<SEC-DOCUMENT>0000869178-20-000066.txt : 20200211
<SEC-HEADER>0000869178-20-000066.hdr.sgml : 20200211
<ACCEPTANCE-DATETIME>20200211101453
ACCESSION NUMBER:		0000869178-20-000066
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200211
DATE AS OF CHANGE:		20200211

SUBJECT COMPANY:	

	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:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-52919
		FILM NUMBER:		20594549

	BUSINESS ADDRESS:	
		STREET 1:		1500-625 HOWE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2T6
		BUSINESS PHONE:		604-684-1175

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAN AMERICAN MINERALS CORP
		DATE OF NAME CHANGE:	19950608

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VAN ECK ASSOCIATES CORP
		CENTRAL INDEX KEY:			0000869178
		IRS NUMBER:				133210061
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		666 THIRD AVENUE, 9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2122932000

	MAIL ADDRESS:	
		STREET 1:		666 THIRD AVENUE, 9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>schedule13g.htm
<TEXT>
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  <div style="font-size: 16pt; font-weight: bold; text-align: center; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">UNITED STATES </div>
  <div style="font-size: 16pt; font-weight: bold; text-align: center; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">SECURITIES AND EXCHANGE COMMISSION</div>
  <div style="font-size: 14pt; text-align: center; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Washington, D.C. 20549</div>
  <div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
  <div style="font-size: 24pt; font-weight: bold; text-align: center; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">SCHEDULE 13G</div>
  <div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
  <div style="font-size: 12pt; font-weight: bold; text-align: center; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Under the Securities Exchange Act of 1934</div>
  <div style="font-size: 12pt; font-weight: bold; text-align: center; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">(Amendment No.&#160;11)*</div>
  <div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
  <div style="font-size: 28pt; font-weight: bold; text-align: center; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Pan American Silver Corp. </div>
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    <hr noshade="noshade" size="1" align="center" style="WIDTH: 30%; COLOR: gray">
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  <div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">(Name of Issuer)</font><font style="font-size: 12pt; display: inline;">&#160;</font></div>
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  <div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
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  <div style="font-size: 12pt; text-align: center; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">(Title of Class of Securities)</div>
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  <div style="font-size: 12pt; text-align: center; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">697900108</div>
  <div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
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    &#160;<font style="font-size: 12pt; display: inline;">(CUSIP Number)</font></div>
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  <div style="font-size: 12pt; font-weight: bold; text-align: center; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">
    <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">December 31, 2019 - Year End Filing</div>
    <div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</div>
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    &#160;<font style="font-size: 12pt; display: inline;">(Date of Event Which Requires Filing of this Statement)</font></div>
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  <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Check the appropriate box to designate the rule pursuant to which this Schedule is
    filed:</div>
  <div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
  <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">[X] Rule 13d-1(b)</div>
  <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">[&#160;&#160;&#160;] Rule 13d-1(c)</div>
  <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">[&#160;&#160;&#160;] Rule 13d-1(d)</div>
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  <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">*The remainder of this cover page shall be filled out for a reporting person's initial
    filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. </div>
  <div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
  <div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
  <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">The information required in the remainder of this cover
      page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
      see the Notes).</font><font style="font-size: 12pt; display: inline;">&#160;</font></div>
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  <div style="font-size: 12pt; text-align: center; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Page 1 of 5 pages</div>
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            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">1.</div>
          </td>
          <td valign="middle" align="left" colspan="4" style="WIDTH: 85%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Names of Reporting Persons</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">I.R.S. Identification Nos. of above persons
                (entities only)</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; font-weight: bold; display: inline;">Van Eck Associates
                Corporation </font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; font-weight: bold; display: inline;">666 Third Ave. - 9th Floor,
                New York, New York 10017</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
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            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
              <hr noshade="noshade" size="2" align="left" style="WIDTH: 100%; COLOR: gray">
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            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">2.</div>
          </td>
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            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Check the Appropriate Box if a Member of a
                Group (See Instructions)</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
        </tr>
        <tr>
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            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">(a)</div>
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            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; font-weight: bold; display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;N/A</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
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            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">(b)</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
          <td valign="middle" align="left" colspan="4" style="WIDTH: 85%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" colspan="5" style="WIDTH: 90%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
