings amount necessary to attain a earnings coverage ratio of one-to-one
for this period.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company's interest expense requirements amounted to approximately $964,000 for
the 12&nbsp;months ended September&nbsp;30, 2004. &nbsp;The Company's earnings
before interest expense and income tax for the 12 months ended
September&nbsp;30, 2004 were approximately $2,352,000,&nbsp; which is 2.44 times the
Company's interest requirement.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
the Company offers any Debt Securities having a term to maturity in excess of
one year under this Prospectus and a Prospectus Supplement, the Prospectus
Supplement will include earnings coverage ratios giving effect to the issuance
of such Debt Securities.</font></p>
<a NAME="_Toc93312469"></a>
<p style="margin-top:11pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><font size="2">DESCRIPTION
OF SHARE CAPITAL</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company is authorized to issue 100,000,000 common shares, without par value, of
which 66,814,433 are issued and outstanding as at the date of this Prospectus.
&nbsp;There are options outstanding to purchase up to 1,703,974 common shares at
prices ranging from Cdn$5.00 to Cdn$22.51 and warrants outstanding to purchase
up to 3,809,817 common shares at a price of Cdn$12.00. &nbsp;Holders of common
shares are entitled to one vote per common share at all meetings of
shareholders, to receive dividends as and when declared by the directors of the
Company and to receive a pro rata share of the assets of the Company available
for distribution to the shareholders in the event of the liquidation,
dissolution or winding-up of the Company. &nbsp;There are no preemptive,
conversion or redemption rights attached to the common shares.</font></p>
<font size="2">
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10 -</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin-top:11pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2"><a NAME="_Toc93312470"></a><b>DESCRIPTION
OF DEBT SECURITIES</b></font></p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><font size="2">General</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company may issue Debt Securities in one or more series under an indenture (the "Trust Indenture") that it will enter into with one or more trustees (each,
a "Trustee") that will be described in the Prospectus Supplement for such
Debt Securities. &nbsp;The following summary describes certain provisions of the
Trust Indenture, although it does not purport to be complete and is subject to
and is qualified in its entirety by reference to the Trust Indenture. &nbsp;At
least one of the Trustees must be resident in British Columbia, authorized to do
business in British Columbia or authorized to carry on trust business under the <i>Financial
Institutions Act</i> (British Columbia). &nbsp;The Trust Indenture will be
subject to and governed by the <i>Business Corporations Act</i> (British
Columbia) and the United States Trust Indenture Act of 1939, as amended. &nbsp;A
copy of the form of Trust Indenture has been filed with the SEC as an exhibit to
the registration statement of which this Prospectus forms a part and will be
filed with the Canadian securities regulatory authorities. &nbsp;The terms of
Debt Securities the Company offers may differ from the general information
provided below. Prospective investors should rely only on information in the
Prospectus Supplement if it is different from the following information.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company may issue Debt Securities and incur additional indebtedness other than
through the offering of Debt Securities pursuant to this Prospectus.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Reference
to the "Company" in this section refers only to Pan American Silver Corp.
but not any of its subsidiaries.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trust Indenture does not limit the amount of Debt Securities the Company can
issue thereunder and unless otherwise stated in the Prospectus Supplement does
not limit the amount of other indebtedness the Company may incur. &nbsp;The
Company may issue Debt Securities from time to time in separate series.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Prospectus Supplement for any series of Debt Securities the Company offers will
describe the specific terms of the Debt Securities and may include any of the
following:</font></p>
<blockquote>
  <ul>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
      designation of the Debt Securities;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">any
      limit on the aggregate principal amount of the Debt Securities;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
      price at which the Debt Securities will be issued (or the manner of
      determination thereof, if offered on a non-fixed price basis and whether
      at par, at a discount or at a premium);</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">whether
      the payment of the Debt Securities will be guaranteed by any other person
      and the terms of such guarantee;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
      currency of issue of the Debt Securities;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">whether
      payment on the Debt Securities will be senior or subordinated to, or pari
      passu with, the Company's other liabilities and obligations and the
      terms and provisions of any such subordination;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">whether
      the payment of the Debt Securities will be secured by any of the Company's
      assets or by any other person;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
      dates on which the Company may issue the Debt Securities and the date or
      dates on which the Company will pay the principal and any premium on the
      Debt Securities and the portion</font></li>
  </ul>
</blockquote>
<font size="2">
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</font>
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11 -</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
<br>
</font>
<blockquote>
  <blockquote>
    <p style="page-break-before: always; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font size="2">(if
    less than the principal amount) of Debt Securities to be payable on a
    declaration of acceleration of maturity;</font></p>
  </blockquote>
  <ul>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">whether
      and under what circumstances the date or dates on which the Company will
      pay the principal and any premium on the Debt Securities may be extended;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">whether
      the Debt Securities will bear interest, whether the interest is payable in
      cash, securities or a combination thereof, the interest rate or the method
      of determining the interest rate, the date from which interest will
      accrue, the dates on which the Company will pay interest and the record
      dates for interest payments;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
      place or places the Company will pay principal, any premium and interest
      and the place or places where Debt Securities can be presented for
      registration of transfer or exchange;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">whether
      and under what circumstances the Company will be required to pay any
      additional amounts for withholding or deduction for Canadian taxes with
      respect to the Debt Securities, and whether the Company will have the
      option to redeem the Debt Securities rather than pay the additional
      amounts;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">whether
      and under what circumstances the Company may prepay, redeem or repurchase
      the Debt Securities at its option;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">whether
      and under what circumstances the Company will be obligated to prepay,
      redeem or repurchase the Debt Securities pursuant to any sinking fund or
      other provisions, or at the option of a holder;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">if
      other than $1,000 and any integral multiples thereof, the denominations in
      which the Company will issue the Debt Securities;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
      currency in which the Company will make payments on the Debt Securities
      and whether payments will be payable with reference to any index or
      formula;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">whether
      the Company will issue the Debt Securities as global securities and, if
      so, the identity of the depositary for the global securities;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">whether
      the Company will issue the Debt Securities as bearer securities or only in
      registered form;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">any
      changes or additions to events of default or covenants;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">any
      changes or additions to the provisions for defeasance described under "Defeasance"
      below;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">whether
      the holders of any series of Debt Securities have special rights if
      specified events occur;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">any
      restrictions on the transfer or exchange of the Debt Securities;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
      terms for any conversion or exchange of the Debt Securities for any other
      securities;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">provisions
      as to modification, amendment or variation of any rights or terms
      attaching to the Debt Securities;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
      identity of the Trustee;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">whether
      the Debt Securities will be listed on any Exchange; and</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">any
      other terms of the Debt Securities.</font></li>
  </ul>
</blockquote>
<font size="2">
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12 -</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Unless
stated otherwise in the applicable Prospectus Supplement, no holder will have
the right to require the Company to repurchase the Debt Securities and there
will be no increase in the interest rate if the Company becomes involved in a
highly leveraged transaction or there is a change of control of the Company.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company may issue Debt Securities bearing no interest or interest at a rate
below the prevailing market rate at the time of issuance, and offer and sell
these securities at a discount below their stated principal amount. &nbsp;The
Company may also sell any of the Debt Securities for a foreign currency or
currency unit, and payments on the Debt Securities may be payable in a foreign
currency or currency unit. In any of these cases, the Company will describe in
the applicable Prospectus Supplement, any Canadian and United States federal
income tax consequences and other special considerations.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company may issue Debt Securities with terms different from those of Debt
Securities previously issued and, without the consent of the holders thereof,
the Company may reopen a previous issue of a series of Debt Securities and issue
additional Debt Securities of such series (unless the reopening was restricted
when such series was created).</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Unless
stated otherwise in the applicable Prospectus Supplement, the Company will issue
Debt Securities only in fully registered form without coupons, in denominations
of $1,000 and multiples of $1,000. &nbsp;The applicable Prospectus Supplement
may indicate the denominations to be issued, the procedures for payment of
interest and principal and other matters. No service charge will be made for any
registration of transfer or exchange of the Debt Securities, but the Company
may, in certain instances, require payment of a sum sufficient to cover any tax
or other governmental charge payable in connection with these transactions.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><font size="2">Payment
and Transfer</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Unless
stated otherwise in the Prospectus Supplement, the Company will make payments of
principal of (and premium, if any, on) Debt Securities of a particular series in
the designated currency against surrender of the Debt Securities at the office
of the paying agent the Company designates from time to time. &nbsp;Unless
stated otherwise in the applicable Prospectus Supplement, the Company will make
payment of any installment of interest on Debt Securities to the persons in
whose names the Debt Securities are registered on the close of business on the
day or days specified by the Company. &nbsp;Unless otherwise indicated in the
applicable Prospectus Supplement, payments of interest will be made, at the
Company's option:</font></p>
<ul>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">at
    the corporate trust office of the paying agent that the Company designates
    from time to time;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">by
    electronic funds transfer to an account that the holder designates from time
    to time; or</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">by
    a cheque in the designated currency mailed to each holder at the relevant
    holder's registered address.</font></li>
</ul>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Holders
may transfer or exchange fully registered Debt Securities at the corporate trust
office of the Trustee or at any other office or agency the Company maintains for
these purposes, without the payment of any service charge except for any tax or
governmental charge.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><font size="2">Global
Securities</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company may issue Debt Securities of a series in the form of one or more global
securities ("Global Securities") which will be deposited with a depositary
(a "Depositary"), or its nominee,</font></p>
<font size="2">
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</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
<br>
</font>
<p style="page-break-before: always; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font size="2">identified
in the applicable Prospectus Supplement and which will be exchangeable for
definitive Debt Securities only under certain conditions. &nbsp;The Global
Securities may be in temporary or permanent form. &nbsp;The applicable
Prospectus Supplement will describe the terms of any depositary arrangement and
the rights and limitations of owners of beneficial interests in any global
security. &nbsp;The applicable Prospectus Supplement also will describe the
exchange, registration and transfer rights relating to any global security.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><font size="2">Merger,
Amalgamation or Consolidation</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trust Indenture generally permits the Company to amalgamate or consolidate with
or merge into any other person, and to transfer or dispose of substantially all
of its assets, so long as the resulting person is a Canadian or U.S. entity and
assumes the Company's obligations on the Debt Securities and under the Trust
Indenture and the Company or such successor person will not be in default under
the Trust Indenture immediately after the transaction.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
the resulting person assumes the Company's obligations, subject to certain
exceptions, the Company will be relieved of those obligations.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><font size="2">Events
of Default</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
following are summaries of events with respect to any series of Debt Security
which will constitute an "event of default" in respect of a series of Debt
Securities:</font></p>
<blockquote>
  <ul>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
      Company fails to pay principal or any premium on any Debt Security of that
      series when it is due;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
      Company fails to pay interest on any Debt Security of that series for 30
      days from the date such amounts are due;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
      Company fails to comply with any of its other agreements relating to the
      Debt Securities or the Trust Indenture for 60 days after written notice by
      the Trustee or by holders of at least 25% in aggregate principal amount of
      the outstanding Debt Securities of that series;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">certain
      events involving its bankruptcy, insolvency or reorganization; and</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">any
      other event of default provided for that series of Debt Securities.</font></li>
  </ul>
</blockquote>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Prospectus Supplement for a series of Debt Securities may include additional
events of default or changes to the events of default described above. &nbsp;The
Trustee will give notice within a reasonable time (not exceeding 30 days) to the
holders of Debt Securities of any default unless it determines in good faith the
withholding of such notice is in the best interests of the holders,
collectively, and so advises the Company in writing.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">A
default under one series of Debt Securities will not necessarily be a default
under another series.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
an event of default for any series of Debt Securities occurs and continues, the
Trustee or the holders of at least 25% in aggregate principal amount of the Debt
Securities of that series may require the Company to repay immediately:</font></p>
<blockquote>
  <ul>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
      entire principal of the Debt Securities of the series; or</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">if
      the Debt Securities are discounted securities, that portion of the
      principal as is described in the applicable Prospectus Supplement.</font></li>
  </ul>
</blockquote>
<font size="2">
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</font>
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14 -</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
<br>
</font><p style="page-break-before:always; margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
an event of default relates to events involving the Company's bankruptcy,
insolvency or reorganization, the principal of all Debt Securities will become
immediately due and payable without any action by the Trustee or any holder.
&nbsp;Subject to certain conditions, the holders of a majority of the aggregate
principal amount of the Debt Securities of the affected series can rescind the
accelerated payment requirement.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Other
than its duties in case of a default, the Trustee is not obligated to exercise
any of its rights or powers under the Trust Indenture at the request, order or
direction of any holders, unless the holders offer the Trustee reasonable
indemnity. &nbsp;If they provide this reasonable indemnity, the holders of a
majority in principal amount of any series of Debt Securities may, subject to
certain limitations, direct the time, method and place of conducting any
proceeding or any remedy available to the Trustee, or exercising any power
conferred on the Trustee, for any series of Debt Securities.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company will be required to furnish to the Trustee a statement annually as to
its compliance with all conditions and covenants under the Trust Indenture and,
if the Company is not in compliance, it must specify any defaults.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><font size="2">Defeasance</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">When
the Company uses the term "defeasance", it means discharge from some or all
of its obligations under the Trust Indenture. &nbsp;If the Company deposits with
the Trustee sufficient cash or government securities to pay the principal,
interest, any premium and any other sums due to the stated maturity date or a
redemption date of the Debt Securities of a series, then at its option:</font></p>
<blockquote>
  <ul>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
      Company will be discharged from its obligations with respect to the Debt
      Securities of that series; or</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
      Company will no longer be under any obligation to comply with certain
      restrictive covenants under the Trust Indenture, and certain events of
      default will no longer apply to the Company.</font></li>
  </ul>
</blockquote>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
this happens, the holders of the Debt Securities of the affected series will not
be entitled to the benefits of the Trust Indenture except for registration of
transfer and exchange of Debt Securities and the replacement of lost, stolen or
mutilated Debt Securities. &nbsp;These holders may look only to the deposited
fund for payment on their Debt Securities.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Unless
stated otherwise in the Prospectus Supplement, in order to exercise its
defeasance option, the Company will be required to deliver to the Trustee an
opinion of counsel to the effect that the deposit and related defeasance would
not cause the holders of the Debt Securities to recognize income, gain or loss
for Canadian federal or Canadian provincial income tax purposes (and any other
jurisdiction specified for this purpose in the Prospectus Supplement). &nbsp;The
Company also will be required to deliver a certificate of an officer of the
Company and an opinion of counsel, each stating that all of the conditions
precedent provided for relating to defeasance have been satisfied. In addition,
other conditions must be met before the Company may exercise its defeasance
option.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><font size="2">Modification
and Waiver</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company may modify the Trust Indenture with the consent of the holders of a
majority in aggregate principal amount of the outstanding Debt Securities of
each series affected by the modification. However, without the consent of each
holder affected, no modification may:</font></p>
<font size="2">
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15 -</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
<br>
</font>
<blockquote>
  <ul>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">reduce
      the percentage of the unpaid principal amount of any series of Debt
      Securities whose holders must consent to any amendment or waiver under the
      Trust Indenture or which may otherwise require notice, information or
      action or effect any action, or modify the provisions in the Trust
      Indenture relating to amendment or waiver;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">reduce
      the amount of, or change the currency of payment of or to delay the time
      of any payments (whether of principal, premium, interest or otherwise) to
      be made to the holders of Debt Securities of any series;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">change
      the definition of or the manner of calculating amounts (including any
      change in the applicable rate or rates of interest) to which any holder of
      Debt Securities of any series is entitled under the Trust Indenture;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">make
      any change that adversely affects the redemption, conversion or exchange
      rights of holders of Debt Securities of any series;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">make
      any change that would result in the issuer being required to make any
      deduction or withholding from payments to be made to holders of Debt
      Securities of any series; or</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">impair
      the right of holders to institute a suit to enforce their rights to
      payment.</font></li>
  </ul>
</blockquote>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
holders of a majority in principal amount of outstanding Debt Securities of any
series may on behalf of the holders of all outstanding Debt Securities of that
series waive, only insofar as that series is concerned, any prospective or
existing defaults under the Trust Indenture and the Company's compliance with
certain restrictive provisions of the Trust Indenture. &nbsp;However, these
holders may not waive a default in any payment on any Debt Security or
compliance with a provision that cannot be modified without the consent of each
holder affected.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company may modify the Trust Indenture without the consent of the holders to:</font></p>
<blockquote>
  <ul>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">cure
      any ambiguity, defect or inconsistency, provided, however, that the
      amendment to cure any ambiguity, defect or inconsistency does not
      materially and adversely affect the rights of any holder of Debt
      Securities;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">provide
      for the assumption by a successor of the Company's obligations under the
      Trust Indenture;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">give
      effect to certain directions of the holders;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">change
      or eliminate any provisions where the change takes effect when there are
      no Debt Securities outstanding under the Trust Indenture;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">provide
      for uncertificated Debt Securities in addition to certificated Debt
      Securities, as long as those uncertificated Debt Securities are in
      registered form for United States federal income tax purposes;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">make
      any change to maintain the qualification of the Trust Indenture under the
      United States Trust Indenture Act of 1939, as amended, or to comply with
      applicable laws;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">add
      to the Company's covenants, obligations or events of default under the
      Trust Indenture for the protection of holders of Debt Securities;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">add
      a guarantor to guarantee the payment of the Debt Securities of any series;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">surrender
      any right, power or option conferred by the Trust Indenture on the
      Company; or</font></li>
  </ul>
</blockquote>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">in
any other manner that would not adversely affect the rights of holders of
outstanding securities.</font></p>
<font size="2">
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</font>
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16 -</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><b><font size="2">Governing
Law</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trust Indenture and the Debt Securities will be governed by and construed in
accordance with the laws of the Province of British Columbia and the federal
laws of Canada applicable in British Columbia.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><b><font size="2">The
Trustee</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trustee under the Trust Indenture or its affiliates may provide banking and
other services to the Company in the ordinary course of their business.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trust Indenture contains certain limitations on the rights of the Trustee, as
long as it or any of its affiliates remains the Company's creditor, to obtain
payment of claims in certain cases or to realize on certain property received on
any claim as security or otherwise. &nbsp;The Trustee and its affiliates will be
permitted to engage in other transactions with the Company. &nbsp;If the Trustee
or any affiliate acquires any conflicting interest and a default occurs with
respect to the Debt Securities, the Trustee must eliminate the conflict or
resign.</font></p>
<a NAME="_Toc93312471"></a>
<p style="margin-top:11pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><font size="2">DESCRIPTION
OF WARRANTS</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><font size="2">General</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company may issue Warrants to purchase Common Shares or Debt Securities. The
Company may issue Warrants independently or together with other Securities, and
Warrants sold with other Securities may be attached to or separate from the
other Securities. &nbsp;Warrants will be issued under and governed by the terms
of one or more warrant indentures (each a "Warrant Indenture") between the
Company and a warrant trustee (the "Warrant Trustee") that the Company will
name in the relevant Prospectus Supplement. &nbsp;Each Warrant Trustee will be a
financial institution organized under the laws of Canada or any province thereof
and authorized to carry on business as a trustee.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Selected
provisions of the Warrants and any Warrant Indenture are summarized below.
&nbsp;The statements made in this Prospectus relating to any Warrant Indenture
and Warrants to be issued thereunder are summaries of certain anticipated
provisions thereof and are subject to, and are qualified in their entirety by
reference to, all provisions of the applicable Warrant Indenture and the
Prospectus Supplement describing such Warrant Indenture.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Prospectus Supplement relating to any Warrants the Company offers will describe
the Warrants and include specific terms relating to their offering. &nbsp;All
such terms will comply with the requirements of the TSX and Nasdaq relating to
Warrants. &nbsp;The Prospectus Supplement will include some or all of the
following:</font></p>
<ul>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">the
    designation and aggregate number of Warrants offered;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">the
    price, if any, at which the Warrants will be offered;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">the
    currency or currencies of the price at which the Warrants will be offered;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">the
    designation, number and terms of the Common Shares or Debt Securities
    purchasable upon exercise of the Warrants, and the procedures that will
    result in the adjustment of those numbers;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">the
    exercise price of the Warrants;</font></li>
</ul>
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</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
<br>
</font>
<ul>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">the
    currency or currencies in which the exercise price is denominated;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">the
    dates or periods during which the Warrants are exercisable;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">the
    designation and terms of any securities with which the Warrants are issued;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">if
    the Warrants are issued as a unit with another security, the date on and
    after which the Warrants and the other security will be separately
    transferable;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">any
    minimum or maximum amount of Warrants that may be exercised at any one time;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">any
    terms, procedures and limitations relating to the transferability, exchange
    or exercise of the Warrants;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">whether
    the Warrants will be subject to redemption or call and, if so, the terms of
    such redemption or call provisions;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">any
    entitlement of the Company to purchase the Warrants in the open market by
    private agreement or otherwise;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">the
    identity of the Warrant Trustee;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">whether
    the Warrants will be listed on any exchange;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">material
    Canadian and United States tax consequences of owning the Warrants; and</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">any
    other terms of the Warrants.</font></li>
</ul>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Warrant
certificates will be exchangeable for new Warrant certificates of different
denominations at the office or offices indicated in the Warrant Indenture and
the Prospectus Supplement. &nbsp;Prior to the exercise of their Warrants,
holders of Warrants will not have any of the rights of holders of the Common
Shares or Debt Securities issuable upon exercise of the Warrants.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company may amend any Warrant Indenture and the Warrants, without the consent of
the holders of the Warrants, to cure any ambiguity, to cure, correct or
supplement any defective or inconsistent provision, or in any other manner that
will not materially and adversely affect the interests of holders of outstanding
Warrants.</font></p>
<a NAME="_Toc93312472"></a>
<p style="margin-top:11pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><font size="2">DESCRIPTION
OF SUBSCRIPTION RECEIPTS</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company may issue Subscription Receipts, which will entitle holders to receive
upon satisfaction of certain release conditions and for no additional
consideration, Common Shares, Debt Securities or Warrants. &nbsp;Subscription
Receipts will be issued pursuant to one or more subscription receipt agreements
(each, a "Subscription Receipt Agreement"), each to be entered into between
the Company and an Escrow Agent (the "Escrow Agent"), which will also
establish the terms and conditions of the Subscription Receipts. &nbsp;Each
Escrow Agent will be a financial institution organized under the laws of Canada
or a province thereof and authorized to carry on business as a trustee. &nbsp;A
copy of the form of Subscription Receipt Agreement will be filed with Canadian
securities regulatory authorities and as an exhibit to the Registration
Statement. &nbsp;The following description sets forth certain general terms and
provisions of Subscription Receipts and is not intended to be complete.
&nbsp;The statements made in this Prospectus relating to any Subscription
Receipt Agreement and Subscription Receipts to be issued</font></p>
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</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
<br>
</font>
<p style="page-break-before: always; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font size="2">thereunder
are summaries of certain anticipated provisions thereof and are subject to, and
are qualified in their entirety by reference to, all provisions of the
applicable Subscription Receipt Agreement and the Prospectus Supplement
describing such Subscription Receipt Agreement.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Prospectus Supplement relating to any Subscription Receipts the Company offers
will describe the Subscription Receipts and include specific terms relating to
their offering. &nbsp;All such terms will comply with the requirements of the
TSX and Nasdaq relating to Subscription Receipts. &nbsp;If underwriters or
agents are used in the sale of Subscription Receipts, one or more of such
underwriters or agents may also be parties to the Subscription Receipt Agreement
governing the Subscription Receipts sold to or through such underwriters or
agents.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><b><font size="2">General</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Prospectus Supplement and the Subscription Receipt Agreement for any
Subscription Receipts the Company offers will describe the specific terms of the
Subscription Receipts and may include, but are not limited to, any of the
following:</font></p>
<ul>
  <li>
    <p style="text-indent: 0; line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">the
    designation and aggregate number of Subscription Receipts offered;</font></li>
  <li>
    <p style="text-indent: 0; line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">the
    price at which the Subscription Receipts will be offered;</font></li>
  <li>
    <p style="text-indent: 0; line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">the
    currency or currencies of the price at which the Subscription Receipts will
    be offered;</font></li>
  <li>
    <p style="text-indent: 0; line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">the
    designation, number and terms of the Common Shares, Debt Securities,
    Warrants or combination thereof to be received by holders of Subscription
    Receipts upon satisfaction of the release conditions, and the procedures
    that will result in the adjustment of those numbers;</font></li>
  <li>
    <p style="text-indent: 0; line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">the
    conditions (the "Release Conditions") that must be met in order for
    holders of Subscription Receipts to receive for no additional consideration
    Common Shares, Debt Securities, Warrants or a combination thereof;</font></li>
  <li>
    <p style="text-indent: 0; line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">the
    procedures for the issuance and delivery of Common Shares, Debt Securities,
    Warrants or a combination thereof to holders of Subscription Receipts upon
    satisfaction of the Release Conditions;</font></li>
  <li>
    <p style="text-indent: 0; line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">whether
    any payments will be made to holders of Subscription Receipts upon delivery
    of the Common Shares, Debt Securities, Warrants or a combination thereof
    upon satisfaction of the Release Conditions (<i>e.g.</i>, an amount equal to
    dividends declared on Common Shares by the Company to holders of record
    during the period from the date of issuance of the Subscription Receipts to
    the date of issuance of any Common Shares pursuant to the terms of the
    Subscription Receipt Agreement, or an amount equal to interest payable by
    the Company in respect of Debt Securities during the period from the date of
    issuance of the Subscription Receipts to the date of issuance of the Debt
    Securities pursuant to the terms of the Subscription Receipt Agreement);</font></li>
  <li>
    <p style="text-indent: 0; line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">the
    terms and conditions under which the Escrow Agent will hold all or a portion
    of the gross proceeds from the sale of Subscription Receipts, together with
    interest and income earned thereon (collectively, the "Escrowed Funds"),
    pending satisfaction of the Release Conditions;</font></li>
  <li>
    <p style="text-indent: 0; line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">the
    terms and conditions pursuant to which the Escrow Agent will hold Common
    Shares, Debt Securities or Warrants pending satisfaction of the Release
    Conditions;</font></li>
</ul>
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</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
<br>
</font>
<ul>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">the
    terms and conditions under which the Escrow Agent will release all or a
    portion of the Escrowed Funds to the Company upon satisfaction of the
    Release Conditions;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">if
    the Subscription Receipts are sold to or through underwriters or agents, the
    terms and conditions under which the Escrow Agent will release a portion of
    the Escrowed Funds to such underwriters or agents in payment of all or a
    portion of their fees or commission in connection with the sale of the
    Subscription Receipts;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">procedures
    for the refund by the Escrow Agent to holders of Subscription Receipts of
    all or a portion of the subscription price for their Subscription Receipts,
    plus any pro rata entitlement to interest earned or income generated on such
    amount, if the Release Conditions are not satisfied;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">any
    contractual right of rescission to be granted to initial purchasers of
    Subscription Receipts in the event this Prospectus, the Prospectus
    Supplement under which Subscription Receipts are issued or any amendment
    hereto or thereto contains a misrepresentation;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">any
    entitlement of the Company to purchase the Subscription Receipts in the open
    market by private agreement or otherwise;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">whether
    the Company will issue the Subscription Receipts as global securities and,
    if so, the identity of the depositary for the global securities;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">whether
    the Company will issue the Subscription Receipts as bearer securities,
    registered securities or both;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">provisions
    as to modification, amendment or variation of the Subscription Receipt
    Agreement or any rights or terms attaching to the Subscription Receipts;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">the
    identity of the Escrow Agent;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">whether
    the Subscription Receipts will be listed on any exchange;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">material
    Canadian and United States tax consequences of owning the Subscription
    Receipts; and</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt; padding-left: 0" align="justify"><font FACE="Times New Roman" size="2">any
    other terms of the Subscription Receipts.</font></li>
</ul>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><b><font size="2">The
holders of Subscription Receipts will not be shareholders of the Company.
&nbsp;Holders of Subscription Receipts are entitled only to receive Common
Shares, Debt Securities, Warrants or a combination thereof on exchange of their
Subscription Receipts, plus any cash payments provided for under the
Subscription Receipt Agreement, if the Release Conditions are satisfied.
&nbsp;If the Release Conditions are not satisfied, Holders of Subscription
Receipts shall be entitled to a refund of all or a portion of the subscription
price therefor and all or a portion of the pro rata share of interest earned or
income generated thereon, as provided in the Subscription Receipt Agreement.</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><font size="2">Escrow</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Escrowed Funds will be held in escrow by the Escrow Agent, and such Escrowed
Funds will be released to the Company (and, if the Subscription Receipts are
sold to or through underwriters or agents, a portion of the Escrowed Funds may
be released to such underwriters or agents in payment of all or a portion of
their fees in connection with the sale of the Subscription Receipts) at the time
and under the terms specified by the Subscription Receipt Agreement. &nbsp;If
the Release Conditions are not satisfied,</font></p>
<font size="2">
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20 -</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
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</font>
<p style="page-break-before: always; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font size="2">holders
of Subscription Receipts will receive a refund of all or a portion of the
subscription price for their Subscription Receipts plus their pro-rata
entitlement to interest earned or income generated on such amount, in accordance
with the terms of the Subscription Receipt Agreement. &nbsp;Common Shares, Debt
Securities or Warrants may be held in escrow by the Escrow Agent, and will be
released to the holders of Subscription Receipts following satisfaction of the
Release Conditions at the time and under the terms specified in the Subscription
Receipt Agreement.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><font size="2">Anti-Dilution</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Subscription Receipt Agreement will specify that upon the subdivision,
consolidation, reclassification or other material change of the Common Shares,
Debt Securities or Warrants or any other reorganization, amalgamation, merger or
sale of all or substantially all of the Company's assets, the Subscription
Receipts will thereafter evidence the right of the holder to receive the
securities, property or cash deliverable in exchange for or on the conversion of
or in respect of the Common Shares, Debt Securities or Warrants to which the
holder of a Common Share, Debt Security or Warrant would have been entitled
immediately after such event. &nbsp;Similarly, any distribution to all or
substantially all of the holders of Common Shares of rights, options, warrants,
evidences of indebtedness or assets will result in an adjustment in the number
of Common Shares to be issued to holders of Subscription Receipts whose
Subscription Receipts entitle the holders thereof to receive Common Shares.
&nbsp;Alternatively, such securities, evidences of indebtedness or assets may,
at the option of the Company, be issued to the Escrow Agent and delivered to
holders of Subscription Receipts on exercise thereof. &nbsp;The Subscription
Receipt Agreement will also provide that if other actions of the Company affect
the Common Shares, Debt Securities or Warrants, which, in the reasonable opinion
of the directors of the Company, would materially affect the rights of the
holders of Subscription Receipts and/or the rights attached to the Subscription
Receipts, the number of Common Shares, Debt Securities or Warrants which are to
be received pursuant to the Subscription Receipts shall be adjusted in such
manner, if any, and at such time as the directors of the Company may in their
discretion reasonably determine to be equitable to the holders of Subscription
Receipts in such circumstances.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><font size="2">Rescission</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Subscription Receipt Agreement will also provide that any misrepresentation in
this Prospectus, the Prospectus Supplement under which the Subscription Receipts
are offered, or any amendment thereto, will entitle each initial purchaser of
Subscription Receipts to a contractual right of rescission following the
issuance of the Common Shares, Debt Securities or Warrants to such purchaser
entitling such purchaser to receive the amount paid for the Subscription
Receipts upon surrender of the Common Shares, Debt Securities or Warrants,
provided that such remedy for rescission is exercised in the time stipulated in
the Subscription Receipt Agreement. &nbsp;This right of rescission does not
extend to holders of Subscription Receipts who acquire such Subscription
Receipts from an initial purchaser, on the open market or otherwise, or to
initial purchasers who acquire Subscription Receipts in the United States.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><font size="2">Global
Securities</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company may issue Subscription Receipts in whole or in part in the form of one
or more Global Securities, which will be registered in the name of and be
deposited with a Depositary, or its nominee, each of which will be identified in
the applicable Prospectus Supplement. &nbsp;The Global Securities may be in
temporary or permanent form. The applicable Prospectus Supplement will describe
the terms of any depositary arrangement and the rights and limitations of owners
of beneficial interests in any Global Security. The applicable Prospectus
Supplement also will describe the exchange, registration and transfer rights
relating to any Global Security.</font></p>
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</font>
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<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
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<p style="page-break-before:always; margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><b><font size="2">Modifications</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Subscription Receipt Agreement will provide for modifications and alterations to
the Subscription Receipts issued thereunder by way of a resolution of holders of
Subscription Receipts at a meeting of such holders or a consent in writing from
such holders. &nbsp;The number of holders of Subscriptions Receipts required to
pass such a resolution or execute such a written consent will be specified in
the Subscription Receipt Agreement. &nbsp;</font></p>
<a NAME="_Toc443098862"></a><a NAME="_Toc93312473"></a>
<p style="margin-top:11pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><font size="2">PLAN
OF DISTRIBUTION</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><b><font size="2">General</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company may offer and sell the Securities, separately or together: (i) to one or
more underwriters or dealers; (ii) through one or more agents; or (iii) directly
to one or more other purchasers. The Securities offered pursuant to any
Prospectus Supplement may be sold from time to time in one or more transactions
at: (i) a fixed price or prices, which may be changed from time to time; (ii)
market prices prevailing at the time of sale; (iii) prices related to such
prevailing market prices; or (iv) other negotiated prices. &nbsp;The Company may
only offer and sell the Securities pursuant to a Prospectus Supplement during
the 25-month period that this Prospectus, including any amendments hereto,
remains valid. &nbsp;The Prospectus Supplement for any of the Securities being
offered thereby will set forth the terms of the offering of such Securities,
including the type of Security being offered, the name or names of any
underwriters, dealers or agents, the purchase price of such Securities, the
proceeds to the Company from such sale, any underwriting commissions or
discounts and other items constituting underwriters' compensation and any
discounts or concessions allowed or re-allowed or paid to dealers. &nbsp;Only
underwriters so named in the Prospectus Supplement are deemed to be underwriters
in connection with the Securities offered thereby.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><b><font size="2">By
Underwriters or Dealers</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
underwriters are used in the sale, the Securities will be acquired by the
underwriters for their own account and may be resold from time to time in one or
more transactions, including negotiated transactions, at a fixed public offering
price or at varying prices determined at the time of sale. &nbsp;Unless
otherwise set forth in the Prospectus Supplement relating thereto, the
obligations of underwriters to purchase the Securities will be subject to
certain conditions, but the underwriters will be obligated to purchase all of
the Securities offered by the Prospectus Supplement if any of such Securities
are purchased. &nbsp;The Company may agree to pay the underwriters a fee or
commission for various services relating to the offering of any Securities.
&nbsp;Any such fee or commission will be paid out of the general corporate funds
of the Company.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
dealers are used, and if so specified in the applicable Prospectus Supplement,
the Company will sell such Securities to the dealers as principals. &nbsp;The
dealers may then resell such Securities to the public at varying prices to be
determined by such dealers at the time of resale. &nbsp;Any public offering
price and any discounts or concessions allowed or re-allowed or paid to dealers
may be changed from time to time.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><b><font size="2">By
Agents</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Securities may also be sold through agents designated by the Company. &nbsp;Any
agent involved will be named, and any fees or commissions payable by the Company
to such agent will be set forth, in the applicable Prospectus Supplement.
&nbsp;Any such fees or commissions will be paid out of the general corporate
funds of the Company. &nbsp;Unless otherwise indicated in the Prospectus
Supplement, any agent will be acting on a best efforts basis for the period of
its appointment.</font></p>
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</p>
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</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
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<p style="page-break-before:always; margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><b><font size="2">Direct
Sales</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Securities
may also be sold directly by the Company at such prices and upon such terms as
agreed to by the Company and the purchaser. &nbsp;In this case, no underwriters,
dealers or agents would be involved in the offering.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:-4.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><b><font size="2">General
Information</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Underwriters,
dealers or agents who participate in the distribution of Securities may be
entitled under agreements to be entered into with the Company to indemnification
by the Company against certain liabilities, including liabilities under Canadian
provincial and United States securities legislation, or to contribution with
respect to payments which such underwriters, dealers or agents may be required
to make in respect thereof. &nbsp;Such underwriters, dealers or agents may be
customers of, engage in transactions with, or perform services for, the Company
in the ordinary course of business.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
connection with any offering of Securities, underwriters may over-allot or
effect transactions which stabilize or maintain the market price of the
Securities offered at a level above that which might otherwise prevail in the
open market. &nbsp;Such transactions may be commenced, interrupted or
discontinued at any time.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
accordance with the rules of the National Association of Securities Dealers,
Inc., the Company will not pay a commission to a broker-dealer in connection
with any sale of Securities under this Prospectus that is in excess of 6%.</font></p>
<a NAME="_Toc443098863"></a><a NAME="_Toc93312474"></a>
<p style="margin-top:11pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><font size="2">CHANGES
TO CONSOLIDATED CAPITALIZATION</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Since
December 31, 2003, the following changes have occurred to the share and loan
capital of the Company, on a consolidated basis:</font></p>
<blockquote>
  <ul>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">the
      Company issued 3,333,333 common shares of the Company in connection with a
      $55 million financing that closed on March 12, 2004;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">the
      Company issued 764,695 common shares of the Company pursuant to the
      exercise of stock options;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">the
      Company issued 544,679 common shares of the Company pursuant to the
      exercise of warrants;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">the
      Company issued 16,624 common shares of the Company in connection with 2003
      bonuses and additional compensation to certain officers and employees of
      Pan American;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">the
      Company issued 9,135,251 common shares of the Company in connection with
      the conversion of US$85,431,000 principal amount of 5.25% convertible
      unsecured senior subordinated debentures due July 31, 2009;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">the
      Company repaid its US$3,520,834 loan on the Huaron property from Banco de
      Credito del Peru in full;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">the
      Company repaid its US$9.5 million loan on the La Colorada property from
      International Finance Corporation in full; and</font></li>
  </ul>
</blockquote>
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</font>
</p>
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</font>
</p>
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<font size="2">
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<blockquote>
  <ul>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">The
      Company currently has no outstanding forward sales contracts in respect of
      its silver production other than short term (less than 60 days) price
      fixings relating to silver that has been produced but has yet to be priced
      under concentrate agreements. &nbsp;The Company does not intend to commit
      any of its future silver production into any forward sales or option
      contracts.</font></li>
  </ul>
</blockquote>
<a NAME="_Toc93312475"></a>
<p style="margin-top:11pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><font size="2">RISK
FACTORS</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><i><font size="2">Prospective
investors in a particular offering of Securities should carefully consider the
following risks, as well as the other information contained in this Prospectus
and the documents incorporated by reference herein before investing in the
Securities. &nbsp;If any of the following risks actually occurs, the Company's
business could be materially harmed. &nbsp;The risks and uncertainties described
below are not the only ones the Company faces. &nbsp;Additional risks and
uncertainties, including those of which the Company is currently unaware or that
the Company deems immaterial, may also adversely affect the Company's
business.</font></i></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><font size="2">Risks
Relating to the Company's Business</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Metal
Price Fluctuations</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
majority of the Company's revenue is derived from the sale of silver, zinc,
and, to a lesser degree, copper and lead, and therefore fluctuations in the
price of these commodities represents one of the most significant factors
affecting the Company's operations and profitability. &nbsp;The price of
silver and other metals are affected by numerous factors beyond the Company's
control, including:</font></p>
<blockquote>
  <ul>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">levels
      of supply and demand;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">global
      or regional consumptive patterns;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">sales
      by government holders;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">metal
      stock levels maintained by producers and others;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">increased
      production due to new mine developments and improved mining and production
      methods;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">speculative
      activities;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">inventory
      carrying costs;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">availability
      and costs of metal substitutes;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">international
      economic and political conditions.</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">interest
      rates;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">currency
      values; and</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">inflation.</font></li>
  </ul>
</blockquote>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Declining
market prices for these metals could materially adversely affect the Company's
operations and profitability.</font></p>
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</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
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<font size="2">
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<p style="page-break-before:always; margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Foreign
Operations</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
majority of the Company's current operations are conducted by its subsidiaries
in Peru, Mexico, Bolivia and Argentina, and all of the Company's current
production and revenue is derived from its operations in Peru and Mexico.
&nbsp;As Pan American's business is carried on in a number of foreign
countries it is exposed to a number of risks and uncertainties, including:</font></p>
<ul>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">terrorism
    and hostage taking;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">military
    repression;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">expropriation
    or nationalization without adequate compensation;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">difficulties
    enforcing judgments obtained in Canadian or United States courts against
    assets located outside of those jurisdictions;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">labor
    unrest;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">high
    rates of inflation;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">changes
    to royalty and tax regimes;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">extreme
    fluctuations in currency exchange rates; and</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">volatile
    local political and economic developments.</font></li>
</ul>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Local
opposition to mine development projects has arisen in Peru in the past, and such
opposition has at times been violent. &nbsp;In particular, in November 2004,
approximately 200 farmers attacked and damaged the La Zanja exploration camp
located in Santa Cruz province, Peru, which was owned by Compania de Minas
Buenaventura and Newmont Mining Corporation. &nbsp;One person was killed and
three injured during the protest. &nbsp;There can be no assurance that such
local opposition will not arise in the future with respect to the Company's
foreign operations. If the Company were to experience resistance or unrest in
connection with its foreign operations, it could have a material adverse effect
on the Company's operations or profitability.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Governmental
Regulation</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Pan
American's operations and exploration and development activities are subject
to extensive Canadian, United States, Peruvian, Mexican, Bolivian, Argentinian
and other foreign federal, state, provincial, territorial and local laws and
regulations governing various matters, including:</font></p>
<blockquote>
  <ul>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">environmental
      protection;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">management
      and use of toxic substances and explosives;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">management
      of natural resources;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">exploration,
      development of mines, production, and post-closure reclamation;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">exports;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">price
      controls;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">taxation;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">mining
      royalties;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">labor
      standards and occupational health and safety, including mine safety; and</font></li>
  </ul>
</blockquote>
<font size="2">
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<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
<br>
</font>
<blockquote>
  <ul>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">historic
      and cultural preservation.</font></li>
  </ul>
</blockquote>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
costs associated with compliance with these laws and regulations are substantial
and possible future laws and regulations, changes to existing laws and
regulations (including the imposition of higher taxes and mining royalties,
which have been implemented or threatened in Peru) or more stringent enforcement
of current laws and regulations by governmental authorities, could cause
additional expense, capital expenditures, restrictions on or suspensions of Pan
American's operations and delays in the development of its properties.
&nbsp;Moreover, these laws and regulations may allow governmental authorities
and private parties to bring lawsuits based upon damages to property and injury
to persons resulting from the environmental, health and safety impacts of our
past and current operations, and could lead to the imposition of substantial
fines, penalties or other civil or criminal sanctions.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Obtaining
and Renewing of Government Permits</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
the ordinary course of business, Pan American is required to obtain and renew
governmental permits for the operation and expansion of existing operations or
for the development, construction and commencement of new operations.
&nbsp;Obtaining or renewing the necessary governmental permits is a complex and
time-consuming process involving numerous jurisdictions and often involving
public hearings and costly undertakings on Pan American's part. &nbsp;The
duration and success of Pan American's efforts to obtain and renew permits are
contingent upon many variables not within its control including the
interpretation of applicable requirements implemented by the permitting
authority. &nbsp;Pan American may not be able to obtain or renew permits that
are necessary to its operations, or the cost to obtain or renew permits may
exceed what the Company believes it can recover from the property once in
production. &nbsp;Any unexpected delays or costs associated with the permitting
process could delay the development or impede the operation of a mine, which
could adversely affect Pan American's operations and profitability.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Compliance
With Local Laws and Standards</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
some of the countries in which Pan American operates, failure to comply strictly
with applicable laws, regulations and local practices relating to mineral right
applications and tenure could result in loss, reduction or expropriation of
entitlements, or the imposition of additional local or foreign parties as joint
venture partners with carried or other interests. &nbsp;Any such loss, reduction
or imposition of partners could have a material adverse effect on Pan American's
operations or business.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Operating
Hazards and Risks</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
operation and development of a mine or mineral property involves many risks
which even a combination of experience, knowledge and careful evaluation may not
be able to overcome. &nbsp;These risks include:</font></p>
<blockquote>
  <ul>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">environmental
      hazards;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">industrial
      accidents and explosions;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">the
      encountering of unusual or unexpected geological formations;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">ground
      fall and cave-ins;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">flooding;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">earthquakes;
      and</font></li>
  </ul>
</blockquote>
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<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
<br>
</font>
<blockquote>
  <ul>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt; padding-left: ." align="justify"><font FACE="Times New Roman" size="2">periodic
      interruptions due to inclement or hazardous weather conditions. &nbsp;</font></li>
  </ul>
</blockquote>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:CG Times; font-size:11pt"><font size="2">These
occurrences could result in:</font></p>
<blockquote>
  <ul>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">environmental
      damage and liabilities;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">work
      stoppages and delayed production;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">increased
      production costs;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">damage
      to, or destruction of, mineral properties or production facilities;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">personal
      injury or death;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">asset
      write downs;</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 5.5pt" align="justify"><font FACE="Times New Roman" size="2">monetary
      losses; and</font></li>
    <li>
      <p style="line-height: 13pt; font-family: Symbol; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font FACE="Times New Roman" size="2">other
      liabilities.</font></li>
  </ul>
</blockquote>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Liabilities
that Pan American incurs may exceed the policy limits of its insurance coverage
or may not be insurable, in which event Pan American could incur significant
costs that could adversely affect its business, operations or profitability.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Exploration
and Development Risks</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
long-term operation of Pan American's business and its profitability is
dependent, in part, on the cost and success of its exploration and development
programs. Mineral exploration and development involves a high degree of risk and
few properties that are explored are ultimately developed into producing mines.
There is no assurance that Pan American's mineral exploration and development
programs will result in any discoveries of bodies of commercial mineralization.
There is also no assurance that even if commercial quantities of mineralization
are discovered that a mineral property will be brought into commercial
production. Development of Pan American's mineral properties will follow only
upon obtaining satisfactory exploration results. Discovery of mineral deposits
is dependent upon a number of factors, not the least of which is the technical
skill of the exploration personnel involved. The commercial viability of a
mineral deposit once discovered is also dependent upon a number of factors, some
of which are the particular attributes of the deposit (such as size, grade and
proximity to infrastructure), metal prices and government regulations, including
regulations relating to royalties, allowable production, importing and exporting
of minerals and environmental protection. Most of the above factors are beyond
the control of Pan American. As a result, there can be no assurance that Pan
American's acquisition, exploration and development programs will yield new
reserves to replace or expand current reserves. Unsuccessful exploration or
development programs could have a material adverse impact on Pan American's
operations and profitability.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
current proven and probable reserves on the Morococha property only provide for
a two year mine life. &nbsp;The estimated cash flow over this two year mine life
does not provide a payback for the Company's costs to acquire Argentum.
&nbsp;For Pan American to recover these costs, inferred resources on the
Morococha property must be converted to mineable reserves. &nbsp;There is no
certainty that inferred resources will be converted to mineable reserves or that
the Company's investment costs for the Morococha property will ever be paid
back.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Morococha mine is currently dependent on the Manuelita zone for 50% of its
monthly production. &nbsp;Barring new discoveries, this zone will be exhausted
in two to three years and in order to maintain the mine's operating cost
profile and silver production, a replacement for the Manuelita's zone</font></p>
<font size="2">
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</font>
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27 -</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
<br>
</font><p style="page-break-before: always; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font size="2">must
be found. &nbsp;There can be no assurance that such a replacement zone will be
found or that Pan American's production estimates will be met after the third
year of the mine plan.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Uncertainty
in the Calculation of Mineral Reserves, Resources and Silver and Base Metal
Recovery</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">There
is a degree of uncertainty attributable to the calculation of mineral reserves
and mineral resources and corresponding grades being mined or dedicated to
future production. Until mineral reserves or mineral resources are actually
mined and processed the quantity of mineral and reserve grades must be
considered as estimates only. In addition, the quantity of mineral reserves and
mineral resources may vary depending on, among other things, metal prices. Any
material change in quantity of mineral reserves, mineral resources, grade or
stripping ratio may affect the economic viability of Pan American's
properties. In addition, there can be no assurance that silver recoveries or
other metal recoveries in small scale laboratory tests will be duplicated in
larger scale tests under on-site conditions or during production.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">There
is a degree of uncertainty attributable to the calculation of mineral reserves
and mineral resources and corresponding grades being mined or dedicated to
future production. &nbsp;At the Morococha property, Pan American has observed
several inconsistent or inappropriate pre-laboratory sample preparation
procedures. &nbsp;In addition, no QA/QC program was ever established for the
analysis of mine samples at either of SMC's laboratories on the Morococha
property. &nbsp;These flaws in sample preparation procedures and lack of QA/QC
data makes it difficult to assess the performance and reliability of either
laboratory, the data from which is critical in calculating mineral reserves and
mineral resources and corresponding grades. &nbsp;Accordingly, there may be a
greater degree of uncertainty associated with the calculation of mineral
reserves and mineral resources and the grades thereof at the Morococha property
than would be the case if North American standards of pre-laboratory sample
preparation and QA/QC were observed.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Infrastructure</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Mining,
processing, development and exploration activities depend, to one degree or
another, on adequate infrastructure. &nbsp;Reliable roads, bridges, power
sources and water supply are important determinants, which affect capital and
operating costs. Unusual or infrequent weather phenomena, sabotage, government
or other interference in the maintenance or provision of such infrastructure
could adversely affect Pan American's operations and profitability.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
equipment on site at the Morococha property, particularly the Amistad plant, is
old and may require higher capital investment than Pan American has estimated.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Smelter
Supply Arrangements</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
zinc, lead and copper concentrates produced by Pan American are sold through
long-term supply arrangements to metal traders or integrated mining and smelting
companies. Should any of these counterparties not honour supply arrangements, or
should any of them become insolvent, Pan American may be forced to sell its
concentrates in the spot market or it may not have a market for its concentrates
and therefore its future operating results may be materially adversely affected.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Environmental
Hazards</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">All
phases of Pan American's operations are subject to environmental regulation in
the various jurisdictions in which it operates. Environmental legislation in all
of the jurisdictions in which Pan American operates is evolving in a manner
which will require stricter standards and will be subject to</font></p>
<font size="2">
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28 -</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
<br>
</font><p style="page-break-before: always; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font size="2">increased
enforcement, fines and penalties for non-compliance, more stringent
environmental assessments of proposed projects and a heightened degree of
responsibility for companies and their officers, directors and employees.
Changes in environmental regulation, if any, may adversely affect Pan American's
operations and profitability. In addition, environmental hazards may exist on
Pan American's properties which are currently unknown to Pan American.
&nbsp;Pan American may be liable for losses associated with such hazards, or may
be forced to undertake extensive remedial cleanup action or to pay for
governmental remedial cleanup actions, even in cases where such hazards have
been caused by previous or existing owners or operators of the property, or by
the past or present owners of adjacent properties or natural conditions. The
costs of such cleanup actions may have a material adverse effect on Pan American's
operations and profitability.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Responsibility
for construction of a water treatment plant for the Kingsmill Tunnel and
tailings mitigation program at Huascacocha Lake, near the Morococha mine, has
been apportioned by Water Management Consultants Inc. in environmental studies
among the Morococha mine and mining companies operating neighbouring projects,
including Centromin, Soc. Minera Austria Duvaz, Soc. Minera Buquiococha and
Minera Centrominas. &nbsp;In the event that one or more of these companies
defaults on its funding obligation for the Kingsmill water treatment plant or
the Huascacocha Lake tailings mitigation program, Pan American's proportionate
share of the costs of such environmental projects could increase and reduce cash
flow from Morococha operations.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Reclamation
Obligations</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Reclamation
requirements vary depending on the location of the property and the managing
governmental agency, but they are similar in that they aim to minimize long-term
effects of exploration and mining disturbance by requiring the operating company
to control possible deleterious effluents and to re-establish to some degree
pre-disturbance land forms and vegetation. &nbsp;Pan American is actively
providing for or has carried out any requested reclamation activities on its
properties. &nbsp;Any significant environmental issues that may arise, however,
could lead to increased reclamation expenditures and have a materially adverse
impact on Pan American's financial resources.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Peruvian
Mine Closure Law</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">On
October 14, 2003, the Peruvian government published Law 28090 "Mine Closure
Law" which establishes provisions relating to mine closure plans. &nbsp;For
existing mining operations the law provides that a mine closure plan must be
submitted for certification to the Peruvian Ministry of Energy and Mines within
six months of the law entering into force. &nbsp;No enabling regulations were
published with the law. &nbsp;Therefore, the effect of the law on Pan American's
Peruvian mining and exploration activities cannot yet be determined.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
law provides that a mine operator must grant an environmental warranty for the
estimated costs associated with its mine closure plan. &nbsp;The law does not
establish when such warranties must be in place and does not specify the form of
the required warranty. &nbsp;However, the law indicates that a warranty may take
the form of insurance, cash collateral, a trust agreement or other forms, as
permitted by the Civil Code of Peru. &nbsp;Pan American's Huaron, Quiruvilca
and Morococha mines will submit closure plans as required by the law, but until
these plans have been certified and the nature and form of whatever
environmental warranty is required have been determined, the impact of this law
on Pan American's Peruvian mining and exploration activities cannot be
determined.</font></p>
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29 -</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Hedging
Activities</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">From
time to time, the Company engages in hedging activities in connection with base
metals, such as forward sales contracts, to minimize the effect of declines in
metal prices on our operating results. &nbsp;While these hedging activities may
protect the Company against low metal prices, they may also limit the price the
Company can receive on hedged products. &nbsp;As a result, the Company may be
prevented from realizing possible revenues in the event that the market price of
a metal exceeds the price stated in forward sale or option contracts. &nbsp;As
of December 31, 2004, the Company's zinc forward contract position had a
negative mark-to-market value of approximately $3.59 million and its lead
forward contract position as at December 31, 2004 had a negative value of
approximately $1.11 million. &nbsp;In addition, the Company may experience
losses if a counterparty fails to purchase under a contract when the contract
price exceeds the spot price of a commodity. &nbsp;The Company's current
policy is to not hedge the price of silver and therefore it is fully exposed to
declines in the price of silver.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Employee
Relations</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Certain
of Pan American's employees and the employees of Peruvian mining contractors
indirectly employed by Pan American are represented by unions. &nbsp;Pan
American has experienced labour strikes and work stoppages in the past.
&nbsp;There can be no assurance that Pan American will not experience future
labour strikes or work stoppages.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Title
to Assets</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
validity of mining or exploration titles or claims, which constitute most of Pan
American's property holdings, can be uncertain and may be contested. Pan
American has used its best efforts to investigate its title or claims to its
various properties and, to the best of its knowledge, those titles or claims are
in good standing. However no assurance can be given that applicable governments
will not revoke or significantly alter the conditions of the applicable
exploration and mining titles or claims and that such exploration and mining
titles or claims will not be challenged or impugned by third parties. Pan
American operates in countries with developing mining laws and changes in such
laws could materially affect Pan American's rights to its various properties
or interests therein.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Although
Pan American has received title opinions for those properties in which it has a
material interest there is no guarantee that title to such properties will not
be challenged or impugned. Pan American has not conducted surveys of all the
claims in which it holds direct or indirect interests and therefore, the precise
area and location of such claims may be in doubt. Pan American's properties
may be subject to prior unregistered liens, agreements or transfers, native land
claims or undetected title defects.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Pan
American does not own any surface lands in the areas
that overlie its mining concessions at the Morococha property. &nbsp;These
surface lands belong to Centromin. &nbsp;Centromin also holds rights to certain
sub-surface areas which may allow easier and less costly underground access to
some areas of the Morococha concessions.&nbsp; Although the use by Argentum's
previous owner, Sociedad Minera Corona S.A. ("SMC") and its predecessors of
Centromin's surface lands and sub-surface rights for mining and processing operations has been
exercised for decades with Centromin's acknowledgement, there is no assurance
that Centromin will continue to allow unimpeded use of these surface lands and
sub-surface rights by
the Morococha operations. &nbsp;In particular, the development of the adjacent
Toromocha disseminated copper system into a mine may interfere with operations
on the Morococha property. &nbsp;In such an event, Pan American could be required to
incur potentially significant costs and expense to acquire surface and
sub-surface rights for
its Morococha operations and could be required to cease certain Morococha
operations altogether if such surface&nbsp; and sub-surface rights cannot be obtained for reasonable
consideration.</font></p>
<font size="2">
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30 -</font></p>
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</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
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<font size="2">
<br>
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</font>
<p style="page-break-before:always; margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Acquisitions</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">An
element of the Company's business strategy is to make selected acquisitions.
&nbsp;For example, the Company completed the acquisition of Corner Bay Silver
Inc. in February 2003 and the acquisition of Argentum and the Morococha mine in
August 2004. &nbsp;The Company expects to continue to evaluate acquisition
opportunities on a regular basis and intends to pursue those opportunities that
it believes are in its long-term best interests. &nbsp;The success of the
Company's acquisitions will depend upon its ability to effectively manage the
operations of entities it acquires and to realize other anticipated benefits.
&nbsp;The process of managing acquired businesses may involve unforeseen
difficulties and may require a disproportionate amount of management resources.
