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<SEC-DOCUMENT>0000945234-03-000340.txt : 20030603
<SEC-HEADER>0000945234-03-000340.hdr.sgml : 20030603
<ACCEPTANCE-DATETIME>20030603171047
ACCESSION NUMBER:		0000945234-03-000340
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20030529
FILED AS OF DATE:		20030603

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			METHANEX CORP
		CENTRAL INDEX KEY:			0000886977
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20115
		FILM NUMBER:		03730896

	BUSINESS ADDRESS:	
		STREET 1:		1800 WATERFRONT CENTER
		STREET 2:		200 BURRARD STREET
		CITY:			VANCOUVER BC CANADA
		STATE:			A1
		ZIP:			00000
		BUSINESS PHONE:		6046847500

	MAIL ADDRESS:	
		STREET 1:		1800 WATERFRONT CENTER
		STREET 2:		200 BURRARD STREET
		CITY:			VANCOUVER BC CANADA
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>o10019e6vk.htm
<DESCRIPTION>NOTICE OF SPECIAL MEETING & PROXY CIRCULAR
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="5">FORM 6-K</FONT></B>

<P align="center">
<B><FONT size="4">SECURITIES AND EXCHANGE COMMISSION</FONT></B>

<DIV align="center">
<B>Washington, D.C. 20549</B>
</DIV>

<P align="center">
<B>Report of Foreign Issuer</B>

<P align="center">
<B>Pursuant to Rule&nbsp;13a-16 or 15d-16 of</B>

<DIV align="center">
<B>the Securities Exchange Act of 1934</B>
</DIV>

<P align="center">
<B>For the month of May 2003</B>

<P align="center">
<B><FONT size="2">Commission File Number 0-20115</FONT></B>

<P align="center">
<B><FONT size="6">METHANEX CORPORATION</FONT></B>

<DIV align="center">
<I><FONT size="2">(Translation of registrant&#146;s name into
English)</FONT></I>
</DIV>

<P align="center">
<B><FONT size="2">Suite&nbsp;1800, 200 Burrard Street</FONT></B>

<DIV align="center">
<B><FONT size="2">Vancouver, Canada</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">BC V6C 3M1</FONT></B>
</DIV>

<DIV align="center">
<I><FONT size="2">(Address of principal executive
offices)</FONT></I>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Indicate by check mark whether the registrant
files or will file annual reports under cover Form&nbsp;20-F or
Form&nbsp;40-F:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#254;</FONT>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Indicate by check mark if the registrant is
submitting the Form&nbsp;6-K in paper as permitted by
Regulation&nbsp;S-T
Rule&nbsp;101(b)(1):&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#254;</FONT>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Indicate by check mark if the registrant is
submitting the Form&nbsp;6-K in paper as permitted by
Regulation&nbsp;S-T
Rule&nbsp;101(b)(7):&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#254;</FONT>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Indicate by check mark whether the registrant by
furnishing the information contained in this Form is also
thereby furnishing the information to the Commission pursuant to
Rule&nbsp;12g3-2(b) under the Securities Exchange Act of
1934:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#254;</FONT>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If &#147;Yes&#148; is marked, indicate below the
file number assigned to the registrant in connection with
Rule&nbsp;12g3-2(b):
82-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
</FONT>

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

<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center">
<B><FONT size="2">SIGNATURES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly
authorized.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="1%"></TD>
    <TD width="59%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    <FONT size="2">METHANEX CORPORATION
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">(Registrant)
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">/s/ Randy Milner
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Randy Milner&nbsp;&#151; Senior Vice President,
    General Counsel &#38; Corporate Secretary
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">June&nbsp;3, 2003
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">IMPORTANT INFORMATION FOR
SHAREHOLDERS</FONT></B>
</DIV>

<P align="center">
<B><FONT size="5">Notice of Special Meeting of
Shareholders</FONT></B>

<DIV align="center">
<B><FONT size="5">and</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="5">Information Circular</FONT></B>
</DIV>

<DIV align="center">
<B>May&nbsp;29, 2003</B>
</DIV>

<P align="center">
<IMG src="o10019methanex.gif" alt="Methanex Logo">

<!-- PAGEBREAK -->
<P><HR noshade><P>

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">SIGNATURES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">TABLE OF CONTENTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">Letter to Shareholder</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">NOTICE OF SPECIAL MEETING OF SHAREHOLDERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">INFORMATION CIRCULAR</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">PART I VOTING</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">PART II BUSINESS OF THE MEETING</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">REPURCHASE TRANSACTION</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">OTHER MATTERS TO BE ACTED UPON</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">INTERESTS OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">PART III OTHER INFORMATION</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#011">COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#012">AVAILABILITY OF INFORMATION</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#013">APPROVAL BY DIRECTORS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#014">CONSENT OF RAYMOND JAMES LTD.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#015">APPENDIX A</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#016">REPURCHASE TRANSACTION RESOLUTION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#017">APPENDIX B</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#018">FAIRNESS OPINION OF RAYMOND JAMES LTD.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#019">APPENDIX C</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#020">EXECUTIVE COMPENSATION AND OTHER INFORMATION</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#021">DIRECTORS&#146; COMPENSATION</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#022">EXECUTIVE COMPENSATION</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#023">REPORT ON EXECUTIVE COMPENSATION</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#024">TOTAL SHAREHOLDER RETURN COMPARISON</A></TD></TR>
<TR><TD colspan="9"><A HREF="#025">PROXY</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#026">IMPORTANT INFORMATION FOR PARTICIPANTS IN THE METHANEX CORPORATION SHARE PURCHASE PLAN FOR EMPLOYEES</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link2 "TABLE OF CONTENTS" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center">
<B><FONT size="2">TABLE OF CONTENTS</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="74%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Page</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">LETTER TO SHAREHOLDERS
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">NOTICE OF SPECIAL MEETING
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">INFORMATION CIRCULAR
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">1
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">PART&nbsp;I
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">VOTING
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">1
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">PART&nbsp;II
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">BUSINESS OF THE MEETING
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">4
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">&nbsp;&nbsp;Repurchase Transaction
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">4
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">&nbsp;&nbsp;Other Matters to be Acted Upon
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">8
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">&nbsp;&nbsp;Interests of Certain Persons in
    Matters to be Acted Upon
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">8
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">PART III
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">OTHER INFORMATION
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">9
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">&nbsp;&nbsp;Compensation of Directors and
    Executive Officers
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">9
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">&nbsp;&nbsp;Availability of Information
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">9
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">&nbsp;&nbsp;Approval by Directors
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">9
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">CONSENT OF RAYMOND JAMES&nbsp;LTD.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">10
    </FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">APPENDIX&nbsp;A: REPURCHASE TRANSACTION RESOLUTION
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">A-1
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">APPENDIX&nbsp;B: FAIRNESS OPINION OF RAYMOND
    JAMES&nbsp;LTD.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">B-1
    </FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">APPENDIX&nbsp;C: EXECUTIVE COMPENSATION AND
    OTHER&nbsp;INFORMATION
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom">
    <FONT size="2">C-1
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="21%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="35%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B><FONT size="2">Methanex Corporation</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">1800 Waterfront Centre<BR>
    200 Burrard Street<BR>
    Vancouver, British Columbia<BR>
    Canada V6C&nbsp;3M1
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Telephone: (604)&nbsp;661-2600<BR>
    Facsimile: &nbsp;(604)&nbsp;661-2676
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="right">
<IMG src="o10019meth1.gif" alt="Methanex Logo">
</DIV>

<P align="left">
May&nbsp;29, 2003

<DIV>&nbsp;</DIV>

<!-- link1 "Letter to Shareholder" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left">
Dear Fellow Shareholder:
</DIV>

<P align="left">
On May&nbsp;21, 2003, we entered into an underwriting agreement
with NOVA Chemicals Corporation and a syndicate of underwriters
for a public secondary offering and sale by an affiliate of NOVA
of 37,946,876 of our common shares at a price of Cdn.$13.30 or
US$9.85 per share. NOVA is our largest shareholder, holding
46,946,876 or approximately 37% of our outstanding common shares.

<P align="left">
Concurrent with the underwriting agreement, we entered into a
share purchase agreement with NOVA pursuant to which we will
indirectly purchase the remaining 9,000,000 common shares
indirectly owned by NOVA at a price of US$9.85 per share. The
completion of this repurchase transaction is subject to the
closing of the secondary offering, which is expected to occur on
or about June&nbsp;5, 2003, and the approval by at least a
majority of our shareholders (other than NOVA and its
affiliates) voting on the matter. The repurchased shares will be
cancelled, reducing the number of our outstanding common shares
by approximately 7%. We will fund the repurchase from our
available cash resources.

<P align="left">
Following the successful completion of the secondary offering
and the repurchase transaction, NOVA will not hold any of our
common shares.

<P align="left">
<B>An independent committee of our board of directors and our
board unanimously recommend that you vote to approve the
repurchase transaction by voting in favour of the resolution set
out in Appendix&nbsp;A to the accompanying Information
Circular.</B>

<P align="left">
We believe that the market price of our common shares has been
adversely affected by the market perception that NOVA would sell
all or a portion of its shares. If the secondary offering and
the repurchase transaction are successfully completed, we expect
this overhang will be eliminated and we also expect that our
shareholders will be able to enjoy improved liquidity for our
common shares due to a substantial increase in the public float.
We also believe that our purchase of common shares under the
repurchase transaction constitutes an attractive investment that
will be accretive to shareholders, and this transaction is
consistent with our practice of distributing excess cash for the
benefit of our shareholders.