              <hr noshade="noshade" size="2" align="left" style="WIDTH: 100%; COLOR: gray"> &#160;</div>
          </td>
        </tr>
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            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">3</div>
          </td>
          <td valign="middle" align="left" colspan="4" style="WIDTH: 85%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">SEC Use Only</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
        </tr>
        <tr>
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            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
              <hr noshade="noshade" size="2" align="left" style="WIDTH: 100%; COLOR: gray"> &#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">4.</div>
          </td>
          <td valign="middle" align="left" colspan="4" style="WIDTH: 85%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Citizenship or Place of Organization:</font><font style="font-size: 12pt; display: inline;">&#160; </font><font style="font-size: 12pt; font-weight: bold; display: inline;">&#160;&#160;&#160;&#160;&#160;Delaware</font></div>
          </td>
        </tr>
        <tr>
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            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
              <hr noshade="noshade" size="2" align="left" style="WIDTH: 100%; COLOR: gray"> &#160;</div>
          </td>
        </tr>
        <tr>
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            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Number of</div>
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            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Beneficially</div>
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Owned by</div>
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Each</div>
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Reporting</div>
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Person With</font><font style="font-size: 12pt; display: inline;">&#160;</font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 4%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">5.</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 19%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Sole Voting Power</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 55%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; font-weight: bold; display: inline;">25,741,726 common shares</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
        </tr>
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          <td valign="middle" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
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            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">6.</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Shared Voting Power</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; font-weight: bold; display: inline;">None</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" style="WIDTH: 4%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">7.</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Sole Dispositive Power</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; font-weight: bold; display: inline;">25,741,726 common shares</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" style="WIDTH: 4%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">8.</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Shared Dispositive Power</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">&#160;</font><font style="font-size: 12pt; font-weight: bold; display: inline;">None</font></div>
          </td>
        </tr>
        <tr style="HEIGHT: 35px">
          <td valign="top" align="left" colspan="5" style="WIDTH: 90%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
              <hr noshade="noshade" size="2" align="left" style="WIDTH: 100%; COLOR: gray"> &#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">9.</div>
          </td>
          <td valign="top" align="left" colspan="4" style="WIDTH: 85%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Aggregate Amount Beneficially Owned by Each
                Reporting Person&#160;<strong>25,741,726</strong></font><font style="font-size: 12pt; font-weight: bold; display: inline;"> Common Shares are held within mutual funds and other client accounts managed by Van Eck
                Associates Corporation,&#160;two of which individually own more than 5% of the outstanding shares.</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" colspan="5" style="WIDTH: 90%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
              <hr noshade="noshade" size="2" align="left" style="WIDTH: 100%; COLOR: gray">
            </div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">10.</div>
          </td>
          <td valign="top" align="left" colspan="4" style="WIDTH: 85%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Check if the Aggregate Amount in Row (9)
                Excludes Certain Shares (See Instructions) </font><font style="font-size: 12pt; font-weight: bold; display: inline;">&#160;&#160;&#160;&#160;&#160;N/A</font><font style="font-size: 12pt; display: inline;">&#160;
              </font></div>
          </td>
        </tr>
        <tr style="HEIGHT: 36px">
          <td valign="top" align="left" colspan="5" style="WIDTH: 90%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
              <hr noshade="noshade" size="2" align="left" style="WIDTH: 100%; COLOR: gray"> &#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">11.</div>
          </td>
          <td valign="top" align="left" colspan="4" style="WIDTH: 85%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Percent of Class Represented by Amount in Row
                (9)&#160;&#160;&#160;&#160;&#160; <strong>12.28</strong></font><font style="font-size: 12pt; font-weight: bold; display: inline;">%</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" colspan="5" style="WIDTH: 90%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
              <hr noshade="noshade" size="2" align="left" style="WIDTH: 100%; COLOR: gray"> &#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">12.</div>
          </td>
          <td valign="top" align="left" colspan="4" style="WIDTH: 85%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Type of Reporting Person (See Instructions)</font><font style="font-size: 12pt; display: inline;">&#160; </font><font style="font-size: 12pt; font-weight: bold; display: inline;">&#160;&#160;&#160;&#160;&#160;IA</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
  <div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Page 2 of 5 pages</div>
  <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
  <div>
    <hr noshade="noshade" size="1" style="MARGIN-TOP: -5px; COLOR: #000000">
    <hr noshade="noshade" size="4" style="MARGIN-TOP: -13px; COLOR: #000000">
  </div>
  <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
  <div style="PAGE-BREAK-AFTER: always" id="PN">
    <div style="WIDTH: 100%; TEXT-ALIGN: center">
      <hr noshade="noshade" size="2" style="COLOR: black">
    </div>
  </div>
  <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
    <hr noshade="noshade" size="2" align="left" style="WIDTH: 100%; COLOR: gray"> &#160;</div>
  <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
    <hr noshade="noshade" size="2" align="left" style="WIDTH: 100%; COLOR: gray"> &#160;</div>
  <div>
    <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="z4e0f09119bc94ef39034bff699573cc0">