&nbsp;There can be no assurance that the Company will be able to successfully
manage the operations of businesses it acquires or that the anticipated benefits
of its acquisitions will be realized.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Competition
for New Properties</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Mines
have limited lives and as a result, Pan American continually seeks to replace
and expand its reserves through the acquisition of new properties. &nbsp;In
addition, there is a limited supply of desirable mineral lands available in
areas where Pan American would consider conducting exploration and/or production
activities. &nbsp;Because Pan American faces strong competition for new
properties from other mining companies, some of which have greater financial
resources than it does, Pan American may be unable to acquire attractive new
mining properties on terms that it considers acceptable.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">United
States Mining Legislation</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">There
is a movement in the United States Congress to reform the current mining laws.
While it is not expected that any reform legislation will pass the United States
Congress in the current session, it is not unlikely that some changes to U.S.
mining laws will occur in the future. These changes may include the payment of
royalties to the government, increased holding fees and restrictions or
prohibitions on patenting mining claims. In addition, prospective legislation
could be expected to include various environmental and land use requirements,
which may restrict, or in some cases, prevent mining operations. Although none
of the mineralization on the properties on which Pan American holds direct or
indirect interests are within unpatented claims, Pan American's interest in
unpatented claims on federal land could have an overall impact on the value of
its properties in the United States.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Foreign
Exchange Rate Fluctuations</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Fluctuations
in currency exchange rates, particularly the weakening or strengthening of the
U.S. dollar (being the currency in which Pan American's products are sold)
against the Canadian dollar (used to pay corporate head office costs), the
Peruvian sole and the Mexican peso (being the currencies in which a significant
portion of Pan American's operating costs are incurred), could have a
significant effect on Pan American's results of operations. &nbsp;Pan American
does not engage in currency hedging transactions.</font></p>
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31 -</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
</font>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><font size="2">Risks
Relating to Securities Offerings</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><i><font size="2">Enforcing
Civil Liabilities in the United States</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Company is organized under the laws of the Province of British Columbia, and its
principal executive office is located in British Columbia. &nbsp;Many of the
Company's directors, controlling persons, officers and the experts named in
this prospectus supplement are residents of Canada and a substantial portion of
their assets and a majority of the Company's assets are located outside the
United States. &nbsp;As a result,
it may be difficult for United States investors to effect service of process
within the United States upon the directors, controlling persons, officers and
the experts who are not residents of the United States or to enforce against
them judgments of United States courts based upon civil liability under the
federal securities laws of the United States. &nbsp;There is doubt as to the
enforceability in Canada against the Company or against any of its directors,
controlling persons, officers or experts who are not residents of the United
States, of original actions or actions for enforcement of judgments of United
States courts of liabilities based solely upon the federal securities laws of
the United States.</font></p>
<a NAME="_Toc443098873"></a><a NAME="_Toc93312476"></a>
<p style="margin-top:11pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><font size="2">AUDITORS,
TRANSFER AGENT AND REGISTRAR</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
auditors of the Company are Deloitte &amp; Touche LLP, Four Bentall Centre, 2800
- - 1055 Dunsmuir Street, Vancouver, British Columbia, V7X&nbsp;1P4.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
transfer agent and registrar for the Common Shares of the Company is
Computershare Trust Company of Canada at its principal offices in Vancouver and
Toronto. &nbsp;</font></p>
<a NAME="_Toc535630592"></a><a NAME="_Toc93312477"></a><a NAME="_Toc93312478"></a>
<p style="margin-top:11pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><font size="2">DOCUMENTS
FILED AS PART OF THE U.S. REGISTRATION STATEMENT</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
following documents have been filed with the SEC as part of the Registration
Statement of which this Prospectus forms a part: the documents referred to under
the heading "Documents Incorporated by Reference", the consent of Deloitte
&amp; Touche LLP and the consent of PricewaterhouseCoopers LLP and a form of
Trust Indenture.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><br>
</font>
</p>
<font size="2">
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32 -</font></p>
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</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
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</font>
<p style="page-break-before:always; margin-top:0pt; margin-bottom:16.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><a name="INDEX TO FINANCIAL STATEMENTS"><font size="2">INDEX
TO FINANCIAL STATEMENTS</font></a></b></p>
<table style="font-size:10pt" cellspacing="0">
  <tr>
    <td valign="top" width="524"><font size="2">&nbsp;</font></td>
    <td valign="top" width="89.2">
      <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:13pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="2">Page</font></u></b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="524">
      <p style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><font size="2">Consolidated
      Financial Statements of Corner Bay Silver Inc.</font></b></p>
    </td>
    <td valign="top" width="89.2"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top" width="524">
      <p style="margin-top:0pt; margin-bottom:-15pt; line-height:15pt; font-family:Times New Roman; font-size:11pt"><font size="2">Auditors'
      Report</font></p>
      <p style="margin-top:0pt; margin-bottom:5.5pt; text-indent:378pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
      </font>
      </p>
    </td>
    <td valign="top" width="89.2">
      <p style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-3</font></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="524">
      <p style="margin-top:0pt; margin-bottom:-15pt; line-height:15pt; font-family:Times New Roman; font-size:11pt"><font size="2">Consolidated
      Balance Sheet as at December 31, 2002 (unaudited) and as at June 30, 2002
      and June 30, 2001 (audited)</font></p>
      <p style="margin-top:0pt; margin-bottom:5.5pt; text-indent:540pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
      </font>
      </p>
    </td>
    <td valign="top" width="89.2">
      <p style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-4</font></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="524">
      <p style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font size="2">Consolidated
      Statements of Operations and Deficit for the six months ended
      December&nbsp;31, 2002 and December 31, 2001 (unaudited) and for the years
      ended June&nbsp;30, 2002, June 30, 2001 and June 30, 2000 (audited)</font></p>
    </td>
    <td valign="top" width="89.2">
      <p style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-5</font></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="524">
      <p style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font size="2">Consolidated
      Statements of Cash Flows for the six months ended December 31, 2002 and
      December 31, 2001 (unaudited) and for the years ended June 30, 2002, June
      30, 2001, and June 30, 2000 (audited)</font></p>
    </td>
    <td valign="top" width="89.2">
      <p style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-6</font></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="524">
      <p style="margin-top:0pt; margin-bottom:-15pt; line-height:15pt; font-family:Times New Roman; font-size:11pt"><font size="2">Notes
      to Consolidated Financial Statements</font></p>
      <p style="margin-top:0pt; margin-bottom:5.5pt; text-indent:378pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
      </font>
      </p>
    </td>
    <td valign="top" width="89.2">
      <p style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-7</font></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="524">
      <p style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><font size="2">Unaudited
      Pro Forma Consolidated Financial Statements of Pan American Silver Corp.</font></b></p>
    </td>
    <td valign="top" width="89.2"><font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign="top" width="524">
      <p style="margin-top:0pt; margin-bottom:-15pt; line-height:15pt; font-family:Times New Roman; font-size:11pt"><font size="2">Compilation
      Report</font></p>
      <p style="margin-top:0pt; margin-bottom:5.5pt; text-indent:378pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
      </font>
      </p>
    </td>
    <td valign="top" width="89.2">
      <p style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-23</font></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="524">
      <p style="margin-top:0pt; margin-bottom:-15pt; line-height:15pt; font-family:Times New Roman; font-size:11pt"><font size="2">Pro
      Forma Consolidated Statement of Operations for the year ended December 31,
      2002 (unaudited)</font></p>
      <p style="margin-top:0pt; margin-bottom:5.5pt; text-indent:468pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
      </font>
      </p>
    </td>
    <td valign="top" width="89.2">
      <p style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-24</font></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="524">
      <p style="margin-top:0pt; margin-bottom:-15pt; line-height:15pt; font-family:Times New Roman; font-size:11pt"><font size="2">Notes
      to the Pro Forma Consolidated Financial Statements</font></p>
      <p style="margin-top:0pt; margin-bottom:5.5pt; text-indent:378pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
      </font>
      </p>
    </td>
    <td valign="top" width="89.2">
      <p style="margin-top:0pt; margin-bottom:5.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-25</font></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="524"><font size="2">&nbsp;</font></td>
    <td valign="top" width="89.2"><font size="2">&nbsp;</font></td>
    <a NAME="_Toc416244695"></a><a NAME="_Toc436191008"></a><a NAME="_Toc440901263"></a>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-1</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><i><font size="2">Unaudited
and Audited Consolidated Financial Statements of</font></i></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; line-height:18pt; font-family:Times New Roman; font-size:16pt"><b><font size="2">CORNER
BAY SILVER INC.</font></b></p>
<font size="2">
<br>
</font>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-2</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><font size="2">AUDITORS'
REPORT</font></b></p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">September
6, 2002</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">To
the Directors of</font></p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Corner
Bay Silver Inc.</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">We
have audited the consolidated balance sheets of Corner Bay Silver Inc. as at
June 30, 2002 and 2001 and the consolidated statements of operations and deficit
and cash flows for each of the years in the three-year period ended June 30,
2002. &nbsp;These financial statements are the responsibility of the Company's
management. &nbsp;Our responsibility is to express an opinion on these financial
statements based on our audits.</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">We
conducted our audits in accordance with Canadian and United States generally
accepted auditing standards. &nbsp;Those standards require that we plan and
perform an audit to obtain reasonable assurance whether the financial statements
are free of material misstatement. &nbsp;An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. &nbsp;An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation.</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
our opinion, these consolidated financial statements present fairly, in all
material respects, the financial position of the Company as at June 30, 2002 and
2001 and the results of its operations and its cash flows for each of the years
in the three-year period ended June 30, 2002 in accordance with Canadian
generally accepted accounting principles. &nbsp;</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(signed)
PRICEWATERHOUSECOOPERS LLP</font></p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Chartered
Accountants</font></p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Toronto,
Ontario</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><b><font size="2">COMMENTS
BY AUDITORS FOR U.S. READERS ON CANADA-U.S. REPORTING DIFFERENCES</font></b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
the United States, reporting standards for auditors require the addition of an
explanatory paragraph (following the opinion paragraph) when the financial
statements are affected by conditions and events that cast substantial doubt on
the Company's ability to continue as a going concern, such as those described
in note 1 to the consolidated financial statements. &nbsp;Our report to the
shareholders dated September 6, 2002 is expressed in accordance with Canadian
reporting standards, which do not permit a reference to such events and
conditions in the auditors' report when they are adequately disclosed in the
financial statements.</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(signed)
PRICEWATERHOUSECOOPERS LLP</font></p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Chartered
Accountants</font></p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Toronto,
Ontario</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-3</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin-top:0pt; margin-bottom:6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b><font size="2">CORNER
BAY SILVER INC.</font></b></p>
<p style="margin-top:0pt; margin-bottom:6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b><font size="2">CONSOLIDATED
BALANCE SHEETS</font></b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">As at December
31, 2002, June 30, 2002 and 2001</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">(expressed in
Canadian dollars, unless otherwise stated)</font></p>
<p style="margin:0pt; font-family:Arial"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Arial"><font size="2"><br>
</font>
</p>
<div align="center">
  <center>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="54%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="center" width="13%"><b><font size="2" face="serif">December 31</font></b></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="13%"><b><font size="2" face="serif">June 30</font></b></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="13%"><b><font size="2" face="serif">June 30</font></b></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="13%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2002</font></b></td>
      <td width="2%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="13%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2002</font></b></td>
      <td width="2%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="13%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2001</font></b></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%" align="center"><b><font size="2" face="serif">(Unaudited)</font></b></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center"><font size="2">&nbsp;</font></td>
      <td width="13%" align="center"><font size="2">&nbsp;</font></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center"><font size="2">&nbsp;</font></td>
      <td width="13%" align="center"><font size="2">&nbsp;</font></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><b><font size="2" face="serif">ASSETS</font></b></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><font size="2" face="serif">Current</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><font size="2" face="serif">Cash</font></td>
      <td align="center" width="1%"><font size="2" face="serif">$</font></td>
      <td align="right" width="13%"><font size="2" face="serif">4,831,220</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%"><font size="2" face="serif">$</font></td>
      <td align="right" width="13%"><font size="2" face="serif">5,323,564</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%"><font size="2" face="serif">$</font></td>
      <td align="right" width="13%"><font size="2" face="serif">4,022,422</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><font size="2" face="serif">Accounts receivable</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2" face="serif">163,965</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2" face="serif">197,673</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2" face="serif">176,912</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Prepaid
        expenses and deposits</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">2,595</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">16,887</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">27,389</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2" face="serif">4,997,780</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2" face="serif">5,538,124</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2" face="serif">4,226,723</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><font size="2" face="serif">Deposits- reclamation bonds</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2" face="serif">30,000</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2" face="serif">30,000</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2" face="serif">30,000</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><font size="2" face="serif">Investments - quoted market
        value of $nil</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (2001 - $61,933) (note 8)</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2" face="serif">43,353</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><font size="2" face="serif">Deferred exploration
        expenditure (note 3)</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2" face="serif">8,781,564</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2" face="serif">7,705,865</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2" face="serif">4,551,072</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Property,
        plant and equipment (note 4)</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">3,893,658</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">3,896,461</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">96,870</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="13%" style="border-bottom: 3 double #000000"><font size="2" face="serif">17,703,002</font></td>
      <td width="2%" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="13%" style="border-bottom: 3 double #000000"><font size="2" face="serif">17,170,450</font></td>
      <td width="2%" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="13%" style="border-bottom: 3 double #000000"><font size="2" face="serif">8,948,018</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><b><font size="2" face="serif">LIABILITIES</font></b></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><font size="2" face="serif">Current</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Accounts
        payable and accrued liabilities</font></td>
      <td align="center" width="1%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="13%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">1,355,103</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="13%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">316,914</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="13%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">387,963</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><b><font size="2" face="serif">SHAREHOLDERS' EQUITY</font></b></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><font size="2" face="serif">Capital stock (note 5)</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2" face="serif">25,499,004</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2" face="serif">24,314,504</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2" face="serif">14,813,154</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><font size="2" face="serif">Contributed surplus</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2" face="serif">537,005</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2" face="serif">537,005</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%"><font size="2" face="serif">537,005</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Deficit</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(9,688,110)</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(7,997,973)</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(6,790,104)</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">16,347,899</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">16,853,536</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="13%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">8,560,055</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="13%" style="border-bottom: 3 double #000000"><font size="2" face="serif">17,703,002</font></td>
      <td width="2%" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="13%" style="border-bottom: 3 double #000000"><font size="2" face="serif">17,170,450</font></td>
      <td width="2%" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="13%" style="border-bottom: 3 double #000000"><font size="2" face="serif">8,948,018</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><font size="2" face="serif">Nature of operations and going
        concern (note 1)</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><font size="2" face="serif">Commitments (note 10)</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><b><font size="2" face="serif">APPROVED BY THE BOARD OF
        DIRECTORS</font></b></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><font size="2"><font face="serif">(signed) JOHN H. WRIGHT,
        Director</font></font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="54%"><font size="2"><font face="serif">(signed) ROSS J. BEATY,
        Director</font></font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="13%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<font size="2"><br>
<br>
</font>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-4</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<big><small><big>
<small>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</small></big></small></big><font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin-top:0pt; margin-bottom:6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b><font size="2">CORNER
BAY SILVER INC.</font></b></p>
<p style="margin-top:0pt; margin-bottom:6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b><font size="2">CONSOLIDATED
STATEMENTS OF OPERATIONS AND DEFICIT</font></b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">&nbsp;(expressed
in Canadian dollars, unless otherwise stated)</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<div align="center">
  <center>
  <table width="694" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="205"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="4" width="181"><b><font size="2" face="serif">For
        the six months ended</font></b></td>
      <td width="11" align="center"><font size="2">&nbsp;</font></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td width="254" align="center" colspan="8"><font size="2">&nbsp;<b><font size="2" face="serif">For
        the years ended</font></b>&nbsp;</font></td>
    </tr>
    <tr>
      <td width="205"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="4" width="181" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">December
        31,</font></b></td>
      <td width="11" align="center"><font size="2">&nbsp;</font></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td width="244" align="center" colspan="8" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">June
        30,</font></b></td>
    </tr>
    <tr>
      <td width="205"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="79" align="center"><b><font size="2" face="serif">2002</font></b></td>
      <td width="11" align="center"><font size="2">&nbsp;</font></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td width="79" align="center"><b><font size="2" face="serif">2001</font></b></td>
      <td width="11" align="center"><font size="2">&nbsp;</font></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="54" colspan="2"><b><font size="2" face="serif">2002</font></b></td>
      <td width="11" align="center"><font size="2">&nbsp;</font></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td width="78" align="center"><b><font size="2" face="serif">2001</font></b></td>
      <td width="11" align="center"><font size="2">&nbsp;</font></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="78"><b><font size="2" face="serif">2000</font></b></td>
    </tr>
    <tr>
      <td width="205"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="79"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="79"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="39"><font size="2">&nbsp;</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="78"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="78"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="205"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="79" align="center"><font size="2" face="serif">(Unaudited)</font></td>
      <td width="11" align="center"><font size="2">&nbsp;</font></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td width="79" align="center"><font size="2" face="serif">(Unaudited)</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="39"><font size="2">&nbsp;</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="78"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="78"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="205"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="79"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="79"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="39"><font size="2">&nbsp;</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="78"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="78"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="205"><font size="2" face="serif">OTHER INCOME</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="79"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="79"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="39"><font size="2">&nbsp;</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="78"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="78"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="205"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Interest</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2" face="serif">$</font></td>
      <td align="right" width="79"><font size="2" face="serif">61,361</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td align="center" width="6"><font size="2" face="serif">$</font></td>
      <td align="right" width="79"><font size="2" face="serif">49,739</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td align="center" width="6"><font size="2" face="serif">$</font></td>
      <td align="right" colspan="2" width="56"><font size="2" face="serif">94,013</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td align="center" width="6"><font size="2" face="serif">$</font></td>
      <td align="right" width="78"><font size="2" face="serif">127,474</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td align="center" width="6"><font size="2" face="serif">$</font></td>
      <td align="right" width="78"><font size="2" face="serif">48,611</font></td>
    </tr>
    <tr>
      <td width="205" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Other</font></font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="79" style="border-bottom: 1 solid #000000"><font size="2" face="serif">14,500</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="79" style="border-bottom: 1 solid #000000"><font size="2" face="serif">73,001</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" colspan="2" width="56" style="border-bottom: 1 solid #000000"><font size="2" face="serif">201,831</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="78" style="border-bottom: 1 solid #000000"><font size="2" face="serif">97,500</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="78" style="border-bottom: 1 solid #000000"><font size="2" face="serif">64,900</font></td>
    </tr>
    <tr>
      <td width="205"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2" face="serif">75,861</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2" face="serif">122,740</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" colspan="2" width="56"><font size="2" face="serif">295,844</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2" face="serif">224,974</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2" face="serif">113,511</font></td>
    </tr>
    <tr>
      <td width="205"><font size="2" face="serif">OTHER EXPENSES</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="79"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="79"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="39"><font size="2">&nbsp;</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="78"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="78"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="205"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">General
        and administrative</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2" face="serif">1,765,998</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2" face="serif">497,925</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" colspan="2" width="56"><font size="2" face="serif">1,467,007</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2" face="serif">798,073</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2" face="serif">521,338</font></td>
    </tr>
    <tr>
      <td width="205" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Amortization</font></font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="79" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="79" style="border-bottom: 1 solid #000000"><font size="2" face="serif">9,109</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="39" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="15" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="78" style="border-bottom: 1 solid #000000"><font size="2" face="serif">25,312</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="78" style="border-bottom: 1 solid #000000"><font size="2" face="serif">19,251</font></td>
    </tr>
    <tr>
      <td width="205"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2" face="serif">1,765,998</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2" face="serif">507,034</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" colspan="2" width="56"><font size="2" face="serif">1,467,007</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2" face="serif">823,385</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2" face="serif">540,589</font></td>
    </tr>
    <tr>
      <td colspan="2" width="213"><font size="2" face="serif">Gain on disposal
        of assets</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="39"><font size="2">&nbsp;</font></td>
      <td align="right" width="15"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2" face="serif">(14,465)</font></td>
    </tr>
    <tr>
      <td colspan="2" width="213"><font size="2" face="serif">Gain on disposal
        of investments</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" colspan="2" width="56"><font size="2" face="serif">(5,805)</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2">-</font></td>
    </tr>
    <tr>
      <td colspan="2" width="213"><font size="2" face="serif">Write-down of
        investments</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="39"><font size="2">&nbsp;</font></td>
      <td align="right" width="15"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2" face="serif">22,606</font></td>
    </tr>
    <tr>
      <td width="205" style="padding-left: 9pt">
        <p style="text-indent: -9pt"><font size="2" face="serif">Write-down of property, plant
        and
        equipment</font></p>
      </td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" colspan="2" width="56"><font size="2" face="serif">42,511</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2" face="serif">95,833</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2">-</font></td>
    </tr>
    <tr>
      <td width="205" style="border-bottom: 1 solid #000000; padding-left: 9pt">
        <p style="text-indent: -9pt"><font size="2" face="serif">Write-down of deferred
        exploration
        expenditure</font></p>
      </td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="79" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="79" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="39" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="15" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="78" style="border-bottom: 1 solid #000000"><font size="2" face="serif">373,627</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="78" style="border-bottom: 1 solid #000000"><font size="2" face="serif">1,088,239</font></td>
    </tr>
    <tr>
      <td width="205" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="79" style="border-bottom: 1 solid #000000"><font size="2" face="serif">1,765,998</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="79" style="border-bottom: 1 solid #000000"><font size="2" face="serif">507,034</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" colspan="2" width="56" style="border-bottom: 1 solid #000000"><font size="2" face="serif">1,503,713</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="78" style="border-bottom: 1 solid #000000"><font size="2" face="serif">1,292,845</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="78" style="border-bottom: 1 solid #000000"><font size="2" face="serif">1,636,969</font></td>
    </tr>
    <tr>
      <td width="205"><font size="2" face="serif">Loss for the period</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2" face="serif">(1,690,137)</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2" face="serif">(384,294)</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" colspan="2" width="56"><font size="2" face="serif">(1,207,869)</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2" face="serif">(1,067,871)</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2" face="serif">(1,523,458)</font></td>
    </tr>
    <tr>
      <td width="205" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Deficit,
        beginning of period</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="79" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(7,997,973)</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="79" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(6,790,104)</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" colspan="2" width="56" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(6,790,104)</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="78" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(5,722,233)</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="78" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(4,198,775)</font></td>
    </tr>
    <tr>
      <td width="205" style="border-bottom: 3 double #000000"><font size="2" face="serif">Deficit,
        end of period</font></td>
      <td width="6" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td width="6" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="79" style="border-bottom: 3 double #000000"><font size="2" face="serif">(9,688,110)</font></td>
      <td width="11" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="6" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="79" style="border-bottom: 3 double #000000"><font size="2" face="serif">(7,174,398)</font></td>
      <td width="11" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="6" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" colspan="2" width="56" style="border-bottom: 3 double #000000"><font size="2" face="serif">(7,997,973)</font></td>
      <td width="11" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="6" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="78" style="border-bottom: 3 double #000000"><font size="2" face="serif">(6,790,104)</font></td>
      <td width="11" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="6" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="78" style="border-bottom: 3 double #000000"><font size="2" face="serif">(5,722,233)</font></td>
    </tr>
    <tr>
      <td width="205"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="79"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="79"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="39"><font size="2">&nbsp;</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="78"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="78"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="205"><font size="2" face="serif">Basic and diluted loss
        per share</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2" face="serif">($0.09)</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2" face="serif">($0.02)</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" colspan="2" width="56"><font size="2" face="serif">($0.07)</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2" face="serif">($0.08)</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2" face="serif">($0.14)</font></td>
    </tr>
    <tr>
      <td width="205" style="padding-left: 9pt">
        <p style="text-indent: -9pt"><font size="2">&nbsp;</font></p>
      </td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="79"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="79"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="39"><font size="2">&nbsp;</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="78"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="78"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="205" style="padding-left: 9pt">
        <p style="text-indent: -9pt"><font size="2" face="serif">Weighted average number
        of
        shares outstanding</font></p>
      </td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2" face="serif">19,385,808</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="79"><font size="2" face="serif">15,876,053</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" colspan="2" width="56"><font size="2" face="serif">16,697,807</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2" face="serif">13,912,182</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="78"><font size="2" face="serif">10,760,945</font></td>
    </tr>
  </table>
  </center>
</div>
<p><font size="2"><br>
<br>
</font>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-5</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<big><small><big>
<small>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</small></big></small></big><font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin-top:0pt; margin-bottom:6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b><font size="2">CORNER
BAY SILVER INC.</font></b></p>
<p style="margin-top:0pt; margin-bottom:6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b><font size="2">CONSOLIDATED
STATEMENTS OF CASH FLOWS</font></b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">&nbsp;(expressed
in Canadian dollars, unless otherwise stated)</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<div align="center">
  <center>
  <table width="704" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="233"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="4" width="172"><b><font size="2" face="serif">For
        the six months ended</font></b></td>
      <td width="11" align="center"><font size="2">&nbsp;</font></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td width="252" align="center" colspan="8"><b><font size="2" face="serif">For
        the years ended</font></b></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="4" width="174" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">December
        31,</font></b></td>
      <td width="11" align="center"><font size="2">&nbsp;</font></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td width="254" align="center" colspan="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;<b><font size="2" face="serif">June
        30,</font></b></font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="235" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="76" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2002</font></b></td>
      <td width="13" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="9" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="76" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2001</font></b></td>
      <td width="13" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="73" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2002</font></b></td>
      <td width="12" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="73" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2001</font></b></td>
      <td width="12" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="60" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2000</font></b></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="center" width="74"><font size="2">&nbsp;</font></td>
      <td align="center" width="11"><font size="2">&nbsp;</font></td>
      <td align="center" width="7"><font size="2">&nbsp;</font></td>
      <td align="center" width="74"><font size="2">&nbsp;</font></td>
      <td align="center" width="11"><font size="2">&nbsp;</font></td>
      <td align="center" width="6"><font size="2">&nbsp;</font></td>
      <td align="center" width="71"><font size="2">&nbsp;</font></td>
      <td align="center" width="10"><font size="2">&nbsp;</font></td>
      <td align="center" width="6"><font size="2">&nbsp;</font></td>
      <td align="center" width="71"><font size="2">&nbsp;</font></td>
      <td align="center" width="10"><font size="2">&nbsp;</font></td>
      <td align="center" width="6"><font size="2">&nbsp;</font></td>
      <td align="center" width="6"><font size="2">&nbsp;</font></td>
      <td align="center" width="58"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="74" align="center"><font size="2" face="serif">(Unaudited)</font></td>
      <td width="11" align="center"><font size="2">&nbsp;</font></td>
      <td width="7" align="center"><font size="2">&nbsp;</font></td>
      <td width="74" align="center"><font size="2" face="serif">(Unaudited)</font></td>
      <td width="11" align="center"><font size="2">&nbsp;</font></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td width="71" align="center"><font size="2">&nbsp;</font></td>
      <td width="10" align="center"><font size="2">&nbsp;</font></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td width="71" align="center"><font size="2">&nbsp;</font></td>
      <td width="10" align="center"><font size="2">&nbsp;</font></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td width="58" align="center"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="58"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2" face="serif">CASH PROVIDED BY (USED IN)</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="58"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2" face="serif">Operating activities</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="58"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Loss
        for the period</font></font></td>
      <td align="center" width="6"><font size="2" face="serif">$</font></td>
      <td align="right" width="74"><font size="2" face="serif">(1,690,137)</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td align="center" width="7"><font size="2" face="serif">$</font></td>
      <td align="right" width="74"><font size="2" face="serif">(384,294)</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td align="center" width="6"><font size="2" face="serif">$</font></td>
      <td align="right" width="71"><font size="2" face="serif">(1,207,869)</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td align="center" width="6"><font size="2" face="serif">$</font></td>
      <td align="right" width="71"><font size="2" face="serif">(1,067,871)</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2" face="serif">$</font></td>
      <td align="right" colspan="2" width="66"><font size="2" face="serif">(1,523,458)</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Write-off
        of deferred</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="58"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">exploration
        expenditure</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2">-</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2" face="serif">373,627</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="58"><font size="2" face="serif">1,088,239</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Write-down
        of investments</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2">-</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2">-</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="58"><font size="2" face="serif">22,606</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Amortization</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2" face="serif">9,109</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2">-</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2" face="serif">25,312</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="58"><font size="2" face="serif">19,251</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Write-off
        of property, plant</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="58"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">and
        equipment</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2" face="serif">42,511</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2" face="serif">95,833</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="58"><font size="2">-</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Gain
        on disposal of</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="58"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">investments</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2" face="serif">(5,805)</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2">-</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="58"><font size="2">-</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="235" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Gain
        on disposal of assets</font></font></td>
      <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="76" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="13" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="9" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="76" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="13" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="73" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="12" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="73" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="12" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="60" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(14,465)</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2" face="serif">(1,690,137)</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2" face="serif">(375,185)</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2" face="serif">(1,171,163)</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2" face="serif">(573,099)</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="58"><font size="2" face="serif">(407,827)</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2" face="serif">Net (increase) decrease in
        non-cash</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="58"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">working
        capital balances related to</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="58"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="235" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">operations
        (note 11)</font></font></td>
      <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="76" style="border-bottom: 1 solid #000000"><font size="2" face="serif">1,086,189</font></td>
      <td width="13" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="9" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="76" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(184,805)</font></td>
      <td width="13" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="73" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(81,308)</font></td>
      <td width="12" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="73" style="border-bottom: 1 solid #000000"><font size="2" face="serif">82,054</font></td>
      <td width="12" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="60" style="border-bottom: 1 solid #000000"><font size="2" face="serif">237,610</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="235" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="76" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(603,948)</font></td>
      <td width="13" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="9" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="76" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(559,990)</font></td>
      <td width="13" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="73" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(1,252,471)</font></td>
      <td width="12" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="73" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(491,045)</font></td>
      <td width="12" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="60" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(170,217)</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="58"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2" face="serif">Investing activities</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="58"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Deferred
        exploration expenditure</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="58"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">and
        property, plant and equipment</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="58"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Expenditures</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2" face="serif">(1,072,896)</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2" face="serif">(1,415,279)</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2" face="serif">(3,147,522)</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2" face="serif">(1,460,057)</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" colspan="2" width="66"><font size="2" face="serif">(2,185,566)</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Option
        receipts</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2">-</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2" face="serif">5,975</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="58"><font size="2" face="serif">25,000</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Proceeds
        on disposal of assets</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2">-</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2">-</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="58"><font size="2" face="serif">28,057</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Proceeds
        on disposal of</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="58"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">investments</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2" face="serif">49,158</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2">-</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="58"><font size="2" face="serif">73,486</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Purchase
        of assets under construction</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2">-</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2" face="serif">(400,000)</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2">-</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="58"><font size="2">-</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Purchase
        of equipment</font></font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="74" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="7" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="74" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="71" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(6,873)</font></td>
      <td width="10" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="71" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="10" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="58" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="74" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(1,072,896)</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="7" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="74" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(1,415,279)</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="71" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(3,505,237)</font></td>
      <td width="10" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="71" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(1,454,082)</font></td>
      <td width="10" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" colspan="2" width="66" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(2,059,023)</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="58"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2" face="serif">Financing activities</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="58"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Issue
        of common shares</font></font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="74" style="border-bottom: 1 solid #000000"><font size="2" face="serif">1,184,500</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="7" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="74" style="border-bottom: 1 solid #000000"><font size="2" face="serif">350,849</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="71" style="border-bottom: 1 solid #000000"><font size="2" face="serif">6,058,850</font></td>
      <td width="10" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="71" style="border-bottom: 1 solid #000000"><font size="2" face="serif">5,038,397</font></td>
      <td width="10" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="58" style="border-bottom: 1 solid #000000"><font size="2" face="serif">2,499,391</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="58"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2" face="serif">Increase (decrease) in cash
        during</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="74"><font size="2">&nbsp;</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="71"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="58"><font size="2">&nbsp;</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233"><font size="2">&nbsp;&nbsp;&nbsp;<font size="2" face="serif">the period</font></font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2" face="serif">(492,344)</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td align="right" width="74"><font size="2" face="serif">(1,624,420)</font></td>
      <td width="11"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2" face="serif">1,301,142</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="71"><font size="2" face="serif">3,093,270</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td align="right" width="58"><font size="2" face="serif">270,151</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Cash,
        beginning of the period</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="74" style="border-bottom: 1 solid #000000"><font size="2" face="serif">5,323,564</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="7" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="74" style="border-bottom: 1 solid #000000"><font size="2" face="serif">4,022,422</font></td>
      <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="71" style="border-bottom: 1 solid #000000"><font size="2" face="serif">4,022,422</font></td>
      <td width="10" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="71" style="border-bottom: 1 solid #000000"><font size="2" face="serif">929,152</font></td>
      <td width="10" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="58" style="border-bottom: 1 solid #000000"><font size="2" face="serif">659,001</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="233" style="border-bottom: 3 double #000000"><font size="2" face="serif">Cash,
        end of the period</font></td>
      <td align="center" width="6" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="74" style="border-bottom: 3 double #000000"><font size="2" face="serif">4,831,220</font></td>
      <td width="11" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="7" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="74" style="border-bottom: 3 double #000000"><font size="2" face="serif">2,398,002</font></td>
      <td width="11" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="6" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="71" style="border-bottom: 3 double #000000"><font size="2" face="serif">5,323,564</font></td>
      <td width="10" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="6" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="71" style="border-bottom: 3 double #000000"><font size="2" face="serif">4,022,422</font></td>
      <td width="10" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="58" style="border-bottom: 3 double #000000"><font size="2" face="serif">929,152</font></td>
      <td width="10"><font size="2">&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Supplemental
cash flow information (note 11)</font></p>
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
</font>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-6</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<big><small><big>
<small>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</small></big></small></big><font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin:0pt; line-height:15pt; font-family:Times New Roman; font-size:12pt"><b><font size="2">CORNER
BAY SILVER INC.</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><b><font size="2">Notes to the consolidated
financial statements</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><b><font size="2">December 31, 2002 and 2001
(unaudited) and June 30, 2002, 2001 and 2000</font></b></p>
<p style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"><b><font size="2">(expressed
in Canadian dollars)</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<big>
<small><big>
<small><big><small><big>
<small>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman">&nbsp;</p>
</small></big></small></big></small></big></small></big>
<p style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:-27pt; line-height:14pt; font-family:Times New Roman"><font size="2"><b>1.</b></font></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b><font size="2">NATURE
OF OPERATIONS AND GOING CONCERN</font></b></p>
<p style="margin:0pt; line-height:15pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27.35pt; text-indent:-0.35pt; font-family:Times New Roman" align="justify"><font size="2">The
Company is in the process of exploring its mineral properties and is
establishing the amount of ore reserves that are economically recoverable from
the Mexico property. &nbsp;The recoverability of amounts shown for these
properties and related deferred exploration expenditures are dependent upon the
discovery of economically recoverable reserves, the preservation of the Company's
interest in the underlying mineral claims, the ability of the Company to obtain
the financing necessary to complete the development of the properties, and
future profitable production or, alternatively, upon the Company's ability to
dispose of its interest on an advantageous basis. &nbsp;Changes in future
conditions could require material writedowns of the carrying amounts of deferred
exploration expenditure.</font></p>
<p style="margin:0pt; padding-left:27.35pt; text-indent:-27.35pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<small><big><small><big>
<small><big><small><big>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman">&nbsp;</p>
<p style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:-27pt; line-height:14pt; font-family:Times New Roman"></big></small></big></small></big></small></big></small><b><font size="2">2.</font></b></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b><font size="2">SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES</font></b></p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">These
consolidated financial statements have been prepared in accordance with Canadian
generally accepted accounting principles (GAAP). &nbsp;Significant differences
from United States accounting principles are disclosed in Note 15.</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman" align="justify"><b><font size="2">Basis
of consolidation</font></b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">These
consolidated financial statements include the accounts of the Company and its
wholly owned subsidiaries, Corner Bay Resources Inc. and Pan MacKenzie Resources
Inc. (including its wholly owned subsidiary Minera Corner Bay S.A. de C.V.).</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><b><font size="2">Deferred
exploration expenditure</font></b></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">The
deferred exploration expenditure is recorded at cost, net of incidental revenues
generated from the particular properties. &nbsp;These net costs are deferred
until the properties to which they relate are placed into production, sold or
abandoned.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">In
March 2000, the Accounting Standards Board of the Canadian Institute of
Chartered Accountants (CICA) issued Accounting Guideline No. 11 entitled, "Enterprises
in the Development Stage" (AcG 11), and subsequently, on March 12, 2002,
issued Emerging Issues Committee (EIC) 126 "Accounting by Mining Enterprises
for Exploration Costs." &nbsp;These guidelines address three distinct issues:
(i) capitalization of costs/expenditures (ii) impairment and (iii) disclosure.
&nbsp;Prior to their issuance, development state entities were exempt from
following certain aspects of Canadian generally accepted accounting principles
(GAAP). &nbsp;EIC 126 and AcG 11 require that all companies account for
transactions based on the underlying characteristics of the transactions rather
than the maturity of the enterprise. &nbsp;In addition, EIC 126 and AcG 11
require specific disclosure of information by development stage companies.
&nbsp;These guidelines were effective for financial periods beginning on or
after April 1, 2000, which affects the Company's financial years ended on or
after June 30, 2001.</font></p>
<font size="2">
<br>
</font>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-7</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<big><small><big><small>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</small></big></small></big><font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin:0pt; line-height:15pt; font-family:Times New Roman; font-size:12pt" align="justify"><b><font size="2">CORNER
BAY SILVER INC.</font></b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b><font size="2">Notes to
the consolidated financial statements</font></b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b><font size="2">December
31, 2002 and 2001 (unaudited) and June 30, 2002, 2001 and 2000</font></b></p>
<p style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000" align="justify"><b><font size="2">(expressed
in Canadian dollars)</font></b></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">EIC
126 and AcG 11 affect mining companies with respect to the deferral of
exploration costs. &nbsp;The appropriate accounting guidance is contained in
Section 3061, "Property, Plant and Equipment" of the CICA Handbook which
permits, but does not require, exploration costs to be capitalized as part of a
mining property, if the Company considers that such costs have the
characteristics of property, plant and equipment. &nbsp;Under this view,
deferred exploration expenditure would not automatically be subject to regular
assessment of recoverability, unless conditions such as those discussed in EIC
126 and AcG 11 exist.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">There
would need to be an assessment of deferred exploration expenditure.
&nbsp;Assessment of the probability of recoverability of deferred exploration
expenditure from future operations will require the preparation of a projection
based on objective evidence of economic reserves such as a feasibility study.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">The
status of the Company's operations is such that, like most mining companies in
the exploration stage, it would not be practical to obtain a feasibility study
or provide other information that could be used to support capitalization of
deferred exploration expenditure under the alternative view.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">EIC
126 and AcG 11 did not have a significant impact on the Company's consolidated
financial statements.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><b><font size="2">Property,
plant and equipment</font></b></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">Land
and exploration equipment are recorded at cost. &nbsp;Exploration equipment is
amortized on a reducing balance basis at various rates from 14% to 33%.
&nbsp;Amortization relating to equipment used on the mineral properties is
capitalized as part of the deferred exploration expenditure balance.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><b><font size="2">Assets
under construction</font></b></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">Assets
under construction consist of equipment to be commissioned at the Mexico
property site. &nbsp;The assets will be included as part of the equipment
balance once refurbished and transferred to the site. &nbsp;These assets are not
being amortized, as they are not currently ready for use.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><b><font size="2">Financial
instruments</font></b></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">The
carrying amounts of cash, receivables, prepaid expenses and deposits, accounts
payable and accrued liabilities approximate the fair values of those financial
instruments due to the short-term maturities of such instruments.
&nbsp;Financial instruments that potentially subject the Company to
concentrations of credit risk consist primarily of cash. &nbsp;The Company
places its cash with high credit quality financial institutions.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-8</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<big><small><big><small>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</small></big></small></big><font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman; font-size:12pt" align="justify"><b><font size="2">CORNER
BAY SILVER INC.</font></b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b><font size="2">Notes to
the consolidated financial statements</font></b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b><font size="2">December
31, 2002 and 2001 (unaudited) and June 30, 2002, 2001 and 2000</font></b></p>
<p style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000" align="justify"><b><font size="2">(expressed
in Canadian dollars)</font></b></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><b><font size="2">Income
taxes</font></b></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">The
provision for future income taxes is based on the liability method. &nbsp;Future
income taxes arise from the recognition of the tax consequences of temporary
differences by applying statutory income tax rates applicable to future years to
differences between the financial statements' carrying amounts and the income
tax bases of certain assets and liabilities. &nbsp;The Company records a
valuation allowance against any portion of those future income tax assets that
it believes is not, more likely than not, to be realized.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><b><font size="2">Stock-based
compensation plan</font></b></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">The
Company has one stock option plan, which is described in note 5. &nbsp;No
compensation expense is recognized for this plan when stock or stock options are
issued to employees. &nbsp;Any consideration paid on exercise of stock options
or purchase of stock is credited to capital stock.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">Effective
July 1, 2002, the Company adopted the new recommendations of the Canadian
Institute of Chartered Accountants Handbook Section 3870, Stock-based
Compensation and Other Stock-based Payments. &nbsp;This section establishes
standards for the recognition, measurement and disclosure of stock-based
compensation and other stock-based payments in exchange for goods and services.
&nbsp;The section requires that all stock-based awards made to non-employees be
measured and recognized using a fair-value based method. &nbsp;The section
encourages a fair-value based method for all awards granted to directors,
officers and employees, but only requires the use of a fair value based method
for direct awards of stock, stock appreciation rights and awards that call for
settlement in cash or other assets.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">For
stock options granted to directors, officers and employees, the Company has
adopted the intrinsic value method of accounting for stock-based compensation.
&nbsp;Under this method compensation expense is recognized for the excess, if
any, of the quoted market price of the Company's common shares over the common
share option exercise price on the day that options are granted.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><b><font size="2">Loss
per share</font></b></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">Basic
loss per share is computed by dividing the loss for the year by the weighted
average number of common shares outstanding during the year, including
contingently issuable shares that are included when the conditions necessary for
issuance have been met. &nbsp;Diluted earnings per share are calculated in a
manner similar to basic earnings per share, except the weighted average number
of shares outstanding are increased to include potential common shares from the
assumed exercise of options and warrants, if dilutive. &nbsp;The number of
additional shares included in the calculation is based on the treasury stock
method for options and warrants and on the as if converted method for
convertible securities.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">During
the year ended June 30, 2001, the Company changed its method of accounting for
earnings per share to comply with the revised standard issued by the CICA
Handbook, Section 3500, "Earnings per share". &nbsp;There was no difference
between the loss per share calculated under the new standard and the amount that
would have been calculated using the previous standard.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-9</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small><font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman; font-size:12pt" align="justify"><b><font size="2">CORNER
BAY SILVER INC.</font></b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b><font size="2">Notes to
the consolidated financial statements</font></b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b><font size="2">December
31, 2002 and 2001 (unaudited) and June 30, 2002, 2001 and 2000</font></b></p>
<p style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000" align="justify"><b><font size="2">(expressed
in Canadian dollars)</font></b></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><b><font size="2">Use
of estimates</font></b></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">The
preparation of financial statements in conformity with Canadian generally
accepted accounting principles (GAAP) requires management to make estimates and
assumptions that affect the reported amounts of assets, liabilities, revenue and
expenses during the reporting period. &nbsp;Actual results could differ from
these estimates.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><b><font size="2">Translation
of foreign currencies</font></b></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">As
the Company considers all of its foreign operations to be fully integrated, all
items denominated in foreign currencies have been translated using the temporal
method. &nbsp;Under this method, monetary assets and liabilities and
non-monetary items carried at market values are translated at the year and
period end exchange rate. &nbsp;Other non-monetary items and revenue and
expenses are translated at approximate rates in effect at the dates of the
transactions, except depletion and amortization, which are translated at the
same rates as the related assets.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:-27pt; line-height:14pt; font-family:Times New Roman"><b><font size="2">3.</font></b></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b><font size="2">MINERAL
PROPERTIES</font></b></p>
<small><big><small><big>
<div align="center">
  <center>
  <table width="90%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="44%"></td>
    </big></small></big></small>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="10%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="10%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="12%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="12%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="44%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="10%" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Mexico</font></b></td>
      <td width="2%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td colspan="2" width="11%" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Maritimes</font></b></td>
      <td width="2%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td colspan="2" width="13%" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Chibougamau</font></b></td>
      <td width="2%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="12%" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Total</font></b></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="44%"><font size="2" face="serif">Balance - June 30, 1999</font></td>
      <td align="center" width="1%"><font size="2" face="serif">$</font></td>
      <td align="right" width="10%"><font size="2" face="serif">1,018,492</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%"><font size="2" face="serif">$</font></td>
      <td align="right" width="10%"><font size="2" face="serif">401,611</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%"><font size="2" face="serif">$</font></td>
      <td align="right" width="12%"><font size="2" face="serif">1,097,825</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%"><font size="2" face="serif">$</font></td>
      <td align="right" width="12%"><font size="2" face="serif">2,517,928</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="44%"><font size="2" face="serif">Expenditures</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2" face="serif">2,114,901</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2" face="serif">1,411</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2" face="serif">2,116,312</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="44%"><font size="2" face="serif">Option receipts</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2" face="serif">(25,000)</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2" face="serif">(9,586)</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2" face="serif">(34,586)</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="44%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Writedown</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(1,088,239)</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(1,088,239)</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="44%"><font size="2" face="serif">Balance - June 30, 2000</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2" face="serif">3,133,393</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%"><font size="2" face="serif">$</font></td>
      <td align="right" width="10%"><font size="2" face="serif">378,022</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%"><font size="2" face="serif">$</font></td>
      <td align="right" width="12%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%"><font size="2" face="serif">$</font></td>
      <td align="right" width="12%"><font size="2" face="serif">3,511,415</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="44%"><font size="2" face="serif">Expenditures</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2" face="serif">1,388,451</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2" face="serif">1,580</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2" face="serif">1,390,031</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="44%"><font size="2" face="serif">Option receipts</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2" face="serif">(5,975)</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2" face="serif">(5,975)</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="44%"><font size="2" face="serif">Amortization of equipment
        capitalized</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2" face="serif">29,228</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2" face="serif">29,228</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="44%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Writedown</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(373,627)</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(373,627)</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="44%"><font size="2" face="serif">Balance - June 30, 2001</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2" face="serif">4,551,072</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2" face="serif">4,551,072</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="44%"><font size="2" face="serif">Expenditures</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2" face="serif">3,147,522</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2" face="serif">3,147,522</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="44%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Amortization
        of equipment capitalized</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">7,271</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">7,271</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="44%"><font size="2" face="serif">Balance - June 30, 2002</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2" face="serif">7,705,865</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2" face="serif">7,705,865</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="44%"><font size="2" face="serif">Expenditures (Unaudited)</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2" face="serif">534,911</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2" face="serif">534,911</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="44%"><font size="2" face="serif">Purchase of concessions (Unaudited)</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2" face="serif">537,985</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2">-</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2" face="serif">537,985</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="44%"><font size="2" face="serif">Amortization of equipment</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="10%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="10%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="12%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="12%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="44%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;&nbsp;&nbsp;<font size="2" face="serif">capitalized
        (Unaudited)</font></font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">2,803</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="10%" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">2,803</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="44%" style="border-bottom: 3 double #000000"><font size="2" face="serif">Balance
        - December 31, 2002 (Unaudited)</font></td>
      <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="10%" style="border-bottom: 3 double #000000"><font size="2" face="serif">8,781,564</font></td>
      <td width="2%" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="10%" style="border-bottom: 3 double #000000"><font size="2">-</font></td>
      <td width="2%" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="12%" style="border-bottom: 3 double #000000"><font size="2">-</font></td>
      <td width="2%" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="12%" style="border-bottom: 3 double #000000"><font size="2" face="serif">8,781,564</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">The
Alamo Dorado silver/gold property is located in the northwestern state of
Sonora, Mexico. &nbsp;Paved roads connect the state capital of Hermosillo to the
town of Alamos, which is 67 kilometers northwest of the Alamo Dorado Project.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">The
5,369 hectare property consists of the 504 hectare Alamo Ocho concession held
under option by the Company, and the 4,865 hectare Alamo Dorado concession,
which is owned 100% by the Company and surrounds the Alamo Ocho concession.
&nbsp;The Company can earn a 100% interest in Alamo Ocho by paying US$800,000
over six years. &nbsp;Payments are made semi-annually, of which US$441,000
(unaudited) was paid to December 31, 2002 (June 30, 2002, 2001 and 2000 were
US$450,000, $325,000 and $nil, respectively).</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-10</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small><font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman; font-size:12pt"><b><font size="2">CORNER
BAY SILVER INC.</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><b><font size="2">Notes to the consolidated
financial statements</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><b><font size="2">December 31, 2002 and 2001
(unaudited) and June 30, 2002, 2001 and 2000</font></b></p>
<p style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"><b><font size="2">(expressed
in Canadian dollars)</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">During
the year ended June 30, 2002, the Company incurred $131,147 (2001 and 2000 -
$nil) in rental payments, and is committed to annual rental payments of
$114,150. &nbsp;During the six-month periods ended December 31, 2002 and 2001,
the Company incurred $35,906 and $23,491 (unaudited), respectively, in rental
payments.</font></p>
<small><big><small><big>
<small><big><small><big>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman">&nbsp;</p>
<p style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:-27pt; line-height:14pt; font-family:Times New Roman"></big></small></big></small></big></small></big></small><b><font size="2">4.</font></b></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b><font size="2">PROPERTY,
PLANT AND EQUIPMENT</font></b></p>
<small><big><small><big>
<div align="center">
  <center>
  <table width="90%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td colspan="6" width="297"></td>
    </big></small></big></small>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="81"><font size="2">&nbsp;</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="64"><font size="2">&nbsp;</font></td>
      <td width="8"><font size="2">&nbsp;</font></td>
      <td width="62"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="73"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="112"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="82" align="center"><font size="2">&nbsp;</font></td>
      <td width="16" align="center"><font size="2">&nbsp;</font></td>
      <td width="8" align="center"><font size="2">&nbsp;</font></td>
      <td width="62" align="center"><font size="2">&nbsp;</font></td>
      <td width="15" align="center"><font size="2">&nbsp;</font></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td width="81" align="center"><b><font size="2" face="serif">June 30</font></b></td>
      <td width="15" align="center"><font size="2">&nbsp;</font></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td width="64" align="center"><font size="2">&nbsp;</font></td>
      <td width="8" align="center"><font size="2">&nbsp;</font></td>
      <td width="62" align="center"><font size="2">&nbsp;</font></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td width="73" align="center"><b><font size="2" face="serif">June 30</font></b></td>
    </tr>
    <tr>
      <td width="112"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="82" align="center"><font size="2">&nbsp;</font></td>
      <td width="16" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="2" width="72"><b><font size="2" face="serif">Accumulated</font></b></td>
      <td width="15" align="center"><font size="2">&nbsp;</font></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="81"><b><font size="2" face="serif">2002</font></b></td>
      <td width="15" align="center"><font size="2">&nbsp;</font></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td width="64" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="2" width="72"><b><font size="2" face="serif">Accumulated</font></b></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="73"><b><font size="2" face="serif">2001</font></b></td>
    </tr>
    <tr>
      <td width="112" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="7" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="82" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Cost</font></b></td>
      <td width="16" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="2" width="72" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Amortization</font></b></td>
      <td width="15" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="81" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Net</font></b></td>
      <td width="15" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="64" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Cost</font></b></td>
      <td align="center" colspan="2" width="72" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Amortization</font></b></td>
      <td width="6" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="73" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Net</font></b></td>
    </tr>
    <tr>
      <td width="112"><font size="2" face="serif">Equipment</font></td>
      <td align="center" width="7"><font size="2" face="serif">$</font></td>
      <td align="right" width="82"><font size="2" face="serif">66,683</font></td>
      <td width="16"><font size="2">&nbsp;</font></td>
      <td align="center" width="8"><font size="2" face="serif">$</font></td>
      <td align="right" width="62"><font size="2" face="serif">14,722</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td align="center" width="6"><font size="2" face="serif">$</font></td>
      <td align="right" width="81"><font size="2" face="serif">53,961</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td align="center" width="6"><font size="2" face="serif">$</font></td>
      <td align="right" width="64"><font size="2" face="serif">129,415</font></td>
      <td align="center" width="8"><font size="2" face="serif">$</font></td>
      <td align="right" width="62"><font size="2" face="serif">32,545</font></td>
      <td align="center" width="6"><font size="2" face="serif">$</font></td>
      <td align="right" width="73"><font size="2" face="serif">96,870</font></td>
    </tr>
    <tr>
      <td width="112"><font size="2" face="serif">Assets under</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="82"><font size="2">&nbsp;</font></td>
      <td width="16"><font size="2">&nbsp;</font></td>
      <td width="8"><font size="2">&nbsp;</font></td>
      <td width="62"><font size="2">&nbsp;</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="81"><font size="2">&nbsp;</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="64"><font size="2">&nbsp;</font></td>
      <td width="8"><font size="2">&nbsp;</font></td>
      <td width="62"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="73"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="112" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Construction</font></font></td>
      <td width="7" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="82" style="border-bottom: 1 solid #000000"><font size="2" face="serif">3,842,500</font></td>
      <td width="16" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="62" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="15" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="81" style="border-bottom: 1 solid #000000"><font size="2" face="serif">3,842,500</font></td>
      <td width="15" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="64" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="62" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="73" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
    </tr>
    <tr>
      <td width="112"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="82"><font size="2">&nbsp;</font></td>
      <td width="16"><font size="2">&nbsp;</font></td>
      <td width="8"><font size="2">&nbsp;</font></td>
      <td width="62"><font size="2">&nbsp;</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="81"><font size="2">&nbsp;</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="64"><font size="2">&nbsp;</font></td>
      <td width="8"><font size="2">&nbsp;</font></td>
      <td width="62"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="73"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="112" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="7" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="82" style="border-bottom: 3 double #000000"><font size="2" face="serif">3,911,183</font></td>
      <td width="16" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="8" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="62" style="border-bottom: 3 double #000000"><font size="2" face="serif">14,722</font></td>
      <td width="15" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="6" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="81" style="border-bottom: 3 double #000000"><font size="2" face="serif">3,896,461</font></td>
      <td width="15" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="6" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="64" style="border-bottom: 3 double #000000"><font size="2" face="serif">129,415</font></td>
      <td align="center" width="8" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="62" style="border-bottom: 3 double #000000"><font size="2" face="serif">32,545</font></td>
      <td align="center" width="6" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="73" style="border-bottom: 3 double #000000"><font size="2" face="serif">96,870</font></td>
    </tr>
    <tr>
      <td width="112"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="82"><font size="2">&nbsp;</font></td>
      <td width="16"><font size="2">&nbsp;</font></td>
      <td width="8"><font size="2">&nbsp;</font></td>
      <td width="62"><font size="2">&nbsp;</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="81"><font size="2">&nbsp;</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="64"><font size="2">&nbsp;</font></td>
      <td width="8"><font size="2">&nbsp;</font></td>
      <td width="62"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="73"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="112"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="82" align="center"><font size="2">&nbsp;</font></td>
      <td width="16" align="center"><font size="2">&nbsp;</font></td>
      <td width="8" align="center"><font size="2">&nbsp;</font></td>
      <td width="62" align="center"><font size="2">&nbsp;</font></td>
      <td width="15" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="2" width="89"><b><font size="2" face="serif">December
        31</font></b></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="64"><font size="2">&nbsp;</font></td>
      <td width="8"><font size="2">&nbsp;</font></td>
      <td width="62"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="73"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="112"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="82" align="center"><font size="2">&nbsp;</font></td>
      <td width="16" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="2" width="72"><b><font size="2" face="serif">Accumulated</font></b></td>
      <td width="15" align="center"><font size="2">&nbsp;</font></td>
      <td width="6" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="81"><b><font size="2" face="serif">2002</font></b></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="64"><font size="2">&nbsp;</font></td>
      <td width="8"><font size="2">&nbsp;</font></td>
      <td width="62"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="73"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="112" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">(Unaudited)</font></b></td>
      <td width="7" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="82" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Cost</font></b></td>
      <td width="16" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="2" width="72" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Amortization</font></b></td>
      <td width="15" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="81" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Net</font></b></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="64"><font size="2">&nbsp;</font></td>
      <td width="8"><font size="2">&nbsp;</font></td>
      <td width="62"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="73"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="112"><font size="2" face="serif">Equipment</font></td>
      <td align="center" width="7"><font size="2" face="serif">$</font></td>
      <td align="right" width="82"><font size="2" face="serif">139,917</font></td>
      <td width="16"><font size="2">&nbsp;</font></td>
      <td align="center" width="8"><font size="2" face="serif">$</font></td>
      <td align="right" width="62"><font size="2" face="serif">88,759</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td align="center" width="6"><font size="2" face="serif">$</font></td>
      <td align="right" width="81"><font size="2" face="serif">51,158</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="64"><font size="2">&nbsp;</font></td>
      <td width="8"><font size="2">&nbsp;</font></td>
      <td width="62"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="73"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="112"><font size="2" face="serif">Assets under</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="82"><font size="2">&nbsp;</font></td>
      <td width="16"><font size="2">&nbsp;</font></td>
      <td width="8"><font size="2">&nbsp;</font></td>
      <td width="62"><font size="2">&nbsp;</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="81"><font size="2">&nbsp;</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="64"><font size="2">&nbsp;</font></td>
      <td width="8"><font size="2">&nbsp;</font></td>
      <td width="62"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="73"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="112" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Construction</font></font></td>
      <td width="7" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="82" style="border-bottom: 1 solid #000000"><font size="2" face="serif">3,842,500</font></td>
      <td width="16" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="62" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="15" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="81" style="border-bottom: 1 solid #000000"><font size="2" face="serif">3,842,500</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="64"><font size="2">&nbsp;</font></td>
      <td width="8"><font size="2">&nbsp;</font></td>
      <td width="62"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="73"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="112"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="82"><font size="2">&nbsp;</font></td>
      <td width="16"><font size="2">&nbsp;</font></td>
      <td width="8"><font size="2">&nbsp;</font></td>
      <td width="62"><font size="2">&nbsp;</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="81"><font size="2">&nbsp;</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="64"><font size="2">&nbsp;</font></td>
      <td width="8"><font size="2">&nbsp;</font></td>
      <td width="62"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="73"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="112" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="7" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="82" style="border-bottom: 3 double #000000"><font size="2" face="serif">3,982,417</font></td>
      <td width="16" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="8" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="62" style="border-bottom: 3 double #000000"><font size="2" face="serif">88,759</font></td>
      <td width="15" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="6" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="81" style="border-bottom: 3 double #000000"><font size="2" face="serif">3,893,658</font></td>
      <td width="15"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="64"><font size="2">&nbsp;</font></td>
      <td width="8"><font size="2">&nbsp;</font></td>
      <td width="62"><font size="2">&nbsp;</font></td>
      <td width="6"><font size="2">&nbsp;</font></td>
      <td width="73"><font size="2">&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:36pt; text-indent:-9pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">During
the six months ended December 31, 2002, the Company wrote off $nil (December 31,
2001 - $nil; years ended June 30, 2002, 2001 and 2000 of $42,511, $95,833 and
$nil, respectively) of property, plant and equipment.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">During
the six months ended December 31, 2002, the Company recorded amortization of
$2,803 (years ended June 30, 2002, 2001 and 2000 of $7,271, $29,228 and $nil,
respectively), which were capitalized as deferred exploration expenditure.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-11</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small><font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman; font-size:12pt"><b><font size="2">CORNER
BAY SILVER INC.</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><b><font size="2">Notes to the consolidated
financial statements</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><b><font size="2">December 31, 2002 and 2001
(Unaudited) and June 30, 2002, 2001 and 2000</font></b></p>
<p style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"><b><font size="2">(expressed
in Canadian dollars)</font></b></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<big><small><big><small>
<small><big><small><big>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman">&nbsp;</p>
<p style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:-27pt; line-height:14pt; font-family:Times New Roman"></big></small></big></small></small></big></small></big><b><font size="2">5.</font></b></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b><font size="2">CAPITAL
STOCK</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman"><b><font size="2">Authorized</font></b></p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman"><font size="2">Unlimited
number of common shares, without nominal or par value.</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman"><b><font size="2">Issued
and outstanding - common shares</font></b></p>
<small>
<big>
<small><big>
<p>&nbsp;</p>
</big></small></big></small>
<div align="center">
  <center>
  <table width="90%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="70%"><font size="2">&nbsp;</font></td>
      <td align="center" width="12%"><b><font size="2" face="serif">Number of</font></b></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center"><font size="2">&nbsp;</font></td>
      <td width="11%" align="center"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%"><font size="2">&nbsp;</font></td>
      <td align="center" width="12%"><b><font size="2" face="serif">shares</font></b></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="11%"><b><font size="2" face="serif">Net</font></b></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="12%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">outstanding</font></b></td>
      <td width="2%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="11%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Proceeds</font></b></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%"><font size="2" face="serif">Balance - June 30, 1999</font></td>
      <td align="right" width="12%"><font size="2" face="serif">9,899,115</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2" face="serif">$</font></td>
      <td align="right" width="11%"><font size="2" face="serif">7,275,366</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%"><font size="2" face="serif">Shares issued for cash in
        private placement</font></td>
      <td width="12%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="11%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%"><font size="2" face="serif">September 21, 1999</font></td>
      <td align="right" width="12%"><font size="2" face="serif">596,540</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="11%"><font size="2" face="serif">773,976</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%"><font size="2" face="serif">December 20, 1999</font></td>
      <td align="right" width="12%"><font size="2" face="serif">400,000</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="11%"><font size="2" face="serif">1,198,435</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%"><font size="2" face="serif">Warrants exercised for cash
        during the year</font></td>
      <td align="right" width="12%"><font size="2" face="serif">545,454</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="11%"><font size="2" face="serif">409,080</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Options
        exercised for cash during the year</font></td>
      <td align="right" width="12%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">393,000</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">117,900</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%"><font size="2" face="serif">Balance - June 30, 2000</font></td>
      <td align="right" width="12%"><font size="2" face="serif">11,834,109</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="11%"><font size="2" face="serif">9,774,757</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%"><font size="2" face="serif">Shares issued in prospectus
        offering - December 14, 2000</font></td>
      <td align="right" width="12%"><font size="2" face="serif">3,666,667</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="11%"><font size="2" face="serif">4,978,397</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Options
        exercised for cash</font></td>
      <td align="right" width="12%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">200,000</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">60,000</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%"><font size="2" face="serif">Balance - June 30, 2001</font></td>
      <td align="right" width="12%"><font size="2" face="serif">15,700,776</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="11%"><font size="2" face="serif">14,813,154</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%"><font size="2" face="serif">Shares issued for cash in
        private placement - February 19, 2002</font></td>
      <td align="right" width="12%"><font size="2" face="serif">1,830,000</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="11%"><font size="2" face="serif">4,575,000</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%"><font size="2" face="serif">Warrants exercised for cash</font></td>
      <td align="right" width="12%"><font size="2" face="serif">183,333</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="11%"><font size="2" face="serif">275,000</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%"><font size="2" face="serif">Options exercised for cash</font></td>
      <td align="right" width="12%"><font size="2" face="serif">612,000</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="11%"><font size="2" face="serif">1,208,850</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%"><font size="2" face="serif">Shares issued for assets under
        construction</font></td>
      <td width="12%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="11%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">purchased
        - June 18, 2002 (note 11)</font></td>
      <td align="right" width="12%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">850,000</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">3,442,500</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%"><font size="2" face="serif">Balance - June 30, 2002</font></td>
      <td align="right" width="12%"><font size="2" face="serif">19,176,109</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="11%"><font size="2" face="serif">24,314,504</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%"><font size="2" face="serif">Options exercised for cash (unaudited)</font></td>
      <td align="right" width="12%"><font size="2" face="serif">465,000</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="right" width="11%"><font size="2" face="serif">1,184,500</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="70%" style="border-bottom: 3 double #000000"><font size="2" face="serif">Balance
        - December 31, 2002 (unaudited)</font></td>
      <td align="right" width="12%" style="border-bottom: 3 double #000000"><font size="2" face="serif">19,641,109</font></td>
      <td width="2%" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td width="1%" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">25,499,004</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">On
September 21, 1999, the Company completed a private placement of 596,540 shares
at a price of $1.30 per share.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">On
December 20, 1999, the Company completed a private placement of 400,000 units.