<P align="left">
We urge you to vote in favour of the repurchase transaction at
the special meeting of shareholders to be held on June&nbsp;30,
2003. The details of the repurchase transaction and the meeting
are described in the accompanying Notice of Special Meeting and
Information Circular.
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
Whether or not you are able to attend the meeting, it is
important that you are represented at the meeting. <B>We
encourage you to complete the enclosed form of proxy and return
it not later than the time specified. Voting by proxy will not
prevent you from voting in person if you attend the meeting, but
will ensure that your vote will be counted if you are
unavailable to attend.</B>

<P align="left">
If you are a non-registered shareholder, please complete and
return the proxy or other authorization form provided to you by
your broker or other intermediary in accordance with the
instructions provided with it. Failure to do so may result in
your common shares not being eligible to be voted at the meeting.

<P align="left">
Sincerely,

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="91%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <IMG src="o10019choquett.gif" alt="(Pierre Choquette signature)"><BR>
    <FONT size="2">Pierre Choquette<BR>
    President and Chief Executive Officer<BR>
    Methanex Corporation
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

<P align="center">
<B>METHANEX CORPORATION</B>

<DIV>&nbsp;</DIV>

<!-- link1 "NOTICE OF SPECIAL MEETING OF SHAREHOLDERS" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center">
<B><FONT size="2">NOTICE OF SPECIAL MEETING OF
SHAREHOLDERS</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">NOTICE IS HEREBY GIVEN that a Special Meeting
(the &#147;Meeting&#148;) of shareholders of Methanex
Corporation (the &#147;Company&#148;) will be held at the
following time and place:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="67%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">WHEN:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Monday, June&nbsp;30, 2003
    </FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">TIME:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">9:00&nbsp;a.m. (Vancouver time)
    </FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">PLACE:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Mackenzie 1 Meeting Room<BR>
    Waterfront Centre Hotel<BR>
    Vancouver, British Columbia
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Meeting is being held for the following
purposes:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">1.</FONT></TD>
    <TD align="left">
    <FONT size="2">To consider and, if thought fit, pass, with or
    without amendment, an ordinary resolution, the form of which is
    set out in Appendix&nbsp;A to the accompanying Information
    Circular, approving the indirect purchase by the Company of
    9,000,000 common shares of the Company indirectly owned by NOVA
    Chemicals Corporation; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">2.</FONT></TD>
    <TD align="left">
    <FONT size="2">To transact such other business as may properly
    come before the Meeting.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">If you are a holder of common shares of the
Company and do not expect to attend the Meeting in person,
please complete the enclosed proxy form and either fax it to
(416)&nbsp;368-2502 or forward it to CIBC Mellon Trust Company
using the envelope provided with these materials. Proxies must
be received no later than 2:00&nbsp;p.m. (Vancouver time) on
June&nbsp;26, 2003 or not less than 48&nbsp;hours (excluding
Saturdays, Sundays and holidays) prior to any adjournment of the
Meeting.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">DATED at the City of Vancouver, in the Province
of British Columbia this 29th day of May, 2003.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">BY ORDER OF THE BOARD OF DIRECTORS
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">(signed) RANDY MILNER
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Senior Vice President, General Counsel and
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Corporate Secretary
    </FONT></TD>
</TR>

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

<P align="center">
<B><FONT size="4">METHANEX CORPORATION</FONT></B>

<DIV>&nbsp;</DIV>

<!-- link1 "INFORMATION CIRCULAR" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="center">
<B>INFORMATION CIRCULAR</B>
</DIV>

<P align="left">
<FONT size="2">Information contained in this Information
Circular is given as at May&nbsp;29, 2003 unless otherwise
stated.
</FONT>

<!-- link1 "PART I VOTING" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="center">
<B>PART&nbsp;I&nbsp;&nbsp;&nbsp;VOTING</B>

<P align="left">
<B><FONT size="2">Solicitation of Proxies</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">This Information Circular is furnished in
connection with the solicitation of proxies by or on behalf of
the management and Board of Directors of Methanex Corporation
(the &#147;Company&#148;) for use at the special meeting (the
&#147;Meeting&#148;) of shareholders of the Company to be held
at the time and place (including any adjournment thereof) and
for the purposes set forth in the accompanying Notice of Special
Meeting of Shareholders (the &#147;Notice&#148;).</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">It is anticipated that this Information Circular
and the accompanying proxy form will be mailed on or about
June&nbsp;3, 2003 to holders of common shares (&#147;Common
Shares&#148;) of the Company.
</FONT>

<P align="left">
<B><FONT size="2">What will be voted on at the
Meeting?</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Shareholders will be voting on the matter which
is described in the Notice. <B>The Notice includes the only
matter to be presented at the Meeting that is presently known to
management.</B> A simple majority (that is, greater than 50%) of
the votes cast, in person or by proxy, other than by NOVA and
its affiliates, will constitute approval of this matter.
</FONT>

<P align="left">
<B><FONT size="2">Who is entitled to vote and who owns more than
10% of the Common Shares?</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Only those who are registered as holders of
Common Shares (&#147;Registered Shareholders&#148;) on
May&nbsp;30, 2003 (the &#147;Record Date&#148;) are entitled to
vote at the Meeting or at any adjournment thereof. Each
Registered Shareholder has one vote for each Common Share held
at the close of business on the Record Date. As of May&nbsp;29,
2003, there were 126,990,814 Common Shares outstanding. NOVA
Chemicals Corporation (&#147;NOVA&#148;) beneficially owns,
indirectly, 46,946,876 Common Shares representing approximately
37% of the outstanding Common Shares. Neither NOVA nor any of
its affiliates will be entitled to vote on the matter described
in the Notice. To the knowledge of the directors and senior
officers of the Company, there are no other persons who
beneficially own, directly or indirectly, or exercise control or
direction over Common Shares carrying more than 10% of the
voting rights of the Company, except for Fidelity Management
&#38; Research Company, Fidelity Management Trust Company and
Fidelity International Limited which, based on publicly
available reports filed on their behalf, collectively exercise
control but disclaim ownership of 13,274,470 Common Shares,
representing approximately 10% of the outstanding Common Shares,
through accounts and funds managed by them.
</FONT>

<P align="left">
<B><FONT size="2">Can I vote Common Shares which I acquired
after May&nbsp;30, 2003?</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unfortunately not. The <I>Canada Business
Corporations Act</I> states that a shareholder who acquires
Common Shares after the Record Date will not be entitled to vote
those shares at the Meeting.
</FONT>

<P align="left">
<B><FONT size="2">How to vote</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you are a Registered Shareholder, there are
two ways in which you can vote your shares. You can either vote
in person at the Meeting or you can vote by proxy.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Voting by Proxy</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you do not plan to come to the Meeting, you
can have your vote counted by appointing someone who will attend
at the Meeting as your proxyholder. In the proxy, you can either
direct your proxyholder how you want your shares to be voted or
let your proxyholder choose for you. You can always revoke your
proxy if you decide to attend the Meeting and wish to vote your
shares in person (see &#147;Revoking a Proxy&#148; on
page&nbsp;3).
</FONT>

<P align="center"><FONT size="2">1
</FONT>

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<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Voting in Person</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Registered Shareholders who will attend the
Meeting and wish to vote their shares in person should not
complete a proxy form. Your vote will be taken and counted at
the Meeting. Please register with the transfer agent, CIBC
Mellon Trust Company, upon your arrival at the Meeting.
</FONT>

<P align="left">
<B><FONT size="2">What if I am not a Registered
Shareholder?</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Many shareholders are in fact
&#147;non-registered shareholders&#148;. Non-registered
shareholders are those whose shares are registered in the name
of an intermediary (such as a bank, trust company, securities
broker, trustee, custodian, etc.). Unless you have previously
informed your intermediary that you do not wish to receive
material relating to the Meeting, you will receive or have
already received from your intermediary either a request for
voting instructions or a proxy form. Every intermediary has its
own forms and procedures. Non-registered shareholders should
follow them carefully to ensure that their Common Shares are
voted at the Meeting.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Since the Company does not have access to the
names of its non-registered shareholders, if you attend the
Meeting, the Company will have no record of your shareholdings
or your entitlement to vote unless your nominee has appointed
you as proxyholder. Therefore, if you wish to vote in person at
the Meeting, insert your own name in the space provided on the
voting instructions or proxy to appoint yourself as proxyholder
and return it in the envelope provided. Do not otherwise
complete the form as your vote will be taken at the Meeting.
Please register with the transfer agent, CIBC Mellon Trust
Company, upon arrival at the Meeting.
</FONT>

<P align="left">
<B><FONT size="2">What is a Proxy?</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A proxy is a document that authorizes someone
else to attend the Meeting and cast the votes for a Registered
Shareholder. Enclosed in this package is a proxy form for the
Meeting. Use it or any other legal proxy form to appoint a
proxyholder. Your proxy authorizes the proxyholder to vote and
otherwise act for you at the Meeting including any continuation
after adjournment of the Meeting.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you vote on the matter listed by marking the
appropriate box on the proxy form, your shares will be voted as
instructed. If you do not mark any boxes, your proxyholder can
vote your shares as he or she considers best.
</FONT>