        <tr>
          <td valign="top" align="left" colspan="2" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" colspan="2" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; font-weight: bold; display: inline;">Item 1.</font><font style="font-size: 12pt; display: inline;"> (a)</font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Name of Issuer</div>
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Pan American Silver Corp</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" colspan="2" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" colspan="2" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; font-weight: bold; display: inline;">Item 1.</font><font style="font-size: 12pt; display: inline;"> (b)</font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Address of Issuer's Principal Executive Offices </div>
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">1500-625 Howe Street Vancouver, Canada A1 V6C 2T6</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" colspan="2" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" colspan="2" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; font-weight: bold; display: inline;">Item 2.</font><font style="font-size: 12pt; display: inline;"> (a)</font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Name of Person Filing </div>
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Van Eck Associates Corporation</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" colspan="2" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" colspan="2" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; font-weight: bold; display: inline;">Item 2.</font><font style="font-size: 12pt; display: inline;"> (b)</font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Address of Principal Business Office or, if none, Residence</div>
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">666 Third Ave. - 9th Floor, New York, New York 10017<font style="display: inline;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" colspan="2" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" colspan="2" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; font-weight: bold; display: inline;">Item 2.</font><font style="font-size: 12pt; display: inline;"> (c)</font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Citizenship or Place of Organization:</div>
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; font-weight: bold; display: inline;">Delaware</font><font style="font-size: 12pt; font-weight: bold; display: inline;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" colspan="2" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" colspan="2" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; font-weight: bold; display: inline;">Item 2.</font><font style="font-size: 12pt; display: inline;"> (d) </font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Title of Class of Securities </div>
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; font-weight: bold; display: inline;">Common Shares</font><font style="font-size: 12pt; font-weight: bold; display: inline;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" colspan="2" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" colspan="2" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; font-weight: bold; display: inline;">Item 2.</font><font style="font-size: 12pt; display: inline;"> (e)</font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">CUSIP Number </div>
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          </td>
        </tr>
        <tr>
          <td valign="top" align="left" colspan="2" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" colspan="2" style="WIDTH: 8%">
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Item 3.</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">If this statement is filed pursuant to Rule 13d-1(b) or
              13d-2(b) or (c), check whether the person filing is a: </div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" colspan="2" style="WIDTH: 8%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">(a)</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">&#160;[&#160;&#160;&#160;]</font><font style="font-size: 12pt; display: inline;">&#160;</font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).&#160; </div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">&#160;</td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">(b)</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">&#160;[&#160;&#160;&#160;]</font><font style="font-size: 12pt; display: inline;">&#160;</font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
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          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">&#160;</td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">(c)</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">
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          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).&#160;
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          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">&#160;</td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">(d)</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">
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          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Investment company registered under section 8 of the Investment Company Act
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          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">&#160;</td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">(e)</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">&#160;[X]</font><font style="font-size: 12pt; display: inline;">&#160;</font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);&#160; </div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">&#160;</td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">(f)</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">&#160;[&#160;&#160;&#160;]</font><font style="font-size: 12pt; display: inline;">&#160;</font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">An employee benefit plan or endowment fund in accordance with Rule
              13d-1(b)(1)(ii)(F);</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">&#160;</td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">(g)</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">&#160;[&#160;&#160;&#160;]</font><font style="font-size: 12pt; display: inline;">&#160;</font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">A parent holding company or control person in
                accordance with Rule 13d-1(b)(1)(ii)(G);</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">&#160;</td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">(h)</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">&#160;[&#160;&#160;&#160;]</font><font style="font-size: 12pt; display: inline;">&#160;</font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">A savings associations as defined in Section
                3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">&#160;</td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">(i)</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">&#160;[&#160;&#160;&#160;]</font><font style="font-size: 12pt; display: inline;">&#160;</font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">A church plan that is excluded from the definition of an investment company
              under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">&#160;</td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">(j)&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">&#160;[&#160;&#160;&#160;]</font><font style="font-size: 12pt; display: inline;">&#160;</font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Group, in accordance with Rule 13d-1(b)(1)(ii)(J).</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">&#160;</td>
          <td valign="middle" align="left" style="WIDTH: 92%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>