&nbsp;Each unit consists of one common share at $3.00 and one-half common share
purchase warrant. &nbsp;Each whole purchase warrant entitles the holder to
purchase one additional common share at a price of $4.00 per common share at
anytime until December 20, 2001. &nbsp;Effective December 20, 2001, all options
that had not been exercised prior to this date expired.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">On
December 14, 2000, the Company publicly offered 3,666,667 units. &nbsp;Each unit
consisted of one common share at $1.50 and one-half common share purchase
warrant. &nbsp;Each whole purchase warrant entitles the holder to purchase one
additional common share at $2.25 per share at anytime until December 14, 2001.
&nbsp;In connection with the December 14, 2000 offering, the underwriters
received 183,333 warrants of the Company. &nbsp;Each warrant entitles the
underwriter to purchase one common share for $1.50 at any time until December
14, 2001. &nbsp;Effective December 14, 2001, all warrants that had not been
exercised prior to this date expired. &nbsp;Refer to the following warrants
table.</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">On
February 19, 2002, the Company completed a private placement of 1,830,000 shares
at a price of $2.50 per share.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-12</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<big>
<small><big><small>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</small></big></small></big><font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman; font-size:12pt"><b><font size="2">CORNER
BAY SILVER INC.</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><b><font size="2">Notes to the consolidated
financial statements</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><b><font size="2">December 31, 2002 and 2001
(unaudited) and June 30, 2002, 2001 and 2000</font></b></p>
<p style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"><b><font size="2">(expressed
in Canadian dollars)</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b><font size="2">Warrants</font></b></p>
<small>
<big>
<small><big>
<div align="center">
  <center>
  <table width="649" border="0" cellspacing="0" cellpadding="0" height="357">
    <tr>
      <td width="398" height="21"></td>
    </big></small></big></small>
      <td width="115" height="21"><font size="2">&nbsp;</font></td>
      <td width="17" height="21"><font size="2">&nbsp;</font></td>
      <td width="102" height="21"><font size="2">&nbsp;</font></td>
<big>
<small><big><small>
      <td width="8" height="21"></td>
    </tr>
</small></big></small></big>
    <tr>
      <td width="398" height="21"><font size="2">&nbsp;</font></td>
      <td width="115" align="center" height="21"><font size="2">&nbsp;</font></td>
      <td width="17" align="center" height="21"><font size="2">&nbsp;</font></td>
      <td width="102" align="center" height="21"><b><font size="2" face="serif">Weighted</font></b></td>
      <big>
<small><big><small>
      <td width="8" height="21"></td>
    </tr>
</small></big></small></big>
    <tr>
      <td width="398" height="21"><font size="2">&nbsp;</font></td>
      <td align="center" width="115" height="21"><b><font size="2" face="serif">Number
        of</font></b></td>
      <td width="17" align="center" height="21"><font size="2">&nbsp;</font></td>
      <td width="102" align="center" height="21"><b><font size="2" face="serif">average</font></b></td>
      <big>
<small><big><small>
      <td width="8" height="21"></td>
    </tr>
</small></big></small></big>
    <tr>
      <td width="398" style="border-bottom: 1 solid #000000" height="21"><font size="2">&nbsp;</font></td>
      <td align="center" width="115" style="border-bottom: 1 solid #000000" height="21"><b><font size="2" face="serif">Warrants</font></b></td>
      <td width="17" align="center" style="border-bottom: 1 solid #000000" height="21"><font size="2">&nbsp;</font></td>
      <td width="102" align="center" style="border-bottom: 1 solid #000000" height="21"><b><font size="2" face="serif">price</font></b></td>
      <big>
<small><big><small>
      <td width="8" height="21"></td>
    </tr>
</small></big></small></big>
    <tr>
      <td width="398" height="21"><font size="2" face="serif">Balance - June
        30, 1999</font></td>
      <td align="right" width="115" height="21"><font size="2">-</font></td>
      <td width="17" height="21"><font size="2">&nbsp;</font></td>
      <td align="right" width="102" height="21">
        <p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&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></p>
      </td>
      <big>
<small><big><small>
      <td align="right" width="8" height="21"></td>
    </tr>
</small></big></small></big>
    <tr>
      <td width="398" style="border-bottom: 1 solid #000000" height="21"><font size="2" face="serif">Issued
        - December 20, 1999</font></td>
      <td align="right" width="115" style="border-bottom: 1 solid #000000" height="21"><font size="2" face="serif">200,000</font></td>
      <td width="17" style="border-bottom: 1 solid #000000" height="21"><font size="2">&nbsp;</font></td>
      <td align="right" width="102" style="border-bottom: 1 solid #000000" height="21"><font size="2" face="serif">4.00</font></td>
      <big>
<small><big><small>
      <td align="right" width="8" height="21"></td>
    </tr>
</small></big></small></big>
    <tr>
      <td width="398" height="21"><font size="2" face="serif">Balance - June
        30, 2000</font></td>
      <td align="right" width="115" height="21"><font size="2" face="serif">200,000</font></td>
      <td width="17" height="21"><font size="2">&nbsp;</font></td>
      <td align="right" width="102" height="21"><font size="2" face="serif">4.00</font></td>
      <big>
<small><big><small>
      <td align="right" width="8" height="21"></td>
    </tr>
</small></big></small></big>
    <tr>
      <td width="398" height="21" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Issued
        - December 14, 2000</font></td>
      <td align="right" width="115" height="21" style="border-bottom: 1 solid #000000"><font size="2" face="serif">2,016,666</font></td>
      <td width="17" height="21" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="102" height="21" style="border-bottom: 1 solid #000000"><font size="2" face="serif">2.18</font></td>
      <big>
<small><big><small>
      <td align="right" width="8" height="21"></td>
    </tr>
</small></big></small></big>
    <tr>
      <td width="398" height="21"><font size="2" face="serif">Balance - June
        30, 2001</font></td>
      <td align="right" width="115" height="21"><font size="2" face="serif">2,216,666</font></td>
      <td width="17" height="21"><font size="2">&nbsp;</font></td>
      <td align="right" width="102" height="21"><font size="2" face="serif">2.34</font></td>
      <big>
<small><big><small>
      <td align="right" width="8" height="21"></td>
    </tr>
</small></big></small></big>
    <tr>
      <td width="398" height="21"><font size="2" face="serif">Expired</font></td>
      <td align="right" width="115" height="21"><font size="2" face="serif">(2,033,333)</font></td>
      <td width="17" height="21"><font size="2">&nbsp;</font></td>
      <td align="right" width="102" height="21"><font size="2" face="serif">2.42</font></td>
      <big>
<small><big><small>
      <td align="right" width="8" height="21"></td>
    </tr>
</small></big></small></big>
    <tr>
      <td width="398" style="border-bottom: 1 solid #000000" height="21"><font size="2" face="serif">Exercised</font></td>
      <td align="right" width="115" style="border-bottom: 1 solid #000000" height="21"><font size="2" face="serif">(183,333)</font></td>
      <td width="17" style="border-bottom: 1 solid #000000" height="21"><font size="2">&nbsp;</font></td>
      <td align="right" width="102" style="border-bottom: 1 solid #000000" height="21"><font size="2" face="serif">1.50</font></td>
      <big>
<small><big><small>
      <td align="right" width="8" height="21"></td>
    </tr>
</small></big></small></big>
    <tr>
      <td width="398" height="21"><font size="2" face="serif">Balance - June
        30, 2002</font></td>
      <td align="right" width="115" height="21"><font size="2">-</font></td>
      <td width="17" height="21"><font size="2">&nbsp;</font></td>
      <td align="right" width="102" height="21"><font size="2">-</font></td>
      <big>
<small><big><small>
      <td align="right" width="8" height="21"></td>
    </tr>
</small></big></small></big>
    <tr>
      <td width="398" height="21"><font size="2" face="serif">Expired</font></td>
      <td align="right" width="115" height="21"><font size="2">-</font></td>
      <td width="17" height="21"><font size="2">&nbsp;</font></td>
      <td align="right" width="102" height="21"><font size="2">-</font></td>
      <big>
<small><big><small>
      <td align="right" width="8" height="21"></td>
    </tr>
</small></big></small></big>
    <tr>
      <td width="398" style="border-bottom: 1 solid #000000" height="21"><font size="2" face="serif">Exercised</font></td>
      <td align="right" width="115" style="border-bottom: 1 solid #000000" height="21"><font size="2">-</font></td>
      <td width="17" style="border-bottom: 1 solid #000000" height="21"><font size="2">&nbsp;</font></td>
      <td align="right" width="102" style="border-bottom: 1 solid #000000" height="21"><font size="2">-</font></td>
      <big>
<small><big><small>
      <td align="right" width="8" height="21"></td>
    </tr>
</small></big></small></big>
    <tr>
      <td width="398" style="border-bottom: 3 double #000000" height="22"><font size="2" face="serif">Balance
        - December 31, 2002 (unaudited)</font></td>
      <td align="right" width="115" style="border-bottom: 3 double #000000" height="22"><font size="2">-</font></td>
      <td width="17" style="border-bottom: 3 double #000000" height="22"><font size="2">&nbsp;</font></td>
  </center>
      <td width="102" style="border-bottom: 3 double #000000" height="22">
        <p align="right"><font size="2" face="serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        -</font></p>
</td>
  <center>
      <big>
<small><big><small>
      <td width="8" height="22"></td>
    </tr>
</small></big></small></big>
    <tr>
      <td width="398" height="21"><font size="2">&nbsp;</font></td>
      <td width="115" height="21"><font size="2">&nbsp;</font></td>
      <td width="17" height="21"><font size="2">&nbsp;</font></td>
      <td width="102" height="21"><font size="2">&nbsp;</font></td>
      <big>
<small><big><small>
      <td width="8" height="21"></td>
    </tr>
  </table>
  </center>
</div>
</small></big></small></big>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b><font size="2">Options</font></b></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">On
December 15, 1995, the shareholders of the Company approved the amended stock
option plan (dated November 1, 1995) (the Plan) which provides for the issuance
of 1.0 million stock options under the terms of the Plan. &nbsp;On December 20,
1999 and December 15, 2000, the shareholders approved an amendment to provide
for the further issuance of an additional 1.4 and 2.0 million common share
options, respectively, under the terms of the Plan.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">Under
the Plan, the Company provides options to buy common shares of the Company to
directors, officers and service providers. &nbsp;The board of directors grants
such options for periods of up to ten years at prices not lower than the market
price at the date of granting.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">No
compensation expense is recognized when stock options are issued to employees
and directors. &nbsp;All consideration paid by employees from the exercise of
stock options or purchase of stock is credited to capital stock.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">Compensation
expense is recorded when stock options are issued to non-employees and is
recognized over the vesting period of the options. &nbsp;Compensation expense is
determined as the fair value of the options at the date of grant using an
option-pricing model. &nbsp;During the six months ended December 31, 2002 and
year ended June 30, 2002, no stock options were issued to non-employees.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-13</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<small>
<big>
<small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small><font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><b><font size="2">CORNER
BAY SILVER INC.</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><b><font size="2">Notes to the consolidated
financial statements</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><b><font size="2">December 31, 2002 and 2001
(unaudited) and June 30, 2002, 2001 and 2000</font></b></p>
<p style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"><b><font size="2">(expressed
in Canadian dollars)</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman"><font size="2">As at June
30, 2002, the Company had outstanding and exercisable stock options as follows:</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<div align="center">
  <center>
  <table width="75%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="37%"><font size="2">&nbsp;</font></td>
      <td width="22%"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="2" width="19%"><b><font size="2" face="serif">Exercise</font></b></td>
      <td width="3%" align="center"><font size="2">&nbsp;</font></td>
      <td width="19%" align="center"><b><font size="2" face="serif">Expiry</font></b></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="22%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="2" width="19%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Price</font></b></td>
      <td width="3%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="19%" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Date</font></b></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%"><font size="2" face="serif">500,000</font></td>
      <td width="22%"><font size="2">&nbsp;</font></td>
      <td align="center" width="2%"><font size="2" face="serif">$</font></td>
      <td align="center" width="17%"><font size="2" face="serif">2.65</font></td>
      <td width="3%"><font size="2">&nbsp;</font></td>
      <td align="center" width="19%"><font size="2" face="serif">12/20/02</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%"><font size="2" face="serif">660,000</font></td>
      <td width="22%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td align="center" width="17%"><font size="2" face="serif">3.00</font></td>
      <td width="3%"><font size="2">&nbsp;</font></td>
      <td align="center" width="19%"><font size="2" face="serif">06/30/03</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%"><font size="2" face="serif">380,000</font></td>
      <td width="22%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td align="center" width="17%"><font size="2" face="serif">1.75</font></td>
      <td width="3%"><font size="2">&nbsp;</font></td>
      <td align="center" width="19%"><font size="2" face="serif">10/02/04</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%"><font size="2" face="serif">40,000</font></td>
      <td width="22%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td align="center" width="17%"><font size="2" face="serif">1.80</font></td>
      <td width="3%"><font size="2">&nbsp;</font></td>
      <td align="center" width="19%"><font size="2" face="serif">12/12/04</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="37%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">60,000</font></td>
      <td width="22%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="2%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">$</font></td>
      <td align="center" width="17%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">3.00</font></td>
      <td width="3%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="19%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">02/28/05</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman"><font size="2">As at June
30, 2002, the Company had outstanding and exercisable stock options as follows:</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<big>
<small><big><small>
<div align="center">
  <center>
  <table width="700" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="247"></td>
    </small></big></small></big>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
      <td colspan="2" width="87" align="center"><b><font size="2" face="serif">2002</font></b></td>
      <td width="22" align="center"><font size="2">&nbsp;</font></td>
      <td width="72" align="center"><font size="2">&nbsp;</font></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="2" width="92"><b><font size="2" face="serif">2001</font></b></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
      <td width="73" align="center"><font size="2">&nbsp;</font></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="2" width="68"><b><font size="2" face="serif">2000</font></b></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
    </tr>
<big>
<small><big><small>
    <tr>
      <td width="247"></td>
</small></big></small></big>
      <td width="87" align="center"><b><font size="2" face="serif">Number</font></b></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
      <td colspan="2" width="87" align="center"><b><font size="2" face="serif">Weighted</font></b></td>
      <td width="22" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="72"><b><font size="2" face="serif">Number</font></b></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="2" width="92"><b><font size="2" face="serif">Weighted</font></b></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="73"><b><font size="2" face="serif">Number</font></b></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="2" width="68"><b><font size="2" face="serif">Weighted</font></b></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
    </tr>
<big>
<small><big><small>
    <tr>
      <td width="247"></td>
</small></big></small></big>
      <td width="87" align="center"><b><font size="2" face="serif">of</font></b></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
      <td colspan="2" width="87" align="center"><b><font size="2" face="serif">average</font></b></td>
      <td width="22" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="72"><b><font size="2" face="serif">of</font></b></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="2" width="92"><b><font size="2" face="serif">average</font></b></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="73"><b><font size="2" face="serif">of</font></b></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="2" width="68"><b><font size="2" face="serif">average</font></b></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
    </tr>
<big>
<small><big><small>
    <tr>
      <td width="247" style="border-bottom: 1 solid #000000"></td>
</small></big></small></big>
      <td width="87" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">options</font></b></td>
<small>
<big>
<small><big>
      <td width="19" align="center" style="border-bottom: 1 solid #000000"></td>
</big></small></big></small>
      <td width="85" colspan="2" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">price</font></b></td>
<big>
<small><big><small>
      <td width="22" align="center" style="border-bottom: 1 solid #000000"></td>
</small></big></small></big>
      <td width="72" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">options</font></b></td>
<small>
<big>
<small><big>
      <td width="19" align="center" style="border-bottom: 1 solid #000000"></td>
</big></small></big></small>
      <td width="90" colspan="2" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">price</font></b></td>
<big>
<small><big><small>
      <td width="19" align="center" style="border-bottom: 1 solid #000000"></td>
</small></big></small></big>
      <td width="73" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">options</font></b></td>
<small>
<big>
<small><big>
      <td width="19" align="center" style="border-bottom: 1 solid #000000"></td>
</big></small></big></small>
      <td width="66" colspan="2" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">price</font></b></td>
<big>
<small><big><small>
      <td width="19" align="center"></td>
    </tr>
</small></big></small></big>
    <tr>
      <td width="247"><font size="2" face="serif">Outstanding</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
      <td width="13" align="center"><font size="2">&nbsp;</font></td>
      <td width="72" align="center"><font size="2">&nbsp;</font></td>
      <td width="22" align="center"><font size="2">&nbsp;</font></td>
      <td width="72" align="center"><font size="2">&nbsp;</font></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td width="78" align="center"><font size="2">&nbsp;</font></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
      <td width="73" align="center"><font size="2">&nbsp;</font></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td width="54" align="center"><font size="2">&nbsp;</font></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td align="left" width="247" style="padding-left: 9pt"><font size="2" face="serif">-Beginning of
        year</font></td>
      <td align="right" width="87"><font size="2" face="serif">1,607,000</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
      <td align="center" width="13"><font size="2" face="serif">$</font></td>
      <td align="center" width="72"><font size="2" face="serif">2.60</font></td>
      <td width="22"><font size="2">&nbsp;</font></td>
      <td align="right" width="72"><font size="2" face="serif">1,707,000</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
      <td align="center" width="12"><font size="2" face="serif">$</font></td>
      <td align="center" width="78"><font size="2" face="serif">2.38</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
      <td align="right" width="73"><font size="2" face="serif">700,000</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
      <td align="center" width="12"><font size="2" face="serif">$</font></td>
      <td align="center" width="54"><font size="2" face="serif">0.30</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td align="left" width="247"><font size="2" face="serif">Granted</font></td>
      <td align="right" width="87"><font size="2" face="serif">645,000</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
      <td width="13"><font size="2">&nbsp;</font></td>
      <td align="center" width="72"><font size="2" face="serif">1.95</font></td>
      <td width="22"><font size="2">&nbsp;</font></td>
      <td align="right" width="72"><font size="2" face="serif">100,000</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
      <td width="12"><font size="2">&nbsp;</font></td>
      <td align="center" width="78"><font size="2" face="serif">1.70</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
      <td align="right" width="73"><font size="2" face="serif">1,400,000</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
      <td width="12"><font size="2">&nbsp;</font></td>
      <td align="center" width="54"><font size="2" face="serif">2.84</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td align="left" width="247" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Exercised</font></td>
      <td align="right" width="87" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(612,000)</font></td>
      <td width="19" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="13" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="72" style="border-bottom: 1 solid #000000"><font size="2" face="serif">1.98</font></td>
      <td width="22" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="72" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(200,000)</font></td>
      <td width="19" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="12" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="78" style="border-bottom: 1 solid #000000"><font size="2" face="serif">0.30</font></td>
      <td width="19" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="73" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(393,000)</font></td>
      <td width="19" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="12" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="54" style="border-bottom: 1 solid #000000"><font size="2" face="serif">0.30</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="247"><font size="2" face="serif">Outstanding</font></td>
      <td width="87"><font size="2">&nbsp;</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
      <td width="13"><font size="2">&nbsp;</font></td>
      <td width="72"><font size="2">&nbsp;</font></td>
      <td width="22"><font size="2">&nbsp;</font></td>
      <td width="72"><font size="2">&nbsp;</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
      <td width="12"><font size="2">&nbsp;</font></td>
      <td width="78"><font size="2">&nbsp;</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
      <td width="73"><font size="2">&nbsp;</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
      <td width="12"><font size="2">&nbsp;</font></td>
      <td width="54"><font size="2">&nbsp;</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td align="left" width="247" style="border-bottom: 3 double #000000; padding-left: 9pt"><font size="2" face="serif">-End of year</font></td>
      <td align="right" width="87" style="border-bottom: 3 double #000000"><font size="2" face="serif">1,640,000</font></td>
      <td width="19" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="13" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="center" width="72" style="border-bottom: 3 double #000000"><font size="2" face="serif">2.57</font></td>
      <td width="22" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="72" style="border-bottom: 3 double #000000"><font size="2" face="serif">1,607,000</font></td>
      <td width="19" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="12" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="center" width="78" style="border-bottom: 3 double #000000"><font size="2" face="serif">2.60</font></td>
      <td width="19" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="73" style="border-bottom: 3 double #000000"><font size="2" face="serif">1,707,000</font></td>
      <td width="19" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="12" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="center" width="54" style="border-bottom: 3 double #000000"><font size="2" face="serif">2.38</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman"><font size="2">As at
December 31, 2002, the Company had outstanding and exercisable stock options as
follows:</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<div align="center">
  <center>
  <table width="700" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="513"><font size="2">&nbsp;</font></td>
      <td colspan="4" width="162" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">December
        31, 2002</font></b></td>
      <td width="19"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="513"><font size="2">&nbsp;</font></td>
      <td width="78" align="center"><b><font size="2" face="serif">Number</font></b></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
      <td colspan="2" width="61" align="center"><b><font size="2" face="serif">Weighted</font></b></td>
      <td width="19"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="513"><font size="2">&nbsp;</font></td>
      <td width="78" align="center"><b><font size="2" face="serif">of</font></b></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
      <td colspan="2" width="61" align="center"><b><font size="2" face="serif">average</font></b></td>
      <td width="19"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="513"><font size="2">&nbsp;</font></td>
      <td width="78" align="center"><b><font size="2" face="serif">Options</font></b></td>
      <td width="19" align="center"><font size="2">&nbsp;</font></td>
      <td colspan="2" width="61" align="center"><b><font size="2" face="serif">price</font></b></td>
      <td width="19"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="513"><font size="2">&nbsp;</font></td>
      <td width="78"><font size="2">&nbsp;</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="52"><font size="2">&nbsp;</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="513"><font size="2" face="serif">Outstanding - Beginning of
        period</font></td>
      <td align="right" width="78"><font size="2" face="serif">1,640,000</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
      <td align="center" width="7"><font size="2" face="serif">$</font></td>
      <td align="center" width="52"><font size="2" face="serif">2.57</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="513" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Exercised
        (unaudited)</font></td>
      <td align="right" width="78" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(465,000)</font></td>
      <td width="19" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="7" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="52" style="border-bottom: 1 solid #000000"><font size="2" face="serif">2.55</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="513" style="border-bottom: 3 double #000000"><font size="2" face="serif">Outstanding
        - End of period (unaudited)</font></td>
      <td align="right" width="78" style="border-bottom: 3 double #000000"><font size="2" face="serif">1,175,000</font></td>
      <td width="19" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="7" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="center" width="52" style="border-bottom: 3 double #000000"><font size="2" face="serif">2.59</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="513"><font size="2">&nbsp;</font></td>
      <td width="78"><font size="2">&nbsp;</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
      <td width="7"><font size="2">&nbsp;</font></td>
      <td width="52"><font size="2">&nbsp;</font></td>
      <td width="19"><font size="2">&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<small>
<big>
<small><big>
<small><big><small><big>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman">&nbsp;</p>
<p style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:-27pt; line-height:14pt; font-family:Times New Roman"></big></small></big></small></big></small></big></small><b><font size="2">6.</font></b></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b><font size="2">INCOME
TAXES</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">As
at December 31, 2002, the Company has non-capital loss carry-forwards of
approximately $4,200,000, unaudited, (June 30, 2002 - $2,500,000) available to
reduce future taxable income. &nbsp;These losses will expire between 2003 and
2009. &nbsp;In addition, the Company has $7,300,000 in unclaimed exploration and
development expenses in Canada. &nbsp;No recognition is given in these
consolidated financial statements to any potential benefit from the utilization
of these non-capital losses or unclaimed exploration and development expenses.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-14</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small><font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman; font-size:12pt"><b><font size="2">CORNER
BAY SILVER INC.</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><b><font size="2">Notes to the consolidated
financial statements</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><b><font size="2">December 31, 2002 and 2001
(unaudited) and June 30, 2002, 2001 and 2000</font></b></p>
<p style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"><b><font size="2">(expressed
in Canadian dollars)</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman"><b><font size="2">7.</font></b></p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman"><b><font size="2">RELATED
PARTY TRANSACTIONS</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">Certain
geological, consulting and corporate services were provided to the Company and
its subsidiaries by seven directors and/or officers, and/or companies controlled
by directors and/or officers. &nbsp;The cost of such services (including
salaries) for the six months ended December 31, 2002 was $nil, unaudited, (years
ended June 30, 2002, 2001 and 2000 were $680,213, $354,989 and $230,279,
respectively). &nbsp;The services provided were at rates similar to those
charged to non-related parties.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">The
Company, as prime tenant of share corporate offices with the above-mentioned
related party companies, charge rent of $nil for the six months ended December
31, 2002 (years ended June 30, 2002, 2001 and 2000 were $6,000, $51,400 and
$46,800, respectively) and had overhead recoveries of $nil for the six months
ended December 31, 2002 (years ended June 30, 2002, 2001 and 2000 were $7,500,
$97,575 and $71,913, respectively).</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:-27pt; line-height:14pt; font-family:Times New Roman" align="justify"><b><font size="2">8.</font></b></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><b><font size="2">INVESTMENT</font></b></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">As
at December 31, 2002, the Company held nil (unaudited) (June 30, 2002, 2001 and
2000 - nil, 309,665 and 309,665, respectively) shares of MSV Resources Inc.
&nbsp;The investment was disposed of during the year ended June 30, 2002.</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman" align="justify"><b><font size="2">9.</font></b></p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman" align="justify"><b><font size="2">SEGMENT
INFORMATION</font></b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">Working
capital balances are retained in Canada and principal property balances are
located as described in note 3.</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman" align="justify"><b><font size="2">10.</font></b></p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman" align="justify"><b><font size="2">COMMITMENTS</font></b></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">The
Company leases office space under leases expiring November 30, 2004.
&nbsp;Future minimum lease payments are as follows:</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<div align="center">
  <center>
  <table width="86%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="25%"><b><font size="2" face="serif">Year ended June 30</font></b></td>
      <td width="57%"><font size="2">&nbsp;</font></td>
      <td width="3%"><font size="2">&nbsp;</font></td>
      <td width="12%"><font size="2">&nbsp;</font></td>
      <td width="4%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td align="left" width="25%"><font size="2" face="serif">2003</font></td>
      <td width="57%"><font size="2">&nbsp;</font></td>
      <td align="center" width="3%"><font size="2" face="serif">$</font></td>
      <td align="right" width="12%"><font size="2" face="serif">69,660</font></td>
      <td width="4%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td align="left" width="25%"><font size="2" face="serif">2004</font></td>
      <td width="57%"><font size="2">&nbsp;</font></td>
      <td width="3%"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%"><font size="2" face="serif">69,660</font></td>
      <td width="4%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td align="left" width="25%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">2005</font></td>
      <td width="57%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="3%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="right" width="12%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">29,025</font></td>
      <td width="4%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="25%" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td width="57%" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="3%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="right" width="12%" style="border-bottom: 3 double #000000"><font size="2" face="serif">168,345</font></td>
      <td width="4%"><font size="2">&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman"><b><font size="2">11.</font></b></p>
<p style="margin:0pt; text-indent:27pt; font-family:Times New Roman"><b><font size="2">SUPPLEMENTAL
CASH FLOW INFORMATION</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">During
the six months ended December 31, 2002 and 2001 and the years ended June 30,
2002, 2001 and 2000, the Company paid no income taxes or interest.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-15</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<big>
<small><big>
<small>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</small></big></small></big><font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman; font-size:12pt"><b><font size="2">CORNER
BAY SILVER INC.</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><b><font size="2">Notes to the consolidated
financial statements</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><b><font size="2">December 31, 2002 and 2001
(unaudited) and June 30, 2002, 2001 and 2000</font></b></p>
<p style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"><b><font size="2">(expressed
in Canadian dollars)</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><font size="2">Net
(increase) decrease in non-cash working capital balances related to operations:</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<div align="center">
  <center>
  <table width="90%" border="0" cellspacing="0" cellpadding="0" height="210">
    <tr>
      <td width="40%" height="21"><font size="2">&nbsp;</font></td>
      <td width="1%" height="21"><font size="2">&nbsp;</font></td>
      <td colspan="4" width="25%" align="center" height="21"><b><font size="2" face="serif">Six
        months ended</font></b></td>
      <td width="2%" align="center" height="21"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center" height="21"><font size="2">&nbsp;</font></td>
      <td width="8%" align="center" height="21"><font size="2">&nbsp;</font></td>
      <td width="2%" align="center" height="21"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center" height="21"><font size="2">&nbsp;</font></td>
      <td width="8%" align="center" height="21"><font size="2">&nbsp;</font></td>
      <td width="2%" align="center" height="21"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center" height="21"><font size="2">&nbsp;</font></td>
      <td width="9%" align="center" height="21"><font size="2">&nbsp;</font></td>
      <td width="2%" height="21"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="40%" height="21"><font size="2">&nbsp;</font></td>
      <td width="1%" height="21"><font size="2">&nbsp;</font></td>
      <td colspan="4" width="25%" align="center" height="21" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">December
        31,</font></b></td>
      <td width="2%" align="center" height="21"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center" height="21"><font size="2">&nbsp;</font></td>
      <td colspan="7" width="30%" align="center" height="21" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Years
        ended December 31,</font></b></td>
      <td width="2%" height="21"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td height="20"><font size="2">&nbsp;</font></td>
      <td height="20"><font size="2">&nbsp;</font></td>
      <td height="20"><font size="2">&nbsp;</font></td>
      <td height="20"><font size="2">&nbsp;</font></td>
      <td height="20"><font size="2">&nbsp;</font></td>
      <td height="20"><font size="2">&nbsp;</font></td>
      <td height="20"><font size="2">&nbsp;</font></td>
      <td height="20"><font size="2">&nbsp;</font></td>
      <td height="20"><font size="2">&nbsp;</font></td>
      <td height="20"><font size="2">&nbsp;</font></td>
      <td height="20"><font size="2">&nbsp;</font></td>
      <td height="20"><font size="2">&nbsp;</font></td>
      <td height="20"><font size="2">&nbsp;</font></td>
      <td height="20"><font size="2">&nbsp;</font></td>
      <td height="20"><font size="2">&nbsp;</font></td>
      <td height="20"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="40%" height="21" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" height="21" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="11%" height="21" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2002</font></b></td>
      <td width="2%" height="21" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" height="21" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="11%" height="21" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2001</font></b></td>
      <td width="2%" height="21" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" height="21" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8%" height="21" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2002</font></b></td>
      <td width="2%" height="21" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" height="21" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8%" height="21" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2001</font></b></td>
      <td width="2%" height="21" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" height="21" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="9%" height="21" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2000</font></b></td>
      <td width="2%" height="21" align="center"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="40%" height="21"><font size="2">&nbsp;</font></td>
      <td width="1%" height="21"><font size="2">&nbsp;</font></td>
      <td width="11%" height="21" align="center"><font size="2" face="serif">(Unaudited)</font></td>
      <td width="2%" height="21" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" height="21" align="center"><font size="2">&nbsp;</font></td>
      <td width="11%" height="21" align="center"><font size="2" face="serif">(Unaudited)</font></td>
      <td width="2%" height="21" align="center"><font size="2">&nbsp;</font></td>
      <td colspan="2" width="9%" height="21" align="center"><font size="2" face="serif">(Audited)</font></td>
      <td width="2%" height="21" align="center"><font size="2">&nbsp;</font></td>
      <td colspan="2" width="9%" height="21" align="center"><font size="2" face="serif">(Audited)</font></td>
      <td width="2%" height="21" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" height="21" align="center"><font size="2">&nbsp;</font></td>
      <td width="9%" height="21" align="center"><font size="2" face="serif">(Audited)</font></td>
      <td width="2%" height="21" align="center"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="40%" height="22"><font size="2" face="serif">Receivables</font></td>
      <td align="center" width="1%" height="22"><font size="2" face="serif">$</font></td>
      <td align="center" width="11%" height="22"><font size="2" face="serif">33,708</font></td>
      <td width="2%" height="22" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" height="22"><font size="2" face="serif">$</font></td>
      <td width="11%" height="22" align="center"><font size="2" face="serif">(150,298)</font></td>
      <td width="2%" height="22" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" height="22"><font size="2" face="serif">$</font></td>
      <td width="8%" height="22" align="center"><font size="2" face="serif">(20,761)</font></td>
      <td width="2%" height="22" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" height="22"><font size="2" face="serif">$</font></td>
      <td width="8%" height="22" align="center"><font size="2" face="serif">(17,438)</font></td>
      <td width="2%" height="22" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" height="22"><font size="2" face="serif">$</font></td>
      <td width="9%" height="22" align="center"><font size="2" face="serif">32,625</font></td>
      <td width="2%" height="22" align="center"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="40%" height="21"><font size="2" face="serif">Prepaid expenses
        and deposits</font></td>
      <td width="1%" height="21"><font size="2">&nbsp;</font></td>
      <td align="center" width="11%" height="21"><font size="2" face="serif">14,292</font></td>
      <td width="2%" height="21" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" height="21" align="center"><font size="2">&nbsp;</font></td>
      <td width="11%" height="21" align="center"><font size="2" face="serif">18,147</font></td>
      <td width="2%" height="21" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" height="21" align="center"><font size="2">&nbsp;</font></td>
      <td width="8%" height="21" align="center"><font size="2" face="serif">10,502</font></td>
      <td width="2%" height="21" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" height="21" align="center"><font size="2">&nbsp;</font></td>
      <td width="8%" height="21" align="center"><font size="2" face="serif">(1,452)</font></td>
      <td width="2%" height="21" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" height="21" align="center"><font size="2">&nbsp;</font></td>
      <td width="9%" height="21" align="center"><font size="2" face="serif">(21,502)</font></td>
      <td width="2%" height="21" align="center"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="40%" height="21" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Accounts
        payable and accrued liabilities</font></td>
      <td width="1%" height="21" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="11%" height="21" style="border-bottom: 1 solid #000000"><font size="2" face="serif">1,038,187</font></td>
      <td width="2%" height="21" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" height="21" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td width="11%" height="21" align="center" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(52,654)</font></td>
      <td width="2%" height="21" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" height="21" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td width="8%" height="21" align="center" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(71,049)</font></td>
      <td width="2%" height="21" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" height="21" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="8%" height="21" align="center" style="border-bottom: 1 solid #000000"><font size="2" face="serif">100,944</font></td>
      <td width="2%" height="21" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" height="21" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="9%" height="21" align="center" style="border-bottom: 1 solid #000000"><font size="2" face="serif">226,487</font></td>
      <td width="2%" height="21" align="center"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td height="21"><font size="2">&nbsp;</font></td>
      <td height="21"><font size="2">&nbsp;</font></td>
      <td height="21" align="center"><font size="2">&nbsp;</font></td>
      <td height="21" align="center"><font size="2">&nbsp;</font></td>
      <td height="21" align="center"><font size="2">&nbsp;</font></td>
      <td height="21" align="center"><font size="2">&nbsp;</font></td>
      <td height="21" align="center"><font size="2">&nbsp;</font></td>
      <td height="21" align="center"><font size="2">&nbsp;</font></td>
      <td height="21" align="center"><font size="2">&nbsp;</font></td>
      <td height="21" align="center"><font size="2">&nbsp;</font></td>
      <td height="21" align="center"><font size="2">&nbsp;</font></td>
      <td height="21" align="center"><font size="2">&nbsp;</font></td>
      <td height="21" align="center"><font size="2">&nbsp;</font></td>
      <td height="21" align="center"><font size="2">&nbsp;</font></td>
      <td height="21" align="center"><font size="2">&nbsp;</font></td>
      <td height="21" align="center"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="40%" height="21" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" height="21" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="center" width="11%" height="21" style="border-bottom: 3 double #000000"><font size="2" face="serif">1,086,189</font></td>
      <td width="2%" height="21" style="border-bottom: 3 double #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" height="21" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td width="11%" height="21" align="center" style="border-bottom: 3 double #000000"><font size="2" face="serif">(184,805)</font></td>
      <td width="2%" height="21" style="border-bottom: 3 double #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" height="21" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td width="8%" height="21" align="center" style="border-bottom: 3 double #000000"><font size="2" face="serif">(81,308)</font></td>
      <td width="2%" height="21" align="center" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" height="21" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td width="8%" height="21" align="center" style="border-bottom: 3 double #000000"><font size="2" face="serif">82,054</font></td>
      <td width="2%" height="21" align="center" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" height="21" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td width="9%" height="21" align="center" style="border-bottom: 3 double #000000"><font size="2" face="serif">237,610</font></td>
      <td width="2%" height="21" align="center"><font size="2">&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">On
June 18, 2002, assets under construction were acquired for $3,442,500, through
issuance of common shares (note 4). &nbsp;The purchase price was based on the
value of the common shares.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:-27pt; line-height:14pt; font-family:Times New Roman" align="justify"><b><font size="2">12.</font></b></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><b><font size="2">ACQUISITION
OF COMPANY BY PAN AMERICAN SILVER CORP.</font></b></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">On
May 21, 2002, the Company and Pan American Silver Corp. (Pan American) announced
a proposed plan of arrangement whereby Pan American would acquire all of the
issued and outstanding shares of the Company. &nbsp;On June 28, 2002, both
companies announced amended terms to the proposed plan of arrangement. &nbsp;The
amended proposal for a plan of arrangement is subject to approval of the
shareholders of the Company and Pan American and approval by the Ontario
Superior Court of Justice and various regulatory authorities. &nbsp;The
shareholders of the Company and Pan American approved the plan of arrangement on
September 4 and 5, 2002, respectively. &nbsp;If remaining approvals are obtained
and all material covenants are satisfied in a timely fashion, the plan of
arrangement would become effective in September 2002.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">Under
the terms of the amended plan of arrangement, each Corner Bay Silver Inc. common
share would be exchanged for 0.3846 of a Pan American common share and 0.1923 of
a Pan American common share purchase warrant. &nbsp;Each whole Pan American
common share purchase warrant (the Pan American Warrant) provides the holder
with the rights to purchase a Pan American common share at CAN$12 for a
five-year period after the effective date of the plan of arrangement ("Plan of
Arrangement"). &nbsp;The Pan American Warrants will trade on the Toronto Stock
Exchange.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<big>
<small><big>
<small><small><big><small><big>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman">&nbsp;</p>
</big></small></big></small></small></big></small></big>
<p style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:-27pt; line-height:14pt; font-family:Times New Roman"><font size="2"><b>13.</b></font></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b><font size="2">SUBSEQUENT
EVENT</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">In
July 2002, the principal mineral concession, which hosts the Alamo Dorado
concession, was purchased outright from the concession owners by paying the
remaining option payments in a final lump sum payment of US$345,000 (US$300,000
plus Impuesto Al Valor Agregado (IVA) taxes).</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b><font size="2">SUBSEQUENT
EVENT (UNAUDITED)</font></b></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">The
Company received regulatory approval on the plan on arrangement and on February
20, 2003 the Company and Pan American Silver Corp. completed the Plan of
Arrangement.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-16</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<big><small><big><small>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</small></big></small></big><font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman; font-size:12pt"><b><font size="2">CORNER
BAY SILVER INC.</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><b><font size="2">Notes to the consolidated
financial statements</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><b><font size="2">December 31, 2002 and 2001
(unaudited) and June 30, 2002, 2001 and 2000</font></b></p>
<p style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"><b><font size="2">(expressed
in Canadian dollars)</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<big>
<small><big><small>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman">&nbsp;</p>
</small></big></small></big>
<p style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:-27pt; line-height:14pt; font-family:Times New Roman"><font size="2"><b>14.</b></font></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b><font size="2">COMPARATIVES</font></b></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman">&nbsp;</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><font size="2">Certain
prior years' comparative numbers have been restated to reflect the current
year's presentation.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin-top:0pt; margin-bottom:-14pt; padding-left:27pt; text-indent:-27pt; line-height:14pt; font-family:Times New Roman"><b><font size="2">15.</font></b></p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b><font size="2">DIFFERENCE
BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
(GAAP)</font></b></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">Canadian
GAAP varies in certain significant respects from the principles and practices
generally accepted in the United States ("U.S. GAAP"). &nbsp;The effect of
these principal measurement differences on the Company's consolidated
financial statements are quantified below and described in the accompanying
notes.</font></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><b><font size="2">Consolidated
statement of operations</font></b></p>
<small><big><small><big>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman">&nbsp;</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman">&nbsp;</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman">&nbsp;</p>
</big></small></big></small>
<div align="center">
  <center>
  <table width="90%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
      <td><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="33%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="4" width="24%"><b><font size="2" face="serif">Six
        months ended</font></b></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center"><font size="2">&nbsp;</font></td>
      <td width="11%" align="center"><font size="2">&nbsp;</font></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center"><font size="2">&nbsp;</font></td>
      <td width="11%" align="center"><font size="2">&nbsp;</font></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center"><font size="2">&nbsp;</font></td>
      <td width="11%" align="center"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="33%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="4" width="24%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">December
        31</font></b></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center"><font size="2">&nbsp;</font></td>
      <td width="38%" colspan="7" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;<b><font size="2" face="serif">Years
        ended June 30,</font></b></font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="33%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="11%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2002</font></b></td>
      <td width="2%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="11%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2001</font></b></td>
      <td width="2%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="11%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2002</font></b></td>
      <td width="2%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="11%" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2001</font></b></td>
      <td width="2%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="11%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2000</font></b></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="33%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="11%" align="center"><font size="2" face="serif">(Unaudited)</font></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center"><font size="2">&nbsp;</font></td>
      <td width="11%" align="center"><font size="2" face="serif">(Unaudited)</font></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center"><font size="2">&nbsp;</font></td>
      <td width="11%" align="center"><font size="2">&nbsp;</font></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center"><font size="2">&nbsp;</font></td>
      <td width="11%" align="center"><font size="2">&nbsp;</font></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" align="center"><font size="2">&nbsp;</font></td>
      <td width="11%" align="center"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="33%" style="padding-left: 9pt">
        <p style="text-indent: -9pt"><font size="2" face="serif">Loss for the period reported
        under Canadian
        GAAP</font></p>
      </td>
      <td align="center" width="1%"><font size="2" face="serif">$</font></td>
      <td align="center" width="11%"><font size="2" face="serif">(1,690,137)</font></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%"><font size="2" face="serif">$</font></td>
      <td align="center" width="11%"><font size="2" face="serif">(384,294)</font></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%"><font size="2" face="serif">$</font></td>
      <td align="center" width="11%"><font size="2" face="serif">(1,207,869)</font></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%"><font size="2" face="serif">$</font></td>
      <td align="center" width="11%"><font size="2" face="serif">(1,067,871)</font></td>
      <td width="2%" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%"><font size="2" face="serif">$</font></td>
      <td align="center" width="11%"><font size="2" face="serif">(1,523,458)</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="33%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Exploration
        expenses adjustment</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(537,714)</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(1,415,279)</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(3,154,793)</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(1,039,657)</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td width="1%" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(993,487)</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="33%" style="border-bottom: 3 double #000000; padding-left: 9pt">
        <p style="text-indent: -9pt"><font size="2" face="serif">Loss for the period reported
        under U.S.