<P align="left">
<B><FONT size="2">Appointing a Proxyholder</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Your proxyholder is the person you appoint and
name on the proxy form to cast your votes for you. <B>You can
choose anyone you want to be your proxyholder; it does not have
to be another shareholder. Just fill in the person&#146;s name
in the blank space provided on the enclosed proxy form or
complete any other legal proxy form and deliver it to CIBC
Mellon Trust Company within the time hereinafter specified for
receipt of proxies.</B>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you leave the space on the proxy form blank,
either Pierre Choquette or Randy Milner, both of whom are named
in the form, are appointed to act as your proxyholder.
Mr.&nbsp;Choquette is a director of the Company and its
President and Chief Executive Officer and Mr.&nbsp;Milner is the
Company&#146;s Senior Vice President, General Counsel and
Corporate Secretary.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For the proxy to be valid, it must be completed,
dated and signed by the holder of Common Shares or the
holder&#146;s attorney authorized in writing and then delivered
to the Company&#146;s transfer agent, CIBC Mellon Trust Company,
in the envelope provided or by fax to (416)&nbsp;368-2502 no
later than 2:00&nbsp;p.m. (Vancouver time) on June&nbsp;26, 2003
or not less than 48&nbsp;hours (excluding Saturdays, Sundays and
holidays) prior to any adjournment of the Meeting. Completed
proxies may also be delivered to the Chairman of the Meeting
prior to the start of the Meeting or any adjournment thereof.
</FONT>

<P align="left">
<B><FONT size="2">How will my shares be voted if I give my
Proxy?</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you have properly filled out, signed and
delivered your proxy, then your proxyholder can vote your Common
Shares for you at the Meeting. If you have specified on the
proxy form how you want to vote on the matter described in the
Notice (by marking FOR or AGAINST), then your proxyholder must
vote your Common Shares accordingly.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">If you have not specified how to vote on the
matter described in the Notice, then your proxyholder can vote
your shares as they see fit. However, if you have not specified
how to vote on the matter and either Mr.&nbsp;Choquette or
Mr.&nbsp;Milner is appointed as proxyholder, your Common Shares
will be voted in favour of such matter. For more information on
these issues, see Part&nbsp;II &#147;BUSINESS OF THE
MEETING&#148; below. If any</FONT></B>

<P align="center"><FONT size="2">2
</FONT>

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

<DIV align="left">
<B><FONT size="2">amendments are proposed to the matter
described in the Notice, or if any other matters properly come
before the Meeting, your proxyholder may vote your Common Shares
as he or she considers best.</FONT></B>
</DIV>

<P align="left">
<B><FONT size="2">Revoking a Proxy</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you want to revoke your proxy after you have
delivered it, you can do so any time before it is used. You or
your authorized attorney must clearly state in writing that you
want to revoke your proxy and deliver this document by mail to
Proxy Department, CIBC Mellon Trust Company, #6&nbsp;&#150; 200
Queen&#146;s Quay East, Toronto, ON, Canada, M5A&nbsp;4K9 or by
fax to (416)&nbsp;368-2502, at any time up to and including the
last business day preceding the day of the Meeting or any
adjournment thereof. Revocations may also be delivered to the
Chairman of the Meeting prior to the start of the Meeting or any
adjournment thereof. If you revoke your proxy and do not replace
it with another in the manner provided in &#147;Appointing a
Proxyholder&#148; above, you will be able to vote your Common
Shares in person at the Meeting.
</FONT>

<P align="left">
<B><FONT size="2">Costs of this Solicitation of
Proxies</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The costs of this solicitation of proxies will be
borne by the Company. NOVA has agreed to reimburse the Company
for all these costs. It is expected that the solicitation will
be primarily by mail, but proxies may also be solicited
personally or by telephone or other means of communication by
directors and regular employees of the Company without special
compensation. In addition, the Company may retain the services
of agents to solicit proxies on behalf of management of the
Company. In that event, the Company will compensate any such
agents for such services, including reimbursement for reasonable
out-of-pocket expenses, and will indemnify them in respect of
certain liabilities which may be incurred by them in performing
their services. The Company may also reimburse brokers or other
persons holding Common Shares in their names, or in the names of
nominees, for their reasonable expenses in sending proxies and
proxy material to beneficial owners and obtaining their proxies.
</FONT>

<P align="left">
<B><FONT size="2">How do I contact the transfer agent?</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you have any inquiries, the transfer agent,
CIBC Mellon Trust Company, can be contacted as follows:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="27%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="70%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Toll-free:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">1-800-387-0825
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mail:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">CIBC Mellon Trust Company<BR>
    Suite&nbsp;1600, 1066 West Hastings Street<BR>
    Vancouver, British Columbia<BR>
    V6E&nbsp;3X1
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Telephone:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">(604) 891-3008
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fax:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">(604) 688-4301
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">3
</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "PART II BUSINESS OF THE MEETING" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="center">
<B>PART II BUSINESS OF THE MEETING</B>

<!-- link2 "REPURCHASE TRANSACTION" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="center">
<B><FONT size="2">REPURCHASE TRANSACTION</FONT></B>

<P align="left">
<B><FONT size="2">The Secondary Offering and the Repurchase
Transaction</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">NOVA acquired a significant block of Common
Shares in 1994. From time to time, management of the Company and
NOVA have had discussions about NOVA&#146;s interest in the
Company. Currently, NOVA is the largest shareholder of the
Company and beneficially owns, indirectly, 46,946,876 Common
Shares representing approximately 37% of the outstanding Common
Shares.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On May&nbsp;21, 2003, the Company entered into an
underwriting agreement (the &#147;Underwriting Agreement&#148;)
with NOVA and a syndicate of underwriters for a public secondary
offering and sale by an affiliate of NOVA of 37,946,876 Common
Shares (the &#147;Secondary Offering&#148;) at a price of
Cdn.$13.30 or US$9.85 per share. The closing of the Secondary
Offering is expected to occur on or about June&nbsp;5, 2003. The
Company will not receive any proceeds from the sale of the
Common Shares under the Secondary Offering.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Concurrent with the Underwriting Agreement, the
Company entered into a share purchase agreement (the &#147;Share
Purchase Agreement&#148;) with NOVA pursuant to which the
Company will indirectly purchase the remaining 9,000,000 Common
Shares (the &#147;Repurchase Shares&#148;) indirectly owned by
NOVA (the &#147;Repurchase Transaction&#148;) at a price of
US$9.85 per share (the &#147;Repurchase Price&#148;). The
Repurchase Price is equal to the U.S.&nbsp;dollar offering price
under the Secondary Offering. The Repurchase Transaction is the
transaction for which shareholder approval is sought at the
Meeting.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Following the successful completion of the
Secondary Offering and the Repurchase Transaction, NOVA will not
own any Common Shares.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the terms of the Repurchase Transaction,
the Company will purchase from NOVA all of the shares of a
wholly-owned subsidiary of NOVA (&#147;Holdco&#148;) that holds
the Repurchase Shares in consideration for a payment to NOVA of
the Repurchase Price in respect of each Repurchase Share held by
Holdco. NOVA has represented and warranted to the Company in the
Share Purchase Agreement that, among other matters, Holdco has
no assets other than the Repurchase Shares and has no
liabilities. Immediately after the closing of the Repurchase
Transaction, the Company will wind-up Holdco and cancel the
Repurchase Shares. The cancellation of the Repurchase Shares
will reduce the number of outstanding Common Shares by
approximately 7%.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The aggregate Repurchase Price will be
approximately US$89&nbsp;million. The Company intends to fund
this payment from its available cash resources.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The obligations of the Company and of NOVA to
complete the Repurchase Transaction are each subject to the
closing of the Secondary Offering, the approval by at least a
majority of the votes cast in person or by proxy at the Meeting
by the holders of Common Shares (other than NOVA and its
affiliates) and certain other conditions customary for
transactions of this nature.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">NOVA has also agreed with the Company in the
Share Purchase Agreement that, subject to the closing of the
Secondary Offering, NOVA will not (i)&nbsp;without the
Company&#146;s prior written consent, sell, directly or
indirectly, any Common Shares to any person other than the
Company or an affiliate of NOVA for a period of 90&nbsp;days
following the date of the Meeting; (ii)&nbsp;sell, directly or
indirectly, any Common Shares to any person other than an
affiliate of NOVA in quantities of less than 100,000 shares; or
(iii)&nbsp;without the Company&#146;s prior written consent,
acquire, directly or indirectly, any Common Shares from any
person other than an affiliate of NOVA for a period of two years
following the date of the closing of the Secondary Offering.
NOVA will, however, be permitted to sell or otherwise dispose of
any and all Common Shares owned by it into a change of control
transaction, which is a transaction made or available to all
holders of Common Shares, which if successful would result in a
person or group of persons acting jointly or in concert (other
than NOVA or any of its affiliates) owning more than 30% of the
outstanding Common Shares.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">NOVA has agreed to pay all of the fees and
expenses in connection with the Repurchase Transaction and the
Secondary Offering and to reimburse the Company for expenses
incurred by the Company in connection therewith. NOVA has also
agreed to indemnify the Company against any losses, damages or
liabilities to which the Company may become subject arising out
of the Repurchase Transaction and other ancillary transactions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon the closing of the Secondary Offering, it is
expected that Mr.&nbsp;Jeffrey M. Lipton, the President and
Chief Executive Officer of NOVA and the Chairman of the Board of
the Company, and Messrs.&nbsp;Christopher D. Pappas and
</FONT>