    </table>
  </div>
  <div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Page 3 of 5 pages<font style="font-size: 12pt; display: inline;">&#160;</font></div>
  <div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
  <div>
    <hr noshade="noshade" size="1" style="MARGIN-TOP: -5px; COLOR: #000000">
    <hr noshade="noshade" size="4" style="MARGIN-TOP: -13px; COLOR: #000000">
  </div>
  <div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
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  <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
    <hr noshade="noshade" size="2" align="left" style="WIDTH: 100%; COLOR: gray"> &#160;</div>
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    <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" id="zddc386c3dc6f4b3e90e8d34fd12383c0">

        <tr>
          <td valign="top" align="left" style="WIDTH: 7%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" colspan="3" style="WIDTH: 78%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 7%">
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Item 4.</div>
          </td>
          <td valign="top" align="left" colspan="4" style="WIDTH: 83%">
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Ownership.</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 7%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" colspan="3" style="WIDTH: 78%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 7%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">(a)</font><font style="font-size: 12pt; display: inline;">&#160; &#160; &#160; </font></div>
          </td>
          <td valign="middle" align="left" colspan="3" style="WIDTH: 78%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Amount beneficially owned:&#160;<strong>25,741,726 </strong></font><font style="font-size: 12pt; font-weight: bold; display: inline;">Common Shares</font><font style="font-size: 12pt; display: inline;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" colspan="5" style="WIDTH: 90%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 7%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">(b)</font><font style="font-size: 12pt; display: inline;">&#160; &#160; &#160; </font></div>
          </td>
          <td valign="middle" align="left" colspan="3" style="WIDTH: 78%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Percent of class: <strong>12.28</strong></font><font style="font-size: 12pt; font-weight: bold; display: inline;">%</font><font style="font-size: 12pt; display: inline;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" colspan="5" style="WIDTH: 90%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 7%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">(c)</font><font style="font-size: 12pt; display: inline;">&#160; &#160; &#160; </font></div>
          </td>
          <td valign="middle" align="left" colspan="3" style="WIDTH: 78%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Number of shares as to which the person has:</font><font style="font-size: 12pt; display: inline;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" colspan="5" style="WIDTH: 90%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" style="WIDTH: 7%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 5%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">(i)</font><font style="font-size: 12pt; display: inline;">&#160; &#160; &#160; </font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 69%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Sole power to vote or to direct the vote&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-WEIGHT: bold; DISPLAY: inline">25,741,726 </font></font><font style="font-size: 12pt; font-weight: bold; display: inline;">Common Shares<font style="display: inline;">&#160;</font></font></div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" colspan="5" style="WIDTH: 90%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" style="WIDTH: 7%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 5%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">(ii)</font><font style="font-size: 12pt; display: inline;">&#160; &#160; &#160; </font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 69%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Shared power to vote or to direct the vote </font><font style="font-size: 12pt; font-weight: bold; display: inline;">&#160;&#160;&#160;&#160;&#160;None</font><font style="font-size: 12pt; display: inline;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" colspan="5" style="WIDTH: 90%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" style="WIDTH: 7%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 5%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">(iii)</font><font style="font-size: 12pt; display: inline;">&#160; &#160; &#160; </font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 69%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Sole power to dispose or to direct the
                disposition of&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-WEIGHT: bold">25,741,726 </font></font><font style="font-size: 12pt; font-weight: bold; display: inline;">Common Shares<font style="display: inline;">&#160;</font></font></div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" colspan="5" style="WIDTH: 90%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" style="WIDTH: 7%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 4%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" style="WIDTH: 5%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">(iv)</font><font style="font-size: 12pt; display: inline;">&#160; &#160; &#160; </font></div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 69%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Shared power to dispose or to direct the
                disposition of </font><font style="font-size: 12pt; font-weight: bold; display: inline;">&#160;&#160;&#160;&#160;&#160;None</font><font style="font-size: 12pt; display: inline;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" colspan="5" style="WIDTH: 90%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 7%">
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Item 5. </div>
          </td>
          <td valign="top" align="left" colspan="4" style="WIDTH: 83%">
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Ownership of Five Percent or Less of a Class</div>
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
              <div style="font-size: 12pt; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">If this statement is being filed to report the fact that as of the date
                hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following: </div>
              <div style="font-size: 12pt; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">[ ]</div>
            </div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 7%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" colspan="4" style="WIDTH: 83%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr style="HEIGHT: 37px">
          <td valign="top" align="left" style="WIDTH: 7%">
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Item 6. </div>
          </td>
          <td valign="top" align="left" colspan="4" style="WIDTH: 83%">
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Ownership of More than Five Percent on Behalf of Another
              Person.</div>
            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">The VanEck Vectors Junior Gold Miners