        GAAP</font></p>
      </td>
      <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="center" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">(2,227,851)</font></td>
      <td width="2%" style="border-bottom: 3 double #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="center" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">(1,799,573)</font></td>
      <td width="2%" style="border-bottom: 3 double #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="center" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">(4,362,662)</font></td>
      <td width="2%" style="border-bottom: 3 double #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="center" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">(2,107,528)</font></td>
      <td width="2%" style="border-bottom: 3 double #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="center" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">(2,516,945)</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<small><big><small><big>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman">&nbsp;</p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman">&nbsp;</p>
</big></small></big></small>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:45pt; font-family:Times New Roman" align="justify">&nbsp;</p>
<p style="margin-top:0pt; margin-bottom:-14pt; padding-left:45pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman" align="justify"><font size="2">a)</font></p>
<p style="margin:0pt; padding-left:45pt; font-family:Times New Roman" align="justify"><font size="2">In
accordance with U.S. GAAP, the Company would be required to charge all costs of
deferred exploration expenditures to earnings as operating expenses as incurred
until proven economic reserves are established. &nbsp;As a result of accounting
for these expenditures in this manner, the unaudited loss for the six months
ended December 31, 2002 and 2001 would be increased by $537,714 and $1,415,279,
respectively, and loss for the years ended June 30, 2002, 2001 and 2000 would be
increased by $3,154,793, $1,039,657 and $993,487, respectively.</font></p>
<p style="margin:0pt; padding-left:45pt; font-family:Times New Roman" align="justify">&nbsp;</p>
<p style="margin-top:0pt; margin-bottom:-14pt; padding-left:45pt; text-indent:-18pt; line-height:14pt; font-family:Times New Roman" align="justify"><font size="2">b)</font></p>
<p style="margin:0pt; padding-left:45pt; font-family:Times New Roman" align="justify"><font size="2">The
Company accounts for its share options using the intrinsic value method, which
in the Company's circumstances amounts does not result in different from the
amounts that would be determined under the provisions of the Accounting
Principles Board (APB) Opinion No. 25, "Accounting for Stock Issued to
Employees," (APB 25) and related interpretations. &nbsp;Accordingly, no
compensation expense for its share option plan has been recognized or recorded
in the consolidated statement of operations and deficit for any of the years
presented. &nbsp;A company that does not adopt the fair value method must
disclose the cost of the stock compensation awards at their fair value at the
date the award is granted. &nbsp;The unaudited value of the Company's options
that were granted during six months ended December 31, 2002 was $nil (2001 -
$17,846) (three years ended June 30, 2002 were $447,952, $37,605 and $878,747,
respectively). &nbsp;The fair value for 2002 was estimated using the
Black-Scholes model with assumptions of a three-year expected term volatility
ranging from 50% to 56% and interest rates from 3.75% to 4.04%. &nbsp;The fair
value for 2001 and 2000 was estimated using the Black-Scholes model with
assumptions of a two-year expected term, 60% volatility and interest rates
ranging from 6.0% to 6.5%.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-17</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<small><big><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big>
</small></big>
</small><font size="2">
<br>
<br>
</font>
<p style="page-break-before:always; margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman; font-size:12pt"><b><font size="2">CORNER
BAY SILVER INC.</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><b><font size="2">Notes to the consolidated
financial statements</font></b></p>
<p style="margin:0pt; font-family:Times New Roman"><b><font size="2">December 31, 2002 and 2001
(unaudited) and June 30, 2002, 2001 and 2000</font></b></p>
<p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><b><font size="2">(expressed
in Canadian dollars)</font></b></p>
<p style="margin:0pt; padding-left:27pt; padding-top:3pt; text-indent:-27pt; font-family:Times New Roman; font-size:9pt; border-top:0.5pt solid #000000"><font size="2"><br>
</font>
</p>
<big><small><big><small>
<p style="font-family: Times New Roman; text-indent: 0; margin: 0pt; padding-left: 27pt">&nbsp;</p>
</small></big></small></big>
<div align="center">
  <center>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="34%"><b><font size="2">Basic loss per share</font></b></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="11%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="11%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="11%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="11%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      <td width="1%"><font size="2">&nbsp;</font></td>
      <td width="11%"><font size="2">&nbsp;</font></td>
      <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%"><font size="2">&nbsp;</font></td>
        <td width="1%"><font size="2">&nbsp;</font></td>
        <td align="center" colspan="3" width="23%"><b><font size="2" face="serif">Six
          months ended</font></b></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%"><font size="2">&nbsp;</font></td>
        <td width="1%"><font size="2">&nbsp;</font></td>
        <td align="center" colspan="3" width="23%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">December
          31,</font></b></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="39%" colspan="7" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;<b><font size="2" face="serif">Years
          ended June 30,</font></b></font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2002</font></b></td>
        <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2001</font></b></td>
        <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2002</font></b></td>
        <td width="2%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2001</font></b></td>
        <td width="2%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2000</font></b></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%"><font size="2">&nbsp;</font></td>
        <td width="1%"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2" face="serif">(Unaudited)</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2" face="serif">(Unaudited)</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%"><font size="2" face="serif">Loss for the period under</font></td>
        <td width="1%"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%"><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">U.S. GAAP</font></font></td>
        <td align="center" width="1%"><font size="2" face="serif">$</font></td>
        <td align="center" width="11%"><font size="2" face="serif">(2,227,851)</font></td>
        <td align="center" width="1%"><font size="2" face="serif">$</font></td>
        <td align="center" width="11%"><font size="2" face="serif">(1,799,573)</font></td>
        <td align="center" width="1%"><font size="2" face="serif">$</font></td>
        <td align="center" width="11%"><font size="2" face="serif">(4,362,662)</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td align="center" width="1%"><font size="2" face="serif">$</font></td>
        <td align="center" width="11%"><font size="2" face="serif">(2,107,528)</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td align="center" width="1%"><font size="2" face="serif">$</font></td>
        <td align="center" width="11%"><font size="2" face="serif">(2,516,945)</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%"><font size="2" face="serif">Weighted average number of</font></td>
        <td width="1%"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Common
          shares outstanding</font></font></td>
        <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">19,385,808</font></td>
        <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">15,876,053</font></td>
        <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">16,697,807</font></td>
        <td width="2%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">13,912,182</font></td>
        <td width="2%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">10,760,945</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%" style="border-bottom: 3 double #000000"><font size="2" face="serif">Loss
          per share under U.S. GAAP</font></td>
        <td width="1%" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">($0.11)</font></td>
        <td width="1%" align="center" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">($0.11)</font></td>
        <td width="1%" align="center" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">($0.26)</font></td>
        <td width="2%" align="center" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">($0.15)</font></td>
        <td width="2%" align="center" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">($0.23)</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td colspan="3" width="46%"><b><font size="2" face="serif">Consolidated
          statements of comprehensive loss</font></b></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%"><font size="2">&nbsp;</font></td>
        <td width="1%"><font size="2">&nbsp;</font></td>
        <td align="center" colspan="3" width="23%"><b><font size="2" face="serif">Six
          months ended</font></b></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%"><font size="2">&nbsp;</font></td>
        <td width="1%"><font size="2">&nbsp;</font></td>
        <td align="center" colspan="3" width="23%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">December
          31,</font></b></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="39%" colspan="7" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;<b><font size="2" face="serif">Years
          ended June 30,</font></b></font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2002</font></b></td>
        <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2001</font></b></td>
        <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2002</font></b></td>
        <td width="2%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2001</font></b></td>
        <td width="2%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2000</font></b></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%"><font size="2">&nbsp;</font></td>
        <td width="1%"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%"><font size="2" face="serif">(Unaudited)</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%"><font size="2" face="serif">(Unaudited)</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%"><font size="2" face="serif">Loss for the period under</font></td>
        <td width="1%"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%"><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">U.S. GAAP</font></font></td>
        <td align="center" width="1%"><font size="2" face="serif">$</font></td>
        <td align="center" width="11%"><font size="2" face="serif">(2,227,851)</font></td>
        <td align="center" width="1%"><font size="2" face="serif">$</font></td>
        <td align="center" width="11%"><font size="2" face="serif">(1,799,573)</font></td>
        <td align="center" width="1%"><font size="2" face="serif">$</font></td>
        <td align="center" width="11%"><font size="2" face="serif">(4,362,662)</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td align="center" width="1%"><font size="2" face="serif">$</font></td>
        <td align="center" width="11%"><font size="2" face="serif">(2,107,528)</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td align="center" width="1%"><font size="2" face="serif">$</font></td>
        <td align="center" width="11%"><font size="2" face="serif">(2,516,945)</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%"><font size="2" face="serif">Other comprehensive
          earnings, net</font></td>
        <td width="1%"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%"><font size="2">&nbsp;&nbsp;&nbsp;<font size="2" face="serif">of income
          taxes</font></font></td>
        <td width="1%"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Unrealized
          gain on marketable</font></font></td>
        <td width="1%"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">securities</font></font></td>
        <td width="1%"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%"><font size="2">-</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%"><font size="2">-</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%"><font size="2">-</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%"><font size="2" face="serif">18,580</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%"><font size="2" face="serif">9,290</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Realized
          (gain) loss on sale of</font></font></td>
        <td width="1%"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td width="11%" align="center"><font size="2">&nbsp;</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">marketable
          securities</font></font></td>
        <td width="1%"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%"><font size="2">-</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%"><font size="2">-</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%"><font size="2" face="serif">(18,580)</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%"><font size="2">-</font></td>
        <td width="2%" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" align="center"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%"><font size="2" face="serif">33,948</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Writedown
          to fair value</font></font></td>
        <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
        <td width="1%" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
        <td width="1%" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
        <td width="2%" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
        <td width="2%" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
        <td width="1%" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
        <td align="center" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">22,606</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td align="center"><font size="2">&nbsp;</font></td>
        <td><font size="2">&nbsp;</font></td>
      </tr>
      <tr>
        <td width="34%" style="border-bottom: 3 double #000000"><font size="2" face="serif">Comprehensive
          loss for the period</font></td>
        <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
        <td align="center" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">(2,227,851)</font></td>
        <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
        <td align="center" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">(1,799,573)</font></td>
        <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
        <td align="center" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">(4,381,242)</font></td>
        <td width="2%" style="border-bottom: 3 double #000000" align="center"><font size="2">&nbsp;</font></td>
        <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
        <td align="center" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">(2,088,948)</font></td>
        <td width="2%" style="border-bottom: 3 double #000000" align="center"><font size="2">&nbsp;</font></td>
        <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
        <td align="center" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">(2,451,101)</font></td>
        <td width="2%"><font size="2">&nbsp;</font></td>
      </tr>
      </table>
      </center>
      </div>
      <p style="margin:0pt; padding-left:27pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">The
      consolidated statements of comprehensive loss provide a measure of all
      changes in equity of the Company that result from transactions, other than
      those with shareholders, and other economic events that occurred during
      the period.</font></p>
      <p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><font size="2"><br>
      </font>
      </p>
<p style="margin:0pt; padding-left:27pt; font-family:Times New Roman" align="justify"><font size="2">Under
      U.S. GAAP, the Company's holding of marketable securities with quoted
      market values that would be marked to market with the resulting unrealized
      gain or loss being taken to the consolidated statement of comprehensive
      loss in the relevant period.</font></p>
<font size="2">
      <br>
      <br>
</font>
      <p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-18</font></p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
      </font>
      </p>
<small><big><small><big>
      <hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big>
</small></big></small><font size="2">
      <br>
      <br>
</font>
      <p style="page-break-before:always; margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman; font-size:12pt"><b><font size="2">CORNER
      BAY SILVER INC.</font></b></p>
      <p style="margin:0pt; font-family:Times New Roman"><b><font size="2">Notes to the
      consolidated financial statements</font></b></p>
      <p style="margin:0pt; font-family:Times New Roman"><b><font size="2">December 31, 2002
      and 2001 (unaudited) and June 30, 2002, 2001 and 2000</font></b></p>
      <p style="margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman"><b><font size="2">(expressed
      in Canadian dollars)</font></b></p>
      <p style="margin:0pt; padding-left:27pt; padding-top:3pt; text-indent:-27pt; font-family:Times New Roman; font-size:9pt; border-top:0.5pt solid #000000"><font size="2"><br>
      </font>
      </p>
      <div align="center">
        <center>
        <table width="100%" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="34%"><b><font size="2" face="serif">Consolidated
              statement of cash flows</font></b></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td width="12%"><font size="2">&nbsp;</font></td>
            <td width="2%" align="right"><font size="2">&nbsp;</font></td>
            <td width="11%"><font size="2">&nbsp;</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td width="11%"><font size="2">&nbsp;</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td width="11%"><font size="2">&nbsp;</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td width="11%"><font size="2">&nbsp;</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td align="right"><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="34%"><font size="2">&nbsp;</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td align="center" colspan="3" width="25%"><b><font size="2" face="serif">Six
              months ended</font></b></td>
            <td width="2%" align="center"><font size="2">&nbsp;</font></td>
            <td width="1%" align="center"><font size="2">&nbsp;</font></td>
            <td width="11%" align="center"><font size="2">&nbsp;</font></td>
            <td width="2%" align="center"><font size="2">&nbsp;</font></td>
            <td width="1%" align="center"><font size="2">&nbsp;</font></td>
            <td width="11%" align="center"><font size="2">&nbsp;</font></td>
            <td width="2%" align="center"><font size="2">&nbsp;</font></td>
            <td width="1%" align="center"><font size="2">&nbsp;</font></td>
            <td width="11%" align="center"><font size="2">&nbsp;</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="34%"><font size="2">&nbsp;</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td align="center" colspan="3" width="25%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">December
              31</font></b></td>
            <td width="2%" align="center"><font size="2">&nbsp;</font></td>
            <td width="1%" align="center"><font size="2">&nbsp;</font></td>
            <td width="38%" colspan="7" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;<b><font size="2" face="serif">Years
              ended June 30,</font></b></font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="34%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="12%" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2002</font></b></td>
            <td width="2%" align="right" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="center" width="11%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2001</font></b></td>
            <td width="2%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="center" width="11%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2002</font></b></td>
            <td width="2%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="11%" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2001</font></b></td>
            <td width="2%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="1%" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="center" width="11%" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2000</font></b></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="34%"><font size="2">&nbsp;</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td width="12%" align="center"><font size="2" face="serif">(Unaudited)</font></td>
            <td width="2%" align="right"><font size="2">&nbsp;</font></td>
            <td width="11%" align="center"><font size="2" face="serif">(Unaudited)</font></td>
            <td width="2%" align="center"><font size="2">&nbsp;</font></td>
            <td width="1%" align="center"><font size="2">&nbsp;</font></td>
            <td width="11%" align="center"><font size="2">&nbsp;</font></td>
            <td width="2%" align="center"><font size="2">&nbsp;</font></td>
            <td width="1%" align="center"><font size="2">&nbsp;</font></td>
            <td width="11%" align="center"><font size="2">&nbsp;</font></td>
            <td width="2%" align="center"><font size="2">&nbsp;</font></td>
            <td width="1%" align="center"><font size="2">&nbsp;</font></td>
            <td width="11%" align="center"><font size="2">&nbsp;</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="34%"><font size="2" face="serif">Operating activities</font></td>
            <td align="center" width="1%"><font size="2" face="serif">$</font></td>
        </center>
            <td width="12%" align="right">
              <p align="right"><font size="2" face="serif">(1,138,859)</font></p>
          </td>
        <center>
            <td width="2%" align="right"><font size="2">&nbsp;<font size="2" face="serif"> $</font></font></td>
            <td align="right" width="11%"><font size="2" face="serif">(1,975,269)</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
            <td align="center" width="1%"><font size="2" face="serif">$</font></td>
            <td align="right" width="11%"><font size="2" face="serif">(4,399,993)</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
            <td align="center" width="1%"><font size="2" face="serif">$</font></td>
            <td align="right" width="11%"><font size="2" face="serif">(1,900,413)</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
            <td align="center" width="1%"><font size="2" face="serif">$</font></td>
            <td align="right" width="11%"><font size="2" face="serif">(2,258,579)</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="34%"><font size="2" face="serif">Investing activities</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td width="12%" align="right"><font size="2" face="serif">(537,985)</font></td>
            <td width="2%" align="right"><font size="2">&nbsp;</font></td>
            <td align="right" width="11%"><font size="2">-</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td align="right" width="11%"><font size="2" face="serif">(357,715)</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td align="right" width="11%"><font size="2" face="serif">(44,714)</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td align="right" width="11%"><font size="2" face="serif">29,339</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="34%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Financing
              activities</font></td>
            <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="12%" style="border-bottom: 1 solid #000000" align="right"><font size="2" face="serif">1,184,500</font></td>
            <td width="2%" style="border-bottom: 1 solid #000000" align="right"><font size="2">&nbsp;</font></td>
            <td align="right" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">350,849</font></td>
            <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="right" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">6,058,850</font></td>
            <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="right" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">5,038,397</font></td>
            <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="right" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">2,499,391</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="34%"><font size="2" face="serif">Increase (decrease) in
              cash and cash</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td width="12%" align="right"><font size="2">&nbsp;</font></td>
            <td width="2%" align="right"><font size="2">&nbsp;</font></td>
            <td width="11%"><font size="2">&nbsp;</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td width="11%" align="right"><font size="2">&nbsp;</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td width="11%"><font size="2">&nbsp;</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td width="11%"><font size="2">&nbsp;</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="34%"><font size="2">&nbsp;&nbsp;&nbsp;<font size="2" face="serif">equivalent
              during the period</font></font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td width="12%" align="right"><font size="2" face="serif">(492,344)</font></td>
            <td width="2%" align="right"><font size="2">&nbsp;</font></td>
            <td align="right" width="11%"><font size="2" face="serif">(1,624,420)</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td align="right" width="11%"><font size="2" face="serif">1,301,142</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td align="right" width="11%"><font size="2" face="serif">3,093,270</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td align="right" width="11%"><font size="2" face="serif">270,151</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="34%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Opening
              cash and cash equivalents</font></td>
            <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="12%" style="border-bottom: 1 solid #000000" align="right"><font size="2" face="serif">5,323,564</font></td>
            <td width="2%" style="border-bottom: 1 solid #000000" align="right"><font size="2">&nbsp;</font></td>
            <td align="right" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">4,022,422</font></td>
            <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="right" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">4,022,422</font></td>
            <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="right" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">929,152</font></td>
            <td width="2%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="1%" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="right" width="11%" style="border-bottom: 1 solid #000000"><font size="2" face="serif">659,001</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="34%" style="border-bottom: 3 double #000000"><font size="2" face="serif">Closing
              cash and cash equivalents</font></td>
            <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
            <td width="12%" style="border-bottom: 3 double #000000" align="right"><font size="2" face="serif">4,831,220</font></td>
            <td width="2%" style="border-bottom: 3 double #000000" align="right"><font size="2" face="serif">$</font></td>
            <td align="right" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">
              2,398,002</font></td>
            <td width="2%" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
            <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
            <td align="right" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">5,323,564</font></td>
            <td width="2%" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
            <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
            <td align="right" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">4,022,422</font></td>
            <td width="2%" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
            <td align="center" width="1%" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
            <td align="right" width="11%" style="border-bottom: 3 double #000000"><font size="2" face="serif">929,152</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td align="right"><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
            <td><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="34%"><b><font size="2" face="serif">Consolidated balance
              sheets</font></b></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td width="12%"><font size="2">&nbsp;</font></td>
            <td width="2%" align="right"><font size="2">&nbsp;</font></td>
            <td width="11%"><font size="2">&nbsp;</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td width="11%"><font size="2">&nbsp;</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td width="11%"><font size="2">&nbsp;</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
            <td width="1%"><font size="2">&nbsp;</font></td>
            <td width="11%"><font size="2">&nbsp;</font></td>
            <td width="2%"><font size="2">&nbsp;</font></td>
          </tr>
        </table>
        </center>
      </div>
      <div align="center">
        <center>
        <table width="700" border="0" cellspacing="0" cellpadding="0">
          <tr>
            <td width="378"><font size="2">&nbsp;</font></td>
            <td width="7"><font size="2">&nbsp;</font></td>
            <td align="center" width="101" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">December
              31</font></b></td>
            <td width="11" align="center"><font size="2">&nbsp;</font></td>
            <td width="6" align="center"><font size="2">&nbsp;</font></td>
            <td width="172" colspan="4" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;<b><font size="2" face="serif">June
              30,</font></b>&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="7" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="center" width="101" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2002</font></b></td>
            <td width="11" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="6" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="center" width="83" colspan="2" style="border-bottom: 1 solid #000000"><font size="2"><b><font face="serif">2002</font></b>&nbsp;</font></td>
            <td width="8" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="center" width="77" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">2001</font></b></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378"><font size="2">&nbsp;</font></td>
            <td width="7"><font size="2">&nbsp;</font></td>
            <td width="101">
              <p align="center"><font size="2" face="serif">(Unaudited)</font></p>
            </td>
            <td width="11"><font size="2">&nbsp;</font></td>
            <td width="6"><font size="2">&nbsp;</font></td>
            <td width="45"><font size="2">&nbsp;</font></td>
            <td width="36"><font size="2">&nbsp;</font></td>
            <td width="8"><font size="2">&nbsp;</font></td>
            <td width="77"><font size="2">&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378"><font size="2" face="serif">Investments under
              Canadian GAAP</font></td>
            <td align="center" width="7"><font size="2" face="serif">$</font></td>
            <td align="right" width="101"><font size="2">-</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
            <td align="center" width="6"><font size="2" face="serif">$</font></td>
            <td width="81" colspan="2" align="right"><font size="2">&nbsp;-</font></td>
            <td align="center" width="8"><font size="2" face="serif">$</font></td>
            <td align="right" width="77"><font size="2" face="serif">43,353</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Unrealized
              gain on marketable securities</font></td>
            <td width="7" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="right" width="101" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
            <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="81" colspan="2" align="right" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;-</font></td>
            <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="right" width="77" style="border-bottom: 1 solid #000000"><font size="2" face="serif">18,580</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378"><font size="2">&nbsp;</font></td>
            <td width="7"><font size="2">&nbsp;</font></td>
            <td width="101"><font size="2">&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
            <td width="6"><font size="2">&nbsp;</font></td>
            <td width="45" align="right"><font size="2">&nbsp;</font></td>
            <td width="36" align="right"><font size="2">&nbsp;</font></td>
            <td width="8"><font size="2">&nbsp;</font></td>
            <td width="77"><font size="2">&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378" style="border-bottom: 3 double #000000"><font size="2" face="serif">Investments
              under US GAAP</font></td>
            <td align="center" width="7" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
            <td align="right" width="101" style="border-bottom: 3 double #000000"><font size="2">-</font></td>
            <td width="11" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
            <td align="center" width="6" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
            <td width="45" align="right" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
            <td align="right" width="36" style="border-bottom: 3 double #000000"><font size="2">-</font></td>
            <td align="center" width="8" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
            <td align="right" width="77" style="border-bottom: 3 double #000000"><font size="2" face="serif">61,933</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378"><font size="2">&nbsp;</font></td>
            <td width="7"><font size="2">&nbsp;</font></td>
            <td width="101"><font size="2">&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
            <td width="6"><font size="2">&nbsp;</font></td>
            <td width="45" align="right"><font size="2">&nbsp;</font></td>
            <td width="36" align="right"><font size="2">&nbsp;</font></td>
            <td width="8"><font size="2">&nbsp;</font></td>
            <td width="77"><font size="2">&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378"><font size="2" face="serif">Deferred exploration
              expenditure under</font></td>
            <td width="7"><font size="2">&nbsp;</font></td>
            <td width="101"><font size="2">&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
            <td width="6"><font size="2">&nbsp;</font></td>
            <td width="45" align="right"><font size="2">&nbsp;</font></td>
            <td width="36" align="right"><font size="2">&nbsp;</font></td>
            <td width="8"><font size="2">&nbsp;</font></td>
            <td width="77"><font size="2">&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378"><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">Canadian
              GAAP</font></font></td>
            <td align="center" width="7"><font size="2" face="serif">$</font></td>
            <td align="right" width="101"><font size="2" face="serif">&nbsp;8,781,564&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
            <td align="center" width="6"><font size="2" face="serif">$</font></td>
            <td align="right" colspan="2" width="83"><font size="2" face="serif">7,705,865&nbsp;</font></td>
            <td align="center" width="8"><font size="2" face="serif">$</font></td>
            <td align="right" width="77"><font size="2" face="serif">4,551,072&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Deferred
              exploration expenditure</font></td>
            <td width="7" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="right" width="101" style="border-bottom: 1 solid #000000"><font size="2" face="serif">&nbsp;(8,243,579)</font></td>
            <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="right" colspan="2" width="83" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(7,705,865)</font></td>
            <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="right" width="77" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(4,551,072)</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378"><font size="2" face="serif">Deferred exploration
              expenditure under</font></td>
            <td width="7"><font size="2">&nbsp;</font></td>
            <td width="101"><font size="2">&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
            <td width="6"><font size="2">&nbsp;</font></td>
            <td width="45" align="right"><font size="2">&nbsp;</font></td>
            <td width="36" align="right"><font size="2">&nbsp;</font></td>
            <td width="8"><font size="2">&nbsp;</font></td>
            <td width="77"><font size="2">&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378" style="border-bottom: 3 double #000000"><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">U.S.
              GAAP</font></font></td>
            <td align="center" width="7" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
            <td align="right" width="101" style="border-bottom: 3 double #000000"><font size="2" face="serif">537,985</font></td>
            <td width="11" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
            <td align="center" width="6" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
            <td width="45" align="right" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
            <td align="right" width="36" style="border-bottom: 3 double #000000"><font size="2">-</font></td>
            <td align="center" width="8" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
            <td align="right" width="77" style="border-bottom: 3 double #000000"><font size="2">-</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378"><font size="2">&nbsp;</font></td>
            <td width="7"><font size="2">&nbsp;</font></td>
            <td width="101"><font size="2">&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
            <td width="6"><font size="2">&nbsp;</font></td>
            <td width="45" align="right"><font size="2">&nbsp;</font></td>
            <td width="36" align="right"><font size="2">&nbsp;</font></td>
            <td width="8"><font size="2">&nbsp;</font></td>
            <td width="77"><font size="2">&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378"><font size="2" face="serif">Deficit under Canadian
              GAAP</font></td>
            <td align="center" width="7"><font size="2" face="serif">$</font></td>
            <td align="right" width="101"><font size="2" face="serif">(9,688,110)</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
            <td align="center" width="6"><font size="2" face="serif">$</font></td>
            <td align="right" colspan="2" width="83"><font size="2" face="serif">(7,997,973)</font></td>
            <td align="center" width="8"><font size="2" face="serif">$</font></td>
            <td align="right" width="77"><font size="2" face="serif">(6,790,104)</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Exploration
              expenditures</font></td>
            <td width="7" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="right" width="101" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(8,243,579)</font></td>
            <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="right" colspan="2" width="83" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(7,705,865)</font></td>
            <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="right" width="77" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(4,551,072)</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378"><font size="2">&nbsp;</font></td>
            <td width="7"><font size="2">&nbsp;</font></td>
            <td width="101"><font size="2">&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
            <td width="6"><font size="2">&nbsp;</font></td>
            <td width="45" align="right"><font size="2">&nbsp;</font></td>
            <td width="36" align="right"><font size="2">&nbsp;</font></td>
            <td width="8"><font size="2">&nbsp;</font></td>
            <td width="77"><font size="2">&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378" style="border-bottom: 3 double #000000"><font size="2" face="serif">Deficit
              under U.S. GAAP</font></td>
            <td align="center" width="7" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
            <td align="right" width="101" style="border-bottom: 3 double #000000"><font size="2" face="serif">(17,931,689)</font></td>
            <td width="11" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
            <td align="center" width="6" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
            <td align="right" colspan="2" width="83" style="border-bottom: 3 double #000000"><font size="2" face="serif">(15,703,838)</font></td>
            <td align="center" width="8" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
            <td align="right" width="77" style="border-bottom: 3 double #000000"><font size="2" face="serif">(11,341,176)</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378"><font size="2">&nbsp;</font></td>
            <td width="7"><font size="2">&nbsp;</font></td>
            <td width="101"><font size="2">&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
            <td width="6"><font size="2">&nbsp;</font></td>
            <td width="45" align="right"><font size="2">&nbsp;</font></td>
            <td width="36" align="right"><font size="2">&nbsp;</font></td>
            <td width="8"><font size="2">&nbsp;</font></td>
            <td width="77"><font size="2">&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378"><font size="2" face="serif">Cumulative comprehensive
              other income</font></td>
            <td width="7"><font size="2">&nbsp;</font></td>
            <td width="101"><font size="2">&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
            <td width="6"><font size="2">&nbsp;</font></td>
            <td width="45" align="right"><font size="2">&nbsp;</font></td>
            <td width="36" align="right"><font size="2">&nbsp;</font></td>
            <td width="8"><font size="2">&nbsp;</font></td>
            <td width="77"><font size="2">&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378"><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">under
              Canadian GAAP</font></font></td>
            <td align="center" width="7"><font size="2" face="serif">$</font></td>
            <td align="right" width="101"><font size="2">-</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
            <td align="center" width="6"><font size="2" face="serif">$</font></td>
            <td width="81" colspan="2" align="right"><font size="2">&nbsp;-</font></td>
            <td align="center" width="8"><font size="2" face="serif">$</font></td>
            <td align="right" width="77"><font size="2">-</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Unrealized
              gain (loss) on marketable securities</font></td>
            <td width="7" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="right" width="101" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
            <td width="11" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="6" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td width="81" colspan="2" align="right" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;-</font></td>
            <td width="8" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
            <td align="right" width="77" style="border-bottom: 1 solid #000000"><font size="2" face="serif">18,580</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378"><font size="2" face="serif">Cumulative comprehensive
              other income</font></td>
            <td width="7"><font size="2">&nbsp;</font></td>
            <td width="101"><font size="2">&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
            <td width="6"><font size="2">&nbsp;</font></td>
            <td width="45" align="right"><font size="2">&nbsp;</font></td>
            <td width="36" align="right"><font size="2">&nbsp;</font></td>
            <td width="8"><font size="2">&nbsp;</font></td>
            <td width="77"><font size="2">&nbsp;</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
          <tr>
            <td width="378" style="border-bottom: 3 double #000000"><font size="2">&nbsp;&nbsp;&nbsp;<font face="serif">under
              U.S. GAAP</font></font></td>
            <td align="center" width="7" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
            <td align="right" width="101" style="border-bottom: 3 double #000000"><font size="2">-</font></td>
            <td width="11" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
            <td align="center" width="6" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
            <td width="81" colspan="2" align="right" style="border-bottom: 3 double #000000"><font size="2">&nbsp;-</font></td>
            <td align="center" width="8" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
            <td align="right" width="77" style="border-bottom: 3 double #000000"><font size="2" face="serif">18,580</font></td>
            <td width="11"><font size="2">&nbsp;</font></td>
          </tr>
        </table>
        </center>
      </div>
<font size="2">
      <br>
      <br>
</font>
      <p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-19</font></p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
      </font>
      </p>
<small><big><small><big>
      <hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big>
</small></big></small><font size="2">
      <br>
      <br>
</font>
      <p style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><b><font size="2">CORNER
      BAY SILVER INC.</font></b></p>
      <p style="margin:0pt; font-family:Times New Roman"><b><font size="2">Notes to the
      consolidated financial statements</font></b></p>
      <p style="margin:0pt; font-family:Times New Roman"><b><font size="2">December 31, 2002
      and 2001 (unaudited) and June 30, 2002, 2001 and 2000</font></b></p>
      <p style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"><b><font size="2">(expressed
      in Canadian dollars)</font></b></p>
      <p style="margin:0pt; padding-left:27pt; font-family:Times New Roman"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; padding-left:27.35pt; line-height:18pt; font-family:Times New Roman"><b><font size="2">New
      standards for U.S. GAAP</font></b></p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman" align="justify"><font size="2">In
      June 2001, the Financial Accounting Standards Board (FASB) issued
      Statement of Financial Accounting Standard (SFAS) No. 142, "Goodwill and
      Other Intangible Assets". &nbsp;This new standard features new
      accounting rules for goodwill and intangible assets. &nbsp;The Company
      does not foresee any impact on a cumulative effect of an accounting change
      or on the carrying value of assets and liabilities recorded in the
      consolidated balance sheets upon adoption. &nbsp;SFAS No. 142 will be
      adopted on July 1, 2002.</font></p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman" align="justify"><font size="2">Also
      issued in June 2001 was SFAS No. 143, "Accounting for Asset Retirement
      Obligations." &nbsp;This statement addresses financial accounting and
      reporting for obligations associated with the retirement of tangible
      long-lived assets and the associated asset retirement costs. &nbsp;It
      requires that the fair value of a liability for an asset retirement
      obligation be recognized in the period in which it is incurred if a
      reasonable estimate of a fair value can be made. &nbsp;The associated
      asset retirement costs are capitalized as part of the carrying amount of
      the long-lived asset. &nbsp;The Company is analyzing the impact of SFAS
      No. 143 and will adopt this standard on July 1, 2002.</font></p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman" align="justify"><font size="2">In
      August 2001, the FASB issued SFAS No. 144, "Accounting for the
      Impairment or Disposal of Long-lived Assets." &nbsp;This statement
      supersedes SFAS No. 121 and the accounting and reporting provisions of APB
      30, and also amends ARB 51. &nbsp;This statement will require one
      accounting model be used for long-lived assets to be disposed of by sale,
      whether previously held and used or newly acquired, and will broaden the
      presentation of discontinued operations to include more disposal
      transactions. &nbsp;The Company is analyzing the impact of SFAS No. 144
      and will adopt this standard on July 1, 2002.</font></p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman" align="justify"><font size="2">Effective
      July 1, 2002, the Company will adopt, for United States reporting
      purposes, SFAS No. 145, "Rescission of FASB Statements No. 4, 44 and 64,
      Amendments of SFAS No. 13, and Technical Corrections as of April 2002."
      &nbsp;This statement rescinds SFAS No. 4, "Reporting Gains and Losses
      from Extinguishment of Debt," and an amendment of that statement, SFAS
      No. 64, "Extinguishment of Debt Made to Satisfy Sinking-Fund
      Requirements".</font></p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman" align="justify"><font size="2">This
      statement also rescinds SFAS No. 44, "Accounting for Intangible Assets
      of Motor Carriers." &nbsp;This statement amends SFAS No. 13, "Accounting
      for Leases", to eliminate an inconsistency between the required
      accounting for sale-leaseback transactions and the required accounting for
      certain lease modifications that have economic effects that are similar to
      sale-leaseback transactions. &nbsp;This statement also amends other
      existing authoritative pronouncements to make various technical
      corrections, clarify meanings or describe their applicability under
      changed conditions. &nbsp;The adoption of the new standard is not
      currently expected to have a significant impact on the Company's results
      of operations or financial position.</font></p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><b><font size="2">New
      Standards for U.S. GAAP, unaudited to December 31, 2002</font></b></p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman" align="justify"><font size="2">The
      Company adopted the following standards on July 1, 2002:</font></p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman" align="justify"><font size="2"><br>
      </font>
      </p>
      <p style="margin-top:0pt; margin-bottom:-14pt; padding-left:63.35pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman" align="justify"><font size="2">i)</font></p>
<p style="font-family: Times New Roman; margin-top: 0pt; margin-bottom: 5pt; padding-left: 63.35pt" align="justify"><font size="2">the
      adoption of SFAS No. 142, Goodwill and Other Intangible Assets, did not
      have a material affect on the Company's consolidated financial position
      or results of operations.</font></p>
      <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"><font size="2"><br>
      </font>
      </p>
<font size="2">
      <br>
      <br>
</font>
      <p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-20</font></p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
      </font>
      </p>
<small><big><small><big>
      <hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small><font size="2">
      <br>
      <br>
</font>
      <p style="page-break-before:always; margin:0pt; padding-left:27pt; text-indent:-27pt; font-family:Times New Roman; font-size:12pt"><b><font size="2">CORNER
      BAY SILVER INC.</font></b></p>
      <p style="margin:0pt; font-family:Times New Roman"><b><font size="2">Notes to the
      consolidated financial statements</font></b></p>
      <p style="margin:0pt; font-family:Times New Roman"><b><font size="2">December 31, 2002
      and 2001 (unaudited) and June 30, 2002, 2001 and 2000</font></b></p>
      <p style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000"><b><font size="2">(expressed
      in Canadian dollars)</font></b></p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><font size="2"><br>
      </font>
      </p>
      <p style="margin-top:0pt; margin-bottom:-14pt; padding-left:63.35pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman" align="justify"><font size="2">ii)</font></p>
<p style="text-indent: 0; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 5pt; padding-left: 63.35pt" align="justify"><font size="2">the
      adoption of SFAS No. 143, Accounting for Asset Retirement Obligations, did
      not have a material impact on the Company's results of operations or
      shareholders' equity.</font></p>
      <p style="margin-top:0pt; margin-bottom:-14pt; padding-left:63.35pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman" align="justify"><font size="2">iii)</font></p>
<p style="text-indent: 0; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 5pt; padding-left: 63.35pt" align="justify"><font size="2">the
      adoption of SFAS No. 144, Accounting for the Impairment or Disposal of
      Long-lived Assets, did not have a material affect on the Company's
      consolidated financial position or results of operations.</font></p>
      <p style="margin-top:0pt; margin-bottom:-14pt; padding-left:63.35pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman" align="justify"><font size="2">iv)</font></p>
<p style="text-indent: 0; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 5pt; padding-left: 63.35pt" align="justify"><font size="2">the
      adoption of SFAS No. 145, Rescission of FASB Statements No. 4, 44 and 64,
      Amendments of SFAS No. 13, and Technical Corrections as of April 2002, did
      not have a material affect on the Company's results of operations or its financial position.</font></p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><b><font size="2">Financial
      Accounting Standards Board (FASB)</font></b></p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman" align="justify"><font size="2">On
      July 30, 2002, the FASB issued SFAS No. 146, "Accounting for Costs
      Associated with Exit or Disposal Activities." &nbsp;The standard
      requires companies to recognize costs associated with exit or disposal
      activities when they are incurred rather than at the date of a commitment
      to an exit or disposal plan. &nbsp;Examples of costs covered by the
      standard include lease termination costs and certain employee severance
      costs that are associated with a restructuring, discontinued operation,
      plant closing or other exit or disposal activity. &nbsp;SFAS No. 146 is to
      be applied retroactively to exit or disposal activities initiated after
      December 31, 2002. &nbsp;The adoption of the new standard is not currently
      expected to have a significant impact on the Company's result of
      operations or financial position.</font></p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><b><font size="2">New
      Standard for Canadian GAAP</font></b></p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; padding-left:27.35pt; font-family:Times New Roman" align="justify"><font size="2">The
      CICA approved a new Handbook Section 3062, "Goodwill and Other
      Intangible Assets," which require intangible assets with an indefinite
      life and goodwill to be tested for impairment on annual basis.
      &nbsp;Goodwill and indefinite life intangible assets will no longer be
      amortized. &nbsp;Intangible assets with definite lives will continue to be
      amortized over their useful lives. &nbsp;The new section is consistent
      with those recently approved by the FASB (SFAS No. 142). &nbsp;The
      adoption of this new standard is not expected to have any material effect
      on the Company's financial position, results of operations or cash
      flows. &nbsp;Section 3026 was adopted on July 1, 2002 and the Company does
      not expect this adoption to have a significant impact on the Company's
      results of operations or financial position.</font></p>
      <p style="margin:0pt; padding-left:27.35pt; line-height:18pt; font-family:Times New Roman"><font size="2"><br>
      </font>
      </p>
<font size="2">
      <br>
</font>
      <p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">F-21</font></p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="right"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
      </font>
      </p>
<big><small><big><small>
      <hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</small></big></small></big>
<font size="2">
      <br>
      <br>
</font>
      <p style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><i><font size="2">Unaudited
      Pro Forma Statement of Operations of</font></i></p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; line-height:18pt; font-family:Times New Roman; font-size:16pt"><b><font size="2">PAN
      AMERICAN SILVER CORP.</font></b></p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
      </font>
      </p>
<font size="2">
      <br>
      <br>
</font>
      <p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">F-22</font></p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
      </font>
      </p>
<small><big><small><big>
      <hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big>
</small></big></small><font size="2">
      <br>
      <br>
</font>
      <p style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
      </font>
      </p>
<small><big><small><big>
      <a NAME="_Toc93312479"></a>
</big>
</small></big></small>
      <p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><font size="2">COMPILATION
      REPORT</font></b></p>
      <p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2">To the
      Directors of</font></p>
      <p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2">Pan
      American Silver Corp.</font></p>
      <p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2">We have
      read the accompanying unaudited pro forma statement of operations of Pan
      American Silver Corp. (the "Company") for the year ended December 31,
      2003 and have performed the following procedures.</font></p>
      <p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2"><br>
      </font>
      </p>
      <p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align="justify"><font size="2">1.</font></p>
      <p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2">Compared
      the figures in the columns captioned "Pan American Silver Corp." to
      the audited financial statements of the Company for the year ended
      December 31, 2003 and found them to be in agreement.</font></p>
      <p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align="justify"><font size="2">2.</font></p>
      <p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2">Made
      enquiries of certain officials of the Company who have responsibility for
      financial and accounting matters about:</font></p>
      <p style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Times New Roman" align="justify"><font size="2">a)</font></p>
      <p style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align="justify"><font size="2">the
      basis for determination of the pro forma adjustments; and</font></p>
      <p style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Times New Roman" align="justify"><font size="2">b)</font></p>
      <p style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align="justify"><font size="2">whether
      the pro forma financial statements comply as to form in all material
      respects with the applicable securities acts and the related regulations.</font></p>
      <p style="font-family: Times New Roman; margin: 0pt; padding-left: 36pt" align="justify"><font size="2">The
      officials:</font></p>
      <p style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Times New Roman" align="justify"><font size="2">a)</font></p>
      <p style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align="justify"><font size="2">described
      to us the basis for determination of the pro forma adjustments; and</font></p>
      <p style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Times New Roman" align="justify"><font size="2">b)</font></p>
      <p style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align="justify"><font size="2">stated
      that the pro forma statements comply as to form in all material respects
      with the applicable securities acts and the related regulations. &nbsp;</font></p>
      <p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align="justify"><font size="2">3.</font></p>
      <p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2">Read
      the notes to the pro forma statements, and found them to be consistent
      with the basis described to us for determination of the pro forma
      adjustments.</font></p>
      <p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman" align="justify"><font size="2">4.</font></p>
      <p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2">Recalculated
      the application of the pro forma adjustments to the aggregate of the
      amount in the column captioned "Pro Forma Adjustment" for the year
      ended December 31, 2003, and found the amounts in the column captioned "Pro
      Forma Pan American Silver Corp." to be arithmetically correct.</font></p>
      <p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2"><br>
      </font>
      </p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2">A pro
      forma financial statement is based on management's assumptions and
      adjustments which are inherently subjective. &nbsp;The foregoing
      procedures are substantially less than either an audit or a review, the
      objective of which is the expression of assurance with respect to
      management's assumptions, the pro forma adjustments, and the application
      of the adjustments to the historical financial information.
      &nbsp;Accordingly, we express no such assurance. &nbsp;The foregoing
      procedures would not necessarily reveal matters of significance to the pro
      forma financial statements, and we therefore make no representation about
      the sufficiency of the procedures for the purposes of a reader of such
      statements.</font></p>
      <p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2">(signed)
      DELOITTE &amp; TOUCHE LLP</font></p>
      <p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2"><br>
      </font>
      </p>
      <p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2">Chartered
      Accountants</font></p>
      <p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2">Vancouver,
      Canada</font></p>
      <p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2">March
      19, 2004</font></p>
      <p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
      </font>
      </p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><b><font size="2">Comments
for United States Readers on differences between Canadian and United States
reporting standards.</font></b></p>
<big><small><small><big><small><big>
<p style="margin:0pt; font-family:Times New Roman" align="justify">&nbsp;</p>
</big></small></big></small></small></big>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2">The
above report, provided solely pursuant to Canadian requirements, is expressed in
accordance with standards of reporting generally accepted in Canada.&nbsp; To
report in conformity with the United States standards on the reasonableness of
the pro forma adjustments and their application to the pro forma financial
statements requires an examination or review substantially greater in scope than
the review we have conducted.&nbsp; Consequently, we are unable to express any
opinion in accordance with standards of reporting generally accepted in the
United States with respect to the compilation of the accompanying unedited pro
forma financial information.<br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2">(signed)
DELOITTE &amp; TOUCHE LLP</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2">Chartered
Accountants</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="2">Vancouver,
Canada</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2">March 19, 2004</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font></p>
<font size="2"><br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">F-23</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<big><small>
<small><big><small><big><small>
<big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></big></small></big></small></small></big><font size="2">
<br>
<br>
<br>
</font>
<p style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:9pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b><font size="2">PAN
AMERICAN SILVER CORP.</font></b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">PRO FORMA
CONSOLIDATED STATEMENT OF OPERATIONS</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">For the year
ended December 31, 2003</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">(Unaudited)</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">(Expressed in
Thousands of United States Dollars)</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<div align="center">
  <center>
  <table style="font-size: 10pt" cellspacing="0" width="676">
    <tr>
      <td width="270"><font size="2">&nbsp;</font></td>
      <td width="12"><font size="2">&nbsp;</font></td>
      <td width="87"><font size="2">&nbsp;</font></td>
      <td width="45"><font size="2">&nbsp;</font></td>
      <td width="117"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="2" width="112"><b><font size="2" face="serif">Pro
        Forma</font></b></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="2" width="103"><b><font size="2" face="serif">Pan
        American</font></b></td>
      <td width="45" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="117"><b><font size="2" face="serif">Pro forma</font></b></td>
      <td align="center" colspan="2" width="112"><b><font size="2" face="serif">Pan
        American</font></b></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2">&nbsp;</font></td>
      <td align="center" colspan="2" width="105" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Silver
        Corp.</font></b></td>
      <td width="47" align="center" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Note
        4</font></b></td>
      <td align="center" width="119" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">adjustment</font></b></td>
      <td align="center" colspan="2" width="114" style="border-bottom: 1 solid #000000"><b><font size="2" face="serif">Silver
        Corp.</font></b></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2">&nbsp;</font></td>
      <td width="12"><font size="2">&nbsp;</font></td>
      <td width="87"><font size="2">&nbsp;</font></td>
      <td width="45"><font size="2">&nbsp;</font></td>
      <td width="117"><font size="2">&nbsp;</font></td>
      <td width="21"><font size="2">&nbsp;</font></td>
      <td width="87"><font size="2">&nbsp;</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2" face="serif">REVENUE</font></td>
    </center>
    <td align="center" width="12">
      <p align="right"><font size="2" face="serif">$</font></p>
    </td>
    <center>
    <td align="center" width="87"><font size="2" face="serif">45,122</font></td>
    <td width="45" align="center"><font size="2">&nbsp;</font></td>
    <td width="117" align="center"><font size="2" face="serif">-</font></td>
    <td align="center" width="21"><font size="2" face="serif">$</font></td>
    <td align="center" width="87"><font size="2" face="serif">45,122</font></td>
    <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2">&nbsp;</font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td width="45" align="center"><font size="2">&nbsp;</font></td>
      <td width="117" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="21"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2" face="serif">EXPENSES</font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td width="45" align="center"><font size="2">&nbsp;</font></td>
      <td width="117" align="center"><font size="2">&nbsp;</font></td>
      <td width="21" align="center"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2">&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Operating</font></font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="87"><font size="2" face="serif">39,778</font></td>
      <td width="45" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="117"><font size="2">-</font></td>
      <td width="21" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="87"><font size="2" face="serif">39,778</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2">&nbsp;&nbsp;&nbsp;<font size="2" face="serif">General and
        administration</font></font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="87"><font size="2" face="serif">2,732</font></td>
      <td width="45" align="center"><font size="2" face="serif">a)</font></td>
      <td align="center" width="117"><font size="2" face="serif">297</font></td>
      <td width="21" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="87"><font size="2" face="serif">3,029</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2">&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Stock-based
        compensation</font></font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="87"><font size="2" face="serif">2,893</font></td>
      <td width="45" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="117"><font size="2">-</font></td>
      <td width="21" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="87"><font size="2" face="serif">2,893</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2">&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Depreciation
        and</font></font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="87"><font size="2" face="serif">3,325</font></td>
      <td width="45" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="117"><font size="2">-</font></td>
      <td width="21" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="87"><font size="2" face="serif">3,325</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2">&nbsp;&nbsp;&nbsp;<font size="2" face="serif">amortization</font></font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td width="45" align="center"><font size="2">&nbsp;</font></td>
      <td width="117" align="center"><font size="2">&nbsp;</font></td>
      <td width="21" align="center"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2">&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Reclamation</font></font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="87"><font size="2" face="serif">303</font></td>
      <td width="45" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="117"><font size="2">-</font></td>
      <td width="21" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="87"><font size="2" face="serif">303</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2">&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Exploration</font></font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="87"><font size="2" face="serif">2,543</font></td>
      <td width="45" align="center"><font size="2" face="serif">b)</font></td>
      <td align="center" width="117"><font size="2" face="serif">343</font></td>
      <td width="21" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="87"><font size="2" face="serif">2,886</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="272" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Interest
        and financing costs</font></font></td>
      <td width="14" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="89" style="border-bottom: 1 solid #000000"><font size="2" face="serif">1,156</font></td>
      <td width="47" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="119" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="23" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="89" style="border-bottom: 1 solid #000000"><font size="2" face="serif">1,156</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2">&nbsp;</font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="45"><font size="2">&nbsp;</font></td>
      <td width="117" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="21"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="272" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td width="14" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="89" style="border-bottom: 1 solid #000000"><font size="2" face="serif">52,730</font></td>
      <td width="47" align="center" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="119" style="border-bottom: 1 solid #000000"><font size="2" face="serif">640</font></td>
      <td width="23" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="89" style="border-bottom: 1 solid #000000"><font size="2" face="serif">53,370</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2">&nbsp;</font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="45"><font size="2">&nbsp;</font></td>
      <td width="117" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="21"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2" face="serif">LOSS FROM OPERATIONS</font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="87"><font size="2" face="serif">(7,608)</font></td>
      <td width="45" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="117"><font size="2" face="serif">(640)</font></td>
      <td width="21" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="87"><font size="2" face="serif">(8,248)</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2" face="serif">INTEREST INCOME</font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="87"><font size="2" face="serif">403</font></td>
      <td width="45" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="117"><font size="2">-</font></td>
      <td width="21" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="87"><font size="2" face="serif">403</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="272" style="border-bottom: 1 solid #000000"><font size="2" face="serif">OTHER
        INCOME</font></td>
      <td width="14" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="89" style="border-bottom: 1 solid #000000"><font size="2" face="serif">411</font></td>
      <td width="47" align="center" style="border-bottom: 1 solid #000000"><font size="2" face="serif">a)</font></td>
      <td align="center" width="119" style="border-bottom: 1 solid #000000"><font size="2" face="serif">12</font></td>
      <td width="23" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="89" style="border-bottom: 1 solid #000000"><font size="2" face="serif">423</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2">&nbsp;</font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="45"><font size="2">&nbsp;</font></td>
      <td width="117" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="21"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="272" style="border-bottom: 3 double #000000"><font size="2" face="serif">NET
        LOSS FOR THE YEAR</font></td>
      <td align="center" width="14" style="border-bottom: 3 double #000000"><font size="2" face="serif">$</font></td>
      <td align="center" width="89" style="border-bottom: 3 double #000000"><font size="2" face="serif">(6,794)</font></td>
      <td width="47" align="center" style="border-bottom: 3 double #000000"><font size="2">&nbsp;</font></td>
      <td align="center" width="119" style="border-bottom: 3 double #000000"><font size="2" face="serif">(628)</font></td>
      <td width="23" style="border-bottom: 3 double #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="89" style="border-bottom: 3 double #000000"><font size="2" face="serif">(7,422)</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2">&nbsp;</font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="45"><font size="2">&nbsp;</font></td>
      <td width="117" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="21"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2" face="serif">LOSS PER SHARE</font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td width="45" align="center"><font size="2">&nbsp;</font></td>
      <td width="117" align="center"><font size="2">&nbsp;</font></td>
      <td width="21" align="center"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="272" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Basic
        and fully diluted</font></font></td>
      <td align="center" width="14" style="border-bottom: 1 solid #000000"><font size="2" face="serif">$</font></td>
      <td align="center" width="89" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(0.20)</font></td>
      <td width="47" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="119" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td align="center" width="23" style="border-bottom: 1 solid #000000"><font size="2" face="serif">$</font></td>
      <td align="center" width="89" style="border-bottom: 1 solid #000000"><font size="2" face="serif">(0.21)</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2">&nbsp;</font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td width="45" align="center"><font size="2">&nbsp;</font></td>
      <td width="117" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="21"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="270"><font size="2" face="serif">WEIGHTED-AVERAGE</font></td>
      <td width="12" align="center"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td width="45" align="center"><font size="2">&nbsp;</font></td>
      <td width="117" align="center"><font size="2">&nbsp;</font></td>
      <td width="21" align="center"><font size="2">&nbsp;</font></td>
      <td width="87" align="center"><font size="2">&nbsp;</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="272" style="border-bottom: 1 solid #000000"><font size="2" face="serif">SHARES
        OUTSTANDING</font></td>
      <td width="14" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="89" style="border-bottom: 1 solid #000000"><font size="2" face="serif">51,058,212</font></td>
      <td width="47" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="119" style="border-bottom: 1 solid #000000"><font size="2">-</font></td>
      <td width="23" style="border-bottom: 1 solid #000000" align="center"><font size="2">&nbsp;</font></td>
      <td align="center" width="89" style="border-bottom: 1 solid #000000"><font size="2" face="serif">52,125,252</font></td>
      <td width="5"><font size="2">&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">F-24</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman" align="left"><font size="2"><b>PAN
AMERICAN SILVER CORP.</b></font></p>
<p style="margin:0pt; font-family:Times New Roman" align="left"><font size="2"><b>Notes
to the Pro Forma Consolidated Financial Statements</b></font></p>
<p style="margin:0pt; font-family:Times New Roman" align="left"><font size="2"><b>For
the year ended December 31, 2003</b></font></p>
<p style="margin:0pt; font-family:Times New Roman" align="left"><font size="2"><b>(Unaudited)</b></font></p>
<p style="font-family: Times New Roman; border-bottom: 1 solid #000000; margin: 0pt" align="left"><font size="2"><b>(Expressed
in Thousands of United States Dollars)</b></font></p>
<font size="2"><br>
<br>
<br>
</font>
<p style="page-break-before:always; margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align="justify"><b><font size="2">1.</font></b></p>
<p style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align="justify"><b><font size="2">BASIS
OF PRESENTATION</font></b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2">The
unaudited pro forma consolidated statement of operations of Pan American Silver
Corp. ("Pan American") as at December 31, 2003 has been prepared by
management after giving effect to the acquisition by Pan American of Corner Bay
Silver Inc. ("Corner Bay").&nbsp;</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2">The
pro forma statement of operations combines the audited statements of operations
of Pan American for the year ended December 31, 2003 with the results of
operations of Corner Bay for the 50 day period ended February 20, 2003.&nbsp;
(The Corner Bay results of the 50 day period ended February 20, 2003 were
prepared from internal unaudited financial statements.)</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2">It
is management's opinion that the pro forma consolidated statement of
operations includes all adjustments necessary for the fair presentation of the
transactions described in Note 3 in accordance with Canadian generally accepted
accounting principles applied on a basis consistent with Pan American's
accounting policies. &nbsp;The pro forma consolidated statement of operations is
not intended to reflect the results of operations of Pan American which would
have actually resulted had the proposed transactions been effected on the dates
indicated. &nbsp;Further, the pro forma financial information is not necessarily
indicative of the results of operations that may be obtained in the future.</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align="justify"><b><font size="2">2.</font></b></p>
<p style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align="justify"><b><font size="2">SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES</font></b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2">The
unaudited pro forma consolidated statement of operations has been compiled using
the significant accounting policies as set out in the audited financial
statements of Pan American for the year ended December 31, 2003. &nbsp;The
significant accounting policies of Corner Bay conform in all material respects
to those of Pan American, except as described in and adjusted for in Note 4.</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align="justify"><b><font size="2">3.</font></b></p>
<p style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align="justify"><b><font size="2">BUSINESS
COMBINATION</font></b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><i><font size="2">Acquisition
of Corner Bay</font></i></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2">On
February 20, 2003, Pan American completed its proposed merger with Corner Bay.