<P align="center"><FONT size="2">4
</FONT>

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

<DIV align="left">
<FONT size="2">A. Terence Poole, both senior officers of NOVA,
will resign as directors of the Company. It is expected that
Mr.&nbsp;Pierre Choquette, the Company&#146;s President and
Chief Executive Officer, will be appointed interim Chairman of
the Board and Mr.&nbsp;David Morton will be designated as
&#147;lead&#148; outside director of the Board. Mr.&nbsp;Morton
is the Chairman of the Corporate Governance Committee of the
Board. The Board will conduct a process to fill the vacant board
seats and to select a new chairperson.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Establishment and Deliberations of the
Independent Committee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On April&nbsp;28, 2003, the Board of Directors of
the Company established an independent committee (the
&#147;Independent Committee&#148;) comprised of members of the
Board who are independent of NOVA and management. The
Independent Committee consists of Robert B. Findlay, Brian D.
Gregson, David Morton, Graham D. Sweeney and Anne L. Wexler.
Mr.&nbsp;Gregson was appointed as chair of the Independent
Committee. The mandate of the Independent Committee included,
among other things, evaluating the desirability of any potential
transaction, in so far as it relates to the Company, involving
the disposition by NOVA of its Common Shares and examining and
making recommendations to the Board as to whether any such
transaction would be in the best interests of the Company and
its shareholders (other than NOVA and its affiliates). The
Independent Committee retained Raymond James Ltd. (&#147;Raymond
James&#148;) as its financial advisor.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Independent Committee undertook deliberate
and full consideration of various alternative potential
transactions involving the Company and NOVA, including the
Secondary Offering and the Repurchase Transaction, and obtained
the advice of Raymond James and the Company&#146;s legal
counsel, McCarthy T&#233;trault LLP, for that purpose. The
Independent Committee met as a committee five times. In the
course of its deliberations, the Independent Committee met with
senior management of the Company to obtain and assess
information regarding various alternative potential transactions
and transaction structures and their anticipated impact on the
Company. In addition, apart from meeting as a committee, members
of the Independent Committee reviewed and considered relevant
data and documents and discussed matters arising out of their
review among themselves. The Independent Committee also
participated, through direction given to management of the
Company, in negotiations relevant to the Company in respect of
the Secondary Offering and in negotiations in respect of the
Repurchase Transaction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At a meeting of the Independent Committee held on
May&nbsp;20, 2003, the Independent Committee received
presentations from management of the Company, Raymond James and
McCarthy T&#233;trault LLP and reviewed proposed terms
(including, for certain terms, anticipated possible ranges or
alternatives with respect thereto) and drafts or outlines of
agreements and other documents relating to the Secondary
Offering and the Repurchase Transaction. At that meeting, based,
among other things, on the factors described below under
&#147;Recommendation of the Independent Committee and the Board
of Directors&#148;, the Independent Committee unanimously
determined that the indirect purchase by the Company of Common
Shares indirectly owned by NOVA pursuant to the Repurchase
Transaction is in the best interests of the Company and in the
best interests of the Company&#146;s shareholders (other than
NOVA and its affiliates) and, among other things, resolved to
recommend to the Board that the Repurchase Transaction be
approved, provided that the number of Common Shares to be
purchased and the price to be paid for those Common Shares were
within specified parameters established by the Independent
Committee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At a meeting of the Board of Directors of the
Company subsequently held on May&nbsp;20, 2003, the Board
received the recommendations of the Independent Committee. In
connection with matters relating to the Secondary Offering and
the Repurchase Transaction, Messrs.&nbsp;Jeffrey M. Lipton,
Christopher D. Pappas and A. Terence Poole, who are each senior
officers of NOVA, and Mr.&nbsp;R.J. (Jack) Lawrence each
declared his interest and absented himself from the meeting. At
that meeting, based, among other things, on the factors
described below under &#147;Recommendation of the Independent
Committee and the Board of Directors&#148;, the Board
unanimously resolved to accept the Independent Committee&#146;s
recommendations and approve the matters contemplated therein.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On May&nbsp;21, 2003, the Company, NOVA and the
underwriters entered into the Underwriting Agreement for the
Secondary Offering and the Company and NOVA entered into the
Share Purchase Agreement for the Repurchase Transaction. Raymond
James orally provided its opinion (which was subsequently
confirmed in writing) to the Independent Committee that the
Repurchase Price is fair from a financial point of view to the
holders of Common Shares (other than NOVA and its affiliates).
The Secondary Offering and the Repurchase Transaction were
subsequently publicly announced on May&nbsp;21, 2003 by press
releases issued by the Company.
</FONT>

<P align="center"><FONT size="2">5
</FONT>

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

<P align="left">
<B><FONT size="2">Recommendation of the Independent Committee
and the Board of Directors</FONT></B>

<P align="left">
<B><FONT size="2">The Independent Committee and the Board of
Directors of the Company have unanimously determined that the
Repurchase Transaction is in the best interests of the Company
and its shareholders (other than NOVA and its affiliates) and
accordingly unanimously recommend that shareholders vote in
favour of the Repurchase Transaction.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In reaching their determination and making their
recommendation, the Independent Committee and the Board
considered a number of factors, including the following:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Eliminates market overhang.
    </FONT></I><FONT size="2">The Company believes that the market
    price of the Common Shares has been adversely affected by the
    market perception that NOVA would sell all or a portion of its
    Common Shares. If the Secondary Offering and the Repurchase
    Transaction are successfully completed, it is expected that this
    overhang will be eliminated.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Improves market liquidity.
    </FONT></I><FONT size="2">If the Secondary Offering and the
    Repurchase Transaction are successfully completed, it is
    expected that shareholders will be able to enjoy improved
    liquidity for the Common Shares due to a substantial increase in
    the public float.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Attractive investment.
    </FONT></I><FONT size="2">The indirect purchase by the Company
    of the Repurchase Shares constitutes an attractive investment
    and is expected to be accretive to shareholders with a positive
    impact on earnings per Common Share. The Repurchase Transaction
    is consistent with the Company&#146;s practice of distributing
    excess cash for the benefit of shareholders.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Effective use of resources.
    </FONT></I><FONT size="2">Based on the Company&#146;s current
    cash position and capital expenditure requirements and
    commitments and its current and anticipated financial liquidity,
    the implementation of the Repurchase Transaction represents an
    effective use of the Company&#146;s resources and is not
    expected to create an imprudent financial burden.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <I><FONT size="2">Fairness opinion.
    </FONT></I><FONT size="2">Raymond James is of the opinion that
    the Repurchase Price is fair from a financial point of view to
    shareholders (other than NOVA and its affiliates).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, the Independent Committee also
considered and evaluated, among other things, (i)&nbsp;the terms
and conditions of the Underwriting Agreement, the Share Purchase
Agreement and other ancillary agreements; (ii)&nbsp;information
concerning the business, operations, property, assets, financial
condition, operating results and prospects of the Company;
(iii)&nbsp;current and anticipated industry, economic and market
conditions and trends affecting the methanol industry;
(iv)&nbsp;historical information regarding the trading prices
and volumes of the Common Shares; and (v)&nbsp;the nature and
composition of the Company&#146;s shareholders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The foregoing discussion of the information and
factors considered and given weight by the Independent Committee
is not intended to be exhaustive, but is believed to include all
material factors considered by the Independent Committee. In
view of the variety of factors considered by the Independent
Committee, the Independent Committee did not find it practicable
to, and did not, quantify or otherwise assign any relative or
specific weights to the specific factors considered in reaching
its determination and recommendations. In addition, individual
members of the Independent Committee may have given differing
weights to different factors. After considering all of the
different factors, the Independent Committee was, however,
unanimous in its recommendations to the Board.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The text of the resolution for approval of the
Repurchase Transaction to be placed before shareholders at the
Meeting is set out in Appendix&nbsp;A to this Information
Circular. To be effective, this resolution must be passed by a
simple majority of the votes cast by the shareholders entitled
to vote who attend in person or by proxy at the Meeting.
</FONT>

<P align="left">
<B><FONT size="2">Fairness Opinion of Raymond James</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Raymond James was instructed by the Independent
Committee to prepare an opinion as to the fairness of the
Repurchase Price, from a financial point of view, to the
shareholders (other than NOVA and its affiliates). In its
analysis and in connection with its opinion, Raymond James made
numerous assumptions with respect to industry performance,
general business and economic conditions and other matters, many
of which are beyond the control of the Company. Raymond James
also assumed that all of the terms and conditions required to
implement the Repurchase Transaction will be met, including that
the Secondary Offering will be completed.
</FONT>