              ETF, and VanEck Vectors Gold Miners ETF an investment company registered under the Investment Company Act of 1940, has the right to receive dividends and proceeds from the sale of 11,885,728 and 13,189,789 of the shares reported by Van Eck
              Associates Corp., respectively.</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 7%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" colspan="4" style="WIDTH: 83%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 7%">
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Item 7.</div>
          </td>
          <td valign="top" align="left" colspan="4" style="WIDTH: 83%">
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Identification and Classification of the Subsidiary Which
              Acquired the Security Being Reported on By the Parent Holding Company</div>
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Not applicable.</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 7%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" colspan="4" style="WIDTH: 83%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 7%">
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Item 8.</div>
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          <td valign="top" align="left" colspan="4" style="WIDTH: 83%">
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Identification and Classification of Members of the Group</div>
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Not applicable.</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 7%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="top" align="left" colspan="4" style="WIDTH: 83%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 7%">
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Item 9.</div>
          </td>
          <td valign="top" align="left" colspan="4" style="WIDTH: 83%">
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Notice of Dissolution of Group</div>
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Not applicable.</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" style="WIDTH: 7%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" colspan="4" style="WIDTH: 83%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="top" align="left" style="WIDTH: 7%">
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Item 10. </div>
          </td>
          <td valign="top" align="left" colspan="4" style="WIDTH: 83%">
            <div style="font-size: 12pt; font-weight: bold; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Certification</div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" style="WIDTH: 7%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" colspan="4" style="WIDTH: 83%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" style="WIDTH: 7%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" colspan="4" style="WIDTH: 83%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">By signing below I certify that, to the best of
                my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held
                in connection with or as a participant in any transaction having that purpose or effect.</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
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  <div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
  <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
  <div style="font-size: 12pt; text-align: center; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">Page 4 of 5 pages </div>
  <div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
  <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
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  <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
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    <hr noshade="noshade" size="2" align="left" style="WIDTH: 100%; COLOR: gray">
    &#160;<br>
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  <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
  <div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; font-weight: bold; display: inline;">SIGNATURE</font><font style="font-size: 12pt; font-weight: bold; display: inline;">&#160;</font><font style="font-size: 12pt; display: inline;">&#160;</font></div>
  <div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
  <div style="font-size: 12pt; text-align: left; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">After reasonable inquiry and to the best of my knowledge and belief, I certify that the
    information set forth in this statement is true, complete and correct. </div>
  <div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
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        <tr>
          <td valign="bottom" style="WIDTH: 36%">
            <div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
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          <td valign="bottom" style="WIDTH: 54%">
            <div style="font-size: 12pt; text-align: center; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">February 11, 2020</div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" style="WIDTH: 36%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 54%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;
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        <tr>
          <td valign="bottom" style="WIDTH: 36%">
            <div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="bottom" style="WIDTH: 54%">
            <div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Date</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
          </td>
        </tr>
        <tr>
          <td valign="middle" align="left" style="WIDTH: 36%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 54%">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" align="right" style="WIDTH: 36%">
            <div style="TEXT-ALIGN: right; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
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          <td valign="bottom" style="WIDTH: 54%">
            <div style="font-size: 12pt; font-style: italic; text-align: center; margin-left: 0pt; display: block; line-height: 1.25; margin-right: 0pt; text-indent: 0pt;">/S/ James L. Parker</div>
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        </tr>
        <tr>
          <td valign="middle" align="left" style="WIDTH: 36%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="middle" align="left" style="WIDTH: 54%">
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          <td valign="bottom" style="WIDTH: 36%">
            <div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          </td>
          <td valign="bottom" style="WIDTH: 54%">
            <div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">Signature</font><font style="font-size: 12pt; display: inline;">&#160; </font></div>
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        </tr>
        <tr>
          <td valign="bottom" align="left" style="WIDTH: 36%">
            <div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
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          <td valign="bottom" style="WIDTH: 54%">
            <div style="TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="font-size: 12pt; display: inline;">James L. Parker</font><font style="font-size: 12pt; display: inline;">, Assistant Treasurer</font></div>
          </td>
        </tr>
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