&nbsp;Under the terms of the acquisition common shares of Corner Bay were,
directly or indirectly, exchanged for common shares of Pan American and warrants
to purchase Pan American common shares, on the basis of one Pan American common
share for every 2.60 Corner Bay shares and one Pan American warrant for every
5.20 Corner Bay common shares. &nbsp;Pan American also agreed to issue 553,846
stock options to replace 960,000 fully vested stock options currently held by
Corner Bay employees and directors.</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2">Each
whole Pan American warrant will allow the holder to purchase a Pan American
common share for a price of Cdn.$12 for a five-year period ended February 20,
2008.</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2">Pan
American issued 7,636,659 common shares to the shareholders of Corner Bay, and
3,818,330 warrants to purchase common shares valued at $54,203,000 and
$8,889,000, respectively. &nbsp;The value of the stock options granted was
determined to be $1,136,000.</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt" align="justify"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">F-25</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<big><small><big><small><big><small><small><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big></small></small></big></small></big></small></big><font size="2">
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman" align="left"><font size="2"><b>PAN
AMERICAN SILVER CORP.</b></font></p>
<p style="margin:0pt; font-family:Times New Roman" align="left"><font size="2"><b>Notes
to the Pro Forma Consolidated Financial Statements</b></font></p>
<p style="margin:0pt; font-family:Times New Roman" align="left"><font size="2"><b>For
the year ended December 31, 2003</b></font></p>
<p style="margin:0pt; font-family:Times New Roman" align="left"><font size="2"><b>(Unaudited)</b></font></p>
<p style="font-family: Times New Roman; border-bottom: 1 solid #000000; margin: 0pt" align="left"><font size="2"><b>(Expressed
in Thousands of United States Dollars)</b></font></p>
<font size="2"><br>
</font>
<p><font size="2"><br>
<br>
</font>
</p>
<p style="page-break-before:always; margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align="justify"><b><font size="2">3.</font></b></p>
<p style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align="justify"><b><font size="2">BUSINESS
COMBINATION (Continued)</font></b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2">The
business combination has been accounted for as an acquisition by Pan American of
Corner Bay and the purchase method of accounting has been applied. &nbsp;The
consideration given has been allocated to the fair value of net assets acquired
as follows:</font></p>
<big><small><big><small><big><small><small><big>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify">&nbsp;</p>
</big></small></small></big></small></big></small></big>
<div align="center">
  <center>
  <table width="687" border="0" cellspacing="0" cellpadding="0" height="418">
    <tr>
      <td width="61" height="21"><font size="2">&nbsp;</font></td>
      <td width="532" height="21"><font size="2">&nbsp;</font></td>
      <td align="right" colspan="2" width="81" height="21"><font size="2" face="serif">As
        at</font></td>
      <td width="5" height="21"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="61" height="21"><font size="2">&nbsp;</font></td>
      <td width="532" height="21"><font size="2">&nbsp;</font></td>
      <td align="right" colspan="2" width="81" height="21"><font size="2" face="serif">February
        20,</font></td>
      <td width="5" height="21"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="61" height="21"><font size="2">&nbsp;</font></td>
      <td width="532" height="21"><font size="2">&nbsp;</font></td>
      <td align="right" colspan="2" width="83" style="border-bottom: 1 solid #000000" height="21"><font size="2" face="serif">2003</font></td>
      <td width="5" height="21"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" width="595" height="21"><font size="2" face="serif">Fair
        value of net assets acquired</font></td>
      <td width="9" height="21"><font size="2">&nbsp;</font></td>
      <td width="70" height="21"><font size="2">&nbsp;</font></td>
      <td width="5" height="21"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" width="595" height="21"><font size="2" face="serif">Current
        assets</font></td>
      <td width="9" height="21"><font size="2" face="serif">$</font></td>
      <td align="right" width="70" height="21"><font size="2" face="serif">2,512,000</font></td>
      <td width="5" height="21"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" width="595" height="21"><font size="2" face="serif">Plant
        and equipment</font></td>
      <td width="9" height="21"><font size="2">&nbsp;</font></td>
      <td align="right" width="70" height="21"><font size="2" face="serif">2,500,000</font></td>
      <td width="5" height="21"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" width="595" height="21"><font size="2" face="serif">Mineral
        properties</font></td>
      <td width="9" height="21"><font size="2">&nbsp;</font></td>
      <td align="right" width="70" height="21"><font size="2" face="serif">79,008,000</font></td>
      <td width="5" height="21"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" width="597" style="border-bottom: 1 solid #000000" height="21"><font size="2" face="serif">Other
        assets</font></td>
      <td width="11" style="border-bottom: 1 solid #000000" height="21"><font size="2">&nbsp;</font></td>
      <td align="right" width="72" style="border-bottom: 1 solid #000000" height="21"><font size="2" face="serif">29,000</font></td>
      <td width="5" height="21"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="61" height="21"><font size="2">&nbsp;</font></td>
      <td width="532" height="21"><font size="2">&nbsp;</font></td>
      <td width="9" height="21"><font size="2">&nbsp;</font></td>
      <td align="right" width="70" height="21"><font size="2" face="serif">84,049,000</font></td>
      <td width="5" height="21"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="61" height="21"><font size="2">&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Less:</font></font></td>
      <td width="532" height="21"><font size="2" face="serif">Current
        liabilities</font></td>
      <td width="9" height="21"><font size="2">&nbsp;</font></td>
      <td align="right" width="70" height="21"><font size="2" face="serif">(104,000)</font></td>
      <td width="5" height="21"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="63" style="border-bottom: 1 solid #000000" height="21"><font size="2">&nbsp;</font></td>
      <td width="534" style="border-bottom: 1 solid #000000" height="21"><font size="2" face="serif">Provision
        for future income tax liability</font></td>
      <td align="right" colspan="2" width="83" style="border-bottom: 1 solid #000000" height="21"><font size="2" face="serif">(19,035,000)</font></td>
      <td width="5" height="21"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="63" style="border-bottom: 2 solid #000000" height="21"><font size="2">&nbsp;</font></td>
      <td width="534" style="border-bottom: 2 solid #000000" height="21"><font size="2">&nbsp;</font></td>
      <td width="11" style="border-bottom: 2 solid #000000" height="21"><font size="2" face="serif">$</font></td>
      <td align="right" width="72" style="border-bottom: 2 solid #000000" height="21"><font size="2" face="serif">64,910,000</font></td>
      <td width="5" height="21"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td height="21" width="61"><font size="2">&nbsp;</font></td>
      <td height="21" width="532"><font size="2">&nbsp;</font></td>
      <td height="21" width="9"><font size="2">&nbsp;</font></td>
      <td height="21" width="70"><font size="2">&nbsp;</font></td>
      <td height="21" width="5"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" width="595" height="21"><font size="2" face="serif">Consideration
        given by Pan American</font></td>
      <td width="9" height="21"><font size="2">&nbsp;</font></td>
      <td width="70" height="21"><font size="2">&nbsp;</font></td>
      <td width="5" height="21"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" width="595" height="21"><font size="2" face="serif">Issue
        of 7,636,659 common shares</font></td>
      <td width="9" height="21"><font size="2" face="serif">$</font></td>
      <td align="right" width="70" height="21"><font size="2" face="serif">54,203,000</font></td>
      <td width="5" height="21"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="2" width="595" height="21"><font size="2"><font face="serif">Issue
        of 3,818,330 share purchase warrants</font></font></td>
<td width="9" height="21"><font size="2">&nbsp;</font></td>
<td align="right" width="70" height="21"><font size="2" face="serif">8,889,000</font></td>
<td width="5" height="21"><font size="2">&nbsp;</font></td>
</tr>
<tr>
  <td colspan="2" width="597" height="19" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Issue
    of 553,846 replacement stock options</font></td>
  <td width="11" height="19" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
  <td align="right" width="72" height="19" style="border-bottom: 1 solid #000000"><font size="2" face="serif">1,136,000</font></td>
  <td width="5" height="19"><font size="2">&nbsp;</font></td>
</tr>
<tr>
  <td width="61" height="21"><font size="2">&nbsp;</font></td>
  <td width="532" height="21"><font size="2">&nbsp;</font></td>
  <td width="9" height="21"><font size="2">&nbsp;</font></td>
  <td align="right" width="70" height="21"><font size="2" face="serif">64,228,000</font></td>
  <td width="5" height="21"><font size="2">&nbsp;</font></td>
</tr>
<tr>
  <td width="63" height="21" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;&nbsp;&nbsp;<font size="2" face="serif">Add:</font></font></td>
  <td width="534" height="21" style="border-bottom: 1 solid #000000"><font size="2" face="serif">Costs
    of acquisition</font></td>
  <td width="11" height="21" style="border-bottom: 1 solid #000000"><font size="2">&nbsp;</font></td>
  <td align="right" width="72" height="21" style="border-bottom: 1 solid #000000"><font size="2" face="serif">682,000</font></td>
  <td width="5" height="21"><font size="2">&nbsp;</font></td>
</tr>
<tr>
  <td width="63" height="21" style="border-bottom: 2 solid #000000"><font size="2">&nbsp;</font></td>
  <td width="534" height="21" style="border-bottom: 2 solid #000000"><font size="2">&nbsp;</font></td>
  <td width="11" height="21" style="border-bottom: 2 solid #000000"><font size="2" face="serif">$</font></td>
  <td align="right" width="72" height="21" style="border-bottom: 2 solid #000000"><font size="2" face="serif">64,910,000</font></td>
  <td width="5" height="21"><font size="2">&nbsp;</font></td>
</tr>
</table>
</center>
</div>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36.8pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:36.8pt; font-family:Times New Roman" align="justify"><font size="2">The
purchase consideration of $64,228,000 for 100% of Corner Bay exceeds the
carrying value of the net assets at February 20, 2003 by $54,108,000 which has
been applied to increase the carrying value of mineral properties. &nbsp;The
resulting future income tax liability of $19,035,000 has also been applied to
increase the carrying value of mineral properties.</font></p>
<p style="margin:0pt; padding-left:36.8pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:36.8pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36.8pt; text-indent:-36.8pt; font-family:Times New Roman" align="justify"><b><font size="2">4.</font></b></p>
<p style="margin:0pt; padding-left:36.8pt; font-family:Times New Roman" align="justify"><b><font size="2">PRO
FORMA ADJUSTMENTS</font></b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2">The
pro forma consolidated statement of operations for the year ended December 31,
2003 has been adjusted as follows:</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:71.3pt; text-indent:-34.5pt; font-family:Times New Roman" align="justify"><font size="2">(a)</font></p>
<p style="margin:0pt; padding-left:71.3pt; font-family:Times New Roman" align="justify"><font size="2">record
general and administration expenses of Corner Bay for the 50 day period ended
February&nbsp;20, 2004; and &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:71.3pt; text-indent:-34.5pt; font-family:Times New Roman" align="justify"><font size="2">(b)</font></p>
<p style="font-family: Times New Roman; margin: 0pt; padding-left: 71.3pt" align="justify"><font size="2">write
off deferred exploration expenditures in Corner Bay to comply with Pan American's
accounting policy.</font></p>
<p style="margin:0pt; padding-left:106.5pt; text-indent:-34.5pt; font-family:Times New Roman Bold" align="justify"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">F-26</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<small>
<big><small><big><small><small><big><big>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</big>
</big></small></small></big></small></big>
</small><font size="2">
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman" align="left"><font size="2"><b>PAN
AMERICAN SILVER CORP.</b></font></p>
<p style="margin:0pt; font-family:Times New Roman" align="left"><font size="2"><b>Notes
to the Pro Forma Consolidated Financial Statements</b></font></p>
<p style="margin:0pt; font-family:Times New Roman" align="left"><font size="2"><b>For
the year ended December 31, 2003</b></font></p>
<p style="margin:0pt; font-family:Times New Roman" align="left"><font size="2"><b>(Unaudited)</b></font></p>
<p style="font-family: Times New Roman; border-bottom: 1 solid #000000; margin: 0pt" align="left"><font size="2"><b>(Expressed
in Thousands of United States Dollars)</b></font></p>
<font size="2"><br>
</font>
<p><font size="2"><br>
<br>
</font>
</p>
<p style="page-break-before:always; margin-top:0pt; margin-bottom:-12pt; padding-left:34.5pt; text-indent:-34.5pt; font-family:Times New Roman Bold" align="justify"><b><font size="2">5.</font></b></p>
<p style="margin:0pt; padding-left:34.5pt; font-family:Times New Roman Bold" align="justify"><b><font size="2">DIFFERENCES
BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES</font></b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2">The
pro forma consolidated statement of operations is prepared in accordance with
accounting principles generally accepted in Canada ("Canadian GAAP") which
differ in certain respects with accounting principles generally accepted in the
United States ("US GAAP").</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2">Material
differences between Canadian and US GAAP and their effect on the pro forma
consolidated statement of operations are summarized below and more fully
discussed in Note&nbsp;18 of the Company's 2003 annual audited consolidated
financial statements.</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><b><font size="2">Pro
Forma Consolidated Statement of Operations</font></b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<div align="center">
  <center>
  <table style="font-size:10pt" cellspacing="0">
    <tr>
      <td valign="bottom" width="452">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Pro forma loss for
        the year under Canadian GAAP</font></p>
      </td>
      <td valign="bottom" width="107.6">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;$
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,422)</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="452">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Unrealized loss on
        short-term investments</font></p>
      </td>
      <td valign="bottom" width="107.6">
        <p style="margin:0pt; font-family:Times New Roman"><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;80</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="452">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Amortization of
        mineral property</font></p>
      </td>
      <td valign="bottom" width="107.6">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,700)</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="452">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">SFAS 150 adjustments</font></p>
      </td>
      <td valign="bottom" width="107.6"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="bottom" width="452" style="padding-left: 18pt">
        <p style="font-family: Times New Roman; margin: 0pt"><font size="2">Interest
        expense</font></p>
      </td>
      <td valign="bottom" width="107.6">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,887)</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="452" style="padding-left: 18pt">
        <p style="font-family: Times New Roman; margin: 0pt"><font size="2">Interest
        accretion</font></p>
      </td>
      <td valign="bottom" width="107.6">
        <p style="margin:0pt; font-family:Times New Roman"><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;595</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom: 0.5pt solid #000000; padding-left: 18pt" valign="bottom" width="452">
        <p style="font-family: Times New Roman; margin: 0pt"><font size="2">Amortization
        of debt issue costs</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="107.6">
        <p style="margin:0pt; font-family:Times New Roman"><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;(454)</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="452"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="107.6">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,788)</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="452">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Future income tax
        provision</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="107.6">
        <p style="margin:0pt; font-family:Times New Roman"><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;595</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="452">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Pro forma net loss
        under US GAAP</font></p>
      </td>
      <td valign="bottom" width="107.6">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,193)</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="452">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Unrealized loss on
        available-for-sale securities</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="107.6">
        <p style="margin:0pt; font-family:Times New Roman"><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;(80)</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="452">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Comprehensive pro
        forma net loss under US GAAP</font></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="107.6">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;$
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,273)</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="452"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="107.6"><font size="2">&nbsp;</font></td>
    </tr>
    <tr>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="452">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">Basic pro forma loss
        per share under US GAAP</font></p>
      </td>
      <td style="border-bottom:1pt solid #000000" valign="bottom" width="107.6">
        <p style="margin:0pt; font-family:Times New Roman"><font size="2">&nbsp;$
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20)</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="452"><font size="2">&nbsp;</font></td>
      <td valign="bottom" width="107.6"><font size="2">&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:9pt" align="justify"><font size="2">The
information in this Prospectus is not complete and may be changed. These
securities may not be sold until the registration statement filed with the
Securities and Exchange Commission is effective. &nbsp;This 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>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="2">F-27</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; text-indent:468pt; font-family:Times New Roman; font-size:8pt"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><font size="2"><br>
</font>
</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<font size="2">
<BR>
<BR>
<BR>
</font>
<P style="page-break-before:always; margin:0pt; font-family:CG Times" align=center><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=center><B><font size="2">PART II</font></B></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=center><B><font size="2">INFORMATION NOT REQUIRED TO BE</font> </B></P>
<P style="margin:0pt; font-family:CG Times" align=center><B><U><font size="2">DELIVERED TO OFFEREES OR PURCHASERS</font></U></B></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><B><U><font size="2">Indemnification.</font></U></B></P>
<P style="margin:0pt; font-family:CG Times"><font size="2"><BR></font></P>
<P style="margin:0pt; text-indent:36pt; font-family:CG Times"><font size="2">Section 128 of the Company Act (British Columbia) (the &quot;BCCA&quot;) authorizes a company, with the approval of the court, to indemnify past and present directors and officers of the company and past and present directors and officers of a corporation of which the company is or was a shareholder, against liabilities incurred in connection with the provision of their services as such if the director or officer acted honestly and in good faith with a view to the best interests of the company and, in the case of a criminal or administrative proceeding, if he or she had reasonable grounds for believing that his or her conduct was lawful. &nbsp;Section 128 of the BCCA provides that a company may purchase and maintain liability insurance for the benefit of such directors and officers.</font> </P>
<P style="margin:0pt; font-family:CG Times"><font size="2"><BR></font></P>
<P style="margin:0pt; text-indent:36pt; font-family:CG Times"><font size="2">In accordance with the BCCA, the Articles of the Registrant provide that the Registrant will indemnify its directors, former directors, Secretary or Assistant Secretary, and may indemnify its officers, employees or agents and those of its subsidiaries, and directors and former directors of its subsidiaries, and each of their respective heirs and representatives, against all losses, charges and expenses howsoever incurred by them as a result of their actions in such capacities. &nbsp;The Registrant has entered into agreements with each of its directors confirming this indemnity. &nbsp;The failure of a director or officer of the Registrant to comply with the provisions of the BCCA or the Registrant's Memorandum or Articles, however, will invalidate any indemnity which he or she is entitled to.</font></P>
<P style="margin:0pt; font-family:CG Times"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></P>
<P style="margin:0pt; text-indent:36pt; font-family:CG Times"><font size="2">A policy of directors' and officers' liability insurance is maintained by the Registrant which insures directors and officers for losses as a result of claims against the directors and officers of the Registrant in the indemnity provisions under the Articles and the BCCA.</font></P>
<P style="margin:0pt; font-family:CG Times"><font size="2"><BR></font></P>
<P style="margin:0pt; text-indent:36pt; font-family:CG Times"><font size="2">Insofar as indemnification for liabilities arising under the Securities Act of 1933 (the &quot;Securities Act&quot;) may be permitted to directors, officers or persons controlling the
Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</font></P>
<font size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; font-family:Times New Roman" align=center><font size="2">II-1</font></P>
<P style="margin:0pt; line-height:8pt; font-family:Times New Roman; font-size:6pt"><font size="2">&nbsp;<BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<font size="2">
<BR>
<BR>
<BR>
</font>
<P style="page-break-before:always; margin:0pt; font-family:CG Times" align=justify><B><U><font size="2">Exhibits.</font></U></B></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2">The following exhibits have been filed or incorporated by reference as part of the Registration Statement:</font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><B><font size="2">Exhibit</font></B></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times" align=justify><B><U><font size="2">Number</font> </U></B></P>
<P style="margin:0pt; text-indent:72pt; font-family:CG Times" align=justify><B><U><font size="2">Description</font></U> </B></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.1</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Annual Information Form of the Registrant, dated May 19, 2004.<SUP> (1)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.2</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Management's Discussion and Analysis of Financial Condition and Results of Operations for the fiscal year ended December 31, 2003.<SUP> (1)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.3</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Audited Consolidated Financial Statements of the Registrant and the notes thereon as at and for the years ended December 31, 2002 and 2003, together with the auditors' report thereon.<SUP>(2)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.4</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Unaudited Consolidated Financial Statements of the Registrant and the notes thereto as at and for the nine months ended September 30, 2004, together with management's discussion and analysis of financial condition and results of operations for the nine months ended September 30, 2004.<SUP>(3)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.5</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Information Circular of the Registrant, dated April 6, 2004, in connection with the Registrant's May 11, 2004 annual meeting of members, other than the sections titled &quot;Corporate Governance&quot;, &quot;Executive Compensation
- - Compensation Committee&quot;, &quot; Executive Compensation - Report on Executive Compensation&quot; and &quot; Executive Compensation
- - Performance Graph&quot;.<SUP>(4)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.6</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated January 8, 2004 relating to the filing of a prospectus.<SUP> (5)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.7</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated February 10, 2004, relating to an agreement to purchase 92.014% of the voting shares of Compa&#241;ia Minera Argentum S.A.<SUP> (6)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.8</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated February 18, 2004, relating to financial and operational results for the fourth quarter and year ended December 31, 2003.<SUP> (3)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.9</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated February 27, 2004, relating to an offering of common shares.<SUP> (7)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.10</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated February 27, 2004, relating to its intention to make an offer to encourage early conversion of its outstanding 5.25% convertible debentures.<SUP> (7)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.11</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated March 30, 2004, relating to the offer to encourage conversion by holders of its 5.25% convertible debentures.<SUP> (8)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.12</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated May 11, 2004, relating to financial and operational results for the first quarter of 2004.<SUP> (9)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.13</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated July 23, 2004, relating the Registrant's offer to purchase the voting shares of Compa&#241;ia Minera Argentum S.A.<SUP> (10)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.14</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated August 23, 2004, relating to the filing of a prospectus supplement.<SUP> (11)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.15</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated August 26, 2004, relating to the purchase of an 88% interest in the Morococha mine.<SUP> (11)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.16</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated November 22, 2004, relating to the sale of its interest in the Dukat mine.<SUP> (12)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.16</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Unaudited
Consolidated Financial Statements of the Registrant and the notes, including a
US GAAP reconciliation, for the nine months ended September 30, 2004<SUP>  (13)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">5.1</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Consent of Deloitte &amp; Touche LLP</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">5.2</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Consent of PricewaterhouseCoopers LLP</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">6.1</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Powers of Attorney (included on page III-3 of this Registration Statement)</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">7.1</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Form of Indenture</font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2">_______________</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><SUP><font size="2">(1)</font></SUP></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:CG Times"><font size="2">Incorporated by reference to the Registrant's Annual Report on Form 40-F, filed with the Commission on May 20, 2004.</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><SUP><font size="2">(2)</font></SUP></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:CG Times"><font size="2">Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on March 18, 2004.</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><SUP><font size="2">(3)</font></SUP></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:CG Times"><font size="2">Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on December 22, 2004.</font> </P>
&nbsp;
<P style="margin:0pt; font-family:Times New Roman" align=center><font size="2">II-2</font></P>
<P style="margin:0pt; line-height:8pt; font-family:Times New Roman; font-size:6pt"><font size="2">&nbsp;<BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><SUP><font size="2">(4)</font></SUP></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:CG Times"><font size="2">Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on April 22, 2004.</font></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:-12pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><SUP><font size="2">(5)</font></SUP></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:CG Times"><font size="2">Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on January 9. 2004.</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><SUP><font size="2">(6)</font></SUP></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:CG Times"><font size="2">Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on February 11, 2004.</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><SUP><font size="2">(7)</font></SUP></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:CG Times"><font size="2">Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on March 1, 2004.</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><SUP><font size="2">(8)</font></SUP></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:CG Times"><font size="2">Incorporated by reference to the Registrant's Registration Statement on Form F-10 (File No. 333-113806) filed with the Commission on March 30, 2004.</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><SUP><font size="2">(9)</font></SUP></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:CG Times"><font size="2">Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on May 13, 2004.</font></P>
<P style="text-indent: -13.5pt; font-family: CG Times; margin-top: 0pt; margin-bottom: 0; padding-left: 13.5pt"><font size="2"><SUP>(10)</SUP>
Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on July 27, 2004.</font></P>
<P style="text-indent: -13.5pt; font-family: CG Times; margin-top: 0pt; margin-bottom: 0; padding-left: 13.5pt"><font size="2"><SUP>(11)</SUP>
Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on December 13, 2004.</font></P>
<P style="text-indent: -13.5pt; font-family: CG Times; margin-top: 0pt; margin-bottom: 0; padding-left: 13.5pt"><font size="2"><SUP>(12)</SUP>
Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on November 22, 2004.</font></P>
<P style="text-indent: -13.5pt; font-family: CG Times; margin-top: 0pt; margin-bottom: 0; padding-left: 13.5pt"><font size="2"><SUP>(13)</SUP>
Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on
January 18, 2005.</font></P>
<font size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; font-family:Times New Roman" align=center><font size="2">II-3<BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<font size="2">
<BR>
<BR>
<BR>
</font>
<P style="page-break-before:always; margin:0pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=center><B><font size="2">PART III</font></B></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=center><B><U><font size="2">UNDERTAKING AND CONSENT TO SERVICE OF PROCESS</font></U></B></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times" align=justify><B><font size="2">Item 1.</font></B></P>
<P style="margin:0pt; text-indent:36pt; font-family:CG Times" align=justify><B><U><font size="2">Undertaking.</font></U></B></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; text-indent:36pt; font-family:CG Times" align=justify><font size="2">The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to the securities
registered pursuant to Form F-10 or to transactions in such securities.</font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times" align=justify><B><font size="2">Item 2.</font></B></P>
<P style="margin:0pt; text-indent:36pt; font-family:CG Times" align=justify><B><U><font size="2">Consent to Service of Process.</font></U></B></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:CG Times" align=justify><font size="2">(a)</font></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Concurrently with the filing of this Registration Statement on Form F-10, the Registrant is filing with the Commission a written irrevocable consent and power of attorney on Form F-X. &nbsp;</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:CG Times" align=justify><font size="2">(b)</font></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Pursuant to Section 305(b)(2) of the Trust Indenture Act of 1939, as amended, the Registrant will designate a trustee under the indenture included as exhibit 7.1 hereto at a later date and will file an application for determining such trustee's eligibility, if required, under such section or, if required, will have the Trustee file with the Commission a written irrevocable consent and power of attorney on Form F-X at such time. &nbsp;</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:CG Times" align=justify><font size="2">(c)</font></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Any change to the name or address of the agent for service of the Registrant or the Trustee will be communicated promptly to the Commission by amendment to Form F-X referencing the file number of the relevant registration statement.</font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<font size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; font-family:Times New Roman" align=center><font size="2">III-1</font></P>
<P style="margin:0pt; line-height:8pt; font-family:Times New Roman; font-size:6pt"><font size="2">&nbsp;<BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<font size="2">
<BR>
<BR>
<BR>
</font>
<P style="page-break-before:always; margin:0pt; font-family:CG Times" align=center><B><font size="2">SIGNATURES</font></B></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; text-indent:36pt; font-family:CG Times" align=justify><font size="2">Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form F-10 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Vancouver, British Columbia, Canada on January
18, 2005.</font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; text-indent:216pt; font-family:CG Times" align=justify><B><font size="2">PAN AMERICAN SILVER CORP.</font></B></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:216pt; font-family:CG Times" align=justify><font size="2">By:<u>&nbsp;/s/
Geoffrey A. Burns&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></font></P>
<P style="margin:0pt; text-indent:432pt; font-family:CG Times" align=justify><U><font size="2"><BR></font></U></P>
<P style="margin:0pt; text-indent:234pt; font-family:CG Times" align=justify><font size="2">Geoffrey A. Burns</font></P>
<P style="margin:0pt; text-indent:234pt; font-family:CG Times" align=justify><font size="2">President and Chief Executive Officer</font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<font size="2">
<BR>
<BR>
</font>
<P style="margin:0pt; font-family:Times New Roman" align=center><font size="2">III-2<BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<p>
<font size="2">
<br>
<br>
</font>
</p>
<p>
<font size="2">
<BR>
</font>
<P style="page-break-before:always; margin:0pt; font-family:CG Times" align=center><B><font size="2">POWER OF ATTORNEY</font></B></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2">KNOW ALL MEN AND WOMEN BY THESE
PRESENTS, that each officer or director of Pan American Silver Corp. whose signature appears below
constitutes and appoints Geoffrey A. Burns and A. Robert Doyle, and each of them, with full power to act without the
other, his or her true and lawful attorneys-in-fact and agents, with full and several power of
substitution, for him or her and in his or her name, place and stead, in any and all
capacities, to sign any or all amendments, including post-effective amendments, and supplements to this Registration Statement on Form F-10, and registration statements filed pursuant to Rule 429 under the Securities Act and to file the same, with all exhibits thereto, and other documents in connection there-with, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and
authority to do and perform each and every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as they or he or she might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents or his or her or their substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.</font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2">Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by or on behalf of the following
persons in the capacities indicated on January
18, 2005</font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:CG Times" align=justify><B><U><font size="2">Signature</font></U></B></P>
<P style="margin:0pt; text-indent:252pt; font-family:CG Times" align=justify><B><U><font size="2">Title</font></U></B></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<p style="text-indent: 144pt; font-family: CG Times; margin: 0pt" align="justify">&nbsp;</p>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times" align=justify>&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times" align=justify>&nbsp;</P>
<P style="font-family: CG Times; margin-top: 0pt; margin-bottom: 0" align=justify><u><font size="2">&nbsp;/s/
Geoffrey A. Burns &nbsp;&nbsp;&nbsp;&nbsp;</font></u></P>
<P style="font-family: CG Times; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">Geoffrey A. Burns&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
President, Chief Executive Officer and Director</font></P>
<P style="margin:0pt; text-indent:207pt; font-family:CG Times" align=justify><font size="2">(Principal Executive Officer)</font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; text-indent:144pt; font-family:CG Times" align=justify><U><font size="2"><BR></font></U></P>
<P style="margin:0pt; text-indent:144pt; font-family:CG Times" align=justify>&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times" align=justify>&nbsp;</P>
<P style="font-family: CG Times; margin-top: 0pt; margin-bottom: 0" align=justify><u><font size="2">&nbsp;/s/&nbsp;
A. Robert Doyle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></P>
<P style="font-family: CG Times; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">A. Robert Doyle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Chief Financial Officer (Principal Financial Officer and&nbsp;</font></P>
<P style="font-family: CG Times; margin-top: 0pt; margin-bottom: 0" align=justify><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Principal Accounting Officer)</font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; text-indent:144pt; font-family:CG Times" align=justify><U><font size="2"><BR></font></U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times" align=justify>&nbsp;</P>
<P style="font-family: CG Times; margin-top: 0pt; margin-bottom: 0" align=justify><u><font size="2">&nbsp;/s/
Ross J. Beaty&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></P>
<P style="font-family: CG Times; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">Ross J. Beaty&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Director</font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; text-indent:144pt; font-family:CG Times" align=justify><U><font size="2"><BR></font></U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:CG Times" align=justify>&nbsp;</P>
<P style="font-family: CG Times; margin-top: 0pt; margin-bottom: 0" align=justify><u><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;&nbsp;&nbsp;&nbsp;</font></u></P>
<P style="font-family: CG Times; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">William A. Fleckenstein&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Director</font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="text-indent: 144pt; font-family: CG Times; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify><U><font size="2"><BR></font></U></P>
<P style="font-family: CG Times; margin-top: 0; margin-bottom: 0" align=justify><u><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;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></P>
<P style="font-family: CG Times; margin-top: 0; margin-bottom: 0" align=justify><font size="2">Michael Larson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Director</font></P>
<P style="font-family: CG Times; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify><font size="2"><BR></font></P>
<P style="font-family: CG Times; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify><font size="2"><BR></font></P>
<P style="text-indent: 144pt; font-family: CG Times; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify><U><font size="2"><BR></font></U></P>
<p style="font-family: CG Times; margin-top: 0; margin-bottom: 0" align="justify"><u><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<P style="font-family: CG Times; margin-top: 0; margin-bottom: 0" align=justify><font size="2">Michael J.J. Maloney&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Director</font></P>
<P style="font-family: CG Times; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify><font size="2"><BR></font></P>
<P style="font-family: CG Times; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify><font size="2"><BR></font></P>
<P style="text-indent: 144pt; font-family: CG Times; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify><U><font size="2"><BR></font></U></P>
<P style="font-family: CG Times; margin-top: 0; margin-bottom: 0" align=justify><u><font size="2">&nbsp;/s/&nbsp;
Paul B. Sweeney&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></P>
<P style="font-family: CG Times; margin-top: 0; margin-bottom: 0" align=justify><font size="2">Paul B. Sweeney&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Director</font></P>
<P style="font-family: CG Times; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify><font size="2"><BR></font></P>
<P style="font-family: CG Times; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify><font size="2"><BR></font></P>
<P style="text-indent: 144pt; font-family: CG Times; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify><U><font size="2"><BR></font></U></P>
<P style="font-family: CG Times; margin-top: 0; margin-bottom: 0" align=justify><u><font size="2">/s/
John M. Willson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></P>
<P style="font-family: CG Times; margin-top: 0; margin-bottom: 0" align=justify><font size="2">John M. Willson&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Director</font></P>
<P style="font-family: CG Times; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify><font size="2"><BR></font></P>
<P style="font-family: CG Times; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify><font size="2"><BR></font></P>
<P style="text-indent: 144pt; font-family: CG Times; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0" align=justify><U><font size="2"><BR></font></U></P>
<P style="font-family: CG Times; margin-top: 0; margin-bottom: 0" align=justify><u><font size="2">/s/
John H. Wright&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></P>
<P style="font-family: CG Times; margin-top: 0; margin-bottom: 0" align=justify><font size="2">John H. Wright&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Director</font></P>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p align="center">III-3</p>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<font size="2">
<BR>
<BR>
<BR>
</font>
<P style="page-break-before:always; margin:0pt; font-family:CG Times" align=center><B><font size="2">AUTHORIZED REPRESENTATIVE</font></B></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; text-indent:36pt; font-family:CG Times" align=justify><font size="2">Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, the Authorized Representative has duly caused this Registration Statement to be signed on its behalf by the undersigned, solely in its capacity as the duly authorized representative of Pan American Silver Corp. in the United States, in the City of Reno, State of Nevada on January
18, 2005.</font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; text-indent:216pt; font-family:CG Times" align=justify><B><font size="2">PAN AMERICAN MINERALS INC.</font></B></P>
<P style="margin:0pt; text-indent:216pt; font-family:CG Times" align=justify><font size="2">(Authorized Representative)</font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="font-family: CG Times; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2"><BR></font></P>
<P style="text-indent: 216pt; font-family: CG Times; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">By:<U>&nbsp;
/s/ Ross J. Beaty</U></font></P>
<P style="text-indent: 234pt; font-family: CG Times; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">Ross J. Beaty</font></P>
<P style="text-indent: 234pt; font-family: CG Times; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align=justify><font size="2">Director</font></P>
<font size="2">
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<P style="margin:0pt; font-family:Times New Roman" align=center><font size="2">III-4</font></P>
<P style="margin:0pt; line-height:8pt; font-family:Times New Roman; font-size:6pt"><font size="2">&nbsp;<BR></font></P>
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<P style="page-break-before:always; margin:0pt; font-family:CG Times" align=center><B><U><font size="2">EXHIBIT INDEX</font></U></B></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; line-height:10pt; font-family:CG Times; font-size:8pt" align=justify><B><font size="2">Exhibit</font></B></P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-right:-12pt; line-height:10pt; font-family:CG Times; font-size:8pt" align=justify><B><U><font size="2">Number</font> </U></B></P>
<P style="margin-top:0pt; margin-bottom:-10pt; padding-right:-12pt; text-indent:72pt; line-height:10pt; font-family:CG Times; font-size:8pt" align=justify><B><U><font size="2">Description</font></U> </B></P>
<P style="margin:0pt; padding-right:-12pt; text-indent:438pt; line-height:10pt; font-family:CG Times; font-size:8pt" align=right><B><U><font size="2">Page No.</font></U></B></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2"><BR></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.1</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Annual Information Form of the Registrant, dated May 19, 2004.<SUP> (1)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.2</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Management's Discussion and Analysis of Financial Condition and Results of Operations for the fiscal year ended December 31, 2003.<SUP> (1)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.3</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Audited Consolidated Financial Statements of the Registrant and the notes thereon as at and for the years ended December 31, 2002 and 2003, together with the auditors' report thereon.<SUP>(2)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.4</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Unaudited Consolidated Financial Statements of the Registrant and the notes thereto as at and for the nine months ended September 30, 2004, together with management's discussion and analysis of financial condition and results of operations for the nine months ended September 30, 2004.<SUP>(3)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.5</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Information Circular of the Registrant, dated April 6, 2004, in connection with the Registrant's May 11, 2004 annual meeting of members, other than the sections titled &quot;Corporate Governance&quot;, &quot;Executive Compensation
- - Compensation Committee&quot;, &quot; Executive Compensation - Report on Executive Compensation&quot; and &quot; Executive Compensation
- - Performance Graph&quot;.<SUP>(4)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.6</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated January 8, 2004 relating to the filing of a prospectus.<SUP> (5)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.7</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated February 10, 2004, relating to an agreement to purchase 92.014% of the voting shares of Compa&#241;ia Minera Argentum S.A.<SUP> (6)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.8</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated February 18, 2004, relating to financial and operational results for the fourth quarter and year ended December 31, 2003.<SUP> (3)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.9</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated February 27, 2004, relating to an offering of common shares.<SUP> (7)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.10</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated February 27, 2004, relating to its intention to make an offer to encourage early conversion of its outstanding 5.25% convertible debentures.<SUP> (7)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.11</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated March 30, 2004, relating to the offer to encourage conversion by holders of its 5.25% convertible debentures.<SUP> (8)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.12</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated May 11, 2004, relating to financial and operational results for the first quarter of 2004.<SUP> (9)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.13</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated July 23, 2004, relating the Registrant's offer to purchase the voting shares of Compa&#241;ia Minera Argentum S.A.<SUP>(10)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.14</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated August 23, 2004, relating to the filing of a prospectus supplement.<SUP> (11)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.15</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated August 26, 2004, relating to the purchase of an 88% interest in the Morococha mine.<SUP> (11)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.16</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Material Change Report of the Registrant, dated November 22, 2004, relating to the sale of its interest in the Dukat mine.<SUP> (12)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">4.17</font></P>
<P style="margin:0pt; padding-left:72pt; font-family:CG Times" align=justify><font size="2">Unaudited
Consolidated Financial Statements of the Registrant and the notes, including a
US GAAP reconciliation, for the nine months ended September 30, 2004<SUP>  (13)</SUP></font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">5.1</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Consent of Deloitte &amp; Touche LLP</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">5.2</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Consent of PricewaterhouseCoopers LLP</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">6.1</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Powers of Attorney (included on page III-3 of this Registration Statement)</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; padding-right:48pt; text-indent:-58.5pt; font-family:CG Times" align=justify><font size="2">7.1</font></P>
<P style="margin:0pt; padding-left:72pt; padding-right:48pt; font-family:CG Times" align=justify><font size="2">Form of Indenture</font></P>
<P style="margin:0pt; font-family:CG Times" align=justify><font size="2">_______________</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><SUP><font size="2">(1)</font></SUP></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:CG Times"><font size="2">Incorporated by reference to the Registrant's Annual Report on Form 40-F, filed with the Commission on May 20, 2004.</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><SUP><font size="2">(2)</font></SUP></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:CG Times"><font size="2">Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on March 18, 2004.</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><SUP><font size="2">(3)</font></SUP></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:CG Times"><font size="2">Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on December 22, 2004.</font> </P>
<font size="2">
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<font size="2">
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<P style="page-break-before:always; margin-top:0pt; margin-bottom:-12pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><SUP><font size="2">(4)</font></SUP></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:CG Times"><font size="2">Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on April 22, 2004.</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><SUP><font size="2">(5)</font></SUP></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:CG Times"><font size="2">Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on January 9. 2004.</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><SUP><font size="2">(6)</font></SUP></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:CG Times"><font size="2">Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on February 11, 2004.</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><SUP><font size="2">(7)</font></SUP></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:CG Times"><font size="2">Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on March 1, 2004.</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><SUP><font size="2">(8)</font></SUP></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:CG Times"><font size="2">Incorporated by reference to the Registrant's Registration Statement on Form F-10 (File No. 333-113806) filed with the Commission on March 30, 2004.</font></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><SUP><font size="2">(9)</font></SUP></P>
<P style="margin:0pt; padding-left:13.5pt; font-family:CG Times"><font size="2">Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on May 13, 2004.</font></P>
<P style="text-indent: -13.5pt; font-family: CG Times; margin-top: 0pt; margin-bottom: 0; padding-left: 13.5pt"><font size="2"><SUP>(10)
</SUP>Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on July 27, 2004.</font></P>
<P style="text-indent: -13.5pt; font-family: CG Times; margin-top: 0pt; margin-bottom: 0; padding-left: 13.5pt"><font size="2"><SUP>(11)</SUP>
Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on December 13, 2004.</font></P>
<P style="text-indent: -13.5pt; font-family: CG Times; margin-top: 0pt; margin-bottom: 0; padding-left: 13.5pt"><font size="2"><SUP>(12)</SUP>
Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on November 22, 2004.</font></P>
<P style="text-indent: -13.5pt; font-family: CG Times; margin-top: 0pt; margin-bottom: 0; padding-left: 13.5pt"><font size="2"><SUP>(13)</SUP>
Incorporated by reference to the Registrant's Report on Form 6-K, furnished to the Commission on
January 18, 2005.</font></P>
<P style="margin:0pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:CG Times"><font size="2"><BR></font></P>
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<P style="page-break-before:always; margin:0pt; font-family:CG Times" align=right><B><font size="2">Exhibit 5.1</font></B></P>
<font size="2">
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<a name="page_1"></a>
</font>
<p><font size="2"><img border="0" src="auditors2x1x1.jpg" width="830" height="1057"></font></p>
<a name="page_2"></a>
<p>&nbsp;</p>
<p>
<font size="2">
<BR>
</font>
</p>
<P style="margin:0pt; font-family:Times New Roman"><font size="2"><BR></font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<font size="2">
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</font>
<P style="page-break-before:always; margin:0pt; font-family:CG Times" align=right><B><font size="2">Exhibit 5.2</font></B></P>
<font size="2">
<BR>
</font>
<p>&nbsp;</p>
<a name="page_1"></a>
<p>&nbsp;</p>
<a name="page_2"></a>
<p align="center"><font size="2"><img border="0" src="auditorsx1x1.jpg" width="720" height="916" align="center"></font></p>
&nbsp;
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<p align="right"><b><font size="2">Exhibit 7.1</font></b></p>
<p align="right"><br>
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<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<p align="right">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
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<p style="margin-top:0pt; margin-bottom:11pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2"><br>
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</p>
<p style="margin-top:0pt; margin-bottom:11pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2"><br>
</font>
</p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2"><b>Dated
as of </b><font FACE="Symbol"><b>&middot;</b></font></font></p>
<p style="margin-top:0pt; margin-bottom:11pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2"><br>
</font>
</p>
<p style="margin-top:0pt; margin-bottom:11pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2"><br>
</font>
</p>
<p style="margin-top:0pt; margin-bottom:11pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2"><br>
</font>
</p>
<p style="margin-top:0pt; margin-bottom:11pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2"><br>
</font>
</p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b><font size="2">PAN
AMERICAN SILVER CORP.</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
and -</font></p>
<p style="margin-top:0pt; margin-bottom:48pt; line-height:14pt; font-family:Symbol; font-size:12pt" align="center"><font size="2">&middot;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">_______________________________________________</font></p>
<p style="margin-top:0pt; margin-bottom:14pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align="center"><b><font size="2">TRUST
INDENTURE</font></b></p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">PROVIDING
FOR THE CREATION</font></p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">AND</font></p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">ISSUANCE
OF DEBT SECURITIES</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">ISSUABLE
IN SERIES</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">_______________________________________________</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><br>
</font>
</p>
<p style="margin-top:0pt; margin-bottom:11pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">TABLE
OF CONTENTS</font></p>
<p style="margin-top:2.5pt; margin-bottom:-12pt; font-family:Times New Roman Bold"><b><font size="2">ARTICLE
1 INTERPRETATION</font></b></p>
<p style="margin-top:0pt; margin-bottom:3pt; text-indent:462.5pt; font-family:Times New Roman Bold"><b><font size="2">1</font></b></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">1.1</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Definitions</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:452.5pt; font-family:Times New Roman"><font size="2">1</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">1.2</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Accounting
Principles</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">10</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">1.3</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Headings
and Table Of Contents</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">10</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">1.4</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Section
and Schedule References</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">10</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">1.5</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Governing
Law</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">10</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">1.6</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Currency</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">10</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">1.7</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Non-Business
Days</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">10</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">1.8</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Time</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">11</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">1.9</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Reference
to Statutes</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">11</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">1.10</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Severability</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">11</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">1.11</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Number,
Gender and Expressions</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">11</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">1.12</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Independence
of Covenants</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">11</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">1.13</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Interest
Payments and Calculations</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">11</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">1.14</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">English
Language</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">12</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">1.15</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">No
Conflict With Series Supplements</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">12</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">1.16</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Certificate
and Opinion as to Conditions Precedent</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">12</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">1.17</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Statements
Required in Certificate or Opinion</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">12</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">1.18</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Form
of Documents Delivered to Trustee</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">13</font></p>
<p style="margin-top:2.5pt; margin-bottom:-12pt; font-family:Times New Roman Bold"><b><font size="2">ARTICLE
2 THE DEBT SECURITIES</font></b></p>
<p style="margin-top:0pt; margin-bottom:3pt; text-indent:457.5pt; font-family:Times New Roman Bold"><b><font size="2">13</font></b></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">2.1</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">No
Limit on Issue</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">13</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">2.2</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Principal
Terms of a Series</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">13</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">2.3</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Currency
and Denominations</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">16</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">2.4</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Form
of Definitive Debt Securities</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">16</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">2.5</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Form
of Interim Debt Securities</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">17</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">2.6</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Execution</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">17</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">2.7</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Certification
By Trustee</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">17</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">2.8</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Paying
Agent</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">18</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">2.9</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Registrar</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">20</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">2.10</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Transfer
Agent</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">23</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">2.11</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Registration
of Exchanges and Transfers</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">23</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">2.12</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Persons
Entitled to Payment</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">24</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">2.13</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Cancellation
of Debt Securities</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">25</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">2.14</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Mutilated,
Lost, Stolen or Destroyed Debt Securities</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">25</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">2.15</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Access
to Lists of Holders</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">26</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">2.16</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Global
Securities</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">26</font></p>
<p style="margin-top:2.5pt; margin-bottom:-12pt; font-family:Times New Roman Bold"><b><font size="2">ARTICLE
3 REDEMPTIONS AND PURCHASES, SINKING FUNDS</font></b></p>
<p style="margin-top:0pt; margin-bottom:3pt; text-indent:457.5pt; font-family:Times New Roman Bold"><b><font size="2">28</font></b></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">3.1</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Redemption</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">28</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">3.2</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Sinking
Fund</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">31</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">3.3</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Purchase
of Debt Securities</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">31</font></p>
<p style="margin-top:2.5pt; margin-bottom:-12pt; font-family:Times New Roman Bold"><b><font size="2">ARTICLE
4 PAYMENTS, PRIORITY ARRANGEMENTS</font></b></p>
<p style="margin-top:0pt; margin-bottom:3pt; text-indent:457.5pt; font-family:Times New Roman Bold"><b><font size="2">32</font></b></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">4.1</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Provisions
for Payment</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">32</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">4.2</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Interest
Payments</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">32</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">4.3</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Currency
Indemnity</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">33</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">4.4</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Ranking
of Debt Securities</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">34</font></p>
<p style="margin-top:2.5pt; margin-bottom:-12pt; font-family:Times New Roman Bold"><b><font size="2">ARTICLE
5 COVENANTS</font></b></p>
<p style="margin-top:0pt; margin-bottom:3pt; text-indent:457.5pt; font-family:Times New Roman Bold"><b><font size="2">35</font></b></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">5.1</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Covenants</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">35</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">5.2</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Trustee
May Perform Covenants</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">37</font></p>
<p style="margin-top:2.5pt; margin-bottom:-12pt; font-family:Times New Roman Bold"><b><font size="2">ARTICLE
6 EVENTS OF DEFAULT AND REMEDIES</font></b></p>
<p style="margin-top:0pt; margin-bottom:3pt; text-indent:457.5pt; font-family:Times New Roman Bold"><b><font size="2">38</font></b></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">6.1</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Events
of Default</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">38</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">6.2</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Acceleration
of Maturity; Rescission and Annulment.</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">39</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
i -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">6.3</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Remedies</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">40</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">6.4</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Trustee
May File Proofs of Claim</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">40</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">6.5</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Enforcement
Without Possession of Debt Securities</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">40</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">6.6</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Application
of Money Collected</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">41</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">6.7</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Notice
of Event of Default</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">41</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">6.8</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Restoration
of Rights and Remedies</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">41</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">6.9</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Rights
and Remedies Cumulative</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">42</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">6.10</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Waiver
of Defaults</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">42</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">6.11</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Holders
May Direct Trustee's Action</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">42</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">6.12</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Limitation
of Trustee's Liability</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">42</font></p>
<p style="margin-top:2.5pt; margin-bottom:-12pt; font-family:Times New Roman Bold"><b><font size="2">ARTICLE
7 SUITS BY HOLDERS AND TRUSTEE</font></b></p>
<p style="margin-top:0pt; margin-bottom:3pt; text-indent:457.5pt; font-family:Times New Roman Bold"><b><font size="2">43</font></b></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">7.1</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Holders
May Not Sue</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">43</font></p>
<p style="margin-top:2.5pt; margin-bottom:-12pt; font-family:Times New Roman Bold"><b><font size="2">ARTICLE
8 TRUSTEE</font></b></p>
<p style="margin-top:0pt; margin-bottom:3pt; text-indent:457.5pt; font-family:Times New Roman Bold"><b><font size="2">44</font></b></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">8.1</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Acceptance
of Trust</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">44</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">8.2</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Standard
of Care of Trustee</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">44</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">8.3</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Conditions
Precedent to Trustee's Obligations to Act</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">44</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">8.4</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Delegation;
Experts and Advisers</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">45</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">8.5</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Protection
of the Trustee</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">45</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">8.6</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Individual
Rights of Trustee</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">46</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">8.7</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Trustee's
Disclaimer</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">46</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">8.8</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Compensation
and Indemnity</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">46</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">8.9</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Conflict
of Interest</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">47</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">8.10</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Replacement
of Trustee</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">47</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">8.11</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Successor
Trustee by Merger</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">48</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">8.12</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Eligibility;
Disqualification</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">49</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">8.13</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Trustee
Not to be Appointed Receiver</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">49</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">8.14</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Adoption
of Certification</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">49</font></p>
<p style="margin-top:2.5pt; margin-bottom:-12pt; font-family:Times New Roman Bold"><b><font size="2">ARTICLE
9 NOTICES</font></b></p>
<p style="margin-top:0pt; margin-bottom:3pt; text-indent:457.5pt; font-family:Times New Roman Bold"><b><font size="2">50</font></b></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">9.1</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Notice
to Issuer</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">50</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">9.2</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Notice
to Holders</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">50</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">9.3</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Notice
to Trustee</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">51</font></p>
<p style="margin-top:2.5pt; margin-bottom:-12pt; font-family:Times New Roman Bold"><b><font size="2">ARTICLE
10 HOLDERS' ACTIONS AND MEETINGS</font></b></p>
<p style="margin-top:0pt; margin-bottom:3pt; text-indent:457.5pt; font-family:Times New Roman Bold"><b><font size="2">51</font></b></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">10.1</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Holder
Actions</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">51</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">10.2</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Meetings
of Holders</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">53</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">10.3</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Additional
Powers Exercisable by Holder Direction</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">55</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">10.4</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Powers
Cumulative</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">56</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">10.5</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Regulations</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">56</font></p>
<p style="margin-top:2.5pt; margin-bottom:-12pt; font-family:Times New Roman Bold"><b><font size="2">ARTICLE
11 AMALGAMATION, CONSOLIDATION, CONVEYANCE, TRANSFER OR LEASE</font></b></p>
<p style="margin-top:0pt; margin-bottom:3pt; text-indent:457.5pt; font-family:Times New Roman Bold"><b><font size="2">57</font></b></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">11.1</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Consolidation,
Amalgamation, Merger or Sale of Assets Permitted</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">57</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">11.2</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Succession
by Successor Issuer</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">57</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">11.3</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Evidence
to be Furnished to Trustee</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">58</font></p>
<p style="margin-top:2.5pt; margin-bottom:-12pt; font-family:Times New Roman Bold"><b><font size="2">ARTICLE
12 SUPPLEMENTAL INDENTURES AND AMENDMENTS</font></b></p>
<p style="margin-top:0pt; margin-bottom:3pt; text-indent:457.5pt; font-family:Times New Roman Bold"><b><font size="2">58</font></b></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">12.1</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Series
Supplements</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">58</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">12.2</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Supplemental
Indentures</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">58</font></p>
<p style="margin-top:2.5pt; margin-bottom:-12pt; font-family:Times New Roman Bold"><b><font size="2">ARTICLE
13 DEFEASANCE; SATISFACTION AND DISCHARGE</font></b></p>
<p style="margin-top:0pt; margin-bottom:3pt; text-indent:457.5pt; font-family:Times New Roman Bold"><b><font size="2">60</font></b></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">13.1</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Defeasance</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">60</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">13.2</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Satisfaction
and Discharge</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">63</font></p>
<p style="margin-top:2.5pt; margin-bottom:-12pt; font-family:Times New Roman Bold"><b><font size="2">ARTICLE
14 GENERAL</font></b></p>
<p style="margin-top:0pt; margin-bottom:3pt; text-indent:457.5pt; font-family:Times New Roman Bold"><b><font size="2">63</font></b></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">14.1</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Trust
Indenture Legislation Controls</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">63</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">14.2</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Binding
Effect</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">64</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; font-family:Times New Roman"><font size="2">14.3</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:10pt; text-indent:30pt; font-family:Times New Roman; font-size:12pt"><font size="2">Counterparts</font></p>
<p style="margin:0pt; padding-left:10pt; text-indent:447.5pt; font-family:Times New Roman"><font size="2">64</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
ii -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:22pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="center"><b><font size="2">TRUST
INDENTURE</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">THIS
TRUST INDENTURE dated <font FACE="Symbol">&middot;</font></font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">BETWEEN:</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; padding-right:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b>PAN
AMERICAN SILVER CORP.</b>, a corporation existing under the laws of the Province
of British Columbia</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font size="2">(hereinafter
called the "<b><font FACE="Times New Roman Bold">Issuer</font></b>")</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">AND:</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; padding-right:72pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><font size="2">&middot;<font FACE="Times New Roman">,
a trust company organized under the laws of Canada and duly authorized to carry
on the trust of business in each province of Canada,</font></font></p>
<p style="margin-top:0pt; margin-bottom:22pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font size="2">(hereinafter
called the "<b><font FACE="Times New Roman Bold">Trustee</font></b>")</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">WITNESSES
THAT WHEREAS the Issuer wishes to issue from time to time Debt Securities in the
manner provided for in this Indenture;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are acknowledged by the Issuer and the Trustee, it is agreed as follows:</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="center"><b><font size="2">ARTICLE
1<br>
<a NAME="_Toc90089868"></a>INTERPRETATION</font></b></p>
<a NAME="_Toc90089869"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">1.1</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Definitions</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
this Indenture, the following terms shall have the meanings set out below and
grammatical variations of such terms shall have corresponding meanings:</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Affiliate</b>"
means, with respect to any Person, any other Person that is considered to be an
affiliated entity of such Person pursuant to Ontario Securities Commission Rule
45-501;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Applicable
Law</b>" means, at any time, with respect to any Person, property,
transaction, event or other matter, as applicable, all laws, rules, statutes,
regulations, treaties, orders, judgments and decrees, and, whether or not having
the force of law, all official requests, directives, rules, guidelines, orders,
policies, practices and other requirements of any Governmental Authority
relating or applicable at such time to such Person, property, transaction, event
or other matter, and shall also include, whether or not having the force of law,
any interpretation thereof by any Person having jurisdiction over it or charged
with its administration or interpretation;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Applicable
Securities Law</b>" means any Applicable Law in any jurisdiction regulating,
or regulating disclosure with respect to, any sale or distribution of securities
in, or to residents of, such jurisdiction;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Authorized
Newspaper</b>" means a newspaper, in an official language of the place of
publication or in the English language, customarily published on each day that
is a Business Day in the place of publication, whether or not published on days
that are not Business Days in the place of publication, and of general
circulation in each place in connection with which the term is used or in the
financial</font></p>
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1 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">community
of each such place. Where successive publications are required to be made in
Authorized Newspapers, the successive publications may be made in the same or in
different newspapers in the same city meeting the foregoing requirements and, in
each case, on any day that is a Business Day in the place of publication;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Bankruptcy
Law</b>" means the <i>Bankruptcy and Insolvency Act </i>(Canada) or any other
Canadian federal or provincial law relating to bankruptcy, insolvency, winding
up, liquidation, reorganization or relief of debtors or Title 11, United States
Code or any similar United States federal or state law for the relief of
debtors;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Bankruptcy
Order</b>" means any court order made in a proceeding pursuant to or within
the meaning of any Bankruptcy Law, containing an adjudication of bankruptcy or
insolvency, or providing for liquidation, winding up, dissolution, arrangement
or reorganization, or appointing a Custodian of a debtor or of all or any
substantial part of a debtor's property, or providing for a moratorium of
indebtedness or other relief of a debtor;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Book-Based
System</b>" means, in relation to the Global Securities of a Series, the debt
clearing, record entry, transfer and pledge systems and services established and
operated by or on behalf of the related Depositary for such Series (including
where applicable pursuant to one or more agreements between such Depositary and
its Participants establishing the rules and procedures for such systems and
services);</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Bearer
Debt Security</b>" means a Debt Security issued in bearer form and which is
payable to the bearer from time to time of such Debt Security, and shall
include, where the context so requires, the coupons of such Debt Security;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Business
Day</b>" means each Monday, Tuesday, Wednesday, Thursday and Friday which
(a)&nbsp;is not a day on which chartered banks in the City of Vancouver or, in
connection with a particular Series, in any Place of Payment relative to such
Series are authorized or required under Applicable Law to remain closed, and (b)
in connection with a particular Series, is a day in any Place of Payment
relative to such Series on which the related Depositary, if any, for such Series
processes transactions under its Book-Based System;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>CDS</b>"
means The Canadian Depository for Securities Limited, together with its
successors from time to time;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Certificate
of the Issuer</b>" means a certificate signed by a Responsible Officer of the
Issuer;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Clearing
Agency</b>" means, in relation to a Series issuable in whole or in part in the
form of one or more Global Debt Securities: (i) CDS, or (ii) any other
organization recognized as a "<b>clearing agency</b>" pursuant to Applicable
Securities Law specified for such purpose in the related Series Supplement;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Counsel</b>"
means, in the case of Counsel to the Trustee, any barrister, solicitor or other
lawyer or firm of barristers, solicitors or other lawyers retained or employed
by the Trustee (who may, except as otherwise expressly provided in this
Indenture, also be Counsel to the Issuer) and, in the case of Counsel to the
Issuer, any barrister, solicitor or other lawyer or firm of barristers,
solicitors or other lawyers retained or employed by the Issuer;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Covenant
Defeasance</b>" has the meaning set out in Section 13.1(c);</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Custodian</b>"
means any receiver, interim receiver, receiver and manager, trustee, assignee,
liquidator, sequestrator or similar official under any Bankruptcy Law or any
other person with like powers;</font></p>
<font size="2">
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2 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font><p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Debt
Instrument</b>" means any bond, debenture, note or other evidence of
indebtedness of any kind, nature or description whatsoever, each of which is a "<b>Type</b>" of Debt Instrument;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Debt
Security</b>" means any Debt Instrument executed by the Issuer and certified
and delivered by the Trustee from time to time pursuant to this Indenture, and "<b>Type</b>" of Debt Security shall mean the Type of Debt Instrument so
issued and certified;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Declaration
of Acceleration</b>" means, in relation to a Series, an automatic acceleration
with respect to such Series under Section 6.2(a) or a declaration of
acceleration with respect to such Series under Section 6.2(b) or the related
Series Supplement;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Default</b>"
means, with respect to a Series, any occurrence that is, or with notice or the
lapse of time or both would become, an Event of Default with respect to such
Series;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Default
Interest</b>" has the meaning set out in Section 4.2(c);</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Defeasance</b>"
has the meaning set out in Section 13.1(b);</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Definitive
Bearer Debt Security</b>" means, with respect to a Series, a Bearer Debt
Security in the definitive form specified or provided for in the related Series
Supplement;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Definitive
Debt Security</b>" means, with respect to a Series, a Debt Security, whether
in bearer or registered form, in the definitive form specified or provided for
in the related Series Supplement;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Depositary</b>"
means, with respect to a Series issuable in whole or in part in the form of one
or more Global Debt Securities, the Clearing Agency or Clearing Agencies
designated in or pursuant to the related Series Supplement as the Depositary or
Depositaries for such Series, together with their respective successors in such
capacity;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Equivalent
Amount</b>" means, with respect to any two currencies, the amount obtained in
one such currency when an amount in the other currency is translated into the
first currency using the spot wholesale transactions buying rate of the Bank of
Canada for the purchase of the applicable amount of the first currency with the
other currency in effect as of 12:00 noon on the Business Day with respect to
which such computation is required for the purpose of this Indenture or the
other applicable Series Specific Document or, in the absence of such a buying
rate on such date, using such other rate as the Trustee, the related Registrar
or the related Paying Agent, as the case may be, may reasonably select;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Event
of Default</b>" means, with respect to a Series, any of the events identified
in Section&nbsp;6.1, or in the related Series Supplement, as being an Event of
Default with respect to such Series;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Global
Debt Security</b>" means a Debt Security of a Series in global form, whether
in bearer or registered form;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Governmental
Authority</b>" means, when used with respect to any Person, any government,
parliament, legislature, regulatory authority, agency, tribunal, department,
commission, board, instrumentality, court, arbitration board or arbitrator or
other law, regulation or rule making entity (including a Minister of the Crown,
any central bank, Superintendent of Financial Institutions or other comparable
authority or agency) having or purporting to have jurisdiction on behalf of, or
pursuant to the laws of, Canada or any country in which such Person is
incorporated, continued, amalgamated, merged or otherwise created or established
or in which such Person has an undertaking, carries on business or holds
property, or any</font></p>
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3 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
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</font>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">province,
territory, state, municipality, district or political subdivision of any such
country or of any such province, territory or state of such country;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Holder</b>"
means, with respect to a Bearer Debt Security, including a coupon of a Bearer
Debt Security, the Person having possession of such Bearer Debt Security or
coupon, and, with respect to a Registered Debt Security, the Person in whose
name such Registered Debt Security is registered in the relevant Register in
accordance with this Indenture (and including, for greater certainty, in the
case of any Global Debt Security, the applicable Depositary or its nominee which
has possession of such Global Debt Security or in whose name such Global Debt
Security is registered, as the case may be);</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Holder
Action</b>" means any request, demand, authorization, direction, notice,
consent, waiver or other action of any nature or kind given, made or taken, or
to be given, made or taken, by one or more Holders under or in respect of this
Indenture or any Debt Securities;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Holder
Direction</b>" means:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">in
respect of a Holder Action by Holders of a Series solely in relation to such
Series:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">an
approval of or direction to make, give or take such Holder Action given by
Holders of more than 50% of the unpaid principal amount of such Series voted at
a duly constituted meeting of such Holders; or</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">an
approval of or direction to make, give or take such Holder Action given pursuant
to an instrument in writing signed in one or more counterparts by Holders of
more than 50% of the unpaid principal amount of such Series; or</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">in
respect of a Holder Action by Holders of more than one Series in relation to
more than one Series:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">an
approval of or direction to make, give or take such Holder Action given by
Holders of more than 50% of the aggregate unpaid principal amount of all such
Series voted at a duly constituted meeting of such Holders; or</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">an
approval of or direction to make, give or take such Holder Action given pursuant
to an instrument in writing signed in one or more counterparts by the Holders of
more than 50% of the aggregate unpaid principal amount of all such Series;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Including</b>"
means including without limitation; and "include" or "includes" shall
mean, respectively, include without limitation or includes without limitation;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Indenture</b>"
means (i) this trust indenture as originally executed, including the Schedules
to this Indenture, as the same may be supplemented (other than by a Series
Supplement), amended (other than by a Series Supplement), consolidated or
restated from time to time, and (b) with respect to a particular Series, this
Indenture as defined in clause (i) above as supplemented by the related Series
Supplement; and the expressions "hereto", "herein", "hereof", "hereby", "hereunder", and similar expressions refer to this Indenture and not to any
particular Article, Section or other part of this Indenture;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Indenture
Amendment</b>" has the meaning set out in Section 12.2(a);</font></p>
<font size="2">
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4 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font><p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Interest
Payment Date</b>" means, with respect to any accrued interest on any Debt
Security, the Stated Maturity of such interest;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Issued</b>"
means, in relation to a Debt Security, that such Debt Security has been executed
by the Issuer, certified by the Trustee as provided herein, and delivered by or
on behalf of the Issuer;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Issuer</b>"
has the meaning set out in the first Section of this Indenture, and shall
include its successors from time to time pursuant to the applicable provisions
of this Indenture;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Issuer
Order</b>" or "<b>Issuer Request</b>" means a written order or request
signed in the name of the Issuer by a Responsible Officer;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Mandatory
Sinking Fund Payment</b>" has the meaning set out in Section 3.2(a);</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Material
Subsidiary</b>" means the following Subsidiaries of the Issuer:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:35pt; text-indent:37pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Pan
American Silver (Barbados) Corp.;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:35pt; text-indent:37pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Compania
Minera Huaron S.A.;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:35pt; text-indent:37pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Pan
American Silver S.A.C. Mina Quiruvilca;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:35pt; text-indent:37pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Pan
American Silver (Peru) S.A.;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:35pt; text-indent:37pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Plata
Panamericana S.A. de C.V.;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(f)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:35pt; text-indent:37pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Compania
Minera Altovalle S.A.;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(g)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:35pt; text-indent:37pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Minera
Triton Argentina S.A.;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(h)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:35pt; text-indent:37pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Pan
American Silver (Bolivia) S.A.;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:35pt; text-indent:37pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Corner
Bay Silver Inc.;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(j)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:35pt; text-indent:37pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Pan
MacKenzie Resources Inc.;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(k)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:35pt; text-indent:37pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Minera
Corner Bay S.A. de C.V.; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(l)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:35pt; text-indent:37pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Compania
Minera Argentum S.A.;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Maturity</b>"
means, with respect to any principal of a Debt Security, the date on which such
principal becomes due and payable, whether at Stated Maturity or by Declaration
of Acceleration, call for redemption or otherwise;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Notice</b>"
has the meaning set out in Section 9.1;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Offering
Document</b>" means, with respect to a Series, any prospectus, offering
memorandum or similar disclosure document prepared by or on behalf of the Issuer
for delivery to purchasers, or prospective purchasers, of such Series in
connection with the initial sale of such series;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Office</b>"
or "<b>Agency</b>" means, with respect to a Series, an office or agency of
the Issuer, the Trustee, the related Registrar or the related Paying Agent, as
the case may be, maintained or designated in the Place of</font></p>
<font size="2">
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<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
5 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Payment
for such Series pursuant to this Indenture or the related Series Supplement or
any other office or agency of the Issuer, the Trustee, the related Registrar or
the related Paying Agent, as the case may be, maintained or designated for such
Series pursuant to this Indenture and the related Series Supplement;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Opinion