<P align="center"><FONT size="2">6
</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Based upon and subject to the foregoing and other
matters discussed or disclosed in its opinion, Raymond James
concluded that the Repurchase Price is, as at May&nbsp;21, 2003,
fair from a financial point of view to the shareholders (other
than NOVA and its affiliates). Raymond James&#146;s analysis
must be considered as a whole. Selecting portions of the
analysis or the factors considered by Raymond James, without
considering all factors and analysis together, could create a
misleading view of the process underlying the fairness opinion.
<B>A copy of Raymond James&#146; fairness opinion is attached as
Appendix&nbsp;B to this Information Circular and should be read
carefully and in its entirety.</B>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Raymond James opinion addresses only the
fairness of the Repurchase Price from a financial point of view
and does not constitute a recommendation to any shareholder as
to how to vote at the Meeting.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the terms of its engagement, Raymond James
is to be paid a fee for the preparation and delivery of the
fairness opinion. This fee is not based or contingent upon the
successful completion of the Repurchase Transaction. In
addition, the Company has agreed to reimburse Raymond James for
any reasonable out-of-pocket expenses, including the fees and
disbursements of legal counsel, and to indemnify Raymond James
and certain related persons in certain circumstances.
</FONT>

<P align="left">
<B><FONT size="2">Consolidated Capitalization</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth the Company&#146;s
cash and cash equivalents and its capitalization as of
March&nbsp;31, 2003 (i)&nbsp;on an actual basis, and
(ii)&nbsp;as adjusted to reflect the Repurchase Transaction and
the publicly announced acquisition by the Company on
May&nbsp;16, 2003 of the remaining 90% equity interest in the
Titan methanol facility in Trinidad (including the repayment of
Titan limited recourse long-term debt and the acquisition of the
North American methanol marketing business of Solvadis Chemag
AG). This table should be read in conjunction with the
Company&#146;s unaudited interim consolidated financial
statements for the three months ended March&nbsp;31, 2003 and
related notes and management&#146;s discussion and analysis.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="53%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">As of March&nbsp;31, 2003</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Actual</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">As Adjusted</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><FONT size="1">(in thousands of US dollars, except for</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><FONT size="1">share numbers)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><FONT size="1">(unaudited)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">464,910</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">266,638</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Long-term debt:
    </FONT></DIV>
    </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 valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unsecured notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">449,680</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">449,680</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Limited recourse long-term debt<SUP>(1)</SUP>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">109,546</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">302,959</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior unsecured credit facility<SUP>(2)</SUP>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></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 align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total long-term debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">559,226</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">752,639</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Shareholders&#146; equity:
    </FONT></DIV>
    </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 colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Capital stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">520,968</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">483,902</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retained earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">424,630</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">373,046</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></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 align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total shareholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">945,598</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">856,948</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total capitalization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,504,824</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,609,587</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Number of common shares outstanding
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">126,495,364</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">117,495,364</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes current portion.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)</FONT></TD>
    <TD align="left">
    <FONT size="2">Total availability of US$291 million, expiring
    January 2004.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Regulatory Matters</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Repurchase Transaction constitutes an issuer
bid by the Company under the <I>Securities Act</I> (Alberta),
which would normally require the Company, among other things, to
generally offer to acquire the Common Shares of shareholders.
The Company has obtained an order from the Alberta Securities
Commission exempting the Company from the applicable issuer bid
requirements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Rule&nbsp;61-501 of the Ontario Securities
Commission and Policy&nbsp;Q-27 of the Commission des valeurs
mobili&#232;res du Qu&#233;bec (collectively, the &#147;Related
Party Rules&#148;) contain requirements in connection with
related party transactions, subject to certain materiality
thresholds. A &#147;related party transaction&#148; means,
generally, any transaction by which an
</FONT>

<P align="center"><FONT size="2">7
</FONT>
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<DIV align="left">
<FONT size="2">issuer, directly or indirectly, acquires or
transfers any assets or acquires or issues treasury securities
or assumes or transfers any liability from or to, as the case
may be, a related party by any means in any one of any
combination of transactions. &#147;Related party&#148; includes
holders of more than 10% of the voting securities of the issuer.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Repurchase Transaction is a transaction which
is exempt from the formal valuation and minority shareholder
approval provisions of the Related Party Rules. The Related
Party Rules generally provide exemptions from the valuation and
minority shareholder approval provisions where the fair market
value of the assets or treasury securities or the principal
amount of the liability subject to the related party transaction
does not exceed 25% of the issuer&#146;s market capitalization.
The Company believes that the aggregate fair market value of the
Repurchase Shares does not exceed 25% of its market
capitalization.
</FONT>

<!-- link2 "OTHER MATTERS TO BE ACTED UPON" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="center">
<B><FONT size="2">OTHER MATTERS TO BE ACTED UPON</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The management of the Company knows of no matters
which may be brought before the Meeting other than that referred
to in the Notice. However, if other matters are properly brought
before the Meeting, the persons named in the enclosed form of
proxy intend, in their discretion, to vote on such matters in
accordance with the judgement of the person so voting.
</FONT>

<!-- link2 "INTERESTS OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center">
<B><FONT size="2">INTERESTS OF CERTAIN PERSONS IN MATTERS TO BE
ACTED UPON</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Messrs. Jeffrey A. Lipton, Christopher D. Pappas
and A. Terence Poole, who are directors of the Company, are also
senior officers of NOVA and, accordingly, have a material
interest in the Repurchase Transaction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Mr.&nbsp;R.J. (Jack) Lawrence, who is a director
of the Company, is the Chairman of Lawrence &#38; Company Inc.,
an investment management company which is purchasing Common
Shares under the Secondary Offering on its own behalf and on
behalf of certain funds managed by it and, accordingly,
Mr.&nbsp;Lawrence has declared that he has a material interest
in the Repurchase Transaction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">None of the other directors or senior officers of
the Company, none of the persons who have been directors or
senior officers of the Company at any time since the beginning
of the Company&#146;s last completed financial year and no
associate or affiliate of any of the foregoing has any material
interest, direct or indirect, other than by way of beneficial
ownership of Common Shares, in the matter to be acted upon at
the Meeting.
</FONT>

<P align="center"><FONT size="2">8
</FONT>

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<!-- link1 "PART III OTHER INFORMATION" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center">
<B>PART III OTHER INFORMATION</B>

<DIV>&nbsp;</DIV>

<!-- link2 "COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS" -->
<DIV align="left"><A NAME="011"></A></DIV>

<DIV align="center">
<B><FONT size="2">COMPENSATION OF DIRECTORS AND EXECUTIVE
OFFICERS</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Set out in Appendix&nbsp;C to this Information
Circular, as required by applicable Canadian securities
legislation, is the Company&#146;s Statement of Executive
Compensation and certain other information.
</FONT>

<!-- link2 "AVAILABILITY OF INFORMATION" -->
<DIV align="left"><A NAME="012"></A></DIV>

<P align="center">
<B><FONT size="2">AVAILABILITY OF INFORMATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company will provide to any person or
company, without charge to any security holder of the Company,
upon request to the Corporate Secretary of the Company, copies
of the Company&#146;s Annual Information Form dated
March&nbsp;7, 2003 together with a copy of any document (or the
pertinent pages of any document) incorporated therein by
reference, the Company&#146;s comparative consolidated financial
statements for the year ended December&nbsp;31, 2002 together
with the auditors&#146; report thereon and any subsequent
interim consolidated financial statements of the Company, and
the Company&#146;s Information Circular dated March&nbsp;7, 2003
in respect of its annual general meeting of shareholders held on
May&nbsp;22, 2003. Copies of these documents can also be found
at www.sedar.com.
</FONT>

<!-- link2 "APPROVAL BY DIRECTORS" -->
<DIV align="left"><A NAME="013"></A></DIV>

<P align="center">
<B><FONT size="2">APPROVAL BY DIRECTORS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The contents and the sending of this Information
Circular have been approved by the Board of Directors of the
Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">DATED at Vancouver, British Columbia this
29th&nbsp;day of May, 2003.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">(signed) RANDY MILNER
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Senior Vice President, General Counsel
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">and Corporate Secretary
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">9
</FONT>

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<!-- link2 "CONSENT OF RAYMOND JAMES LTD." -->
<DIV align="left"><A NAME="014"></A></DIV>

<P align="center">
<B><FONT size="2">CONSENT OF RAYMOND JAMES LTD.</FONT></B>

<P align="left">
<B><FONT size="2">TO: The Directors of Methanex
Corporation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We hereby consent to the inclusion of our name
and the reference to our opinion dated May&nbsp;21, 2003 under
the captions &#147;Repurchase Transaction&nbsp;&#151;
Establishment and Deliberations of the Independent
Committee&#148;, &#147;Repurchase Transaction&nbsp;&#151;
Recommendation of the Independent Committee and the Board of
Directors&#148; and &#147;Repurchase Transaction&nbsp;&#151;
Fairness Opinion of Raymond James&#148; in
Part&nbsp;II&nbsp;&#151; Business of the Meeting in the
Information Circular dated May&nbsp;29, 2003 of Methanex
Corporation and the inclusion of the text of our opinion therein.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">(signed) RAYMOND JAMES LTD.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Vancouver, British Columbia
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">May&nbsp;29, 2003
</FONT>

<P align="center"><FONT size="2">10
</FONT>

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<!-- link1 "APPENDIX A" -->
<DIV align="left"><A NAME="015"></A></DIV>

<P align="center">
<B>APPENDIX A</B>

<!-- link2 "REPURCHASE TRANSACTION RESOLUTION" -->
<DIV align="left"><A NAME="016"></A></DIV>

<P align="center">
<B><FONT size="2">REPURCHASE TRANSACTION RESOLUTION</FONT></B>