of Counsel</b>" means a written opinion addressed to the Trustee (among other
addressees) by legal counsel who may, except as otherwise expressly provided in
this Indenture, be Counsel for the Issuer, and who shall be reasonably
satisfactory to the Trustee;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Optional
Sinking Fund Payment</b>" has the meaning set out in Section 3.2(a);</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Original
Currency</b>" has the meaning set out in Section 4.3;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Other
Currency</b>" has the meaning set out in Section 4.3;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Other
Series Agent</b>" means, with respect to any Series, a Person appointed in or
pursuant to the related Series Supplement to act in any agency or other
identified capacity (other than as Depositary, Registrar or Paying Agent) for
such Series, together with such Person's successors from time to time in such
capacity;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Outstanding</b>"
means, in relation to a Series, all Debt Securities of such Series issued under
this Indenture on or prior to the date of determination, except:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">any
such Debt Securities cancelled by the Trustee, or delivered to the Trustee, the
related Registrar or the related Paying Agent for cancellation, on or prior to
such date;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">any
such Debt Securities for which funds in the necessary amount to repay such Debt
Securities have been deposited on or prior to such date with the Trustee, the
related Registrar or the related Paying Agent (other than the Issuer) in trust
or set aside and segregated in trust by the Issuer (if the Issuer shall act as
its own Paying Agent) for the Holders of such Debt Securities; provided that, if
such Debt Securities are to be redeemed, notice of such redemption has been duly
given pursuant to this Indenture or provision for such notice satisfactory to
the Trustee has been made;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Debt
Securities as to which Defeasance has been effected pursuant to Section 13.1;
and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Debt
Securities which have been paid and satisfied in full or in exchange for or in
lieu of which other Debt Securities of such Series have been issued other than
any such Debt Securities in respect of which there shall have been presented to
the Trustee proof satisfactory to the Trustee that such Debt Securities are held
by a bona fide purchaser in whose hands such Debt Securities are valid
obligations of the Issuer;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">provided,
however, that in determining whether Holders of the requisite principal amount
of outstanding Debt Securities have given, made or taken any Holder Action as of
any date, (i) the principal amount of a Debt Security shall be the principal of
such Debt Security which would be due and payable as of such date upon
acceleration of the Maturity of such Debt Security to such date pursuant to a
Declaration of Acceleration, (ii) if, as of such date, the principal amount of a
Debt Security payable at its Stated Maturity is not determinable, the principal
amount thereof which shall be deemed to be outstanding shall be the amount as
specified in or determined pursuant to the related Series Supplement, (iii) the
principal amount of a Debt Security denominated in one or more foreign
currencies which shall be deemed to be outstanding shall be the Equivalent
Amount in United States Dollars, determined as of such date, of the principal
amount of such Debt Security (or, in the case of a Debt Security described in
clause (i) or (ii) above, of the amount determined as provided in such clause),
and (iv) Debt Securities beneficially owned</font></p>
<font size="2">
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<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
6 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">by
the Issuer or any other obligor upon such Debt Securities or any Affiliate of
the Issuer or of such other obligor shall be disregarded and deemed not to be
outstanding, except that, in determining whether the Trustee shall be protected
in relying upon any such Holder Action, only Debt Securities which a Responsible
Officer of the Trustee knows to be so owned shall be so disregarded. Debt
Securities so owned which have been pledged in good faith may be regarded as
outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee's right so to act with respect to such Debt Securities and that the
pledgee is not the Issuer or any other obligor upon such Debt Securities or any
Affiliate of the Issuer or of such other obligor, provided that the outstanding
principal amount of any such pledged Debt Securities as at any date shall be
deemed to be only the aggregate of the indebtedness and liabilities of the
Issuer secured by such pledge that are outstanding on such date or which the
pledgee thereof (or Person on whose behalf the pledgee thereof is acting) is
committed on such date to permit the Issuer to incur;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Participant</b>"
means, in relation to a Depositary, a broker, dealer, bank or other financial
institution or other Person on whose behalf such Depositary or its nominee holds
Debt Securities pursuant to a Book-Based System operated by such Depositary;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Paying
Agent</b>" means, in relation to a Series, the Person or Persons appointed in
or pursuant to the related Series Supplement as the paying agent or paying
agents for such Series, in such capacity, together with such Persons'
successors from time to time in such capacity;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Person</b>"
means any natural person, corporation, firm, partnership, limited liability
corporation, joint venture or other unincorporated association, trust,
government or Governmental Authority and pronouns have a similar extended
meaning;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Place
of Payment</b>" means, in relation to a Series, the place or places where the
principal of and any premium, interest and other amounts on such Series are
payable as specified in the related Series Supplement;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Principal
Terms</b>" has the meaning set out in Section 2.2;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Privacy
Laws</b>" has the meaning set out in Section 8.15;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Proceeding</b>"
means any suit, action or other judicial or administrative proceeding;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Property</b>"
means any asset, revenue or any other property or property right or interest,
whether tangible or intangible, real or personal, including any right to receive
income;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Quorum</b>"
means, in relation to a meeting of Holders of one or more Series, a quorum of
such Holders determined in accordance with Section 10.2(c)(i);</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Redemption
Date</b>" means, with respect to a Debt Security to be redeemed, the date
fixed for such redemption by or pursuant to the related Series Supplement;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Replacement
Agent</b>" has the meaning set out in Section 2.14(a);</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Redemption
Price</b>" means, with respect to a Debt Security to be redeemed, the price
(including any applicable premium) at which such Debt Security is to be, or may
be, redeemed, as specified in the related Series Supplement;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Register</b>"
has the meaning set out in Section 2.9(a);</font></p>
<font size="2">
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<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
7 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font><p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Registered
Debt Security</b>" means a Debt Security issued in registered form and which
is payable to the registered Holder thereof;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Registrar</b>"
means, in relation to a Series, the Person or Persons appointed in or pursuant
to the related Series Supplement as the registrar or registrars for such Series,
in such capacity, together with such Persons' successors from time to time in
such capacity;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Regular
Interest Record Date</b>" means, with respect to a Series and related Interest
Payment Date, the date specified in or determined pursuant to the related Series
Supplement as the record date for the determination of the Holders to whom
interest on such Series is payable on such Interest Payment Date, provided that,
if the related Series Supplement does not contain any provision specifying or
setting out the manner to determine such date, the Regular Interest Record Date
for such Series shall mean (i) the fifteenth day of the month immediately
preceding the month in which such Interest Payment Date occurs, if such Interest
Payment Date is the fourteenth or any preceding day of a month, and (ii) the
last day of the month immediately preceding the month in which such Interest
Payment Date occurs, if such Interest Payment Date is the fifteenth or any
subsequent day of a month;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Responsible
Officer</b>" means, with respect to: (i) the Trustee, any Vice President, any
Assistant Vice President, any Assistant Secretary, any Assistant Treasurer, any
Senior Manager or any Manager, and any other officer of the Trustee customarily
performing functions similar to any such office within the corporate trust
department of the Trustee and also, with respect to a particular matter, any
other officer to whom such matter is referred because of such officer's
knowledge of and familiarity with that relevant subject; or (ii) the Issuer, the
Chairman, the Chief Executive Officer, the President, the Chief Financial
Officer, any Executive Vice President, any Vice President, any Secretary, and
any other officer of the Issuer customarily performing functions similar to any
such office with the Issuer;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Series</b>"
means all Debt Securities of the same Type issued pursuant to the same Series
Supplement, the Principal Terms of which are, subject to the last sentence of
Section 2.2, identical, whether or not such Debt Securities have been or are to
be issued on the same date;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Series
Issuance Date</b>" means, with respect to a Series, the date specified as such
in the related Series Supplement;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Series
Specific Documents</b>" means, in relation to a Series: (a) this Indenture
including the related Series Supplement; (b) all Debt Securities of such Series;
(c) all other documents and agreements, including those creating any Series
Specific Lien for such Series identified in the related Series Supplement as a
Series Specific Document for such Series; and (d) all other agreements,
documents, certificates and instruments delivered by the Issuer to the Trustee
pursuant to, or in respect of, any of the agreements, documents, certificates or
instruments referred to in any of the preceding clauses of this definition, in
each case as the same may from time to time be supplemented, amended,
consolidated or restated;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Series
Specific Lien</b>" has the meaning set out in Section 4.4(c);</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Series
Supplement</b>" means, with respect to a Series, a supplement to this
Indenture establishing the Principal Terms of, and other terms and conditions
applicable to, such Series, as such supplement may be amended, modified,
supplemented, consolidated or restated from time to time;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Special
Interest Record Date</b>" has, with respect to the payment of any Default
Interest on a Series, the meaning set out in Section 4.2(c)(i);</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
8 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="page-break-before:always; margin-top:0pt; margin-bottom:9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="right">&nbsp;</p>
<font size="2">
<br>
<br>
</font><p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Special
Quorum</b>" means, with respect to a Special Holder Direction to be considered
at a meeting of Holders, a quorum of such Holders determined in accordance with
Section 10.2(c)(ii);</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Special
Holder Direction</b>" means:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">in
respect of a Holder Action by Holders of a Series solely in relation to such
Series:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">an
approval of or direction to make, give or take such Holder Action given by
Holders of 100% of the unpaid principal amount of such Series voted at a duly
constituted meeting of such Holders; or</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">an
approval of or direction to make, give or take such Holder Action given pursuant
to an instrument in writing signed in one or more counterparts by the Holders of
100% of the unpaid principal amount of such Series; or</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">in
respect of a Holder Action by Holders of more than one Series in relation to
more than one Series:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">an
approval of or direction to make, give or take such Holder Action given by
Holders of 100% of the unpaid principal amount of all such Series voted at a
duly constituted meeting of such Holders; or</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">an
approval of or direction to make, give or take such Holder Action given pursuant
to an instrument in writing signed in one or more counterparts by the Holders of
100% of the unpaid principal amount all such Series;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Stated
Maturity</b>" means, with respect to any principal of or accrued interest on a
Debt Security, the fixed date or dates specified in the related Series
Supplement on which such principal or interest is due and payable;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Subsidiary</b>"
means any company or other business entity of which the Issuer owns or controls
(either directly or through one or more other Subsidiaries) more than 50% of the
issued share capital or other ownership interest, in each case having ordinary
voting power to elect directors, managers or trustees of such company or other
business entity (whether or not capital stock or other ownership interest or any
other class or classes shall or might have voting power upon the occurrence of
any contingency);</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>TIA</b>"
means the Trust Indenture Act of 1939;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Transfer
Agent</b>" has the meaning set out in Section 2.10;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Trustee</b>"
has the meaning set out in the first Section of this Indenture and shall include
any successor Trustee appointed pursuant to this Indenture;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Trust
Indenture Legislation</b>" means, at any time, (i) the provisions of the <i>Business
Corporations Act </i>(British Columbia), (ii) the provisions of any other
applicable statute of Canada or any province thereof and (iii) the TIA and
regulations thereunder, but only to the extent applicable under Rule 4d-9 under
the TIA, in each case, relating to trust indentures and to the rights, duties,
and obligations of Trustee under trust indentures and of corporations issuing
debt obligations under trust indentures to the extent that such provisions are
at such time in force and applicable to this Indenture; and</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">"<b>Type</b>"
has the meaning set out in the definition of "<b>Debt Security</b>".</font></p>
<font size="2">
<a NAME="_Toc90089870"></a><br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
9 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">1.2</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Accounting
Principles</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">As
used in this Indenture and in any certificate or other document made or
delivered pursuant to this Indenture, accounting terms not defined in this
Indenture, (including with respect to a particular Series, in the related Series
Supplement) or in any such certificate or other document, and accounting terms
partly defined in this Indenture (including with respect to a particular Series,
in the related Series Supplement) or in any such certificate or other document
to the extent not defined, shall have the respective meanings given to them
under Canadian generally accepted accounting principles. &nbsp;To the extent
that the definitions of accounting terms in this Indenture, (including any
Series Supplement) or in any such certificate or other document are inconsistent
with the meanings of such terms under Canadian generally accepted accounting
principles, the definitions contained in this Indenture, (including such Series
Supplement) or in any such certificate or other document shall prevail.</font></p>
<a NAME="_Toc90089871"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">1.3</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Headings
and Table Of Contents</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
division of this Indenture, a Series Supplement or a Debt Security into
Articles, Sections and other subdivisions, the provision of a table of contents
and the insertion of headings are for convenience of reference only and shall
not affect the construction or interpretation of this Indenture, such Series
Supplement or such Debt Security.</font></p>
<a NAME="_Toc90089872"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">1.4</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Section
and Schedule References</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Unless
something in the subject matter or context is inconsistent therewith, references
in this Indenture to Articles, Sections, or other subdivisions are to Articles,
Sections or other subdivisions of this Indenture.</font></p>
<a NAME="_Toc90089873"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">1.5</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Governing
Law</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">This
Indenture, each Series Supplement and each Debt Security shall be governed by
and construed in accordance with the laws of the Province of British Columbia
and the federal laws of Canada applicable in such Province, and each of the
Issuer, the Trustee and, by their acceptance of Debt Securities and the benefits
of this Indenture and the related Series Supplement, the Holders from time to
time submit to the non-exclusive jurisdiction of the courts of the Province of
British Columbia.</font></p>
<a NAME="_Toc90089874"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">1.6</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Currency</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Unless
expressly provided to the contrary in this Indenture or in any Debt Security,
all monetary amounts in this Indenture or in such Debt Security refer to United
States Dollars.</font></p>
<a NAME="_Toc90089875"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">1.7</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Non-Business
Days</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Unless
expressly provided to the contrary in this Indenture or in any Debt Security,
whenever any payment shall be due, any period of time would begin or end, any
calculation is to be made or any other action is to be taken on, or as of, or
from a period ending on, a day other than a Business Day, such payment shall be
made, such period of time shall begin or end, such calculation shall be made and
such other actions shall be taken, as the case may be, on, or as of, or from a
period ending on, the next succeeding Business Day.</font></p>
<font size="2">
<a NAME="_Toc90089876"></a><br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
10 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">1.8</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Time</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Unless
otherwise expressly stated in this Indenture or in any Debt Security, all
references to a time will mean Vancouver, British Columbia local time. Time
shall be of the essence in this Indenture and all other Series Specific
Documents.</font></p>
<a NAME="_Toc90089877"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">1.9</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Reference
to Statutes</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Unless
expressly provided to the contrary in this Indenture or in any Debt Security,
all references to any statute or any provision of any statute shall include all
regulations or policies made under such statute or in connection with such
statute from time to time, and shall include such statute, provision, regulation
or policies as the same may be amended, restated, re-enacted or replaced from
time to time.</font></p>
<a NAME="_Toc90089878"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">1.10</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Severability</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
the event that one or more provisions in this Indenture, any Series Supplement
or any Debt Security shall be invalid, illegal or unenforceable in any respect
under any Applicable Law, the validity, legality and enforceability of the
remaining provisions hereof or thereof shall not be affected or impaired
thereby. Each of the provisions of this Indenture and the other Series Specific
Documents is declared to be separate and distinct.</font></p>
<a NAME="_Toc90089879"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">1.11</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Number,
Gender and Expressions</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Words
importing the singular number only will include the plural and vice versa, words
importing gender will include all genders and words importing any type or
category of Persons will include all types and categories of Persons. Where any
term or expression is defined in this Agreement, derivations of such term or
expression will have a corresponding meaning.</font></p>
<a NAME="_Toc90089880"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">1.12</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Independence
of Covenants</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Each
covenant contained in this Indenture or any other Series Specific Document shall
be construed (absent an express provision to the contrary) as being independent
of each other covenant, so that compliance with any one covenant shall not
(absent such an express contrary provision) be deemed to excuse compliance with
any other covenant.</font></p>
<a NAME="_Toc90089881"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">1.13</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Interest
Payments and Calculations</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">All
interest payments to be made under this Indenture or any Debt Security will be
paid without allowance or deduction for deemed re-investment or otherwise, both
before and after maturity and before and after default or judgment, if any,
until payment of the amount on which such interest is accruing, and, to the
extent permitted by Applicable Law, interest will accrue on overdue interest.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">For
the purposes of the <i>Interest Act </i>(Canada), if in this Indenture or in any
Debt Security a rate of interest is or is to be calculated on the basis of a
period which is less than a full calendar year, the yearly rate of interest to
which such rate is equivalent is such rate multiplied by the actual number of
days in the calendar year for which such calculation is made and divided by the
number of days in such period.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:34.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
rates of interest stipulated in this indenture or in any Debt Security will be
calculated using the nominal rate method of calculation, and will not be
calculated using the effective rate method of calculation or on any other basis
that gives effect to the principle of deemed reinvestment of interest.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
11 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:34.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
calculating interest or fees payable under this Indenture or under a Debt
Security for any period, unless otherwise specifically stated, the first day of
such period shall be included and the last day of such period shall be excluded.</font></p>
<a NAME="_Toc90089882"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">1.14</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">English
Language</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer, the Trustee and, by their acceptance of Debt Securities and the benefits
of this Indenture and the related Series Supplement, the Holders acknowledge
that this Indenture, each Debt Security and each document related hereto and
thereto (whether or not any of such documents is also drawn up in French) has
been drawn up in English at the express will of such Persons. Les parties a ces
pr&eacute;sentes conviennent que ces pr&eacute;sentes ainsi que tout document qui s'y
rattache (incluant tout document r&eacute;dige en francais et en anglais) soient
r&eacute;dig&eacute;s en langue anglaise a la volont&eacute; expresse des parties.</font></p>
<a NAME="_Toc90089883"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">1.15</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">No
Conflict With Series Supplements</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
terms and provisions of a Series Supplement for a Series may eliminate, modify,
amend or add to any of the terms and provisions of this Indenture, but solely as
applied to such Series. The insertion of the phrase "IN ANY SERIES SUPPLEMENT", "UNLESS OTHERWISE SPECIFIED IN THE RELATED SERIES SUPPLEMENT" or similar
phrases in this Indenture, or the absence of any such phrase, shall not limit
the scope of or otherwise affect the preceding sentence or Section 2.2. For
greater certainty, if a term or provision contained in this Indenture shall
conflict or be inconsistent with a term or provision of a Series Supplement for
a Series, such Series Supplement shall govern with respect to such Series;
provided, however, that the terms and provisions of such Series Supplement may
eliminate, modify, amend or add to the terms and provisions of this Indenture
solely as applied to such Series.</font></p>
<a NAME="_Toc90089884"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">1.16</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Certificate
and Opinion as to Conditions Precedent</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Upon
any request or application by the Issuer to the Trustee to take any action under
this Indenture or any other Series Specific Document or otherwise upon the
demand of the Trustee, the Issuer shall furnish to the Trustee:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">a
Certificate of the Issuer stating that all conditions, if any, provided for in
this Indenture relating to the proposed action have been complied with; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">an
Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions, if any, have been complied with in accordance with the terms of the
Indenture,</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">except
that in the case of any such application or request as to which the furnishing
of such documents is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate or
opinion need be furnished.</font></p>
<a NAME="_Toc90089885"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">1.17</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Statements
Required in Certificate or Opinion</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Each
certificate or opinion, including any Certificate of the Issuer or Opinion of
Counsel, with respect to compliance with a covenant or condition provided for in
this Indenture shall include:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">a
statement that each person making such certificate or opinion has read and
understands such covenant or condition;</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
12 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">a
brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion
are based;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">a
statement that, in the opinion of each such person, he has made such examination
or investigation as is necessary to enable such person to make the statement or
express an informed opinion as to whether or not such covenant or condition has
been complied with; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">a
statement that, in the opinion of such person, such covenant or condition has
been complied with or satisfied.</font></p>
<a NAME="_Toc90089886"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">1.18</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Form
of Documents Delivered to Trustee</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
any case where several matters are required to be certified by, or covered by
the opinion of, only one Person, or certified or covered by only one document,
one such Person may certify or give an opinion with respect to some matters and
one or more other such Persons as to other matters, and any such Person may
certify or give an opinion as to such matters in one or several documents.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Any
certificate or opinion of an officer of the Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such officer knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
the matters upon which his certificate or opinion is based are erroneous. Any
such certificate or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an
officer of officers of the Issuer stating that the information with respect to
such factual matters is in the possession of the Issuer, unless such counsel
knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to such matters are erroneous.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Where
any Person is required to make, give or execute two or more applications,
requests, consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one
instrument</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="center"><b><font size="2">ARTICLE
2<br>
<a NAME="_Toc90089887"></a>THE DEBT SECURITIES</font></b></p>
<a NAME="_Toc90089888"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">2.1</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">No
Limit on Issue</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
aggregate principal amount of Debt Securities which may be issued under this
Indenture is unlimited, and the aggregate principal amount of any Series which
may be issued under this Indenture will be specified or determined in the manner
provided for in the related Series Supplement (which amount, for greater
certainty, may be unlimited). Notwithstanding the foregoing, Debt Securities may
be issued only upon and subject to the conditions specified in this Indenture.</font></p>
<a NAME="_Toc90089889"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">2.2</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Principal
Terms of a Series</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Prior
to the initial issuance of any Debt Securities of a Series, the Issuer will
establish, pursuant to a separate Series Supplement, the principal terms of such
Series (the "<b>Principal Terms</b>"), which may include the following:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
name, title or designation of such Series (which will distinguish such Series
from all other Series);</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
13 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
Type of Debt Securities that will comprise such Series;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
aggregate principal amount of such Debt Securities that may be issued (except
for Debt Securities issued upon a transfer of, or in exchange for, or in lieu
of, other Debt Securities of such Series);</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
date or dates of payment (or the method for determining the date or dates of
such payment) of principal of and any premium and other amounts on such Debt
Securities;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
currency of such Debt Securities and whether the Holder of any such Debt
Security or the Issuer may elect the currency in which payments on such Debt
Security are to be made and, if so, the manner of such election;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(f)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
denominations in which such Debt Securities may be issued;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(g)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
manner of payment (including whether payment will be made in cash, securities or
a combination thereof) and the Place of Payment for such Debt Securities and any
special provisions for the payment of principal of and any premium and other
amounts on such Debt Securities;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(h)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">whether
such Debt Securities are to be interest bearing and, if so, the rate or rates of
interest, the date from which interest on such Debt Securities will accrue, the
Interest Payment Dates and the Regular Interest Record Dates (or the method of
determining any of the foregoing), the manner of payment of interest (including
whether interest will be paid in cash, securities or a combination thereof) and
any special provisions for the payment of additional interest with respect to
such Debt Securities;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
price at which the Debt Securities will be issued (or the manner of
determination, thereof, if offered on a non-fixed price basis) and whether at
par, at a discournt or at a premium;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(j)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
right of the Issuer, if any, to extend the Interest Payment Dates, and the
duration of any such extension, with respect to such Debt Securities;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(k)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
right of the Issuer, if any, to prepay, redeem or purchase such Debt Securities
and, in relation to any such right, the period or periods within which, the
price or prices at which and the terms and conditions upon which, such Debt
Securities are to be so prepaid, redeemed or purchased, in whole or in part;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(l)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
right of the Holders, if any, to cause the Issuer to prepay, redeem or
repurchase such Debt Securities and, in relation to any such right, the details
of the obligation, if any, of the Issuer to prepay, redeem or repurchase such
Debt Securities and the period or periods within which, the price or prices at
which, and the terms and conditions upon which, such Debt Securities are to be
so prepaid, redeemed or purchased, in whole or in part;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(m)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
rights or obligations of the Issuer, if any, to establish and fund a sinking
fund or other analogous arrangement with respect to such Debt Securities, and in
relation to any such right or obligation the details of the right or obligation,
if any, of the Issuer to establish and fund such sinking fund or analogous
arrangement and the terms and conditions upon which such sinking fund or
analogous arrangement may or shall be established and funded;</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
14 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(n)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
definitive form or forms of such Debt Securities including the form of the
certificate of the Trustee relative thereto;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(o)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">whether
such Debt Securities will be issued as Bearer Debt Securities or Registered Debt
Securities or both;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(p)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">whether
such Debt Securities will be issued as either Definitive Debt Securities or
Global Debt Securities or both, and the Depositary for any such Global Debt
Securities, the terms and conditions, if any, upon which any such Global Debt
Securities may be exchanged, in whole or in part, for Definitive Debt
Securities, and the manner in which any interest payable on such Global Debt
Securities will be paid;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(q)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
purpose, if any, for which the net proceeds from the issue of such Debt
Securities are to be used by the Issuer;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(r)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
terms, if any, pursuant to which such Debt Securities are subject to defeasance;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(s)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
subordination provisions, if any, to be applicable to such Debt Securities;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(t)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
terms and conditions, if any, pursuant to which such Debt Securities are to be
guaranteed or secured;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(u)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">whether
such Debt Securities will be convertible into any other security of the Issuer
and, if so, the terms and conditions of conversion including the conversion
price, the conversion period and any provisions pursuant to which the number of
securities of the Issuer to be received by the Holders of such Debt Securities
would be subject to adjustment;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(v)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">if
the amount of principal of or any premium, interest or other amount on such Debt
Securities may be determined with reference to an index or an identifiable
security, commodity or other asset, the description of such index, security,
commodity or other asset and the manner in which such amounts shall be
determined;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(w)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">if
other than the full principal amount thereof, the portion of the principal
amount of such Debt Securities which shall be payable upon a Declaration of
Acceleration;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(x)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">any
restrictions on the transfer or exchange of the Debt Securities;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(y)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
identity of the Trustee;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(z)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">whether
the Debt Securities will be listed on a national exchange;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(aa)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">whether
a Registrar, Paying Agent or Other Series Agent will be appointed for such Debt
Securities and, if so, the identity of, or the manner for determining the
identity of such Registrar, Paying Agent and Other Series Agent;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(bb)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">any
provisions with respect to those definitions specified in Article 1, and those
other provisions of this Indenture, which require or permit further
specification in the related Series Supplement;</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
15 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(cc)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">any
modifications of the thresholds contained in the definitions of "Holder
Direction" and "Special Holder Direction";</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(dd)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">any
additional terms and provisions with respect to, and any additional conditions,
representations, covenants and Events of Default, if any, for, such Debt
Securities;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ee)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">any
modification or elimination of any of the definitions, representations,
covenants, conditions, Events of Default or other terms and provisions of this
Indenture to be applicable to such Debt Securities;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ff)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">any
provisions granting special rights to Holders of such Debt Securities when a
specified event occurs;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(gg)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">whether
and under what circumstances the Issuer will be required to pay any additional
amounts for withholding or deducting Canadian taxes with respect to Debt
Securities and whether the Issuer will have the option to redeem the Debt
Securities rather than pay the additional amounts;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(hh)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">any
special tax implications of, or any special tax provisions, representations,
agreements or indemnities relating to, such Debt Securities, including any
provisions for withholding tax indemnities or gross-ups; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">any
other provisions, requirements, conditions, indemnities, enhancements or other
matters of any nature or kind whatsoever relating to such Debt Securities
including any terms which may be required by, or advisable under, any Applicable
Law or any rules, procedures or requirements of any securities exchange on which
any of such Debt Securities are, or are proposed to be, listed or of any
over-the-counter market in which any of such Debt Securities are, or are
proposed to be, traded or which may be advisable in connection with the
marketing of such Debt Securities.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">All
Debt Securities of a particular Series will be subject to identical Principal
Terms except that the issue date, the issue price and the amount of the first
payment of interest may be different in respect of Debt Securities of such
Series issued on different dates.</font></p>
<a NAME="_Toc90089890"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">2.3</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Currency
and Denominations</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Debt
Securities shall be issuable only in the currency or currencies, and only in the
denomination or denominations, prescribed in the related Series Supplement.</font></p>
<a NAME="_Toc90089891"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">2.4</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Form
of Definitive Debt Securities</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
definitive form or forms of a Debt Security, and the Trustee's certificate of
authentication on such Debt Security, shall be substantially as set forth in the
related Series Supplement. The forms of all Debt Securities may contain such
appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture and the related Series Supplement, and
may have such letters, numbers or other marks or identification or designation
and such legends or endorsements placed thereon as are required to conform to
usage or to comply with any Applicable Law, or with the rules of any securities
exchange on which any of such Debt Securities may be listed or any
over-the-counter market on which any of such Debt Securities may be traded, or
as the Issuer may determine to be necessary, appropriate or desirable for any
other purpose.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
16 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Debt
Securities may be typewritten, printed, lithographed or engraved or otherwise
produced, or be any combination of the foregoing, as the Issuer may determine.</font></p>
<a NAME="_Toc90089892"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">2.5</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Form
of Interim Debt Securities</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Pending
the delivery of Definitive Debt Securities of a Series to the Trustee, there may
be issued, in lieu of such Definitive Debt Securities, interim Debt Securities
of such Series, in such forms and in such denominations and signed in such
manner as the Issuer may approve, entitling the Holders of such interim Debt
Securities to Definitive Debt Securities of such Series when the same are ready
for delivery; provided, however, that the aggregate unpaid principal amount of
interim Debt Securities of a Series so created and certified shall not exceed
the aggregate unpaid principal amount of Debt Securities of such Series for the
time being authorized. The provisions of Section 2.7 regarding certification by
the Trustee shall apply to interim Debt Securities.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:34.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">When
issued, interim Debt Securities of a Series shall, for all purposes, be deemed
to be Debt Securities of such Series and, pending the exchange of such interim
Debt Securities for Definitive Debt Securities of such Series, the Holders of
such interim Debt Securities shall be deemed to be Holders of Debt Securities of
such Series and entitled to the benefit of this Indenture to the same extent and
in the same manner as though such exchange had been made.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Immediately
after the delivery of Definitive Debt Securities of a Series to the Trustee, the
Trustee shall call in for exchange all interim Debt Securities of such Series
and immediately after such exchange shall cancel the same. No charge shall be
made by the Issuer or the Trustee to the Holders of such interim Debt Securities
for such exchange.</font></p>
<a NAME="_Toc90089893"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">2.6</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Execution</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Debt
Securities shall be executed on behalf of the Issuer by a Responsible Officer of
the Issuer. The signature of such Responsible Officer on any Debt Securities may
be manual or mechanically reproduced, and Debt Securities bearing such
mechanically reproduced signature shall be as valid and binding upon the Issuer
as if a Responsible Officer had manually signed such Debt Securities. Debt
Securities bearing the manual or facsimile signature of an individual who was,
at the time that such signature was affixed, a Responsible Officer of the Issuer
shall, subject to certification by the Trustee pursuant to Section 2.7, be valid
and binding upon the Issuer notwithstanding that such individual ceased to be a
Responsible Officer of the Issuer prior to the certification and delivery of
such Debt Securities.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer shall provide to the Trustee, the related Registrar or the related Paying
Agent, as the case may be, a supply of certificates to evidence Debt Securities
for each Series in such forms (including interim, bearer, registered, global or
definitive, as the case may be), in such amounts, bearing such distinguishing
letters and numbers, and as at such times as are necessary to enable the
Trustee, the related Registrar and the related Paying Agent to fulfil their
respective responsibilities under this Indenture.</font></p>
<a NAME="_Toc90089894"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">2.7</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Certification
By Trustee</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">At
any time and from time to time after the execution and delivery of this
Indenture (including the related Series Supplement), the Issuer may deliver Debt
Securities signed by a Responsible Officer of the Issuer to the Trustee for
certification, pursuant to an Issuer Order applicable thereto. Upon receipt by
the Trustee of an Issuer Order applicable to such Debt Securities, accompanied
by a Certificate of the Issuer and an Opinion of Counsel, each stating that all
conditions precedent provided for in this Indenture and any other Series
Specific Document for the issue of such Debt Securities have been</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
17 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">complied
with, the Trustee shall certify and deliver such Debt Securities in the manner
specified in such Issuer Order, without receiving any consideration for such
certification and delivery.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">No
Holder shall be entitled to any right or benefit under this Indenture with
respect to a Debt Security, and such Debt Security shall not be valid or binding
for any purpose, unless such Debt Security has been certified, substantially in
the form provided for in the related Series Supplement, by the Trustee, as
evidenced by the manual signature of a Responsible Officer of the Trustee. Such
certification upon any Debt Security shall be conclusive evidence, and the only
evidence, that such Debt Security has been issued under this Indenture.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Debt
Securities bearing the manual or facsimile signature of an individual who was,
at the time that such signature was affixed, a Responsible Officer of the
Trustee, shall be valid and binding on the Trustee notwithstanding that such
individual ceased to be a Responsible Officer of the Trustee prior to the
delivery of such Debt Securities.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
certification of the Trustee on a Debt Security shall not be construed as a
representation or warranty by the Trustee as to the validity of this Indenture
(including the related Series Supplement) or such Debt Security or the
authorization and execution of such Debt Security, and the Trustee shall in no
respect be liable or answerable for the use made of such Debt Security or the
proceeds of such Debt Security. The certification of a Debt Security by the
Trustee shall, however, be a representation and warranty by the Trustee that
such Debt Security is Outstanding in accordance with the terms of this
Indenture.</font></p>
<a NAME="_Toc90089895"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">2.8</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Paying
Agent</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
a Series Supplement provides for a Paying Agent with respect to the applicable
Series, then, subject to any contrary provision in such Series Supplement:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Paying Agent shall separately in respect of such Series maintain a record of all
Bearer Debt Securities of such Series and of their redemption, payment,
exchange, forfeiture, cancellation, mutilation, defacement, alleged destruction,
theft or loss or replacement, and make all such records available for inspection
at all reasonable times by the Issuer.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer may from time to time deliver to such Paying Agent Definitive Bearer Debt
Securities of such Series for cancellation, whereupon the Paying Agent shall
forward the same to the Trustee for cancellation. The Issuer may from time to
time deliver to such Paying Agent an interim Global Bearer Debt Security or a
permanent Global Bearer Debt Security of such Series with instructions to cancel
a specified aggregate principal amount of the Debt Securities represented
thereby whereupon the Paying Agent shall note or cause to be noted on the
Schedule to such Global Bearer Debt Security the aggregate principal amount of
Debt Securities so cancelled and the remaining principal amount of such Global
Bearer Debt Security thereof and shall acknowledge and confirm such notation by
its signature or certification of the same.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">As
soon as practicable after each date on which Debt Securities of such Series are
cancelled or forwarded to the Trustee for cancellation in accordance with
Section 2.8(b) or otherwise under this Indenture, and after each date on which
the Bearer Debt Securities of such Series become due for redemption, the Paying
Agent shall notify the Trustee and the Issuer in writing (on the basis of the
information available to it) of the serial number of such Bearer Debt Securities
so cancelled or forwarded to the Trustee for cancellation, and the serial
numbers of any Bearer Debt Securities of such Series against presentation or
surrender of which payment has been made, and of the serial numbers of any
Bearer Debt Securities of such Series which have not yet been presented or
surrendered for payment.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
18 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Paying Agent will forward to the Trustee for cancellation each Global Bearer
Debt Security and Definitive Bearer Debt Security of such Series (where there is
no principal amount thereof remaining) delivered to it for cancellation in
accordance with Section 2.8(b) or otherwise under this Indenture and will as
soon as reasonably practicable furnish to the Issuer, the related Registrar and
the Trustee a certificate specifying the serial numbers of the Global Bearer
Debt Securities and Definitive Bearer Debt Securities in numerical sequence so
forwarded to the Trustee for cancellation.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Paying Agent shall, at the request of the Holder of any Bearer Debt Security of
such Series, issue voting certificates (including block, global or omnibus
voting certificates) and voting instructions in a form and manner which comply
with the provisions of this Indenture (subject to such regulations and
procedures with respect to the same as may be established and agreed to from
time to time by the Issuer, the Trustee and such Paying Agent). Such Paying
Agent shall keep a full record of voting certificates and voting instructions
issued by it and will give to the Issuer not less than 24 hours before the time
appointed for any meeting or adjourned meeting full particulars of all voting
certificates and voting instructions issued by it in respect of such meeting or
adjourned meeting.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(f)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Paying Agent shall make payments of principal, premium, if any, interest and
other amounts, if any, in respect of Bearer Debt Securities of such Series in
accordance with the Principal Terms of such Bearer Debt Securities, provided
that such Paying Agent shall not be obliged (but shall be entitled) to make such
payments if it is not able to establish that it has received from the Issuer
(whether or not at the due time) the full amount of suchpayment.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(g)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Paying Agent shall not exercise any lien, right of set-off or combination or
similar claim against any Person to whom it makes any payment under Section
2.8(f) above in respect of such payment, nor shall any commission or expense be
charged by such Paying Agent to any such Person in respect of such payment.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(h)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer shall provide to such Paying Agent for distribution:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">specimen
Bearer Debt Securities of such Series in definitive form; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">sufficient
copies of all documents required to be available at the Paying Agent for
inspection as provided in any Offering Document relative to, or in the related
Series Supplement for, such Series.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Paying Agent shall make available for inspection during normal business hours at
its specified office such documents as may be specified as so available in any
Offering Document relative to, or in the related Series Supplement for, such
Series, or as may be required by any securities exchange on which any of the
Debt Securities of such Series may be listed or any over-the-counter market in
which any of the Debt Securities of such Series may be traded.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
19 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(j)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer shall be solely responsible for ensuring that each Debt Security of such
Series to be issued or other transactions to be effected under this Indenture
complies with all Applicable Laws and that all necessary consents and approvals
of, notifications to and registrations and filings with, any such authority in
connection therewith are effected, obtained and maintained in full force and
effect.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(k)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Paying Agent shall immediately notify the Issuer and the Trustee in writing of
any notice delivered to it requesting a declaration that a Debt Security of such
Series is due and payable by reason of an Event of Default or requiring any
breach of any provision of this Indenture or the related Series Supplement to be
remedied.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(l)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Paying Agent shall arrange, upon and in accordance with the instructions of, and
at the expense of, the Issuer but not otherwise, for the publication in
accordance with the terms and conditions of such Series of any notice which is
to be given to the Holders of any Bearer Debt Securities of such Series and
shall supply a copy of such publication to the Trustee.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(m)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
Bearer Debt Securities of such Series are exchangeable for Registered Debt
Securities, such Paying Agent shall accept requests to effect such exchanges,
together with the applicable Bearer Debt Securities, inform the related
Registrar specifying (i) the aggregate principal amount of such Bearer Debt
Securities, (ii) the names and addresses to be entered on the relevant Register
for the Holders of such Registered Debt Securities, and (iii) the denominations
of such Registered Debt Securities and assist in the issue of such Registered
Debt Securities in accordance with the terms and conditions applicable thereto.
Such Paying Agent shall, on the applicable exchange date forward such Bearer
Debt Securities to the Trustee for cancellation.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(n)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Paying Agent shall collect all forms, if any, from Holders (or from other
relevant Persons) that are specified by the Issuer which are required to exempt
payments under the Bearer Debt Securities of such Series from Canadian federal
withholding tax, and shall forward copies of such forms to the Issuer.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(o)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Paying Agent shall carry out such other acts and duties, and provide such other
services, as may be specified with respect to such Paying Agent in the related
Series Supplement.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
the applicable Series Supplement does not provide for a Paying Agent with
respect to a Series, the Trustee shall (in the case of the duties required to be
performed by the Paying Agent under this Section) and may (in the case of the
duties permitted to be performed by the Paying Agent under this Section) itself
perform the duties of the Paying Agent specified in this Section.</font></p>
<a NAME="_Toc90089896"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">2.9</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Registrar</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
a Series Supplement provides for a Registrar with respect to the applicable
Series, then, subject to any contrary provision in such Series Supplement:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Registrar shall maintain a register (with respect to such Series, a "<b>Register</b>")
in accordance with the terms and conditions of this Indenture. The Register
shall show the principal amount and date of issue of each Registered Debt
Security of such Series, the names and addresses of the initial Holders of such
Registered Debt Securities, and the dates of all transfers to, and the names and
addresses of, all subsequent Holders of such Registered Debt Securities.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
20 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">So
long as required by Trust Indenture Legislation, the Register for each Series
shall be maintained in the Province of British Columbia. &nbsp;Such Registrar
may from time to time provide additional facilities at its other offices or,
with the approval of the Issuer, at the offices of third parties for such
registration and registration of exchange and transfer. No exchange or transfer
of a Registered Debt Security of such Series nor any transmission of a
Registered Debt Security of such Series upon death will be valid unless made at
one of the applicable offices of such Registrar by the Holder or by the Holder's
executors, administrators or other legal representatives, or by the Holder's
attorney duly appointed by a document in writing, in form and as to execution
satisfactory to such Registrar and upon compliance with such reasonable
requirements as such Registrar may prescribe from time to time and upon
surrender of such Registered Debt Security to such Registrar for delivery to the
Trustee for cancellation, whereupon a new Registered Debt Security of the same
Series in the same principal amount and having identical terms will be executed
by the Issuer, certified by the Trustee, and delivered to the transferee.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">By
the issue of new Registered Debt Securities of such Series, the forwarding of
old Registered Debt Securities of such Series to the Trustee for cancellation,
and the making of entries in the Register, such Registrar shall give effect to
transfers of Registered Debt Securities of such Series in accordance with the
terms and conditions of this Indenture.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer may from time to time deliver to such Registrar for cancellation
Registered Debt Securities of such Series of which the Issuer is the Holder,
whereupon the Registrar shall forward the same to the Trustee for cancellation
and shall make the corresponding entries in the Register.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">As
soon as reasonably practicable but in any event within three months after each
date on which Registered Debt Securities of such Series fall due for redemption,
such Registrar shall notify the Issuer of the serial numbers of such Registered
Debt Securities against surrender of which payment has been made and of the
serial numbers of such Registered Debt Securities (and the names and addresses
of the Holders thereof) which have not yet been surrendered for payment.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(f)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Registrar shall, upon and in accordance with the instructions of, and at the
expense of, the Issuer but not otherwise, arrange for the delivery of any notice
which is to be given to the Holders of Registered Debt Securities of such
Series, and shall supply a copy of each such notice to the Issuer, the Trustee
and the Paying Agent for such Series.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(g)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer shall ensure that such Registrar has available to it supplies of such
Registered Debt Securities of such Series as shall be necessary in connection
with the transfer of Registered Debt Securities of such Series and the exchange
of Bearer Debt Securities of such Series for Registered Debt Securities.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(h)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Registrar shall, at the request of the Holder of any Registered Debt Security of
such Series, make available forms of proxy (including block, global or omnibus
forms of proxy) in a form and manner which comply with the provisions of this
Indenture (subject to such regulations and procedures with respect to the same
as may be established and agreed to from time to time by the Issuer and such
Registrar) and shall perform and comply with the provisions for meetings of
Holders as set out in this Indenture.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
21 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Registrar shall make payments of principal, premium, interest and other amounts,
in respect of Registered Debt Securities of such Series in accordance with the
Principal Terms thereof, provided that such Registrar shall not be obliged (but
shall be entitled) to make such payments if it is not able to establish that it
has received from the Issuer (whether or not at the due time) the full amount of
such payment.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(j)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Registrar shall not exercise any lien, right of set-off or combination or
similar claim against any Person to whom it makes any payment under Section
2.9(i) above in respect of such payment, nor shall any commission or expense be
charged by such Registrar to any such Person in respect of such payment.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(k)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer shall provide to such Registrar specimen Registered Debt Securities of
such Series in definitive form, and sufficient copies of all documents required
to be available from the Registrar for inspection as provided in any Offering
Document relative to, or in the related Series Supplement for, the Debt
Securities of such Series.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(l)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Registrar shall make available for inspection during normal business hours at
its specified office such documents as may be specified as so available in any
Offering Document relative to, or in the related Series Supplement for, such
Series or as may be required by any securities exchange on which any of the Debt
Securities of such Series may be listed or any over-the-counter market in which
any of the Debt Securities of such Series may be traded.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(m)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Registrar shall provide to the Paying Agent for such Series all such information
in the Registrar's possession with respect to Registered Debt Securities of
such Series as such Paying Agent may reasonably require in order to perform its
obligations with respect to such Series set out in this Indenture.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(n)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
Bearer Debt Securities of such Series are exchangeable for Registered Debt
Securities, such Registrar shall accept requests to effect such exchanges,
together with the applicable Bearer Debt Securities (or notifications from the
Paying Agent for such Series of receipt by it of such Bearer Debt Securities)
and such Registrar shall effect the issue of Registered Debt Securities of such
Series and the making of entries in the Register, and shall give effect to
exchanges of Bearer Debt Securities of such Series for Registered Debt
Securities in accordance with the terms and conditions applicable to such Debt
Securities. Such Registrar shall immediately upon the receipt of the applicable
Bearer Debt Securities, together with a request for the exchange of such Bearer
Debt Securities for Registered Debt Securities notify the Paying Agent for such
Series of such receipt specifying (i) the serial numbers of the Bearer Debt
Securities, (ii) the aggregate principal amount of the Debt Securities, and
(iii) the applicable exchange date and shall on the applicable exchange date
forward all Bearer Debt Securities received by it to the Trustee for
cancellation. Such Registrar shall notify the Issuer and the related Paying
Agent promptly of the exchange of Bearer Debt Securities for Registered Debt
Securities, specifying the serial numbers of the Bearer Debt Securities and of
the Registered Debt Securities issued in exchange therefor, the aggregate
principal amount involved and the applicable exchange date.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(o)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Registrar shall ensure that in no event shall Registered Debt Securities be
exchanged for Bearer Debt Securities without the consent of the Issuer.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
22 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(p)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Registrar shall carry out such other acts and duties, and provide such other
services, as may be specified with respect to such Registrar in the related
Series Supplement.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
the applicable Series Supplement does not provide for a Registrar with respect
to a Series, the Trustee shall (in the case of the duties required to be
performed by the Registrar under this Section) and may (in the case of the
duties permitted to be performed by the Registrar under this Section) itself
perform the duties of the Registrar specified in this Section.</font></p>
<a NAME="_Toc90089897"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">2.10</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Transfer
Agent</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
a Series Supplement provides for a transfer agent (a "<b>Transfer Agent</b>")
with respect to the applicable Series, then, subject to any contrary provision
in such Series Supplement, such Transfer Agent shall:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">receive
requests from Holders of such Series for the transfer of Registered Debt
Securities of such Series, inform the Registrar for such Series in writing of
the receipt of such requests, forward the deposited Registered Debt Securities
to or to the order of such Registrar and assist in the issuance of new
Registered Debt Securities of such Series and in particular, without limitation,
notify the Registrar for such Series in writing of (i) the name and address of
the Holders of the Registered Debt Securities to be transferred, (ii) the serial
number and principal amount of the Registered Debt Securities to be transferred,
(iii) in the case of a transfer of part only, the principal amount of the
Registered Debt Securities to be transferred, and (iv) the names and addresses
of the transferees to be entered on the Register;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">make
available for collection by each applicable Holder new Registered Debt
Securities of such Series;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">accept
surrender of Registered Debt Securities of such Series and assist in effecting
final payment of the Registered Debt Securities of such Series;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">keep
the Registrar for such Series informed of all transfers;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">carry
out such other acts as may reasonably be necessary to give effect to the
Principal Terms of such Series; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(f)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">carry
out such other acts and duties, and provide such other services, as may be
specified with respect to such Transfer Agent in the related Series Supplement.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
the applicable Series Supplement does not provide for a Transfer Agent with
respect to a Series, the Trustee shall (in the case of the duties required to be
performed by the Transfer Agent under this Section) and may (in the case of the
duties permitted to be performed by the Transfer Agent under this Section)
itself perform the duties of the Transfer Agent specified in this Section.</font></p>
<a NAME="_Toc90089898"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">2.11</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Registration
of Exchanges and Transfers</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Debt
Securities of a Series may be exchanged for one or more Debt Securities of the
same series in an equal aggregate principal amount and having the same Principal
Terms; provided, however, that each Debt Security issued in exchange for such
original Debt Security shall have a principal amount in an authorized
denomination as provided for in the related Series Supplement.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
23 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="page-break-before:always; margin-top:0pt; margin-bottom:9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="right">&nbsp;</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Where
the Debt Securities of a Series may be issued in either bearer form or
registered form: (i) Bearer Debt Securities of such Series may be exchanged for
either (or a combination of) Bearer Debt Securities or Registered Debt
Securities of such Series, and (ii) Registered Debt Securities of such Series
may be exchanged only for Registered Debt Securities of such series.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Bearer
Debt Securities shall be transferable by delivery.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Notwithstanding
anything contained in this Section, the Registrar shall not be required to
register the exchange or transfer of any Debt Security during the period of 15
days preceding the date for any payment with respect to such Debt Security,
including the date on which such Debt Security is to be redeemed, if applicable.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Registrar and the Trustee may make a charge to reimburse themselves for any
stamp taxes or governmental charges required to be paid and a reasonable charge
for their services and a reasonable sum per Debt Security created and issued
upon any exchange or transfer of Debt Securities effected by them, other than an
exchange of interim Debt Securities for permanent Debt Securities. Payment of
such charges will be made by the Person requesting the exchange or transfer as a
condition precedent to such exchange or transfer.</font></p>
<a NAME="_Toc90089899"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">2.12</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Persons
Entitled to Payment</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Prior
to due presentment for registration of transfer of any Registered Debt Security,
the Issuer, the Trustee, the related Registrar, the related Paying Agent and any
other Person may treat the Person in whose name any Registered Debt Security is
registered in the applicable Register (including, in the case of a Global
Registered Debt Security, the related Depositary or the nominee of such
Depositary in whose name such Global Registered Debt Security is registered) as
the absolute and sole owner of such Registered Debt Security for all purposes
including receiving payment of the principal of and any premium, interest on or
other amount on such Registered Debt Security, receiving any notice to be given
to the Holder of such Registered Debt Security, and taking any Holder Action
with respect to such Registered Debt Security, whether or not any payment with
respect to such Registered Debt Security shall be overdue, and none of the
Issuer, the Trustee, the related Registrar, the related Paying Agent or any
other Person shall be affected by notice to the contrary.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer, the Trustee, the related Registrar, the related Paying Agent and any
other Person may treat the bearer of any Bearer Debt Security (including, in the
case of a Global Bearer Debt Security, the related Depositary or the nominee of
such Depositary which is the bearer of such Global Bearer Debt Security) as the
absolute and sole owner of such Bearer Debt Security for all purposes including
receiving payment of the principal of and any premium, interest or other amount
payable on such Bearer Debt Security, receiving any notice to be given to the
Holder of such Bearer Debt Security, and taking any Holder Action with respect
to such Bearer Debt Security, whether or not any payment with respect to such
Bearer Debt Security shall be overdue, and none of the Issuer, the Trustee, the
related Registrar, the related Paying Agent or any other Person shall be
affected by notice to the contrary.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Delivery
of a Debt Security to the Trustee, the related Registrar or the related Paying
Agent by or on behalf of the Holder thereof shall, upon payment of such Debt
Security, be a good discharge to the Issuer of all obligations evidenced by such
Debt Security. None of the Issuer, the Trustee, the related Registrar, the
related Paying Agent or any other Person shall be bound to inquire into the
title of any such Holder nor shall the Issuer, the Trustee, the related
Registrar, the related Paying Agent or any other Person be bound to see to the
execution of any trust affecting the ownership of any Debt Security or be
affected by notice of any equity that may be subsisting in respect any Debt
Security.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
24 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
the case of the death of one or more joint registered Holders of a Registered
Debt Security, the principal of, and premium, interest and other amounts on such
Debt Security may be paid to the survivor or survivors of such registered
Holders whose receipt of such payment, accompanied by the delivery of such Debt
Security, shall constitute a valid discharge to the Issuer, the Trustee, the
related Registrar and the related Paying Agent.</font></p>
<a NAME="_Toc90089900"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">2.13</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Cancellation
of Debt Securities</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">All
Debt Securities surrendered to the Trustee for payment of the final amount
required to be paid thereon or that have been redeemed by the Issuer as
contemplated by Section 3.1 or redeemed by way of mandatory sinking fund payment
as contemplated by Section 3.2, or that have been surrendered to the Trustee for
registration of exchange or transfer, shall be promptly cancelled by the
Trustee, and if surrendered to the related Registrar or the related Paying
Agent, shall be delivered by it to the Trustee for cancellation and shall be
cancelled by the Trustee on receipt. The Trustee shall give prompt written
notice to the Issuer, the related Registrar and the related Paying Agent of the
particulars of any Debt Securities cancelled by it.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer may, in its discretion at any time deliver to the Trustee for
cancellation any Debt Securities which the Issuer has purchased as provided for
in this Indenture, and all such Debt Securities so delivered shall be cancelled
by the Trustee.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">All
Debt Securities which have been cancelled by the Trustee shall be destroyed by
the Trustee, which shall furnish to the Issuer, the related Registrar and the
related Paying Agent a destruction certificate setting forth the numbers and
denominations of the Debt Securities so destroyed.</font></p>
<a NAME="_Toc90089901"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">2.14</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Mutilated,
Lost, Stolen or Destroyed Debt Securities</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
any Debt Security has been mutilated or defaced or has or has been alleged to
have been lost, stolen or destroyed, then, on application by the applicable
Holder to the related Paying Agent (in the case of a Bearer Debt Security) or
the related Registrar (in the case of a Registered Debt Security) (each in such
capacity a "<b>Replacement Agent</b>"), the Issuer may in its discretion,
execute, and upon such execution the Trustee will certify and deliver, a new
Debt Security of the same Series, date and the same Principal Terms as the
defaced, mutilated, lost, stolen or destroyed Debt Security in exchange for and
in place of the defaced or mutilated Debt Security, and in lieu of and in
substitution for the lost, stolen or destroyed Debt Security. Notwithstanding
the foregoing, no Debt Security shall be delivered as a replacement for any Debt
Security which has been mutilated or defaced otherwise than upon surrender of
the mutilated or defaced Debt Security, and no Debt Security shall be delivered
as a replacement for any Debt Security which has been lost, stolen or destroyed
unless the applicant for the replacement Debt Security has furnished to the
Issuer and the Trustee evidence, satisfactory in form and substance to the
Issuer and the Trustee, of its ownership of, and of such loss, theft or
destruction of, such Debt Security and has indemnified (including by way of
indemnity bond if so required) the Issuer, the Trustee, the related Registrar
and the related Paying Agent in amount, form and substance satisfactory to each
of them. Any instructions by the Issuer to a Replacement Agent under this
Section shall include such indemnifications for the protection of such
Replacement Agent as such Replacement Agent may reasonably require.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
any mutilated, defaced, lost, stolen or destroyed Debt Security has become or is
about to become due and payable, the Issuer, in its discretion, may, instead of
executing a replacement Debt Security, pay to the Holder thereof the full amount
outstanding on such mutilated, defaced, lost, stolen or destroyed Debt Security.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
25 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Upon
the issuance of a replacement Debt Security, the Issuer may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation to such issuance and any other expenses (including the fees
and expenses of the Trustee, the related Registrar and the related Paying Agent)
connected with such issuance.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Each
replacement Debt Security shall bear a unique serial number and be in a form
otherwise identical to the Debt Security it replaces and shall be entitled to
the benefits of this Indenture to the same extent and in the same manner as the
Debt Security it replaces.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Replacement Agent shall promptly deliver to the Trustee for cancellation, and on
receipt thereof the Trustee shall cancel, each mutilated or defaced Debt
Security surrendered to it and in respect of which a replacement Debt Security
has been delivered.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(f)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Replacement Agent shall notify the Issuer, the Trustee, the related Registrar
(unless the related Registrar is the Replacement Agent) and the related Paying
Agent (unless the related Paying Agent is the Replacement Agent) of the delivery
by it of any replacement Debt Security, specifying the serial number of such
replacement Debt Security and the serial number (if any and if known) of the
Debt Security which it replaces and confirming whether or not that the Debt
Security which it replaces has been delivered to the Trustee for cancellation.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(g)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Unless
the Issuer instructs otherwise, the Trustee shall destroy each mutilated or
defaced Debt Security surrendered to and cancelled by it and in respect of which
a replacement Debt Security has been delivered and shall, as soon as reasonably
practicable, furnish to the Issuer, the related Registrar and the related Paying
Agent a certificate as to such destruction specifying in numerical sequence the
serial numbers of the Debt Securities so destroyed.</font></p>
<a NAME="_Toc90089902"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">2.15</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Access
to Lists of Holders</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Each
Register for a Series will, at all reasonable times, be open for inspection by
the Issuer, the Trustee, the related Registrar and the related Paying Agent.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trustee shall, and the Issuer shall upon demand of the Trustee furnish the
Trustee with the information required to enable the Trustee to, furnish to any
Person any list of Holders of Registered Debt Securities of a Series that is
required to be furnished to such Person under applicable Trust Indenture
Legislation, in accordance with the time periods and procedures prescribed by
such Trust Indenture Legislation, upon compliance by such Person with all
applicable requirements of such Trust Indenture Legislation for the furnishing
of such list.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Every
Holder of a Registered Debt Security, by receiving and holding such Debt
Security, agrees with the Issuer, the Trustee, the related Registrar, the
related Paying Agent and the related Other Series Agents that none of such
Persons or their respective agents shall be held accountable by reason of the
disclosure of any information as to the names and addresses of such Holders,
regardless of the sources from which such information was derived.</font></p>
<a NAME="_Toc90089903"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">2.16</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Global
Securities</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer, at its option, may at any time and from time to time require that any or
all Debt Securities of a Series be represented in the form of a Bearer Global
Debt Security or a Registered Global Debt Security held by or on behalf of the
related Depositary as custodian of such Global Debt Security. If the Issuer
requires that the Debt Securities of a particular Series are to be issued as a
Global Debt Security, then the Issuer shall execute, and the Trustee shall
certify and deliver, a Global Debt</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
26 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font><p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Security
that: (i) shall represent, and shall be denominated in an amount equal to the
aggregate principal amount of that Series; (ii) if in registered form, shall be
registered in the name of the related Depositary or its nominee; (iii) shall be
delivered by the Trustee to the related Depositary or pursuant to the related
Depositary's instruction; and (iv) shall bear a legend substantially to the
following effect: "Except as otherwise provided in the Indenture, this Debt
Security may be transferred, in whole but not in part, only to another nominee
of the Depositary or to a successor Depositary or to a nominee of such successor
Depositary." Any endorsement of a Global Debt Security to reflect the
principal amount, or any increase or decrease in the principal amount, of the
Debt Securities represented by such Global Debt Security shall be made by the
Trustee, the related Registrar or the related Paying Agent, as the case may be,
in such manner and upon instructions given by such Person as shall be specified
in such Global Debt Security or in an Issuer Order.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">It
is expressly acknowledged that any registrations of beneficial ownership, and
transfers of beneficial ownership, of Debt Securities represented by Global Debt
Securities will be made only through the applicable Book-Based System. The
rights of a holder of any interest in a Debt Security represented by a Global
Debt Security (including the right to receive a certificate or other instrument
evidencing an ownership interest in such Debt Security) shall be limited to
those rights established by Applicable Law and by agreements between the related
Depositary and its applicable Participant and between such Participant and the
holder of such interest. Accordingly, none of the Issuer, the Trustee, the
related Registrar, the related Paying Agent or any agent of any such Person
shall be under any obligation to deliver to the holder of such interest, nor
shall such holder have any right to require the delivery of, a certificate
evidencing any Debt Security (or interest therein) represented by a Global Debt
Security.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">required
to do so by Applicable Law;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
applicable Book-Based System ceases to exist;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(iii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
Issuer determines that the applicable Depositary is no longer willing or able to
discharge properly its responsibilities as depositary and the Issuer is unable
to engage a qualified successor; or</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(iv)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
Issuer at its option elects to terminate the applicable Book-Based System for
any reason (including if the Issuer considers it impracticable or inefficient to
effect any distribution of the applicable Debt Securities through the applicable
Book-Based System or through the facilities of the applicable Depositary);</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
Issuer, with the consent of the Trustee, which consent shall not be unreasonably
withheld or delayed, shall have the right to allow Debt Securities represented
by a Global Debt Security to be issued in definitive form to holders other than
the applicable Depositary and its nominees and to allow transfers of such Debt
Securities other than within the applicable Book-Based System and to allow any
payments or distributions required to be made under this Indenture with respect
to such Debt Securities to be made other than to the related Depositary or to be
distributed other than through the applicable Book-Based System. In addition,
the Issuer, with the consent of the Trustee, which consent shall not be
unreasonably withheld or delayed, shall have the right to appoint one or more
sub-custodians in the event that the Issuer determines that it is impractical
for the related Depositary to act as custodian for any Debt Securities which
are, and which are permitted to be, beneficially owned by non-residents of
Canada.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Notwithstanding
Section 2.11, a Global Debt Security may be transferred, in whole but not in
part and in the manner provided in Section&nbsp;2.11, only to another nominee of
the Depositary for the</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
27 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">applicable
Series, or to a successor Depositary for the applicable Series selected or
approved by the Issuer or to a nominee of such successor Depositary.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
at any time a Depositary notifies the Issuer that it is unwilling or unable to
continue as depositary for a Series or if at any time such Depositary shall no
longer be registered or in good standing under any Applicable Law, or be
qualified as a Clearing Agency under any Applicable Securities Law or under any
Applicable Law regulating the transfer of securities, in each case as required
in order to fulfil its duties and obligations as Depositary for such Series, and
a successor Depositary for such Series is not appointed by the Issuer within 120
days after the Issuer receives notice, or becomes aware, of such condition, this
Section shall no longer be applicable to such Series and the Issuer will
execute, and the Trustee will certify and deliver, Definitive Debt Securities of
such Series in authorized denominations, and in an aggregate principal amount
equal to the principal amount of the Global Debt Securities of such Series in
exchange for such Global Debt Securities. In addition, the Issuer may at any
time determine that a Series shall no longer be represented by Global Debt
Securities and that this Section shall no longer apply to such Series. In such
event the Issuer will execute, and the Trustee, upon receipt of an Issuer's
order evidencing such determination by the Issuer, will certify and deliver,
Definitive Debt Securities of such Series in authorized denominations, and in an
aggregate principal amount equal to the principal amount of such Global Debt
Securities in exchange for such Global Debt Securities. Upon the exchange of the
Global Debt Securities of a Series for Definitive Debt Securities of such
Series, such Global Debt Securities shall be cancelled by the Trustee. Such
Definitive Debt Securities shall be registered in such names and in such
authorized denominations as the related Depositary, pursuant to instructions
from its Participants or otherwise, shall notify to the Trustee or the related
Registrar, as the case may be. The Trustee shall deliver such Definitive Debt
Securities to the related Depositary for delivery to the Persons in whose names
such Debt Securities have been so registered.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="center"><b><font size="2">ARTICLE
3<br>
<a NAME="_Toc90089904"></a>REDEMPTIONS AND PURCHASES, SINKING FUNDS</font></b></p>
<a NAME="_Toc90089905"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">3.1</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Redemption</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Debt
Securities that are, in accordance with their Principal Terms, redeemable before
their Stated Maturity, shall be redeemable in accordance with the following
provisions:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Election
to Redeem; Notice to Trustee, Registrar and Paying Agent</i></b>. If the Issuer
elects to redeem less all or than all of the Debt Securities of a Series, the
Issuer shall, at least 45 days prior to the Redemption Date (unless a shorter
notice shall be satisfactory to the Trustee, the related Registrar and the
related Paying Agent), notify the Trustee, the related Registrar and the related
Paying Agent of the Redemption Date and of the principal amount of such Series
to be redeemed;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Selection
of Debt Securities to be Redeemed</i></b>.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
less than all of a Series is to be redeemed, the particular Debt Securities to
be redeemed shall be selected by the Trustee not more than 60 days prior to the
Redemption Date in any authorized denomination on a pro rata basis or by such
other method (which may include random selection by computer) that complies with
Applicable Law or any rules, procedures or requirements of any securities
exchange on which any of such Debt Securities are listed or of any
over-the-counter market in which any of such Debt Securities are traded and that
the Trustee may deem appropriate. For this purpose the Trustee may make, and
from time to time amend, regulations with respect to the manner in which Debt
Securities may be so selected and regulations so made shall be valid and binding
upon all Holders notwithstanding the fact that, as a result of such regulations,
any Debt Security becomes subject to redemption in part only;</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
28 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trustee shall promptly notify the Issuer, the related Registrar and the related
Paying Agent of the Debt Securities selected for redemption and, in the case of
any Debt Securities selected for partial redemption, of the principal amount of
such Debt Securities to be redeemed; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(iii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Unless
the context otherwise requires, all provisions hereof relating to the redemption
of Debt Securities shall relate, in the case of any Debt Security redeemed or to
be redeemed only in part, to the portion of such Debt Security that has been or
is to be redeemed.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Notice
of Redemption</i></b>.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Notice
of redemption shall be given not less than 30 or more than 60 days prior to the
Redemption Date, to the Holders of the Debt Securities to be redeemed;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">All
notices of redemption shall state: (i) the Redemption Date; (ii) the Redemption
Price; (iii) if less than all of the applicable Series is to be redeemed, the
identification (and, in the case of partial redemption, the principal amounts)
of the particular Debt Securities to be redeemed; (iv) that on the Redemption
Date, the Redemption Price of each such Debt Security (or part thereof) to be
redeemed will become due and payable, and that interest on such Debt Security
(or part thereof to be redeemed) shall cease to accrue on and after such date;
(v) the Place of Payment where such Debt Securities, together in the case of
Bearer Debt Securities with all coupons, if any, of such Bearer Debt Securities
maturing on or after the Redemption Date, are to be surrendered; (vi) if
applicable, that the redemption is for a sinking fund; and (vii) any other
matter that the Trustee, the related Registrar or the related Paying Agent
reasonably requests in connection with such redemption; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(iii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Notice
of redemption of Debt Securities at the election of the Issuer shall be given by
the Issuer or, at the Issuer's request, by the Trustee, the related Registrar
or the related Paying Agent in the name and at the expense of the Issuer,
provided that the Issuer has delivered the Trustee a certificate of the Issuer,
at least 35 days prior to the Redemption Date (or such shorter period as agreed
to by the Trustee), which certificate shall request that the Trustee give such
notice and which sets forth the information to be stated in such notice as
provided in clause (ii) above.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Deposit
of Redemption Price</i></b>. &nbsp;On or prior to the Redemption Date, the
Issuer shall deposit with the Trustee, the related Registrar or the related
Paying Agent (or, if the Issuer is acting as its own Paying Agent, it shall
segregate and hold in trust as provided in Section 5.1(c)), an amount of money
sufficient to pay the Redemption Price of and (except as provided in clause (e)(i)
below) accrued interest on, all the Debt Securities (or parts thereof) that are
to be redeemed on such date;</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
29 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Debt
Securities Payable on Redemption Date</i></b>.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
notice of redemption has been given as provided herein, the Debt Securities (or
parts thereof) that are to be redeemed shall, become due and payable on the
Redemption Date, at the Redemption Price specified in such notice. From and
after such date (unless the Issuer shall default in the payment of the
Redemption Price or any accrued interest) such Debt Securities (or parts
thereof) shall cease to bear interest and the coupons for such interest
pertaining to any Bearer Debt Securities so redeemed, except to the extent
provided below, shall be void. Upon surrender of any Debt Security for
redemption in accordance with a notice of redemption, the Redemption Price of
such Debt Security shall be paid by the Issuer together with accrued interest to
the Redemption Date; provided, however, that instalments of interest (on Bearer
Debt Securities) having a Stated Maturity on or prior to the Redemption Date
shall be payable only upon presentation and surrender of coupons for such
interest (except as otherwise provided in clause (e)(ii) below); and provided
further that instalments of interest (on Registered Debt Securities) having a
Stated Maturity on or prior to the Redemption Date shall be payable to the
Holders thereof registered as such on the applicable Regular Interest Record
Dates for such instalments;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
a Bearer Debt Security surrendered for redemption is not accompanied by all
coupons maturing on or after the Redemption Date, such Bearer Debt Security may
be paid after deducting from the amount that would otherwise be payable to the
Holder thereof an amount equal to the face amount of all such missing coupons,
or the surrender of any such missing coupons may be waived by the Issuer, the
Trustee, the related Registrar and the related Paying Agent if they receive such
security or indemnity as they may require in respect thereof. If thereafter the
applicable Holder shall surrender to the Trustee, the related Registrar or the
related Paying Agent any missing coupons in respect of which such a deduction
was made, such Holder shall be entitled to receive the amount so deducted; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(iii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
a Debt Security called for redemption shall not be paid upon surrender of such
Debt Security for redemption, the principal of and any premium, interest and
other amounts on such Debt Security shall, until paid, bear interest from the
Redemption Date at the rate or rates prescribed therefor in the related Series
Supplement; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(f)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Debt
Security Redeemed in Part</i></b>. &nbsp;Any Registered Debt Security that is to
be redeemed only in part shall be surrendered to the Issuer, the Trustee or the
related Registrar with, if such Person so requires, due endorsement by, or a
written instrument of transfer in form satisfactory to such Person duly executed
by, the Holder or the Holder's attorney duly authorized in writing, and the
Issuer shall execute, and the Trustee shall certify and deliver to such Holder
without charge, a new Registered Debt Security or Registered Debt Securities of
the same Series, of any authorized denomination as requested by such Holder in
an aggregate principal amount equal to, and having the same Principal Terms as,
and in exchange for, the unredeemed portion of the Debt Security so surrendered.