<P align="left">
<B><FONT size="2">BE IT RESOLVED AS AN ORDINARY RESOLUTION
THAT:</FONT></B>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(a)</FONT></TD>
    <TD align="left">
    <FONT size="2">the indirect purchase by the Company of
    9,000,000&nbsp;common shares of the Company indirectly owned by
    NOVA Chemicals Corporation and the cancellation of such shares,
    all as more particularly set forth in the Information Circular
    of the Company dated May&nbsp;29, 2003 (the &#147;Information
    Circular&#148;), is hereby authorized and approved;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(b)</FONT></TD>
    <TD align="left">
    <FONT size="2">notwithstanding the approval of this Resolution,
    the board of directors of the Company is hereby authorized in
    its sole discretion, without further notice to or approval of
    the shareholders of the Company but subject to the terms of the
    Share Purchase Agreement (as described in the Information
    Circular), to amend or terminate the Share Purchase Agreement at
    any time prior to the Repurchase Transaction (as described in
    the Information Circular) becoming effective; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(c)</FONT></TD>
    <TD align="left">
    <FONT size="2">any director or officer of the Company is hereby
    authorized and directed for and in the name and on behalf of the
    Company to do all acts and things and to execute, whether under
    the corporate seal of the Company or otherwise, and to deliver
    or cause to be delivered, all documents and instruments and to
    do all such acts and things as in the opinion of such director
    or officer may be necessary or desirable to carry out the intent
    of this Resolution and to consummate the transactions
    contemplated by the Repurchase Transaction, this Resolution or
    the Information Circular.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-1
</FONT>

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<!-- link1 "APPENDIX B" -->
<DIV align="left"><A NAME="017"></A></DIV>

<P align="center">
<B>APPENDIX B</B>

<!-- link2 "FAIRNESS OPINION OF RAYMOND JAMES LTD." -->
<DIV align="left"><A NAME="018"></A></DIV>

<P align="center">
<B><FONT size="2">FAIRNESS OPINION OF RAYMOND JAMES
LTD.</FONT></B>

<P align="center">
<IMG src="o10019rjames1.gif" alt="LOGO">

<P align="left">
<FONT size="2">May&nbsp;21, 2003
</FONT>

<P align="left">
<FONT size="2">The Independent Committee of
</FONT>

<DIV align="left">
<FONT size="2">The Board of Directors
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Methanex Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">1800 Waterfront Centre
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">200 Burrard Street
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Vancouver, B.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">V6C&nbsp;3M1
</FONT>
</DIV>

<P align="left">
<FONT size="2">To The Independent Committee of The Board of
Directors:
</FONT>

<P align="left">
<B><FONT size="2">INTRODUCTION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Raymond James Ltd. (&#147;Raymond James&#148;)
understands that on May&nbsp;21, 2003, NOVA Chemicals
Corporation (&#147;NOVA&#148;) will announce that NOVA is
selling, through a syndicate of underwriters, a secondary
offering (the &#147;Secondary Offering&#148;) of 37,946,876
common shares (the &#147;Shares&#148;) of Methanex Corporation
(&#147;Methanex&#148;) at an offering price of Cdn.$13.30 per
Share, or US$9.85 per Share, for aggregate proceeds of
Cdn.$504.7&nbsp;million, or US$373.8&nbsp;million. We also
understand that pursuant to an agreement to be dated
May&nbsp;21, 2003 (the &#147;Share Purchase Agreement&#148;)
Methanex will agree to indirectly purchase from NOVA
9.0&nbsp;million Shares (the &#147;Repurchase Transaction&#148;)
at a price of US$9.85 per Share (the &#147;Repurchase
Price&#148;). The Repurchase Transaction is subject to, among
other things, approval of the shareholders of Methanex other
than NOVA and its affiliates (the &#147;Non-NOVA
Shareholders&#148;) and closing of the Secondary Offering. The
terms and conditions of the Repurchase Transaction will be
contained in a notice of special meeting of shareholders and
information circular (which together with appendices thereto and
related materials are collectively referred to as the
&#147;Circular&#148;) to be mailed to shareholders of Methanex
in connection with a special meeting of shareholders to be held
on June&nbsp;30, 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A committee (the &#147;Independent
Committee&#148;) of the board of directors (the
&#147;Board&#148;) of Methanex consisting of members of the
Board who are independent of NOVA and management of Methanex has
been constituted to, among other things, evaluate the
desirability of any potential transaction involving Methanex and
the disposition of Shares by NOVA and to examine and to make
recommendations to the Board as to whether any such transaction
would be in the best interests of Methanex and the Non-NOVA
Shareholders.
</FONT>

<P align="left">
<B><FONT size="2">ENGAGEMENT</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Independent Committee retained Raymond James
as its independent financial advisor to provide advice and
assistance with respect to, among other things, the Repurchase
Transaction including the preparation and delivery to the
Independent Committee of an opinion (the &#147;Fairness
Opinion&#148;) as to the fairness of the Repurchase Price, from
a financial point of view, to the Non-NOVA Shareholders. Raymond
James has not been asked to prepare, and has not prepared, a
formal valuation of Methanex, or any of its respective
securities or assets, and the Fairness Opinion should not be
construed as such.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Raymond James was formally engaged by the
Independent Committee pursuant to an agreement dated May&nbsp;2,
2003 (the &#147;Engagement Agreement&#148;). The terms of the
Engagement Agreement provide that Raymond James is to be paid a
fee for its services including the preparation and delivery of
the Fairness Opinion. In addition, Raymond James is to be
reimbursed for reasonable out-of-pocket expenses and to be
indemnified by Methanex in certain circumstances.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Raymond James consents to the inclusion of the
Fairness Opinion in its entirety, together with a summary
thereof, in a form acceptable to Raymond James, in the Circular
in connection with the Repurchase Transaction and to the filing
</FONT>

<DIV>&nbsp;</DIV>

<DIV align="center">
<B><FONT size="2">Raymond James Ltd.</FONT></B>
</DIV>

<DIV align="center">
<FONT size="2">Suite 2200-925 West Georgia
Street&nbsp;&#149;&nbsp;Vancouver, British Columbia, Canada
V6C&nbsp;3L2&nbsp;&#149;&nbsp;604&nbsp;659&nbsp;8200&nbsp;&#149;&nbsp;604&nbsp;659&nbsp;8399
Fax
</FONT>
</DIV>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>

<P align="center"><FONT size="2">B-1
</FONT>

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<DIV align="left">
<FONT size="2">thereof, as necessary, with the securities
commissions or similar regulatory authorities in each province
of Canada and the United States Securities and Exchange
Commission.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">CREDENTIALS OF RAYMOND JAMES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Raymond James is a wholly-owned subsidiary of
U.S.&nbsp;based Raymond James Financial, Inc. Raymond James is a
major participant in the Canadian securities business providing
clients with a wide range of services including corporate
finance, mergers and acquisitions, financial advisory services
and sales, trading and equity research for both institutional
and private clients.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Fairness Opinion expressed herein represents
the opinion of Raymond James and the form and content herein
have been approved for release by a committee of its
professionals, each of whom is experienced in merger,
acquisition, divestiture and valuation matters.
</FONT>

<P align="left">
<B><FONT size="2">RELATIONSHIP WITH INTERESTED PARTIES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Neither Raymond James nor any of its affiliates
is an insider, associate or affiliate (as those terms are
defined in the <I>Securities Act</I> (Ontario)) of Methanex,
NOVA or their respective associates or affiliates (collectively
the &#147;Interested Parties&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">There are no understandings, agreements or
commitments between Raymond James and any of the Interested
Parties with respect to any future business dealings. Raymond
James may, in the future, in the ordinary course of its
business, perform financial advisory or investment banking
services for one or more of the Interested Parties. The
compensation of Raymond James under the Engagement Agreement
does not depend in whole or in part on the conclusion reached in
the Fairness Opinion or the successful completion of the
Repurchase Transaction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Raymond James acts as a trader and dealer, both
as principal and agent, in major financial markets and as such,
may have had and may in the future have positions in the
securities of the Interested Parties, and from time to time, may
have executed or may execute transactions on behalf of the
Interested Parties for which it received or may receive
compensation. As an investment dealer, Raymond James conducts
research on publicly traded companies and may, in the ordinary
course of its business, be expected to provide research reports
and investment advice to its clients on issues and investment
matters including research and advice concerning one or more of
the Interested Parties.
</FONT>