Any Bearer Debt Security that is to be redeemed only in part shall be
surrendered to the Issuer, the Trustee or the related Paying Agent as specified
in the applicable notice of redemption, and the Issuer shall execute, and the
Trustee shall certify and deliver to the Holder of such Debt Security, without
charge, one or more new Bearer Debt Securities of the same Series (or one or
more new Registered Debt Securities of the same Series if requested by the
Holder and if such Series is issuable as Registered Debt Securities), of any
authorized denomination as requested by such Holder in an aggregate principal
amount equal to and having the same Principal Terms as, and in exchange for, the
unredeemed portion of the Debt Security so surrendered.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
30 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
<a NAME="_Toc90089906"></a>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">3.2</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Sinking
Fund</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
the Principal Terms of a Series create an obligation for the Issuer to establish
and fund a sinking fund for such Series, such sinking fund shall be established
and funded in accordance with the following provisions:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
minimum amount of any sinking fund payment required to be made is referred to
herein as a "<b>Mandatory Sinking Fund Payment</b>", and any payment in
excess of such minimum amount is referred to as an "<b>Optional Sinking Fund
Payment</b>". Unless otherwise specified in the related Series Supplement, the
cash amount of any Mandatory Sinking Fund Payment will be subject to reduction
as provided Section 3.2(b). Each sinking fund payment shall be applied to the
redemption of such Series as specified in the related Series Supplement;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer may apply any Debt Securities of such Series that have previously been
redeemed at the election of the Issuer (including by way of any Optional Sinking
Fund Payment) as permitted by the related Series Supplement, as a credit against
and in satisfaction of an equal principal amount of any Mandatory Sinking Fund
Payment with respect to such Series, provided that such Debt Securities have not
been previously so credited. Such Debt Securities to be credited shall be
delivered by the Issuer to the Trustee for such purpose, and the amount of such
Mandatory Sinking Fund Payment shall be reduced accordingly; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Not
less than 45 days prior to each sinking fund payment date, the Issuer shall
deliver to the Trustee a Certificate of the Issuer specifying the amount of the
sinking fund payment to be made on such date, the applicable Series, and the
portion of such sinking fund payment, if any, that is to be satisfied by
delivering and crediting Debt Securities of such Series pursuant to Section
3.2(b), together with any Debt Securities to be so delivered. Not less than 30
days prior to each such sinking fund payment date the Trustee shall select the
Debt Securities to be redeemed on such date in the manner specified in
Section&nbsp;3.1, and shall cause notice of the redemption to be given in the
name of and at the expense of the Issuer in the manner provided in Section 3.1.
&nbsp;Such notice having been duly given, the redemption of such Debt Securities
shall be made as provided in Section&nbsp;3.1. &nbsp;All Debt Securities
redeemed by the Issuer pursuant to this Section shall be cancelled and shall not
be reissued.</font></p>
<a NAME="_Toc90089907"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">3.3</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; text-indent:-1.2pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Purchase
of Debt Securities</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Subject
to Applicable Law, the Issuer shall have the right at any time and from time to
time to purchase Debt Securities in the market or by tender or by private
contract, at any price that is agreed upon between the Issuer and the applicable
Holders.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Upon
an invitation for tenders, if more Debt Securities of the applicable Series are
tendered at the same lowest price that the Issuer is prepared to accept, the
Debt Securities to be purchased by the Issuer will be selected by the Trustee in
such manner (which may include random selection by</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
31 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">computer)
that complies with Applicable Law or any rules, procedures or requirements of
any securities exchange on which any of such Debt Securities are listed or of
any over-the-counter market in which any of such Debt Securities are traded and
that the Trustee deems appropriate, from the Debt Securities tendered at such
price. For this purpose the Trustee may make, and from time to time amend,
regulations with respect to the manner in which Debt Securities may be so
selected, and regulations so made shall be valid and binding upon all Holders
notwithstanding the fact that, as a result of such regulations, any Debt
Security becomes subject to purchase in part only. &nbsp;The Holder of any Debt
Security of which part only is purchased shall be entitled to receive, upon
surrender of such Debt Security, without cost to such Holder, one or more new
Debt Securities for the unpurchased part so surrendered, and the Issuer shall
execute, and the Trustee shall certify and deliver, such new Debt Securities
upon receipt of the Debt Security so surrendered.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="center"><b><font size="2">ARTICLE
4<br>
<a NAME="_Toc90089908"></a>PAYMENTS, PRIORITY ARRANGEMENTS</font></b></p>
<a NAME="_Toc90089909"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">4.1</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Provisions
for Payment</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
principal of and any premium, interest and other amounts on a Series will be
payable in the currency specified in the related Series Supplement for such
Series at the Place of Payment for such Series against surrender of the Debt
Securities of such Series at the office of the Trustee, the related Registrar or
the related Paying Agent, as the case may be, in such Place of Payment. If no
currency is specified in the related Series Supplement, amounts payable with
respect to such Series will be payable in United States Dollars. A Series will
bear interest, if any, payable on the Interest Payment Dates and at the rate or
rates specified in, or determined in the manner provided in, the related Series
Supplement, and interest on such Series will be computed on the basis of a
calendar year of 360 days. &nbsp;With respect to any Series, whenever interest
is computed on a basis of a year (the "deemed year") which contains fewer
days than the actual number of days in the calendar year of calculation, such
rate of interest shall be expressed as a yearly rate for the purpose of the <i>Interest
</i>Act (Canada) by multiplying such rate of interest by the actual number of
days in the calendar year of calculation and dividing it by the number of days
in the deemed year. &nbsp;Each Debt Security will be dated its Series Issuance
Date or, if agreed upon by the Issuer and the Trustee, the date of its
certification by the Trustee.</font></p>
<a NAME="_Toc90089910"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">4.2</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Interest
Payments</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Interest
payable on a Registered Debt Security on an Interest Payment Date will be paid
to the Holder thereof at the close of business on the Regular Interest Record
Date for such Interest Payment Date. &nbsp;If a Bearer Debt Security is
surrendered in exchange for a Registered Debt Security after the close of
business on a Regular Interest Record Date and before the opening of business on
the related Interest Payment Date, such Bearer Debt Security shall be
surrendered without the coupon related to such Interest Payment Date and
interest will not be payable on such Interest Payment Date in respect of the
Registered Debt Security exchanged for such Bearer Debt Security, but will be
payable only to the Holder of such coupon when due in accordance with this
Indenture. Payment of interest on a Registered Debt Security will be made with
respect to all but not less than all of a Series, and upon payment by the Issuer
of the additional fees and expenses of the Trustee, the related Registrar or the
related Paying Agent, as the case may be, with respect thereto, at the option of
the Issuer: (i) at the Place of Payment for such Series; (ii) by electronic
funds transfer to an account designated by each Holder of such Series from time
to time; or (iii) by cheque mailed not later than three Business Days prior to
the applicable Interest Payment Date to the address of the Person entitled to
such payment as the address appearing in the relevant Register. Interest on a
Bearer Debt Security shall be payable only upon presentation and surrender of
the applicable coupon for such interest.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
32 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
a Debt Security or a portion thereof is called for redemption and the Redemption
Date is subsequent to a Regular Interest Record Date but prior to the related
Interest Payment Date, interest on such Debt Security will be paid upon
presentation and surrender of such Debt Security as provided in Section 3.1.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Interest
on any Series that is partially paid or not duly provided for &nbsp;following
the applicable Interest Payment Date ("<b>Default Interest</b>") will be
paid in accordance with the following:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer may elect to pay the Default Interest to the Holders of such Series as at
the close of business on a Special Interest Record Date for the payment of the
Default Interest, which shall be fixed in the following manner. The Issuer shall
notify the Trustee in writing of the amount of Default Interest proposed to be
paid and the date of the proposed payment, which amount shall be confirmed by
the Trustee, and at the same time the Issuer shall deposit with the Trustee an
amount of money equal to the amount of the Default Interest proposed to be paid,
or shall make arrangements satisfactory to the Trustee for such deposit prior to
the date of the proposed payment, and such money when deposited shall be held in
trust for the benefit of the Persons entitled thereto. The Trustee shall then
fix a special record date (a "<b>Special Interest Record Date</b>") for the
payment of the Default Interest, which shall be not less than 10 days and not
more than 15 days prior to the proposed payment date and not less than 10 days
after the receipt by the Trustee of the notice of the proposed payment. The
Trustee will cause notice of the proposed payment and the Special Interest
Record Date to be given to the Holders of such Series not less than 10 days
prior to such Special Interest Record Date. Default Interest will be paid to the
Holders as at the close of business on such Special Interest Record Date and
will not be payable pursuant to Section 4.2 (c)(ii) below. &nbsp;If a Bearer
Debt Security is surrendered to the related Registrar or the related Paying
Agent in exchange for a Registered Debt Security after the close of business on
a Special Interest Record Date but before the opening of business on the date of
payment of the Default Interest, such Bearer Debt Security shall be surrendered
without the coupon related to the Default Interest, and the Default Interest
will not be payable on such date of payment in respect of the Registered Debt
Security exchanged for such Bearer Debt Security, but will be payable only to
the Holder of such coupon in accordance with the provisions of this Indenture;
and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer may pay Default Interest on any Series in any other lawful manner not
inconsistent with the requirements of any securities exchange on which such
Series is listed or any over-the-counter market in which such Series is traded,
and upon such notice as may be required by such exchange or market, if, after
notice given by the Issuer to the Trustee of the proposed payment pursuant to
this Section, such manner of payment shall be deemed practicable by the Trustee.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Subject
to the foregoing provisions of this Section, each Debt Security delivered upon
the transfer of or in exchange for or in lieu of any other Debt Security shall
carry the rights to interest accrued and unpaid, and to accrue, that were
carried by such other Debt Security.</font></p>
<a NAME="_Toc90089911"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">4.3</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Currency
Indemnity</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer shall make payments relative to each Debt Security in the currency in
which such Debt Security is denominated (the "<b>Original Currency</b>"). If
the Issuer makes payment relative to a</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
33 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="page-break-before:always; margin-top:0pt; margin-bottom:9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="right">&nbsp;</p>
<font size="2">
<br>
<br>
</font><p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Debt
Security (whether to the Trustee, the related Registrar, the related Paying
Agent or the applicable Holder) in a currency (the "<b>Other Currency</b>")
other than the original Currency (whether voluntarily or pursuant to an order or
judgment of a court or tribunal of any jurisdiction), such payment shall
constitute a discharge of the liability of the Issuer in respect of such Debt
Security only to the extent of the amount of the original Currency which the
recipient of such payment purchases, in accordance with its normal practice,
with the amount of the Other Currency received. If the amount of the Original
Currency which the recipient is able to purchase is less than the amount of the
Original Currency due, the Issuer shall indemnify and save the Trustee, the
related Registrar, the related Paying Agent and the applicable Holder harmless
from and against any loss or damage arising as a result of such deficiency. This
indemnity shall constitute an obligation separate and independent from the other
obligations contained in this Indenture, shall give rise to a separate and
independent cause of action, shall apply irrespective of any indulgence granted
by the Trustee, the related Registrar, the related Paying Agent or the
applicable Holder, and shall continue in full force and effect notwithstanding
any judgment or order in respect of any amount due under this Indenture.</font></p>
<a NAME="_Toc90089912"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">4.4</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Ranking
of Debt Securities</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">All
Debt Securities of a Series shall rank pari passu and rateably with all other
Debt Securities of such Series, and shall share all security, if any, delivered
to the Trustee or any Person on its behalf with respect to such Series equally
and rateably with all other Persons for whom such security, pursuant to its
terms, is held by the Trustee, in each case without discrimination, preference
or priority among such Debt Securities and irrespective of their actual dates or
terms of issue.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">All
Debt Securities of a Series shall rank pari passu and rateably with all Debt
Securities of all other Series without discrimination, preference or priority
among such Debt Securities and irrespective of their actual dates or terms of
issue, subject however to (i) any sinking fund or defeasance provisions, if any,
applicable to different Series, and (ii) any security provided for, and any
subordination provisions of, any Series.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
so provided in the related Series Supplement, and subject to compliance with any
terms of any other Series Supplement prohibiting the granting, creation,
incurring or suffering to exist of liens, the amounts payable under or with
respect to a Series may be secured in such manner, against such property and
pursuant to such security documents as may be specified in the related Series
Supplement (any such lien for a Series being referred to herein as the "<b>Series
Specific Lien</b>" for such Series). &nbsp;In any such case, unless otherwise
expressly provided by the applicable security documents or by this Indenture,
the Series Specific Lien for a Series will be separate and distinct from the
Series Specific Lien, if any, for any other Series, and will not secure the
amounts payable under or with respect to any other Series.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
so provided in the related Series Supplement, the amounts payable under or with
respect to a Series may be subordinated in such manner, pursuant to such
documents and to such other debts and liabilities of the Issuer and any other
obligor in respect of such Series (including any other Series) as may be
specified in the related Series Supplement.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Each
Holder by accepting a Debt Security, irrevocably authorizes and directs the
Trustee on its behalf to take such action (including the execution and delivery
of documents of subordination) as may be necessary or appropriate to further
assure the priority arrangements provided for in this Indenture with respect to
any Series, including regarding application of payments, the provision of
security and the effecting of subordination arrangements, and each Holder
appoints the Trustee as its agent for any and all such purposes.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
34 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(f)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">A
Holder may at any time extend any time of payment applicable to its Debt
Securities, including waiver of any Event of Default applicable to such Debt
Securities, without notice to or consent from any creditor of the Issuer
(including any other Holder) which is subordinate in right of payment to such
Holder.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="center"><b><font size="2">ARTICLE
5<br>
<a NAME="_Toc90089913"></a>COVENANTS</font></b></p>
<a NAME="_Toc90089914"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">5.1</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Covenants</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
relation to each Series, the Issuer covenants and agrees with the Trustee for
the benefit of Holders of such Series that, so long as such Series is
Outstanding and except as otherwise permitted by the prior written consent of
the Trustee in the case of any such covenant other than the covenant in Section
5.1(a):</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Pay
Principal, Interest and Other Amounts</i></b>. &nbsp;The Issuer will duly and
punctually pay or cause to be paid when due to every Holder of such Series the
principal, and premium, interest and other amounts, on such Series;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Maintenance
of Office or Agency</i></b>.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer will maintain or cause the related Registrar, Transfer Agent or the
related Paying Agent, as the case may be, to maintain an Office or Agency at
each Place of Payment for such Series where Debt Securities of such Series may
be presented or surrendered for payment, or for registration of transfer or
exchange, and where notices and demands to or upon the Issuer in respect of such
Series, this Indenture and the related Series Supplement may be served.
&nbsp;The Issuer will give prompt written notice to the Trustee of the location,
and any change in the location, of any such Office or Agency. If at any time the
Issuer shall fail to maintain such required Office or Agency or shall fail to
furnish to the Trustee the address of any such office or Agency, such
presentations, surrenders, notices and demands may be made or served at the
principal corporate trust office of the Trustee in Vancouver, British Columbia,
except that Bearer Debt Securities of such Series and the related coupons may be
presented and surrendered for payment at the place specified for such purpose
pursuant to the related Series Supplement or, if no such place is specified, at
the stock and bond transfer office of the Trustee in Vancouver, British
Columbia, and the Issuer hereby appoints the Trustee as its agent to receive all
such presentations, surrenders, notices and demands; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer may from time to time designate one or more other offices or agencies (in
or outside of such Place of Payment) where the Debt Securities of such Series
and, in the case of Bearer Debt Securities, any coupons of such Bearer Debt
Securities, subject to Section 5.1(b)(i), may be presented or surrendered for
any or all of such purposes, and may from time to time rescind such
designations; provided, however, that no such designation or rescission shall in
any manner relieve the Issuer of its obligation to maintain, or cause the
related Registrar or the related Paying Agent, as the case may be, to maintain
for such purposes an Office or Agency in each Place of Payment for such Series.
The Issuer will give prompt written notice to the Trustee of any such
designation and any change in the location of any such other Office or Agency;</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
35 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Money
for Payments to be Held in Trust</i></b>.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
the Issuer shall at any time act as its own Paying Agent for such Series it
will, on or before each due date of the principal of and any premium, interest
or other amounts on such Series, segregate and hold in trust for the benefit of
the Holders entitled to such payment a sum sufficient to pay such principal,
premium, interest or other amounts until such sums shall be paid to such Holders
or otherwise disposed of as provided for in this Indenture, and it will promptly
notify the Trustee of its action or failure to so act;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Whenever
there exists one or more Paying Agents with respect to such Series, the Issuer
will, prior to each due date of any principal of or premium, interest or other
amounts on such Series, deposit with the related Registrar or the related Paying
Agent, as the case may be, a sum sufficient to pay such principal, premium,
interest or other amounts, such sum to be held in trust for the benefit of the
Holders entitled thereto, and (unless such related Registrar or related Paying
Agent is the Trustee), the Issuer will promptly notify the Trustee of its action
or failure to so act;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(iii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer will cause each Registrar and Paying Agent for such Series, other than
the Trustee, to execute and deliver to the Trustee an instrument in which such
Registrar or related Paying Agent shall agree with the Trustee, subject to the
provisions of this Section, that such Registrar or Paying Agent will:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:142.8pt; text-indent:-34.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(A)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:142.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">hold
all sums received by it for the payment of any principal of or premium, interest
or other amounts on such Series in trust for the benefit of the Holders entitled
thereto until such sums shall be paid to such Holders or otherwise disposed of
as provided for in this Indenture or the related Series Supplement;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:142.8pt; text-indent:-34.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(B)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:142.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">give
the Trustee notice of any default by the Issuer (or any other obligor upon such
Series) in the making of any payment of any principal of or premium, interest or
other amounts on such Series; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:142.8pt; text-indent:-34.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(C)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:142.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">at
any time during the continuance of any such default, upon the written request of
the Trustee, immediately pay to the Trustee all sums so held in trust by such
Registrar or Paying Agent;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(iv)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture and the related Series Supplement or for any other
purpose, pay, or by Issuer Request direct the related Registrar or the related
Paying Agent, to pay, to the Trustee all sums held in trust by the Issuer or
such Registrar or Paying Agent; such sums to be held by the Trustee upon the
same trusts as those upon which such sums were held by the Issuer or such
Registrar or Paying Agent, and upon such payment by such Registrar or Paying
Agent to the Trustee, such Registrar or Paying Agent, as the case may be, shall
be released from all further liability with respect to such money; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(v)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Any
money deposited with the Trustee or the related Registrar or Paying Agent, or
then held by the Issuer, in trust for the payment of any principal of or
premium, interest or other amount on such Series, and remaining unclaimed for
six years after such principal, premium, interest or other amount has become due
and payable, shall be paid to the Issuer if so requested by an Issuer Request,
or (if then held by the Issuer) shall be discharged from such trust; and the
applicable Holders shall thereafter, as unsecured general creditors, look only
to the Issuer for payment thereof, and all liability of the Trustee, the related
Registrar and the related Paying Agent with respect to such trust money, and all
liability of the Issuer as trustee of such trust money, shall thereupon cease;</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
36 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Notice
of Default</i></b>. &nbsp;The Issuer will notify the Trustee in writing within
five Business Days after the Issuer becomes aware of the occurrence of any
Default or Event of Default with respect to such Series;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Financial
Statements</i></b>. &nbsp;Unless such financial statements have been publicly
filed by the Issuer pursuant to Applicable Laws, the Issuer will deliver to the
Trustee within 140 days after the end of each fiscal year of the Issuer audited
consolidated financial statements of the Issuer for such fiscal year including
the consolidated balance sheet and statements of income, retained earnings and
changes in financial position and within 60 days after the end of each fiscal
quarter, other than the last fiscal quarter, unaudited consolidated financial
statements of the Issuer for such fiscal quarter consisting of a consolidated
balance sheet and consolidated statements of income, retained earnings and
changes in financial position. &nbsp;The Trustee is under no obligation to
review such financial statements.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(f)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Annual
Certificate</i></b>. &nbsp;The Issuer shall furnish to the Trustee, on or before
<font FACE="Symbol">&middot;</font> in each year (commencing <font FACE="Symbol">&middot;</font>)
and otherwise upon the demand of the Trustee a brief certificate of the Chief
Executive Officer or Chief Financial Officer of the Issuer certifying that the
Issuer has complied with every requirement of this Indenture which, if there had
not been compliance, would, with the giving of notice, lapse of time or
otherwise, constitute an Event of Default, or if the Issuer has not complied, a
statement to that effect and particulars of the failure to comply.</font></p>
<a NAME="_Toc90089915"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">5.2</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Trustee
May Perform Covenants</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
the Issuer shall fail to perform any of its covenants in this Indenture relative
to a Series, the Trustee may in its discretion, but unless provided to the
contrary in this Indenture need not, notify the Holders of such Series of such
failure, and itself may perform any such covenant that is capable of being
performed by it, and if any such performance requires the payment of money, it
may make such payment with its own funds or with money borrowed by to it for
such purpose, but shall be under no obligation to do so; provided however that
no such performance or payment by the Trustee shall be deemed to release the
Issuer from or be a waiver of any Default resulting from, the Issuer's failure
to perform its applicable covenant, and any amounts so paid or expended by the
Trustee shall be immediately repaid to the Trustee by the Issuer and shall bear
interest until so repaid at a rate of interest that is 5% per annum above the
interest payable on such Series (or if such Series does not bear interest, at
the highest rate of interest chargeable from time to time by the Trustee to its
corporate trust customers), and shall be secured by the Series Specific Lien, if
any, for such Series.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
37 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="center"><b><font size="2">ARTICLE
6<br>
<a NAME="_Toc90089916"></a>EVENTS OF DEFAULT AND REMEDIES</font></b></p>
<a NAME="_Toc90089917"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">6.1</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Events
of Default</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">An
Event of Default with respect to a Series means any one of the following events
(whatever the reason for such Event of Default and whether it is voluntary or
involuntary or is effected by operation of law or pursuant to any judgment,
decree or order of any Governmental Authority):</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Default
in Payment of Principal or Premium</i></b>. &nbsp;A default by the Issuer in
making payment of principal or premium with respect to such Series when due and
payable at maturity, upon acceleration, redemption or otherwise, or in any
obligation to repurchase Debt Securities of such Series when required pursuant
to this Indenture;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Default
in Other Payments</i></b>. &nbsp;A default by the Issuer in making payment of
any interest with respect to such Series when due and payable, which default
continues for a period of 30 days; provided that, for greater certainty, unless
otherwise expressly provided in the related Series Supplement, no such default
shall be considered to occur as a result of amounts that may be required to be
deducted or withheld under the <i>Income Tax Act</i> (Canada) or any other
applicable taxation statute by the Issuer, the Trustee, the related Registrar or
the related Paying Agent from any payment to be made to any Holder having been
so deducted or withheld and such amounts having been remitted to the appropriate
Governmental Authority on behalf of such Holder;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Other
Covenant Defaults</i></b>. &nbsp;A default by the Issuer in the performance of,
or a breach of, any other covenant or agreement of the Issuer with respect to
such Series contained in this Indenture or any Series Specific Document for such
Series, which default or breach continues for a period of 60 days after the date
on which written notice of such default has been given to the Issuer by
registered mail by the Trustee or by the Holders of at least 25% of the unpaid
aggregate principal amount of such Series then Outstanding;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Voluntary
Insolvency Proceedings</i></b>. &nbsp;The Issuer or a Material Subsidiary
pursuant to or under or within the meaning of any Bankruptcy Law:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">commences
a voluntary case or proceeding;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">consents
to the entry of a Bankruptcy order in an involuntary case or proceeding or the
commencement of any case against it;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(iii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">consents
to the appointment of a Custodian of it or for any substantial part of its
property;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(iv)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">makes
a general assignment for the benefit of its creditors or files a proposal or
other scheme of arrangement involving the rescheduling or composition of its
indebtedness;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(v)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">files
a petition in bankruptcy or answer or consent seeking reorganization or relief;
or</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(vi)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">consents
to the filing of such petition or the appointment of or taking possession by a
Custodian;</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
38 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="page-break-before:always; margin-top:0pt; margin-bottom:9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="right">&nbsp;</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Involuntary
Insolvency Proceedings</i></b>. &nbsp;A court of competent jurisdiction in any
involuntary case or proceeding enters a Bankruptcy Order against the Issuer or a
Material Subsidiary, and such Bankruptcy Order remains unstayed and in effect
for 15 consecutive days; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(f)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Appointment
of Custodian</i></b>. &nbsp;A Custodian shall be appointed out of court with
respect to the Issuer or a Material Subsidiary, or with respect to all or any
substantial part of the property of the Issuer or a Material Subsidiary, or any
encumbrancer shall take possession of all or any substantial part of the
property of the Issuer or a Material Subsidiary.</font></p>
<a NAME="_Toc90089918"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">6.2</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Acceleration
of Maturity; Rescission and Annulment.</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
an Event of Default under Section 6.1(d) or 6.1(e) in relation to the Issuer
occurs with respect to a Series, the aggregate unpaid principal amount of all
Debt Securities (together with all accrued and unpaid interest thereon and any
other amounts owing under such Debt Securities) shall become immediately due and
payable and the Series Specific Lien, if any, with respect to such Series shall
immediately become enforceable.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Except
as provided in Section 6.2(a), if an Event of Default is continuing with respect
to a Series and the Trustee has received notice of such Event of Default in
accordance with Section 9.3, the Trustee may, in its discretion, and if
requested by the Holders of at least 25% of the aggregate unpaid principal
amount of such Series shall, by written notice to the Issuer, declare such
Series to be immediately due and payable, and upon such Declaration of
Acceleration the aggregate unpaid principal amount of such Series (together with
all accrued and unpaid interest thereon and any other amounts owing with respect
thereto) shall become immediately due and payable and the Series Specific Lien,
if any, with respect to such Series shall immediately become enforceable.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">At
any time after a Declaration of Acceleration with respect to a Series has been
made by the Trustee and before a judgment for payment of any amount due under
such Series has been obtained by the Trustee, such Declaration of Acceleration
and its consequences may be rescinded and annulled by a Holder Direction from
the Holders of such Series. In such case the rescission and annulment will be
effective on the date on which:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">written
notice of such Holder Direction is given to the Issuer and the Trustee; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
Issuer has paid or deposited with the Trustee a sum sufficient to pay:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:144pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(A)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">all
principal, premium, interest and other amounts which, by the Principal Terms of
such Series, are then due and payable otherwise than pursuant to such
Declaration of Acceleration; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:144pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(B)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">all
sums paid or advanced by the Trustee with respect to such Series and the
reasonable compensation and expenses of the Trustee with respect to such Series;
and</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">there
shall be continuing no Default or Event of Default with respect to such Series,
other than the non-payment of principal, premium, interest and other amounts
with respect to such Series that became due solely by such Declaration of
Acceleration.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
39 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">No
such rescission and annulment shall affect any subsequent or other Event of
Default with respect to such Series or impair any right of the Trustee or the
Holders of such Series with respect to such subsequent or other Event of
Default. In addition, no such rescission and annulment shall affect any Event of
Default with respect to any other Series or impair any right of the Trustee or
the Holders of any other Series with respect thereto.</font></p>
<a NAME="_Toc90089919"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">6.3</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Remedies</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Subject
to Section 6.2(c) and subject to compliance with the provisions of Section 8.3
with respect to the giving of sufficient funds and an indemnity, if an Event of
Default with respect to a Series is continuing and a Declaration of Acceleration
with respect to such Series has been made, the Issuer will pay to the Trustee,
for the benefit of the Holders of such Series, the whole amount then due and
payable for principal, premium, interest and other amounts with respect to such
Series and, to the extent permitted by Applicable Law, interest on any overdue
principal, premium interest and other amounts at the rate or rates prescribed in
the related Series Supplement, and in addition thereto such further amount as
shall be sufficient to pay the costs and expenses of collection, including the
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and the Trustee may exercise any action, suit, remedy or Proceeding
authorized or permitted by any Series Specific Document or any other agreement,
at law, in equity under statute or otherwise. If an Event of Default with
respect to a Series is continuing, the Trustee in its discretion may also
protect and enforce its rights and the rights of the Holders of such Series by
such appropriate Proceedings as the Trustee shall deem appropriate to protect
and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in any Series Specific Document or in aid of the exercise
of any power granted in any Series Specific Document, or to enforce any other
proper remedy.</font></p>
<a NAME="_Toc90089920"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">6.4</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Trustee
May File Proofs of Claim</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
any Proceeding relative to the Issuer (or any other obligor upon the Debt
Securities), or its property or its other creditors, the Trustee shall be
entitled and empowered, by intervention in such Proceeding or otherwise, to take
any and all actions authorized by Applicable Law in order to have the claims of
the Holders and the Trustee allowed in such Proceeding. In particular, the
Trustee shall be authorized to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such Proceeding is hereby authorized by each Holder to
make such payments to the Trustee and, in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel. No provision
of this Indenture or any Series Specific Document shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement adjustment or composition
affecting any of the Debt Securities or the rights of any Holder or to authorize
the Trustee to vote in respect of the claim of any Holder in any such
proceeding; provided however that the Trustee may, on behalf of the Holders,
vote for the election of a trustee in bankruptcy or similar official and be a
member of a creditors' or other similar committee.</font></p>
<a NAME="_Toc90089921"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">6.5</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Enforcement
Without Possession of Debt Securities</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">All
rights of action and claims under this Indenture and the Debt Securities may be
prosecuted and enforced by the Trustee without the possession of any of the Debt
Securities or the production of any of the Debt Securities in any Proceeding
relating thereto, and any such Proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of
judgment shall, after provision for the payment of the reasonable compensation,
expenses,</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
40 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="text-indent: 0; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font size="2">disbursements
and advances of the Trustee, its agents and counsel, be for the rateable benefit
of the Holders for whom such judgment has been recovered (subject to any express
provisions to the contrary in this Indenture or a Series Supplement in
connection with security for the benefit of, or subordination arrangements
applicable to, one or more Series).</font></p>
<a NAME="_Toc90089922"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">6.6</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Application
of Money Collected</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Any
money collected by the Trustee pursuant to this Article in respect of a Series
shall be applied in the following order, at the date or dates fixed by the
Trustee and, in case of the distribution of such money on account of any
principal, premium, interest or other amount, upon presentation of the Debt
Securities of such Series and the notation on such Debt Securities of the
payment (if only partially paid) or surrender thereof (if fully paid):</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">first,
to the payment of all amounts due to the Trustee under this Indenture with
respect to such Series;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">second,
if no principal of or premium on such Series shall have become due and payable
and be unpaid, to the payment of the accrued and unpaid interest on such Series;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">third,
if any principal of or premium on such Series shall have become due and payable
and be unpaid, to the payment of the whole amount of such principal of or
premium on such Securities that shall have become due and be unpaid and the
accrued and unpaid interest on such Series, if any, without discrimination or
preference of any one such applicable amount over another, rateably to the
aggregate of such principal, premium and accrued and unpaid interest, if any;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">fourth,
to the payment of any other amounts with respect to such Series; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">fifth,
to whomsoever may be lawfully entitled to receive the balance of such money.</font></p>
<a NAME="_Toc90089923"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">6.7</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Notice
of Event of Default</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trustee shall give written notice of the occurrence of every Event of Default
with respect to a Series to the Holders of such Series within a reasonable time
but not exceeding 30 days after the Trustee obtains knowledge thereof, unless
the Trustee in good faith determines that the withholding of such notice is in
the best interests of such Holders, collectively, and so advises the Issuer in
writing.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Where
notice of the occurrence of a Default with respect to a Series has been given by
the Trustee and the Default is thereafter cured within the time provided for,
notice that the Default is no longer continuing shall be given by the Trustee to
the Holders of such Series within a reasonable time but not exceeding 30 days
after the Trustee obtains knowledge that the Default has been cured.</font></p>
<a NAME="_Toc90089924"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">6.8</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Restoration
of Rights and Remedies</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
the Trustee, or any Holder of a Series, has instituted Proceedings in accordance
with this Indenture to enforce any right or remedy with respect to a Series and
such Proceeding has been discontinued or abandoned for any reason or has been
determined adversely to the Trustee or to such Holder, then in every such case,
but subject to such adverse determination, (i) the Issuer, the Trustee and the
Holders of such Series shall be restored severally and respectively to the
fullest extent possible to their former positions under this Indenture, and (ii)
all rights and remedies of the Trustee and such Holders shall continue as though
no such Proceeding had been instituted.</font></p>
<font size="2">
<a NAME="_Toc90089925"></a><br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
41 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">6.9</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Rights
and Remedies Cumulative</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Except
as expressly provided herein, no right or remedy conferred upon or reserved to
the Trustee is intended to be exclusive of any other right or remedy, and every
right and remedy shall be cumulative and in addition to every other right and
remedy however existing. &nbsp;Any single or partial exercise of any right or
remedy shall not preclude any other or further exercise of such right or remedy
or the exercise of any other right or remedy.</font></p>
<a NAME="_Toc90089926"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">6.10</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Waiver
of Defaults</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Prior
or subsequent to a Declaration of Acceleration with respect to a Series, the
Holders of such Series shall be permitted to provide a Holder Direction
instructing the Trustee to waive, in which event the Trustee shall waive (on and
subject to the conditions, if any, specified in such Holder Direction), any
prospective or existing Default or Event of Default with respect to such Series
except: (i) an Event of Default described in Section&nbsp;6.1(a); or (ii) a
Default in respect of a provision that under Section&nbsp;12.2(b) cannot be
amended without the consent of the Holders of such Series by way of a Special
Holder Direction.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Upon
a waiver becoming effective with respect to a Series, the Issuer, the Trustee
and the Holders of such Series shall be restored to the fullest extent possible
to their former positions and rights under this Indenture and the related Series
Specific Documents; the applicable Default or Event of Default shall be deemed
to have been cured and with respect to such Series, and any Default or Event of
Default with respect to such Series arising therefrom shall be deemed to have
been cured; but no such waiver shall extend to any subsequent or other Default
or Event of Default with respect to such Series or impair any right with respect
to any such subsequent or other Default or Event of Default, or extend to the
same or any subsequent or other Default or Event of Default with respect to any
other Series or impair any right with respect thereto.</font></p>
<a NAME="_Toc90089927"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">6.11</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Holders
May Direct Trustee's Action</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Except
as otherwise provided in this Indenture, and subject to compliance with
Section&nbsp;8.3 with respect to the giving of sufficient funds and an indemnity
to the Trustee, the Holders of a Series shall have the right, in each case by a
Holder Direction, to direct the time, method and place of conducting any
Proceeding or any right or remedy available to the Trustee, or the exercise of
any trust or power conferred on the Trustee under the Series Specific Documents
with respect to such Series; provided, however, that the Trustee shall have the
right to decline to follow any such direction if advised by Counsel that the
action so directed may not lawfully be taken or if the Trustee in good faith
shall determine that the Proceeding so directed would be illegal or would be
unduly prejudicial to the rights of Holders of such Series not parties to such
Holder Direction or not bound by such Holder Direction or would involve the
Trustee in personal liability unless the Trustee shall have been provided with
reasonable security or indemnity against such liability satisfactory to it.
&nbsp;Nothing in this Indenture shall impair the right of the Trustee to take
any action deemed proper by it and which is not inconsistent with such Holder
Direction.</font></p>
<a NAME="_Toc90089928"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">6.12</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Limitation
of Trustee's Liability</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trustee will not be bound to do, observe or perform or to see to the observance
or performance by the Issuer or any Subsidiary of any of the obligations imposed
upon it under this Indenture or the related Series Specific Documents, or in any
other way to supervise or interfere with the conduct of any activities of the
Issuer or any Subsidiary unless and until a Declaration of Acceleration</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
42 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font size="2">with
respect to such Series has occurred, and the Trustee has determined or become
bound to enforce the same and has been supplied with sufficient funds and an
indemnity as provided in Section&nbsp;8.3.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="center"><b><font size="2">ARTICLE
7<br>
<a NAME="_Toc90089929"></a>SUITS BY HOLDERS AND TRUSTEE</font></b></p>
<a NAME="_Toc90089930"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">7.1</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Holders
May Not Sue</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">No
Holder shall have any right to institute any Proceeding with respect to, or
otherwise pursue or enforce any remedy with respect to, any Series Specific
Document, or for the appointment of a Custodian of the Issuer unless:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">such
Holder shall previously have given to or received from the Trustee written
notice of a continuing Event of Default with respect to the applicable Series;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
Holders of more than 25% of the aggregate unpaid principal amount of such Series
shall have made a written request to the Trustee and the Trustee shall have been
afforded reasonable opportunity itself to either proceed to exercise the powers
granted in this Indenture, or institute a Proceeding in its name for the purpose
requested;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">such
Holders shall have provided to the Trustee sufficient funds and an indemnity as
contemplated by Section 8.3;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
Trustee shall have failed to act within a reasonable time, which for the
purposes of the related Series Specific Documents shall not exceed a period of
60&nbsp;days after such notification, request and offer of sufficient funds and
indemnity by such Holders;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">during
the period referred to Section&nbsp;7.1(d):</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">such
Event of Default has not been waived as provided herein;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
Declaration of Acceleration in respect of such Event of Default has not been
rescinded and annulled as provided herein; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(iii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
Trustee has not received a contrary Holder Direction from the Holders of such
Series,</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">it
being understood and intended that no Holder shall have any right in any manner
whatever to take any action to affect, disturb or prejudice the rights of any
other Holders (whether of the same Series or any other Series) or to obtain or
seek to obtain priority over or preference to any other Holders (whether of the
same Series or any other Series) (subject to any applicable subordination
provisions or defeasance or sinking fund provisions applicable to one or more
Series), or to enforce any right under any related Series Specific Documents,
other than in the manner provided in this Indenture and for the equal, rateable
and common benefit of all Holders of such Series.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
43 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="center"><b><font size="2">ARTICLE
8<br>
<a NAME="_Toc90089931"></a>TRUSTEE</font></b></p>
<a NAME="_Toc90089932"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">8.1</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Acceptance
of Trust</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trustee hereby accepts the trusts declared in this Indenture and covenants and
agrees to perform the same upon the terms and conditions set out in this
Indenture and the other Series Specific Documents.</font></p>
<a NAME="_Toc90089933"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">8.2</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Standard
of Care of Trustee</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
the exercise of the powers and duties prescribed or conferred by the terms of
this Indenture and the other Series Specific Documents, the Trustee shall
exercise the degree of care, diligence and skill of a reasonably prudent
trustee, in good faith and in the best interests of the Holders. &nbsp;No
provision of this Indenture shall be construed to relieve the Trustee from its
duties, except that to the extent permitted by Trust Indenture Legislation.</font></p>
<a NAME="_Toc90089934"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">8.3</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Conditions
Precedent to Trustee's Obligations to Act</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Except
as otherwise specifically provided herein, the Trustee shall not be bound to
give any notice or do or take any act, action or proceeding by virtue of the
powers conferred on it in this Indenture or any other Series Specific Document
unless and until it shall have been required so to do under the terms of this
Indenture or any other Series Specific Document and provided with such evidence
of compliance with any covenant, condition or other requirement specified in
this Indenture or any other Series Specific Document, to be furnished to the
Trustee in connection with such notice, act, action or proceeding or in
connection with the exercise of its rights and duties under this Indenture or
any other Series Specific Document and such other evidence of compliance with
the provisions of this Indenture and other Series Specific Documents as the
Trustee may reasonably require by written notice to the Issuer; nor shall the
Trustee be required to take notice of any default under this Indenture or any
other Series Specific Document, other than payment of any moneys required by any
provision hereof to be paid to it, unless and until notified in writing of such
default, which notice shall distinctly specify the default desired to be brought
to the attention of the Trustee, and in the absence of any such notice the
Trustee may for all purposes of this Indenture and the other Series Specific
Documents conclusively assume that the Issuer is not in default hereunder and
that no default has been made with respect to the payment of principal of or
interest on the Debt Securities or in the observance or performance of any of
the covenants, agreements or conditions contained herein. Any such notice shall
in no way limit any discretion herein given to the Trustee to determine whether
or not the Trustee shall take action with respect to any default.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
obligation of the Trustee to commence or continue any act, action or Proceeding
for the purpose of enforcing any rights of the Trustee or the Holders hereunder
shall be conditional upon the Holders furnishing, when required by notice in
writing by the Trustee, sufficient funds to commence or continue such act,
action or Proceeding and an indemnity reasonably satisfactory to the Trustee to
protect and hold harmless the Trustee against the costs, charges, and expenses
and liabilities to be incurred thereby and any loss and damage it may suffer by
reason thereof.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">None
of the provisions contained in this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur financial liability in the
performance of any of its, duties or in the exercise of any of its rights or
powers unless indemnified as aforesaid.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
44 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font><p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trustee shall retain the right not to act and shall not be liable for refusing
to act if, due to a lack of information or for any other reason whatsoever, the
Trustee, in its sole judgment, determines that such act might cause it to be in
non-compliance with any applicable anti-money laundering or anti-terrorist
legislation, regulation or guideline. &nbsp;Further, should the Trustee, in its
sole judgment, determine at any time that its acting under this Indenture or any
Series Specific Document has resulted in its being in non-compliance with any
applicable anti-money laundering or anti-terrorist legislation, regulation or
guideline, then it shall have the right to resign on 10 days' written notice
to the other parties to this Indenture or any Series Specific Document provided
(i) that the Trustee's written notice shall describe the circumstances of such
non-compliance; and (ii) that if such circumstances are rectified to the Trustee's
satisfaction within such 10-day period, then such resignation shall not be
effective.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Nothing
in this Indenture shall impose any obligation on the Trustee to see to or to
require evidence of the registration or filing (or renewal thereof) of this
Indenture or any instrument ancillary or supplemental hereto.</font></p>
<a NAME="_Toc90089935"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">8.4</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Delegation;
Experts and Advisers</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trustee may delegate to any Person the performance of any of the trusts and
powers vested in it under the Series Specific Documents for each Series and any
such delegation may be made upon such terms and conditions and subject to such
regulations, not including however any power to sub-delegate, as the Trustee may
think to be in the interests of the Holders. &nbsp;The Trustee shall be
responsible for the performance or non-performance of any of the trusts and
powers delegated to any such Person.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trustee may employ or retain such counsel, auditors, accountants, consultants,
engineers, appraisers or other experts or advisers, whose qualifications give
authority to any opinion or report made by them, as it may reasonably require
for the purpose of discharging its duties hereunder.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trustee may pay reasonable remuneration for all services performed for it in the
discharge of the trusts hereof by any such agent or attorney, or expert or
adviser.</font></p>
<a NAME="_Toc90089936"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">8.5</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Protection
of the Trustee</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
the exercise of its rights, duties and obligations hereunder, the Trustee may,
if it is acting in good faith, act and rely upon the truth of the statements and
the accuracy of the opinions expressed in the evidence of compliance furnished
pursuant to any covenant, condition or other requirement of this Indenture, or
reasonably required by notice in writing to the Issuer by the Trustee to be
furnished to it in the exercise of its rights and duties under this Indenture
where such evidence of compliance is in accordance with the provisions herein
and the Trustee examines the evidence of compliance furnished to it in order to
determine whether such evidence indicates compliance with the applicable
requirements of this Indenture.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Prior
to the occurrence of an Event of Default hereunder and after the curing of all
Events of Default, the Trustee shall not be bound to make any investigation into
the facts or matters stated in any document, unless requested in writing to do
so:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">by
the Holders of not less than a majority in Principal Amount of the Debt
Securities then outstanding; or</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
45 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">by
adoption of a resolution, at a meeting of Holders of Debt Securities at which a
quorum is present, by Holders of not less than a majority in aggregate Principal
Amount of Debt Securities outstanding at such time represented at such meeting,</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">&nbsp;provided,
however, that if the payment within a reasonable time to the Trustee of the
costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the
Trustee, the Trustee may require reasonable indemnity against such expense or
liability as a condition to so proceeding. &nbsp;The reasonable expense of every
such examination shall be paid by the Issuer or, if paid by the Trustee, shall
be repaid by the Issuer upon demand.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trustee shall not be liable for or by reason of any statement of fact in this
Indenture, the Debt Securities or any other Series Specific Document, or
required to verify the same (except for the representations contained in
Section&nbsp;8.9 hereof and in the certificate of the Trustee on the Debt
Securities), but all such statements of fact are and shall be deemed to have
been made by the Issuer. &nbsp;The Trustee shall not incur any liability or
responsibility whatever or be in any way responsible for the consequence of any
breach on the part of the Issuer of any covenants herein contained.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Subject
to Section 8.4, the Trustee may act through agents and shall not be responsible
for the misconduct or negligence of any agent appointed with due care.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trustee shall not be liable for any action it takes or omits to take in good
faith that it believes to be authorized or within its rights or powers.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(f)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Money
held by the Trustee in trust hereunder need not be segregated from other funds
except to the extent required by law. &nbsp;The Trustee (acting in any capacity
hereunder) shall be under no liability for interest on any money received by it
hereunder unless otherwise agreed.</font></p>
<a NAME="_Toc90089937"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">8.6</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Individual
Rights of Trustee</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trustee in its individual or any other capacity may become the owner or pledgee
of Debt Securities and may otherwise deal with the Issuer or its Affiliates with
the same rights it would have if it were not a Trustee. &nbsp;Any Paying Agent,
Registrar or Other Series Agent may do the same with like rights. However, the
Trustee must comply with Sections 8.12 and 8.13.</font></p>
<a NAME="_Toc90089938"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">8.7</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Trustee's
Disclaimer</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trustee makes no representation as to the validity or adequacy of this
Indenture, the Debt Securities or any other Series Specific Document; it shall
not be accountable for the Issuer's use of the proceeds from the Debt
Securities; and it shall not be responsible for any statement in any offering
Document or in the Indenture or the Debt Securities (other than its certificate
of authentication and Section 8.9) or the determination as to which beneficial
owners are entitled to receive any notices hereunder.</font></p>
<a NAME="_Toc90089939"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">8.8</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Compensation
and Indemnity</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer agrees:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">to
pay to the Trustee from time to time reasonable compensation for all services
rendered by it hereunder (which compensation shall, to the extent permitted by
law, not be limited by any provision of law in regard to the compensation of a
trustee of an express trust);</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
46 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">to
reimburse the Trustee, upon its request and submission of reasonable
documentation, for all reasonable expenses, disbursements and advances incurred
or made by the Trustee in accordance with any provision of this Indenture
(including the reasonable compensation and the expenses, advances and
disbursements of its agents and counsel) except any such expense, disbursement
or advance as may be attributable to its negligence or bad faith; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">in
addition to and without limiting any other protection of the Trustee hereunder
or otherwise by law, to indemnify and save harmless the Trustee from and against
any and all liabilities, losses, claims, damages, penalties, actions, suits,
demands, levies, costs, expenses and disbursements, including any and all
reasonable legal and advisor fees and disbursements of whatever kind or nature,
which may at any time be suffered by, imposed on, incurred by or asserted
against the Trustee, whether groundless or otherwise, howsoever arising from or
out of any act, omission or error of the Trustee, in connection with its acting
as trustee hereunder, provided the Trustee has acted in good faith, without
negligence and in accordance with its obligations hereunder.