<P align="left">
<B><FONT size="2">SCOPE OF REVIEW</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with rendering the Fairness
Opinion, we have reviewed and relied upon, or carried out, among
other things, the following:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">i)</FONT></TD>
    <TD align="left">
    <FONT size="2">draft Circular;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">ii)</FONT></TD>
    <TD align="left">
    <FONT size="2">draft Share Purchase Agreement and related
    documents;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">iii)</FONT></TD>
    <TD align="left">
    <FONT size="2">draft preliminary short form prospectus, draft
    registration statement on Form&nbsp;F-10 and draft underwriting
    agreement all relating to the Secondary Offering;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">iv)</FONT></TD>
    <TD align="left">
    <FONT size="2">audited financial statements of Methanex for the
    years ended December&nbsp;31, 1998 to 2002;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">v)</FONT></TD>
    <TD align="left">
    <FONT size="2">unaudited financial statements of Methanex for
    the quarter ended March&nbsp;31, 2003;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">vi)</FONT></TD>
    <TD align="left">
    <FONT size="2">annual reports and annual information forms of
    Methanex for the years ended December&nbsp;31, 2001 and 2002;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">vii)</FONT></TD>
    <TD align="left">
    <FONT size="2">notice of annual meetings of shareholders and
    information circulars of Methanex dated March&nbsp;15, 2002 and
    May&nbsp;7, 2003;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">viii)</FONT></TD>
    <TD align="left">
    <FONT size="2">press releases of Methanex for the period from
    January&nbsp;1, 2002 to the date hereof;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">ix)</FONT></TD>
    <TD align="left">
    <FONT size="2">detailed financial model prepared by management
    of Methanex;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">x)</FONT></TD>
    <TD align="left">
    <FONT size="2">discussions with senior management of Methanex
    concerning Methanex&#146;s current business operations,
    financial condition and future prospects;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">xi)</FONT></TD>
    <TD align="left">
    <FONT size="2">discussions with Methanex&#146;s external legal
    and tax counsel;
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<DIV align="center">
<IMG src="o10019rayjab3.gif" alt="LOGO">
</DIV>

<P align="center"><FONT size="2">B-2
</FONT>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">xii)</FONT></TD>
    <TD align="left">
    <FONT size="2">public information relating to the business,
    operations, financial performance and share trading history of
    Methanex and other selected public companies;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">xiii)</FONT></TD>
    <TD align="left">
    <FONT size="2">certain public information and analysis relating
    to other companies including data relating to public market
    trading levels and comparable transactions;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">xiv)</FONT></TD>
    <TD align="left">
    <FONT size="2">public information regarding the methanol
    chemicals industry;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">xv)</FONT></TD>
    <TD align="left">
    <FONT size="2">representations contained in a certificate
    addressed to us from management of Methanex as to the
    completeness and accuracy of the information upon which we have
    relied to develop the Fairness Opinion; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">xvi)</FONT></TD>
    <TD align="left">
    <FONT size="2">such other corporate, industry and financial
    market information, investigations and analyses as Raymond James
    considered necessary or appropriate in the circumstances.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Raymond James has not, to the best of its
knowledge, been denied access by Methanex to any information
requested by Raymond James.
</FONT>

<P align="left">
<B><FONT size="2">ASSUMPTIONS AND LIMITATIONS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">With the approval of the Independent Committee
and as provided for in the Engagement Agreement, Raymond James
has relied upon the completeness, accuracy and fair presentation
of all of the financial and other information, data, advice,
opinions or representations obtained by it from public sources,
senior management of Methanex and its consultants and advisors
(collectively, the &#147;Information&#148;). The Fairness
Opinion is conditional upon the completeness, accuracy and fair
presentation of such Information. Subject to the exercise of
professional judgement and except as expressly described herein,
we have not attempted to verify independently the completeness,
accuracy or fair presentation of any of the Information.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Methanex has represented to Raymond James, in a
certificate dated May&nbsp;21, 2003 that, among other things,
the Information provided to Raymond James is complete, true and
accurate in all material respects and does not contain any
untrue statement of a material fact or omit to state any
material fact and since the date the relevant Information was
provided, there have been no material changes in Methanex and no
material change has occurred in the Information or any part
thereof which would reasonably be expected to have a material
effect on the Fairness Opinion.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In preparing the Fairness Opinion, Raymond James
has made several assumptions, including that all of the terms
and conditions required to implement the Repurchase Transaction
will be met, that the Repurchase Transaction will proceed as
described and substantially within the time frames specified in
the draft Circular, and that the disclosure provided in the
draft Circular is true and correct in all material respects. We
express no view as to, and the Fairness Opinion does not
address, the relative merits of the Repurchase Transaction as
compared to any alternative business strategies that might exist
for Methanex, or the effect of any other transaction in which
Methanex might engage.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Fairness Opinion is rendered on the basis of
securities markets, economic, financial and general business
conditions prevailing as at the date hereof and the conditions
and prospects, financial and otherwise, of Methanex, and its
subsidiaries and affiliates, as they were reflected in the
Information and as they have been represented to Raymond James
in discussions with management of Methanex. In its analysis and
in preparing the Fairness Opinion, Raymond James made numerous
assumptions with respect to industry performance, general
business and economic conditions and other matters, many of
which are beyond the control of Raymond James or any party
involved in the Repurchase Transaction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Fairness Opinion has been provided for the
use by the Independent Committee, and may not be used by any
other person or relied upon by any other person other than the
Independent Committee and the Board without the express prior
written consent of Raymond James. The Fairness Opinion is not to
be construed as a recommendation to any shareholder as to
whether to vote their Shares in favour of the Repurchase
Transaction. Raymond James is not expressing an opinion as to
the price at which the Shares will trade after completion of the
Secondary Offering or the Repurchase Transaction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Fairness Opinion is given as of the date
hereof and Raymond James disclaims any undertaking or obligation
to advise any person of any change in any fact or matter
affecting the Fairness Opinion which may come or be brought
</FONT>

<DIV>&nbsp;</DIV>

<DIV align="center">
<IMG src="o10019rayjab3.gif" alt="LOGO">
</DIV>

<P align="center"><FONT size="2">B-3
</FONT>

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

<DIV align="left">
<FONT size="2">to Raymond James&#146; attention after the date
hereof. In the event that there is any material change in any
fact or matter affecting the Fairness Opinion after the date
hereof, Raymond James reserves the right to change or withdraw
the Fairness Opinion.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Raymond James believes that its analysis must be
considered as a whole and that selecting portions of the
analysis or the factors considered by it, without considering
all factors and analysis together, could create a misleading
view of the process underlying the Fairness Opinion. The
preparation of a fairness opinion is a complex process and is
not necessarily susceptible to partial analysis or summary
description. Any attempt to do so could lead to undue emphasis
on any particular factor or analysis.
</FONT>

<P align="left">
<B><FONT size="2">CONCLUSION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Based on and subject to the foregoing, and other
such matters as we considered relevant, it is our opinion that
the Repurchase Price is fair, from a financial point of view, to
the Non-NOVA Shareholders.
</FONT>

<P align="left">
<FONT size="2">Yours very truly,
</FONT>

<P align="left">
<IMG src="o10019rjames.gif" alt="(Raymond James signature)">

<DIV align="left">
<FONT size="2">RAYMOND JAMES LTD.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

<DIV align="center">
<IMG src="o10019rayjab3.gif" alt="LOGO">
</DIV>

<P align="center"><FONT size="2">B-4
</FONT>

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<!-- link1 "APPENDIX C" -->
<DIV align="left"><A NAME="019"></A></DIV>

<P align="center">
<B>APPENDIX&nbsp;C</B>

<!-- link2 "EXECUTIVE COMPENSATION AND OTHER INFORMATION" -->
<DIV align="left"><A NAME="020"></A></DIV>

<P align="center">
<B><FONT size="2">EXECUTIVE COMPENSATION AND OTHER
INFORMATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This Appendix includes information as to the
compensation of the directors and certain of the Company&#146;s
executive officers for the fiscal year ended December&nbsp;31,
2002.
</FONT>

<P align="left">
<B><FONT size="2">Compensation of Directors and Executive
Officers</FONT></B>

<!-- link2 "DIRECTORS&#146; COMPENSATION" -->
<DIV align="left"><A NAME="021"></A></DIV>

<P align="center">
<B><FONT size="2">DIRECTORS&#146; COMPENSATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During 2002 an annual fee of $40,000 was paid to
each non-employee director and an annual fee of $120,000 was
paid to the Chairman of the Board. In addition, each such
director is paid $2,500 for each Board meeting and each
Committee meeting attended and the Chair of a Committee is paid
an additional $2,500 for each meeting. Non-employee directors
are also entitled to be reimbursed for travel and other expenses
incurred by them in the performance of their duties and certain
non-employee directors who travel cross-country to attend
meetings receive a travel fee of $2,500 per trip. In addition,
during 2002, each non-employee director was granted options to
purchase 15,000 Common Shares at an exercise price of US$6.45
per share (the closing price of the Common Shares on the Toronto
Stock Exchange on the day before the date of the grant converted
to US&nbsp;dollars using the Bank of Canada&#146;s daily noon
rate on the day the closing price is established). The options
are exercisable over a ten-year period with 50% of the options
vesting one year from the date of grant, a further 25% vesting
after two years and the final 25% vesting after three years.
Commencing in 2003, directors ceased to be granted options but
were granted 6,000 Restricted Share Units (&#147;RSUs&#148;) as
part of their compensation. RSUs are more fully described on
page&nbsp;17.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the Company&#146;s Deferred Share Unit
(&#147;DSU&#148;) Plan, each director elects annually to receive
100%, 50% or 0% of his or her retainer and meeting fees as DSUs.
The actual number of DSUs granted to a director is calculated at
the end of each quarter by dividing the dollar amount elected to
the DSU Plan by the five day average closing price of the Common
Shares on the TSX during the last five trading days of that
quarter. See table commencing on page&nbsp;4 for DSUs held by
each director. Under the terms of the DSU Plan, Mr.&nbsp;Pappas,
having been appointed a director in March 2002, was not eligible
to participate in the DSU Plan until 2003.
</FONT>

<!-- link2 "EXECUTIVE COMPENSATION" -->
<DIV align="left"><A NAME="022"></A></DIV>