&nbsp;Notwithstanding any other provision hereof, this indemnity shall survive
the removal or resignation of the Trustee, the discharge of this Indenture and
the termination of any trust created hereby.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">To
secure the Issuer's payment obligations in this Section 8.8, the Trustee shall
have a lien prior to the Debt Securities on all money or property held or
collected by the Trustee, except that held in trust to pay the principal,
premium or accrued and unpaid interest, if any, as the case may be, on
particular Debt Securities.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer's obligations pursuant to this Section 8.8 shall survive the discharge
of this Indenture. When a Trustee incurs expenses after the occurrence of a
Default specified in Section 6.1(d), (e) or (f) the expenses are intended to
constitute expenses of administration under any Bankruptcy Law.</font></p>
<a NAME="_Toc90089940"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">8.9</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Conflict
of Interest</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trustee represents to the Issuer that at the date of execution and delivery by
it of this Indenture, there exists no material conflict of interest between its
role as Trustee hereunder and its role in any other capacity. &nbsp;A Trustee
shall, within three months after ascertaining that such a material conflict of
interest exists, either eliminate such conflict of interest or resign in the
manner and with the effect specified in Section&nbsp;8.10.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If,
notwithstanding the provisions of Section 8.9(a), the Trustee has such a
material conflict of interest, the validity and enforceability of this Indenture
and of the Debt Securities issued hereunder shall not be affected in any manner
whatsoever by reason only of such material conflict of interest.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
at any time the Trustee fails to comply with the provisions of Section 8.9(a),
the Trustee shall within 10 days after the expiration of the three month period
referred to therein, transmit notice of such failure to the Holders of Debt
Securities in the manner provided for notices to the Holders Debt Securities in
Section 9.2.</font></p>
<a NAME="_Toc90089941"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">8.10</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Replacement
of Trustee</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trustee may resign its trust and be discharged from all further duties and
liabilities hereunder by giving to the Issuer 90 days' notice in writing or
such shorter notice as the Issuer may accept as sufficient provided that no such
resignation shall be effective until a successor Trustee has accepted its
appointment pursuant to this Section 8.10. &nbsp;The Holders of a majority in
aggregate Principal Amount of the Debt Securities at the time outstanding shall
have power at any time to remove the Trustee</font></p>
<font size="2">
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</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
47 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="text-indent: 0; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font size="2">by
so notifying the Trustee and the Issuer (subject to the consent of the Issuer if
there is no Event of Default continuing, such consent not to be unreasonably
withheld or delayed). &nbsp;In the event of the Trustee: (a) failing to comply
with the provisions of Section&nbsp;8.9(a) or (c); (b) ceasing to be eligible in
accordance with the provisions of Section&nbsp;8.12 and failing to resign after
written request by the Issuer or any Holder; (c) resigning or being removed as
aforesaid or being dissolved; (d) becoming bankrupt, going into liquidation; or
(e) otherwise becoming incapable of acting hereunder, then, in any such case,
(i) the Issuer shall appoint a new Trustee or (ii) the retiring Trustee (except
in the case of (a) above) or any Holder may apply to the British Columbia
Supreme Court, on such notice as such Court may direct, for the appointment of a
new Trustee; but any new Trustee so appointed by the Issuer or by the Court
shall be subject to removal as aforesaid by the Holders. &nbsp;Any new Trustee
appointed under any provision of this Section shall be a trust company meeting
the requirements for eligibility herein. On any new appointment, the new Trustee
shall be vested with the same powers, rights, duties and responsibilities as if
it had been originally named herein as Trustee, without any further assurance,
conveyance, act or deed; but there shall be immediately executed, at the expense
of the Issuer, all such conveyances or other instruments as may, in the opinion
of Counsel, be necessary or advisable for the purpose of assuring the same to
the new Trustee.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
the Trustee resigns or is removed or if a vacancy exists in the office of
Trustee for any reason (other than as contemplated in the foregoing paragraph),
the Issuer shall promptly appoint a successor Trustee.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer shall give notice of each resignation and removal of the Trustee with
respect to the Debt Securities and each appointment of a successor Trustee with
respect to the Debt Securities to the Holders of Debt Securities in the manner
provided for notices to the Holders of Debt Securities in Section&nbsp;9.2.
&nbsp;Each notice shall include the name of the successor Trustee with respect
to the Debt Securities and the address of its corporate trust office.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">A
successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and the Issuer. &nbsp;Thereupon the resignation or removal of
the retiring Trustee shall become effective, and the successor Trustee shall,
without further act, become vested with all the rights, powers, trusts and
duties of the retiring Trustee under this Indenture. &nbsp;On request of the
Issuer or the successor Trustee, such retiring Trustee shall, upon payment of
its charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee. &nbsp;The
retiring Trustee shall promptly duly assign, transfer and deliver all property
and money held by it as Trustee to the successor Trustee, subject to the lien
provided for in Section 8.8.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">No
successor Trustee shall accept its appointment unless at the time of such
acceptance such successor Trustee shall be qualified and eligible under this
Article 8.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
written acceptance by a successor Trustee shall not have been delivered to the
retiring Trustee and the Issuer within 30 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Issuer or any Holder who has
been a bona fide Holder of a Debt Security for at least six months may petition
any court of competent jurisdiction for the appointment of a successor Trustee.</font></p>
<a NAME="_Toc90089942"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">8.11</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Successor
Trustee by Merger</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
the Trustee consolidates or amalgamates with, merges or converts into, or
transfers all or substantially all its corporate trust business or assets to,
another corporation, the resulting, surviving or transferee corporation without
any further act shall be the successor Trustee provided such corporation shall
be eligible and qualified under the provisions of Section 8.12.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
48 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Upon
the written request of the successor Trustee or of the Issuer, the Trustee
ceasing to act shall execute and deliver an instrument assigning and
transferring to such successor Trustee, upon the trusts herein expressed, all
the rights, powers and trusts of the Trustee so ceasing to act, and shall duly
assign, transfer and deliver all property and money held by such Trustee to the
successor Trustee so appointed in its place. Should any deed, conveyance or
instrument in writing from the Issuer be required by any new Trustee for more
fully and certainly vesting in and confirming to it such estates, properties,
rights, powers and trusts, then any and all such deeds, conveyances and
instruments in writing shall, on request of such new Trustee, be made, executed,
acknowledged and delivered by the Issuer.</font></p>
<a NAME="_Toc90089943"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">8.12</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Eligibility;
Disqualification</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">For
so long as required by Trust Indenture Legislation, there shall be a Trustee
under this Indenture. &nbsp;The Trustee shall at all times be a corporation
organized under the laws of Canada or any province thereof and authorized under
such laws and the laws of British Columbia (and the laws of each province in
which a prospectus is filed relating to the offering of the Debt Securities and
to which the Indenture will be subject) to carry on trust business therein.
&nbsp;If at any time the Trustee shall cease to be eligible in accordance with
this Section, it shall immediately notify the Issuer. &nbsp;However,
notwithstanding the provisions of this Section 8.12, if at any time the Trustee
ceases to be eligible to act as Trustee in accordance with this Section, the
validity and enforceability of this Indenture, the other Series Specific
Documents and the Debt Securities issued hereunder shall not be affected in any
manner whatsoever by reason only of such event but the Trustee shall forthwith
become authorized to, or upon written request by the Issuer or any Holders
shall, resign in the manner and with the effect specified in Section 8.10.</font></p>
<a NAME="_Toc90089944"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">8.13</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Trustee
Not to be Appointed Receiver</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Neither
the Trustee nor any affiliate, as defined in the <i>Business Corporations Act </i>(British
Columbia), to the Trustee shall be appointed a receiver or receiver and manager
or liquidator of all or any part of the assets or undertaking of the Issuer.</font></p>
<a NAME="_Toc90089945"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">8.14</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Adoption
of Certification</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
case any of the Debt Securities contemplated to be issued under this Indenture
have been certified but not delivered, any successor Trustee may adopt the
certificate of authentication of any predecessor Trustee so authenticating the
Debt Securities and deliver the Debt Securities so authenticated, and in case
any of the Debt Securities shall not have been authenticated, any successor
Trustee may authenticate the Debt Securities in the name of the predecessor
Trustee, or in the name of the successor Trustee.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">8.15</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Compliance
with Privacy Laws</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
parties acknowledge that federal and/or provincial legislation that addresses
the protection of individuals' personal information (collectively, "<b>Privacy
Laws</b>") applies to obligations and activities under this Indenture or any
Series Specific Document. &nbsp;Despite any other provision of this Indenture or
any Series Specific Document, neither party shall take or direct any action that
would contravene, or cause the other to contravene, applicable Privacy Laws.
&nbsp;The Issuer shall, prior to transferring or causing to be transferred
personal information to the Trustee, obtain and retain required consents of the
relevant individuals to the collection, use and disclosure of their personal
information, or shall have determined that such consents either have previously
been given upon which the parties can rely or are not required under the Privacy
Laws. &nbsp;The Trustee shall use commercially reasonable efforts to ensure that
its services hereunder comply with Privacy Laws. &nbsp;Specifically, the Trustee
agrees: &nbsp;(a) to have a designated chief privacy officer; (b) to maintain
policies and procedures to protect personal</font></p>
<font size="2">
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</font>
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49 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="text-indent: 0; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><font size="2">information
and to receive and respond to any privacy complaint or inquiry; (c) to use
personal information solely for the purposes of providing its services under or
ancillary to this Indenture and not to use it for any other purpose except with
the consent of or direction from the Issuer or the individual involved; (d) not
to sell or otherwise improperly disclose personal information to any third
party; and (e) to employ administrative, physical and technological safeguards
to reasonably secure and protect personal information against loss, theft, or
unauthorized access, use or modification.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="center"><b><font size="2">ARTICLE
9<br>
<a NAME="_Toc90089946"></a>NOTICES</font></b></p>
<a NAME="_Toc90089947"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">9.1</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Notice
to Issuer</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Any
notice, document or other communication (a "<b>Notice</b>") required or
permitted to be given to the Issuer under this Indenture or any other Series
Specific Document shall be in writing and shall be valid and effective if
delivered or sent by facsimile transmission (with receipt confirmed), to the
Issuer, at:</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><font size="2">Pan
American Silver Corp.<br>
1500 - 625 Howe Street<br>
Vancouver, British Columbia<br>
Canada &nbsp;V6C 2T6</font></p>
<p style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Attention:
Robert Pirooz, Vice President, Legal Affairs</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Fax
No.:(604) 684-0147</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">and
such Notice shall be deemed to have been received, where given by delivery, on
the day of delivery, and, where sent by facsimile transmission, on the day of
transmittal of such Notice if given on a Business Day during normal business
hours of the recipient and on the next succeeding Business Day if not
transmitted on a Business Day or during such business hours. &nbsp;The Issuer
may from time to time notify the Trustee of a change in address or facsimile
number by notice given as provided in Section 9.3.</font></p>
<a NAME="_Toc90089948"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">9.2</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Notice
to Holders</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Any
Notice required or permitted to be given under this Indenture or any other
Series Specific Document to Holders of a Series shall be given by means of
publication in one Authorized Newspaper in each Place of Payment for such Series
at least once, and any Notice so published shall be deemed to have been given on
the date when the publication has appeared in each such Authorized Newspaper.
&nbsp;Any Notice required or permitted to be given under this Indenture to
Holders of Registered Debt Securities of a Series may be effectively given if
delivered or if sent to a destination within Canada by first class mail or to a
destination outside Canada by airmail, postage prepaid, in each case addressed
to the applicable Holder at its post office address appearing in the relevant
Register for such Series, and shall be deemed to have been be given on the date
of delivery or mailing, as the case may be.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
publication of any Authorized Newspaper is suspended or it shall be impractical
to publish any notice to Holders of Bearer Debt Securities as provided above,
then such notification to such Holders may be given in any other manner approved
by the Trustee, and any notice so given shall constitute sufficient notice to
such Holders for every purpose under the Series Specific Documents.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Neither
the failure to give notice by publication to Holders of Bearer Debt Securities
as provided above nor any defect in any notice so published shall affect the
sufficiency of any notice given to Holders of Registered Debt Securities as
provided above. &nbsp;Any notice sent to the Holders of Registered</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
50 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Debt
Securities as provided above shall be effective notwithstanding that any such
notice has accidentally or inadvertently not been delivered or mailed to one or
more such Holders.</font></p>
<a NAME="_Toc90089949"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">9.3</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Notice
to Trustee</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Any
Notice required or permitted to be given to tile Trustee under this Indenture or
any other Series Specific Document shall be in writing and shall be valid and
effective if delivered or sent by facsimile transmission (with receipt
confirmed), to the Trustee, at:</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:70.8pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><font size="2">&middot;</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Attention:
<font FACE="Symbol">&middot;</font></font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Facsimile
No.: <font FACE="Symbol">&middot;</font></font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">and
such Notice shall be deemed to have been received, where given by delivery, on
the day of delivery and, where sent by facsimile transmission, on the day of
transmittal of such Notice if given on a Business Day during normal business
hours of the recipient and on the next succeeding Business Day if not
transmitted on a Business Day or during such business hours. &nbsp;The Trustee
may from time to time notify the Issuer of a change in address or facsimile
number by notice given as provided in Section 9.1.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="center"><b><font size="2">ARTICLE
10<br>
<a NAME="_Toc90089950"></a>HOLDERS' ACTIONS AND MEETINGS</font></b></p>
<a NAME="_Toc90089951"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">10.1</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Holder
Actions</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Any
Holder Action to be made, given or taken by Holders of one or more Series may be
made, given or taken by such Holders by way of a Holder Direction, or where
expressly required by this Indenture or another Series Specific Document, by a
Special Holder Direction, from the Holders of such one or more Series.
&nbsp;Every Holder Direction and Special Holder Direction given in accordance
with this Indenture or a related Series Specific Document, shall be binding upon
all Holders of the applicable Series whether or not they were present at any
applicable meeting or otherwise themselves made, gave or took the Holder Action
effected by such Holder Direction or Special Holder Direction, as the case may
be, and the Trustee (subject to compliance with Section 8.3 with respect to the
giving of sufficient funds and indemnity) shall be bound to give effect
accordingly to every such Holder Direction and Special Holder Direction.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">A
Holder, including a Depositary that is a Holder of a Global Debt Security, may
make, give or take, by proxies duly appointed in writing, any Holder Action to
be made, given or taken by such Holder, and, a Depositary that is the Holder of
a Global Debt Security may provide for the beneficial owners of interests in any
such Global Debt Security (including, where applicable, the Participants in any
Depositary which own beneficial interests in such Global Debt Security) to
direct such Depositary in taking such action through such Depositary's
standing instructions and customary practices, including the delivery of
proxies, directions or voting certificates (including any omnibus, global or
block proxy, direction or voting certificate) satisfactory to the Trustee under
which such Depositary, any agent for or nominee of such Depositary, or the
beneficial owners of interests in any such Global Debt Security (including,
where applicable, the Participants in such Depositary which own beneficial
interests in such Global Debt Security) themselves take such action by means of
additional proxies, directions or voting certificates (including any omnibus,
global or block proxy, direction or voting certificate) satisfactory to the
Trustee, in each case through standing instructions and customary practices
applicable to such Depositary or such Participant or an agent or nominee of such
Depositary or such Participant. &nbsp;The</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
51 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Depositary
(including, where applicable, the Participants in such Depositary which own
beneficial interests in such Global Debt Security), or such agent or nominee
may, in its discretion report to the Trustee the result of its solicitation of
proxies, directions and voting certificates on an aggregate basis.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
fact and date of the execution by any Person of an instrument or writing
effecting or approving a Holder Action may be proved by the affidavit of a
witness of such execution or by the certificate of a notary public or other
Person authorized by Applicable Law to take acknowledgements of deeds,
certifying that the individual signing such instrument or writing acknowledged
to such witness or notary the execution of such instrument or writing.
&nbsp;Whenever such execution is by a signer acting in a capacity other than
such signer's individual capacity, such certificate or affidavit shall also
constitute sufficient proof of such signer's authority. &nbsp;The facts and
date of the execution of any such instrument or writing, or the authority of the
Person executing the same, may also be proved in any other manner which the
Trustee deems sufficient.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
ownership, principal amount and serial numbers of Registered Debt Securities
held by any Person, and the date of the commencement and the date of the
termination of such holding, shall be proved by the relevant Register.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
ownership, principal amount and serial numbers of Bearer Debt Securities held by
any Person, and the date of the commencement and the date of the termination of
such holding, may be proved by the production of such Bearer Debt Securities or
by a certificate executed, as depositary, by any trust company, bank, banker or
other depositary acceptable to the Issuer, wherever situated, if such
certificate shall be deemed by the Trustee to be satisfactory, showing that at
the date mentioned in such certificate such Person had on deposit with such
depositary, or exhibited to it, the Bearer Debt Securities described in such
certificate; or such facts may be proved by the certificate or affidavit of the
Person holding such Bearer Debt Securities, if such certificate or affidavit is
deemed by the Trustee to be satisfactory. &nbsp;The Trustee and the Issuer may
assume that ownership of any Bearer Debt Security continues until another
certificate or affidavit bearing a later date issued in respect of the same
Bearer Debt Security is produced, or such Bearer Debt Security is produced to
the Trustee by some other Person, or such Bearer Debt Security is surrendered in
exchange for a Registered Debt Security, or such Bearer Debt Security is no
longer Outstanding. &nbsp;The ownership, principal amount and serial numbers of
Bearer Debt Securities held by the Person so executing such instrument or
writing and the date of the commencement and the date of the termination of such
holding may also be proved in any other manner which the Trustee deems
sufficient.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(f)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Any
Holder Action of, or which is binding on, any Holder of a Debt Security shall
bind every future Holder of such Debt Security and the Holder of every Debt
Security issued upon the registration or transfer of such Debt Security or in
exchange for or in lieu of such Debt Security in respect of anything done,
omitted or suffered to be done by the Trustee or the Issuer in reliance on such
Holder Action, whether or not notation of such action is made upon such Debt
Security.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(g)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
the Issuer or the Trustee shall solicit any Holder Action, the Issuer or the
Trustee, as the case may be, may fix in advance a record date for the
determination of Holders entitled to make, give or take such Holder Action. Such
Holder Action may be given before or after such record date, but only the
Holders of record at the close of business on such record date shall be deemed
to be Holders for the purpose of determining whether the requisite Holders have
authorized or agreed or consented to such Holder Action. &nbsp;No Holder Action
shall be deemed effective unless it shall become effective pursuant to this
Indenture not later than six months after the applicable record date.</font></p>
<font size="2">
<a NAME="_Toc90089952"></a><br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
52 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">10.2</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Meetings
of Holders</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Calling
of Meetings</i></b>. &nbsp;At any time and from time to time, the Issuer or the
Trustee may, and the Trustee shall on receipt of a written request signed by
Holders representing not less than 25% of the aggregate unpaid principal amount
of the applicable one or more Series, and upon receiving sufficient funds and
being indemnified to its satisfaction by the Issuer or by the Holders signing
such request, as the case may be, against the costs which may be incurred by it
in connection with the calling and holding of such meeting, call a meeting of
the Holders of such Series. &nbsp;If the Trustee fails within 20&nbsp;days after
receipt of such written request, such funds and such indemnity to give notice
calling such meeting, such Holders may themselves call such meeting and the
notice calling such meeting may be signed by such Person as those Holders
specify. &nbsp;Every such meeting shall be held in Vancouver, British Columbia
or at such other place as the Issuer, the Trustee or the Holders, as the case
may be, calling such meeting approve or determine.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Notice
of Meetings</i></b>. &nbsp;At least 20 days', and no more than 90 days',
prior notice of any meeting of Holders of one or more Series shall be given by
such Holders to the Issuer (unless the meeting has been called by the Issuer)
and to the Trustee (unless the meeting has been called by the Trustee). Such
notice shall state the time and the place of the meeting and shall specify, in
general terms, the nature of the business to be transacted at such meeting.
&nbsp;It shall not be necessary to specify in the notice the text of any
resolution to be passed at such meeting. &nbsp;Such notice shall also state that
any Holder may be represented at any such meeting by a proxy duly appointed by
document in writing in accordance with the regulations made from time to time by
the Trustee pursuant to Section&nbsp;10.5, and that the appointment of any proxy
may be revoked at any time before the commencement of the meeting to which the
appointment relates. &nbsp;Subject to Section 10.2(c), notices shall be given in
the manner set forth in Article 9.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Quorum</i></b>.
&nbsp;At a meeting of Holders of one or more Series:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Persons
entitled pursuant to this Indenture to vote Debt Securities representing more
than 33 1/3% of the aggregate unpaid principal amount of such one or more Series
shall constitute a quorum. &nbsp;No business shall be transacted in the absence
of a quorum, unless a quorum is present when the meeting is called to order.
&nbsp;If a Quorum is not present on the date for which the meeting is called
within 30&nbsp;minutes after the time fixed for the holding of the meeting, then
the meeting, if called pursuant to a request of Holders, will be dissolved; but
in any other case the meeting shall be adjourned to the same day in the next
calendar week (unless such day is not a Business Day in which case it will be
adjourned to the next Business Day thereafter) at the same time and place, and
no notice will be required to be given in respect of such adjourned meeting.
&nbsp;At the adjourned meeting, the Holders of the Series present in person or
by proxy will constitute a quorum and may transact the business for which the
meeting was originally convened, notwithstanding that such Holders may not
represent 33&nbsp;1/3% of the aggregate unpaid principal amount of the
applicable Series. &nbsp;Any meeting of Holders duly called at which a quorum is
present may be adjourned from time to time, and the meeting may be held as so
adjourned without further notice;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Notwithstanding
Section 10.2(a) above, for the purpose of a Special Holder Direction, Persons
entitled pursuant to this Indenture to vote Debt Securities representing more
than 50% of the aggregate unpaid principal amount of the applicable one or more
Series shall constitute a quorum. &nbsp;No business shall be transacted in
connection with any Special Holder Direction in the absence of a Special Quorum.
&nbsp;If a Special Quorum is not present within 30 minutes after the time fixed
for the holding of such meeting, then the meeting, if called pursuant to a
request of Holders, will be dissolved; but in any other case the meeting with
respect only to such Special Holder Direction (but for greater certainty not
with respect to any other matters unless so determined at such meeting) shall be
adjourned to the same day in the next calendar week (unless such day is not a
Business Day in which case it will be adjourned to the next Business Day
thereafter) at the same time and place, provided that notice of such adjourned
meeting is given to the Holders in accordance with Section 9.2 prior to such
adjourned meeting. &nbsp;At the adjourned meeting, if a Special Quorum is not
present within 30 minutes after the time fixed for the holding of such meeting,
the meeting will be dissolved with respect to such Special Holder Direction; and</font></p>
<font size="2">
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</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
53 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(iii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Any
Holder who has executed a document in writing appointing a Person as proxy shall
be deemed to be present for the purposes of determining a Quorum or a Special
Quorum and be deemed to have voted; provided, that such Holder shall be
considered as present or voting only with respect to the matters covered by such
document.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Chairperson</i></b>.
&nbsp;The Trustee shall appoint in writing an individual, who need not be a
Holder, to be the chairperson of the meeting; provided however that Holders
representing more than 50% of the aggregate unpaid principal amount of the
applicable one or more Series present in person or by proxy at the meeting may
elect at such meeting another individual, who need not be a Holder, to be the
chairperson of the meeting. &nbsp;No vote shall be cast or counted at any
meeting in respect of any Debt Securities challenged as not outstanding and
ruled by the chairperson of the meeting to be not Outstanding. &nbsp;The
chairperson of the meeting shall have no right to vote except as a Holder or
proxy of a Holder.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Voting</i></b>.
&nbsp;At a meeting of Holders:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
order to be entitled to vote, a Person shall be: (i) a Holder of the applicable
Series; or (ii) a Person appointed by a document in writing as proxy by a Holder
of the applicable Series. &nbsp;A Person acting as a proxy need not be a Holder.
&nbsp;In the case of joint registered Holders, any one of them present in person
or by proxy at the meeting may vote in the absence of the other or others, but
in case more than one of them is present in person or by proxy, they will vote
together in respect of the Debt Securities of which they are joint registered
Holders; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
vote upon any resolution submitted to any meeting of Holders shall be by written
ballot on which shall be subscribed the name and signatures of Holders or
proxies entitled to vote at such meeting and on which shall be inscribed the
serial number or numbers of the Debt Securities held or represented by them.
&nbsp;The chairperson of the meeting shall appoint two scrutineers who shall
count all votes cast at the meeting for or against any resolution and who shall
make and file with the chairperson of the meeting their verified written reports
in duplicate of all votes cast at the meeting. &nbsp;A record in duplicate of
the proceedings of each meeting of Holders shall be prepared by the chairperson
of the meeting and there shall be attached to such record the original reports
of the scrutineers on any vote by ballot taken at such meeting and affidavits by
one or more Persons having knowledge of the facts setting forth a copy of the
notice of the meeting and showing that such notice was given as provided in this
Section. &nbsp;The record shall be signed and verified by the chairperson of the
meeting and one of the duplicates shall be delivered to the Issuer and the other
to the Trustee to be preserved by the Trustee, the latter to have attached
thereto the ballots voted at the meeting. &nbsp;Any record so signed and
verified shall be conclusive evidence of the matters stated in such record.</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
54 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(f)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Minutes</i></b>.
&nbsp;Minutes of all resolutions and proceedings at every such meeting shall be
made and duly entered in books to be provided from time to time for that purpose
by the Trustee at the expense of the Issuer, and any such minutes if signed by
the chairperson of the meeting at which such resolutions were passed or
proceedings had, or by the chairperson of the next succeeding meeting of Holders
of the applicable one or more Series, shall be prima facie evidence of the
matters therein stated and, until the contrary is proved, every such meeting in
respect of the proceedings of which meetings shall have been made shall be
deemed to have been duly called and held and all resolutions passed or
proceedings had at such meeting to have been duly passed and had.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(g)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Persons
Who May Attend</i></b>. &nbsp;The only Persons who shall be entitled to be
present or to speak at any meeting of Holders shall be the Persons entitled to
vote at such meeting and their counsel, the Issuer and the Trustee and their
respective Counsel and any other Person specified in any related Series
Supplement.</font></p>
<a NAME="_Toc90089953"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">10.3</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Additional
Powers Exercisable by Holder Direction</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
addition to any powers granted elsewhere in this Indenture or by law, the
Holders of a Series shall have the following powers exercisable from time to
time by a Holder Direction of the Holders of such Series:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">to
restrain any Holder of such Series from taking or instituting any Proceeding for
the recovery of amounts payable under such Series or any Series Specific
Document for such Series or for the execution of any trust or power under any
Series Specific Document for such Series;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">to
direct any Holder of such Series who, as such, has brought any Proceeding, to
stay or discontinue or otherwise deal with such Proceeding in the manner
directed by such direction upon payment, if the taking of such Proceeding shall
have been permitted by Section 7.1, of the costs, charges and expenses
reasonably and properly incurred by such Holder in connection with such
Proceeding;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">to
appoint a committee to consult with the Trustee and to delegate to the committee
(subject to the limitations, if any, as may be prescribed in such Holder
Direction) the power to give to the Trustee any or all of the actions or
directions which the Holders of such Series could give by way of a Holder
Direction; such Holder Direction may provide for payment of the expenses and
disbursements of and compensation to such committee; such committee will consist
of such number of Persons as shall be prescribed by such Holder Direction
appointing it and the members need not be themselves Holders; except as
otherwise provided in such Holder Direction, every such committee may elect its
chairperson and may make regulations respecting its quorum, the calling of its
meetings, the filling of vacancies occurring in its number, the manner in which
it may act and its procedures generally; such regulations may provide that the
committee may act at a meeting at which a quorum is present or may act by
minutes signed by the number of members of such committee necessary to
constitute a quorum or by an instrument or instruments in writing signed by all
or a specified majority of such members; all acts of any such committee within
the authority delegated to it shall be binding upon all Holders of such Series;
neither the committee nor any member of such committee shall be liable for any
loss arising from or in connection with any action taken or omitted to be taken
by them in good faith;</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
55 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">amend,
modify or repeal any Holder Direction previously passed or approved by the
Holders of such Series, or any committee appointed pursuant to Section 10.3(c)
above (subject to any limitations prescribed in such Holder Direction); and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">to
remove the Trustee from office and appoint a successor Trustee, provided that
such removal is consented to by a Holder Direction from the Holders of all
Series.</font></p>
<a NAME="_Toc90089954"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">10.4</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Powers
Cumulative</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
powers granted in this Indenture shall be deemed to be several and cumulative
and not dependent on each other and the exercise of one or more of such powers,
or any combination of such powers, from time to time, shall be deemed to not
exhaust the rights of the Holders to exercise such power or powers, or
combinations of powers, thereafter from time to time.</font></p>
<a NAME="_Toc90089955"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">10.5</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Regulations</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trustee may from time to time make reasonable regulations and may make
reasonable variations to the regulations as it thinks fit with respect to:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
voting by proxy by Holders and the form or forms of instrument appointing
proxies and the manner in which such instruments will be executed and with
respect to the production of the authority of any Person signing on behalf of
the giver of the proxy;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
delivery (whether in original, facsimile, electronic or other form) or lodging
of instruments appointing proxies at any place or places and in such custody as
the Trustee directs and the time, if any, before the holding of the meeting or
adjourned meeting by which the same must be deposited;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
forwarding by the custodian of proxies of particulars of instruments appointing
proxies by letter, cable, telegraph, facsimile, electronic messaging system or
other means before the meeting to the Issuer or to the Trustee or to the
chairperson of the meeting;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
issue of voting certificates to Holders of Global Debt Securities which voting
certificates shall entitle the Persons named in such certificate to be present
and vote at any such meeting and at any adjournment of such meeting or to
appoint a proxy or proxies to represent them and vote for them at any such
meeting and at any adjournment of such meeting, in the same manner and with the
same effect as though the Holders so named in such voting certificates were the
actual registered Holders of Debt Securities represented by such Global
Certificate; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">any
and all other matters respecting the execution and delivery of any documents or
instruments evidencing any Holder Action by or on behalf of a Holder making,
giving or taking such Holder Action.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Any
regulations so made will be binding and effective and votes given, and the
Holder Actions made, given or taken, in accordance with such regulations will be
valid and will be counted. &nbsp;Instruments appointing proxies, the particulars
of which are forwarded in accordance with the regulations, will confer</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
56 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
same right to vote, and to make, give or take such Holder Action, as though the
instruments themselves were produced at the meeting or made, given or taken by
the applicable Holder, as the case may be. &nbsp;Except as otherwise specified
in this Indenture, the only Persons who will be recognized at any meeting of
Holders or as entitled to vote or be present at any such meeting will be Holders
and holders of proxies (or also in the case of Global Debt Certificate voting
certificates) of such Holders.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="center"><b><font size="2">ARTICLE
11<br>
<a NAME="_Toc90089956"></a>AMALGAMATION, CONSOLIDATION, CONVEYANCE, TRANSFER OR
LEASE</font></b></p>
<a NAME="_Toc90089957"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt"><b><font size="2">11.1</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt"><b><font size="2">Consolidation,
Amalgamation, Merger or Sale of Assets Permitted</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer will not amalgamate with, consolidate with or merge into any other person
(except an amalgamation with a wholly-owned Subsidiary) or sell, transfer or
lease all or substantially all of its assets to any person (except a
Subsidiary), unless:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">either:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
Issuer shall be the continuing corporation; or</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
successor (if other than the Issuer) formed by such consolidation or
amalgamation or into which the Issuer is merged or to which all or substantially
all of the assets of the Issuer are sold or leased:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:144pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(A)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">shall
be a corporation, partnership, limited liability corporation, joint venture,
association, joint stock company, unincorporated organization, agency or trust
organized and existing under the laws of Canada or any province or territory
thereof or the laws of the United States of America or a State thereof or the
District of Columbia; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:144pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(B)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">shall
expressly assume by supplemental indenture executed and delivered to the Trustee
the obligation to make due and punctual payment of all amounts with respect to
all Debt Securities, according to their tenor, and the due and punctual
performance and observance of all of the covenants and obligations of the Issuer
under all Debt Securities, this Indenture and all other Series Specific
Documents; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">immediately
after giving effect to such transaction, no Default or Event of Default shall
have occurred and be continuing.</font></p>
<a NAME="_Toc90089958"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">11.2</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Succession
by Successor Issuer</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
case of any such merger, consolidation, amalgamation, sale, transfer or lease
and upon any such assumption of the obligations of the Issuer by a successor as
provided in Section 11.1, such successor shall succeed to and be substituted for
the Issuer, with the same effect as if it had been named as a party hereto and
as obligor under the Debt Securities and all such obligations of the Issuer
shall terminate. &nbsp;Such successor thereupon may cause to be signed, and may
issue either in its own name or in the name of Pan American Silver Corp., any or
all of the Debt Securities issuable under the Indenture and the other Series
Specific Documents that theretofore shall not have been signed by the Issuer and
delivered to the Trustee; and, upon the order of such successor (instead of Pan
American Silver Corp.) and subject to all terms, conditions and limitations in
this Indenture prescribed, the Trustee shall certify and deliver any Debt
Securities that previously shall have been signed and delivered by Responsible</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
57 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Officers
of the Issuer to the Trustee for certification, and any Debt Securities that
such successor thereafter shall cause to be signed and delivered to the Trustee
for that purpose. &nbsp;All the Debt Securities so issued shall in all respects
have the same legal rank and benefit under this Indenture as the Debt Securities
theretofore or thereafter issued in accordance with the terms of this Indenture
as though all of such Debt Securities had been issued at the date of the
execution hereof.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">In
case of any such merger, consolidation, amalgamation, sale, transfer or lease,
such changes in phraseology and form (but not in substance) may be made in the
Debt Securities thereafter to be issued as may be appropriate.</font></p>
<a NAME="_Toc90089959"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">11.3</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Evidence
to be Furnished to Trustee</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Trustee shall receive a Certificate of the Issuer as conclusive evidence that
any such merger, consolidation, amalgamation, sale, transfer or lease, and any
such assumption, complies with the provisions of this Article 11.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="center"><b><font size="2">ARTICLE
12<br>
<a NAME="_Toc90089960"></a>SUPPLEMENTAL INDENTURES AND AMENDMENTS</font></b></p>
<a NAME="_Toc90089961"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">12.1</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Series
Supplements</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Without
the consent of any Holders, but subject to the terms and conditions of this
Indenture, the Issuer and the Trustee may, and Trustee shall, upon the written
request of the Issuer or when so directed by this Indenture, make, execute,
acknowledge and deliver Series Supplements from time to time establishing the
Principal Terms of the Series which the Issuer wishes to be able to issue under
this Indenture.</font></p>
<a NAME="_Toc90089962"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">12.2</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Supplemental
Indentures</font></b></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Without
the consent of any Holders, the Issuer and the Trustee may, and the Trustee
shall, upon the written request of the Issuer or when so directed by this
Indenture, make, execute, acknowledge and deliver deeds or indentures
supplemental to this Indenture (provided that, for the purpose of this Section,
such deeds or indentures supplemental to this Indenture shall not include Series
Supplements) (any such deed or indenture is sometimes referred to herein as an "<b>Indenture Amendment</b>") for any one or more of the following purposes:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">to
cure any ambiguity, defect or inconsistency, provided that the amendment to cure
any ambiguity, defect or inconsistency does not adversely affect the rights of
any Holder;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">to
provide for the succession of another person to the Issuer, or successive
successions, and the assumption by the successor person of the covenants,
agreements and obligations of the Issuer, in compliance with Article 11;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(iii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">giving
effect to any Holder Direction or Special Holder Direction or any other
direction from Holders permitted to be given under this Indenture, and to any
other Holder Action made, given to or taken by the Holders of one or more Series
in accordance with this Indenture;</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
58 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(iv)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">to
provide for uncertificated Debt Securities in addition to or in place of
certificated Debt Securities so long as such uncertificated Debt Securities are
in registered form for United States federal income tax purposes;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(v)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">to
add to the covenants, obligations or Events of Default of the Issuer hereunder
or to surrender any right, power or option herein conferred upon the Issuer;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(vi)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">upon
the advice of Counsel, to make any change to maintain the qualification of this
Indenture under the TIA or to comply with any Canadian federal or provincial
Trust Indenture Legislation or any Applicable Law or applicable requirement of
any Governmental Authority;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(vii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">to
change or eliminate any provisions of this Indenture, provided that there are no
Debt Securities outstanding under this Indenture at the time when such change or
elimination takes effect;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(viii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">to
add a guarantor to guarantee the payment of any Series of Debt Securities; or</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ix)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">make
any other change that does not, based upon the advice of Counsel, adversely
affect the rights of any Holder.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer and the Trustee may, and the Trustee shall upon written request of the
Issuer or when so directed by this Indenture, in any such case subject to the
receipt of the consent thereto by the Holders of all Series which would be
materially adversely affected, by a Holder Direction from the Holders of all
such Series, make, execute, acknowledge and deliver Indenture Amendments for any
purpose that is not authorized by Section 12.2(a) or by a Series Supplement;
provided, however, that no such Indenture Amendment shall:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">reduce
the percentage of the unpaid principal amount of any Series whose Holders must
consent to any amendment or waiver under this Indenture or modify the provisions
relating to such amendment or waiver;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">reduce
the percentage specified in the definition of "<b>Holder Direction</b>" or "<b>Special Holder Direction</b>" or change the percentage of Holders which
may otherwise require any notice, information or action or effect any action
under a Series Specific Document for any such Series;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(iii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">reduce
in any manner the amount of, or change the currency of payment of, or delay the
time of, any payments (whether of principal, premium, interest or otherwise) to
be made to the Holders of any such Series or deposits of amounts to be so paid;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(iv)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">change
the definition of or the manner of calculating amounts (including any change in
the applicable rate or rates of interest) to which any Holder of any such Series
is entitled under this Indenture;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(v)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">make
any change that adversely affects the redemption, conversion or exchange rights
of Holders of any Series;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(vi)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">make
any change that would result in the issuer being required to make any deduction
or withholding from payments to be made to Holders of any Series; or</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
59 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="page-break-before:always; margin-top:0pt; margin-bottom:9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="right">&nbsp;</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(vii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">impair
the right to institute suit for the enforcement of any payment with respect to
any Series,</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">without
in any such case the consent of the Holders of each such Series by way of a
Special Holder Direction. &nbsp;Any Indenture Amendment made to this Indenture
as a whole (as opposed to an Indenture Amendment to a Series Supplement only)
made pursuant to this Section shall be deemed to materially adversely affect all
Series, other than any Series which an Opinion of Counsel for the Issuer,
addressed and delivered to the Issuer and the Trustee, states is not materially
adversely affected thereby. &nbsp;Any Indenture Amendment to any Series
Supplement made pursuant to this Section shall be deemed not to materially
adversely affect the interest of any Holder of any other Series. &nbsp;The
Trustee may decline, in its discretion, to enter into any Indenture Amendment
which would adversely affect its own rights, duties or immunities under this
Indenture or any other Series Specific Document or otherwise.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">It
shall not be necessary for the consent of the Holders of any Series to approve
the particular form of any proposed Indenture Amendment, but it shall be
sufficient if such consent shall approve the substance of such Indenture
Amendment. &nbsp;The manner of obtaining such consents and of evidencing the
authorization of the execution of such consents shall be subject to such
reasonable requirements as the Trustee may prescribe from time to time.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Any
one of the purposes in Sections 12.2(a) and (b) and in any Series Supplement may
from time to time be exercised independently or in combination with one or more
other such purposes and none of such purposes are exclusive of or dependent on
any of the other purposes.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Every
Indenture Amendment executed pursuant to this Section 12.2 shall comply with
Trust Indenture Legislation as then in effect.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(f)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Any
Series Supplement executed in accordance with this Indenture shall not be
considered an Indenture Amendment for the purposes of Sections 12.2(a) and (b)
above.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="center"><b><font size="2">ARTICLE
13<br>
<a NAME="_Toc90089963"></a>DEFEASANCE; SATISFACTION AND DISCHARGE</font></b></p>
<a NAME="_Toc90089964"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">13.1</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Defeasance</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
the related Series Supplement provides that a Series is defeasable, the
following provisions shall apply:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Option
for Defeasance or Covenant Defeasance</i></b>. &nbsp;The Issuer may elect at any
time, by giving an Issuer Request to the Trustee, to apply the provisions of
Section 13.1(b) or (c) to such Series;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Defeasance</i></b>.
&nbsp;The Issuer shall be discharged from its obligations with respect to such
Series upon satisfaction of the applicable conditions set forth in Section
13.1(d) (hereinafter called "<b>Defeasance</b>"). For this purpose,
Defeasance means that the Issuer shall be deemed to have paid and discharged the
entire indebtedness represented by all Debt Securities of such Series then
Outstanding and to have satisfied all its other obligations with respect to such
Series, and the Trustee, at the expense of the Issuer, shall execute instruments
acknowledging the same, subject to the following which shall survive until
otherwise terminated or discharged under this Indenture:</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
60 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
rights of Holders of such Series to receive, solely from the trust fund in
Section 13.1(d), payments in respect of the principal of and any premium,
interest and other amounts on such Series when due;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
Issuer's obligations with respect to such Series under Sections 2.5, 2.11 and
2.14 and Sections 5.1(b) and (c); and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(iii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">the
rights, powers, trusts, duties and immunities of the Trustee under this
Indenture.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer may exercise its option to apply this Section to a Series notwithstanding
the prior exercise of its option to apply Section 13.1(c) to such Series;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(c)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Covenant
Defeasance</i></b>. &nbsp;&nbsp;The Issuer shall (i) be released from its
obligations under its covenants (other than its covenant to pay the principal,
premium, interest and other amounts on the Debt Securities of such Series), and
(ii) on the occurrence of any event specified in Section 6.1(b) and in Section
6.1(c) (with respect to any of such covenants), be deemed not to be in Default,
nor shall such release result in a Default or an Event of Default with respect
to such Series, upon satisfaction of the applicable conditions set forth in
Section 13.1(d) (hereinafter called "<b>Covenant Defeasance</b>"). &nbsp;For
this purpose, Covenant Defeasance means that the Issuer may omit to comply with
and shall have no liability in respect of, any of the provisions of this
Indenture and the related Series Supplement, whether directly or indirectly by
reason of any reference elsewhere in any Series Specific Document to any such
provision, but the remainder of this Indenture (including the related Series
Supplement) and such Series Specific Documents shall be unaffected thereby;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(d)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Conditions</i></b>.
&nbsp;The following shall be the conditions of the application of
Section&nbsp;13.1(b) or (c) to any Series:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">At
least 91 days prior to the time such Defeasance or Covenant Defeasance is to
become effective, the Issuer shall have irrevocably deposited with the Trustee,
as specific security pledged for, and dedicated solely to, the due payment and
ultimate satisfaction of all of the obligations of the Issuer under this
Indenture with respect to such Series, and free and clear of any lien:</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:144pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(A)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">funds
in the currency or currencies in which such Series is payable and in an amount;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:144pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(B)</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">direct
obligations of, or obligations the payment of principal of and interest, if any,
on which are fully guaranteed by, the government that issued the currency or
currencies in which such Series is payable, and that are not subject to
prepayment, redemption or call, as will provide, money in the currency or
currencies in which such Series is payable and in an amount; or</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:144pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(C)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">any
combination of money or direct or guaranteed obligations referred to in clause
(B) above in the currency or currencies in which such Series is payable and in
an amount,</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
61 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">which
would be, together with the certain and predetermined income to accrue thereon
without consideration of any reinvestment thereof, sufficient to pay and
discharge, and which shall be applied by the Trustee to pay and discharge, the
principal of and any premium, interest and other amounts on such Series, on the
respective Stated Maturities thereof, in accordance with the Principal Terms of
such Series;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer shall have delivered to the Trustee an Opinion of Counsel stating that
the Holders of such Series will not recognize income, gain or loss for Canadian
federal and provincial (and any other jurisdiction specified for such purpose in
the related Series Supplement) income tax purposes as a result of the Defeasance
and will be subject to Canadian federal and provincial (and any other
jurisdiction specified purpose in the related Series Supplement) income tax on
the same basis as would be the case if the Defeasance had not occurred;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(iii)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">If
such Series is listed on a securities exchange, the Issuer shall have delivered
to the Trustee an Opinion of Counsel to the effect that such Defeasance or
Covenant Defeasance will not cause such Series to be delisted;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(iv)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">No
Default or Event of Default with respect to such Series shall have occurred and
be continuing at the time of the deposit under clause 13.1(d)(i);</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(v)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Such
Defeasance or Covenant Defeasance shall not result in a breach or violation of,
the Indenture or any other material agreement or material instrument to which
the Issuer is a party or by which the Issuer is bound; and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:108pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(vi)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">The
Issuer shall have delivered to the Trustee a Certificate of the Issuer and an
Opinion of Counsel, each stating that all conditions precedent to such
Defeasance or Covenant Defeasance have been satisfied;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(e)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Holding
and Payments</i></b>. &nbsp;All money and Canadian and U.S. Government
Obligations (including all proceeds thereof) deposited with the Trustee under
Section&nbsp;13.1(d)(i) in respect of a Series shall be held in trust and
applied by the Trustee, in accordance with the provisions of this Indenture, to
the payment, either directly or through any related Registrar or Paying Agent
(including the Issuer acting as its own Paying Agent) as the Trustee may
determine, to the Holders of such Series, of all sums due and to become due in
respect of the principal of and any premium, interest and other amounts on such
Series, but money so held in trust need not be segregated from other funds of
the Trustee unless required by Applicable Law;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(f)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Indemnity</i></b>.
&nbsp;The Issuer shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the Canadian or U.S. Government
Obligations deposited under Section 13.1(d)(i) or the principal and interest
received in respect thereof, other than any such tax, fee or other charge which
by Applicable Law is for the account of the Holders of the applicable Series;</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(g)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Return
of Excess</i></b>. &nbsp;The Trustee shall deliver or pay to the Issuer from
time to time upon Issuer Request any money or Canadian or U.S. Government
Obligations deposited with it under Section 13.1(d)(i) which, in the opinion of
a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, are in excess of the
amount thereof which would then be required to be deposited under Section
13.1(d)(i) to effect Defeasance or Covenant Defeasance, as the case may be, of
the applicable Series;</font></p>
<font size="2">
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
62 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(h)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Reinstatement</i></b>.
&nbsp;If the Trustee or the related Registrar or related Paying Agent is unable
to apply any money in accordance with this Section by reason of any order or
judgment of a Governmental Authority enjoining, restraining or otherwise
prohibiting such application, then the indebtedness and obligations from which
the Issuer was discharged or released as a result of the applicable Defeasance
or Covenant Defeasance shall be revived and reinstated as though no such deposit
had been made, until such time as the application of such money is no longer
enjoined, restrained or otherwise prohibited. &nbsp;During such period all money
and Canadian or U.S. Government Obligations deposited with the Trustee under
Section 13.1(d)(i) with respect to the applicable Series shall be retained in
trust by the Trustee, but the Trustee shall apply the same to payment of the
sums due and to become due on such Series as contemplated by Section 13.1(e);
and</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2"><b><i>Repayment
to the Issuer</i></b>. &nbsp;Subject to Applicable Law, the Trustee shall
deliver to the Issuer upon Issuer Request any money and Canadian or U.S.
Government Obligation deposited with the Trustee under Section 13.1(d)(i) that
remains unclaimed for six years after the Maturity of the applicable Series.
After such delivery to the Issuer, the Holders of such Series and of any related
coupons, as general unsecured creditors, shall look only to the Issuer for
payment thereof.</font></p>
<a NAME="_Toc90089965"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">13.2</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Satisfaction
and Discharge</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">Upon
proof being given to the reasonable satisfaction of the Trustee that the
principal of and all premium, interest and other amounts (if any) on a Series
has been paid or satisfied, and that all other claims (if any) of the Holders of
such Series against the Issuer under the related Series Specific Documents have
been paid or satisfied, and upon payment of all costs, charges and expenses
properly incurred by the Trustee with respect to such Series, the Trustee shall,
at the request and the expense of the Issuer, accompanied by a Certificate of
the Issuer and Opinion of Counsel, each stating that all conditions precedent
provided in this Indenture and the other Series Specific Documents for the
satisfaction and discharge of such Series have been complied with, execute and
deliver to the Issuer such deeds and other instruments as shall be requisite to
evidence the satisfaction and discharge of such Series and the discharge and
release of any Series Specific Security Interest with respect thereto. &nbsp;No
Purchaser from the Issuer or its successors or assigns shall be obliged to
inquire into the necessity, expediency, authority or regularity of or for any
deeds or other instruments of release or reconveyance delivered pursuant to this
Section.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="center"><b><font size="2">ARTICLE
14<br>
<a NAME="_Toc90089966"></a>GENERAL</font></b></p>
<a NAME="_Toc90089967"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">14.1</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Trust
Indenture Legislation Controls</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">This
Indenture is subject to the provisions of the Trust Indenture Legislation and
shall, to the extent applicable, be governed by such provisions. &nbsp;Without
limiting the foregoing, the Trustee and the Issuer each agree to comply with all
provisions of the Trust Indenture Legislation applicable to or binding upon each
of them in connection with this Indenture.</font></p>
<font size="2">
<a NAME="_Toc90089968"></a><br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:11pt" align="center"><font size="2">-
63 -</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="right"><font size="2"><br>
</font>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<font size="2">
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">14.2</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Binding
Effect</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">All
the covenants and agreements in this Indenture shall bind the successors and
assigns of the parties hereto, whether or not so expressed.</font></p>
<a NAME="_Toc90089969"></a>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">14.3</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman Bold; font-size:11pt" align="justify"><b><font size="2">Counterparts</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">This
Indenture may be executed in several counterparts, each of which shall be deemed
to be an original, and all such counterparts together shall constitute one and
the same document.</font></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">IN
WITNESS OF WHICH each of the Issuer and the Trustee has duly executed this
Indenture as of the date first set forth above.</font></p>
<p style="text-indent: 0; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 11pt" align="justify"><b><font size="2">PAN
      AMERICAN SILVER CORP.</font></b></p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify">&nbsp;</p>
<p style="margin-top:0pt; margin-bottom:11pt; text-indent:70.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify">&nbsp;</p>
<div align="right">
<table style="font-size: 10pt" cellspacing="0" width="360">
  <tr>
    <td valign="top" width="75">
      <p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"></p>
    </td>
    <td valign="top" width="277">
    </td>
  </tr>
  <tr>
    <td valign="top" width="75">
      <p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">By:</font></p>
    </td>
    <td valign="top" width="277">
      <font FACE="Symbol">&middot;
      </font>
    </td>
  </tr>
  <tr>
    <td valign="top" width="77" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; padding-left:22.2pt; text-indent:231pt; font-family:Times New Roman; font-size:11pt" align="justify"><u><font size="2"><br>
      </font>
      </u></p>
    </td>
    <td valign="top" width="279" style="border-bottom: 1 solid #000000">
      <font size="2">&nbsp;</font>
    </td>
  </tr>
  <tr>
    <td valign="top" width="75">
      <p style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0; margin-bottom: 0; padding-left: 22.2pt"><font size="2">Name:<br>
      Title:</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="277">
      <font FACE="Symbol">&middot;<br>
      &middot;
      </font>
    </td>
  </tr>
  <tr>
    <td valign="top" width="75"><font size="2">&nbsp;</font></td>
    <td valign="top" width="277"></td>
  </tr>
</table>
</div>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<div align="right">
<table style="font-size: 10pt" cellspacing="0" width="360">
  <tr>
    <td valign="top" width="75">
      <p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"></p>
    </td>
    <td valign="top" width="277">
    </td>
  </tr>
  <tr>
    <td valign="top" width="75">
      <p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">By:</font></p>
    </td>
    <td valign="top" width="277">
      <font FACE="Symbol">&middot;
      </font>
    </td>
  </tr>
  <tr>
    <td valign="top" width="75" style="border-bottom: 1 solid #000000">
      <p style="text-indent: 231pt; font-family: Times New Roman; font-size: 11pt; margin: 0pt" align="justify"><font size="2"><br>
      </font>
      </p>
    </td>
    <td valign="top" width="277" style="border-bottom: 1 solid #000000">
      <font size="2">&nbsp;</font>
    </td>
  </tr>
  <tr>
    <td valign="top" width="75">
      <p style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0; margin-bottom: 0; padding-left: 22.2pt"><font size="2">Name:<br>
      Title:</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="277">
      <font FACE="Symbol">&middot;<br>
      &middot;
      </font>
    </td>
  </tr>
  <tr>
    <td valign="top" width="75"><font size="2">&nbsp;</font></td>
    <td valign="top" width="277"></td>
  </tr>
</table>
</div>
<p style="margin:0pt; font-family:Times New Roman"><font size="2"><br>
</font>
</p>
<div align="right">
<table style="font-size: 10pt" cellspacing="0" width="360">
  <tr>
    <td valign="top" width="75">
      <p style="margin-top:0pt; margin-bottom:11pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"></p>
    </td>
    <td valign="top" width="277">
    </td>
  </tr>
  <tr>
    <td valign="top" width="75">
      <p style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify"><font size="2">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
    </td>
    <td valign="top" width="277">
      <font FACE="Symbol">&middot;
      </font>
    </td>
  </tr>
  <tr>
    <td valign="top" width="77" style="border-bottom: 1 solid #000000">
      <p style="margin:0pt; padding-left:22.2pt; text-indent:231pt; font-family:Times New Roman; font-size:11pt" align="justify"><u><font size="2"><br>
      </font>
      </u></p>
    </td>
    <td valign="top" width="279" style="border-bottom: 1 solid #000000">
      <font size="2">&nbsp;</font>
    </td>
  </tr>
  <tr>
    <td valign="top" width="75">
      <p style="line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0; margin-bottom: 0; padding-left: 22.2pt"><font size="2">Name:<br>
      Title:</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="277">
      <font FACE="Symbol">&middot;<br>
      &middot;
      </font>
    </td>
  </tr>
  <tr>
    <td valign="top" width="75">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2">&nbsp;</font></p>
    </td>
    <td valign="top" width="277">
    </td>
  </tr>
</table>
</div>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><font size="2"><br>
</font>
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end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>auditorsx1x1.jpg
<TEXT>
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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