<P align="center">
<B><FONT size="2">EXECUTIVE COMPENSATION</FONT></B>

<P align="left">
<B><FONT size="2">Summary Compensation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth a summary of
compensation earned during the last three fiscal years by the
Company&#146;s Chief Executive Officer and its four other
executive officers (collectively, the &#147;Named Executive
Officers&#148;) who had the highest aggregates of salary and
bonus during the fiscal year 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All amounts shown in this table and elsewhere in
this Appendix&nbsp;C are in Canadian dollars unless otherwise
noted.
</FONT>

<P align="center"><FONT size="2">C-1
</FONT>

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

<P align="center">
<B><FONT size="2">Summary Compensation Table</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><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="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><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="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="27"></TD>
</TR>

<TR>
    <TD colspan="17"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Long-Term</FONT></B></TD>
    <TD></TD>
    <TD colspan="5"></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Compensation</FONT></B></TD>
    <TD></TD>
    <TD colspan="5"></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Annual Compensation</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Awards</FONT></B></TD>
    <TD></TD>
    <TD colspan="5"></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="5"></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Other Annual</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Securities Under</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">All Other</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Base Salary</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Bonus</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Compensation</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options Granted</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Compensation</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">&nbsp;&nbsp;Name and Principal Position</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">$</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">$</FONT></B><SUP><FONT size="1">(1)</FONT></SUP></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">$</FONT></B><SUP><FONT size="1">(2)</FONT></SUP></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">#</FONT></B><SUP><FONT size="1">(3)</FONT></SUP></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">$</FONT></B><SUP><FONT size="1">(4)</FONT></SUP></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <FONT size="2">P. Choquette
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">959,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">775,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">52,440</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">620,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3,552</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 align="left" valign="top">
    <FONT size="2">CEO &#38; President
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">907,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">528,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">55,380</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">780,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2,843</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 valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">789,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">500,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">107,410</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">450,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">19,288</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 align="left" valign="top">
    <FONT size="2">R. Krause<SUP>(5)</SUP>
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">526,122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">262,634</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 align="right" valign="top" nowrap><FONT size="2">73,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">96,588</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 valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <FONT size="2">Senior VP, Latin America
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">526,149</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">245,514</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 align="right" valign="top" nowrap><FONT size="2">93,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">80,727</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 align="left" valign="top">
    <FONT size="2">&#38; Global Manufacturing
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">541,646</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">199,243</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 align="right" valign="top" nowrap><FONT size="2">50,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">56,432</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 valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <FONT size="2">A. Cole
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">363,250</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">212,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">56,249</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">73,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">73,614</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 align="left" valign="top">
    <FONT size="2">Senior VP, Finance &#38; CFO
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">350,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">165,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">54,294</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">93,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">71,817</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 valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">327,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">109,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">43,714</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">50,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">75,910</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 align="left" valign="top">
    <FONT size="2">J. Gordon
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">368,250</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">54,816</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">73,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76,962</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 valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <FONT size="2">Senior VP, Corporate Resources
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">347,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">157,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">58,049</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">72,510</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 align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">299,250</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">108,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">42,960</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">50,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">51,046</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 valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <FONT size="2">G. Duffy
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">339,750</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">192,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">68,687</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">73,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">51,080</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 align="left" valign="top">
    <FONT size="2">Senior VP, Global Marketing &#38;
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">320,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">124,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76,569</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">48,138</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 valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <FONT size="2">Logistics
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">226,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">97,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">58,765</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">50,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">27,725</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)</FONT></TD>
    <TD align="left">
    <FONT size="2">These annual incentive payments are reported in
    the fiscal year in which they were earned, not in the year in
    which they were actually paid. They are paid in cash and/or DSUs
    in the year following the fiscal year in which they are earned.
    For more information concerning these annual incentives, refer
    to &#147;Short-Term Incentive Plan&#148; on page&nbsp;16.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)</FONT></TD>
    <TD align="left">
    <FONT size="2">The amounts shown represent:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="2%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">For Mr.&nbsp;Choquette: housing allowance
    (2002&nbsp;&#151; $24,000; 2001&nbsp;&#151; $24,000;
    2000&nbsp;&#151; $52,000), tax payments in respect of certain
    perquisites and other personal benefits made on his behalf
    (2002&nbsp;&#151; $19,589; 2001&nbsp;&#151; $22,093;
    2000&nbsp;&#151; $47,751), auto allowance and other
    miscellaneous items.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">For Mr.&nbsp;Cole: subsidies paid through a
    housing assistance program (2002&nbsp;&#151; $22,168;
    2001&nbsp;&#151; $20,886; 2000&nbsp;&#151; $16,872), tax
    payments in respect of certain perquisites and other personal
    benefits made on his behalf (2002&nbsp;&#151; $19,584;
    2001&nbsp;&#151; $19,787; 2000&nbsp;&#151; $17,744), auto
    allowance and other miscellaneous items.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">For Mr.&nbsp;Gordon: subsidies paid through a
    housing assistance program (2002&nbsp;&#151; $23,465;
    2001&nbsp;&#151; $24,729; 2000&nbsp;&#151; $17,252), tax
    payments in respect of certain perquisites and other personal
    benefits made on his behalf (2002&nbsp;&#151; $20,730;
    2001&nbsp;&#151; $23,278; 2000&nbsp;&#151; $18,932), auto
    allowance and other miscellaneous items.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">For Mr.&nbsp;Duffy: subsidies paid through a
    housing assistance program (2002&nbsp;&#151; $28,875;
    2001&nbsp;&#151; $31,128), tax payments in respect of certain
    perquisites and other personal benefits made on his behalf
    (2002&nbsp;&#151; $25,297; 2001&nbsp;&#151; $32,256;
    2000&nbsp;&#151; $24,865), relocation allowance
    (2000&nbsp;&#151; $23,100), auto allowance and other
    miscellaneous items.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Where no amount is stated, the amount does not
    exceed 25% of the total Other Annual Compensation amount
    disclosed in the table above. Where no amount is shown for Other
    Annual Compensation, the total value of perquisites and benefits
    is less than the lesser of $50,000 and 10% of total annual
    salary and bonus for the Named Executive Officer.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)</FONT></TD>
    <TD align="left">
    <FONT size="2">Consists of options for Common Shares of the
    Company granted during the relevant fiscal year.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(4)</FONT></TD>
    <TD align="left">
    <FONT size="2">The amounts include premiums paid on life
    insurance and health care, contributions to the Company&#146;s
    Employee Share Purchase Plan and pension contributions.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(5)</FONT></TD>
    <TD align="left">
    <FONT size="2">Mr.&nbsp;Krause receives his compensation in
    Chilean pesos. His salary and other compensation shown in this
    table have been converted to Canadian dollars using average
    foreign exchange rates for the relevant fiscal year except for
    his annual incentive payment which uses a foreign exchange rate
    at the date of the Information Circular of the Company following
    the relevant fiscal year.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">C-2
</FONT>

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

<P align="left">
<B><FONT size="2">Stock Options</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth information
concerning option grants during 2002 to the Named Executive
Officers.
</FONT>

<P align="center">
<B><FONT size="2">Option Grants During the Most Recently
Completed Financial Year</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="21"></TD>
</TR>

<TR>
    <TD colspan="13"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Market Value</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="13"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">of Securities</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="5"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">% of Total</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Underlying</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Securities Under</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options Granted</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercise</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options on the</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">to Employees in</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Price</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Date of Grant</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Granted</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Financial Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(US$/share)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(US$/share)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Expiration Date</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">P. Choquette
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">620,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">25.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">6.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">6.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">February&nbsp;29, 2012</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">R. Krause
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">73,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">6.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">6.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">February&nbsp;29, 2012</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">A. Cole
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">73,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">6.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">6.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">February&nbsp;29, 2012</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">J. Gordon
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">73,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">6.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">6.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">February&nbsp;29, 2012</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">G. Duffy
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">73,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">6.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">6.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">February&nbsp;29, 2012</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth information
concerning the value realized upon the exercise of options
during 2002 and the value of unexercised options held by the
Named Executive Officers as at December&nbsp;31, 2002.
</FONT>

<P align="center">
<B><FONT size="2">Aggregated Option Exercises During the Most
Recently Completed Financial Year</FONT></B>

<DIV align="center">
<B><FONT size="2">and Financial Year-End Option Values</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25"></TD>
</TR>

<TR>
    <TD colspan="17"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Securities</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Value of Unexercised</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Acquired</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Aggregate</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Unexercised Options</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">in-the-Money Options</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">on Exercise</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Value Realized</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">at December&nbsp;31, 2002 (#)</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">at December&nbsp;31, 2002 (Cdn.$)</FONT></B><SUP><FONT size="1">(1)</FONT></SUP></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(#)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(Cdn.$)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercisable</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Unexercisable</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercisable</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Unexercisable</FONT></B><SUP><FONT size="1">(2)</FONT></SUP></TD>
</TR>

<TR>
    <TD colspan="25"></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">P. Choquette
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">412,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,087,350<SUP>(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,329,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,722,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,549,250</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,817,125</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">R. Krause
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,197</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,941</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">207,903</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">199,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">850,054</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,118,405</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">A. Cole
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">617,310</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">199,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">69,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,118,405</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">J. Gordon
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,375</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">211,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">202,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">949,915</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,131,495</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">G. Duffy
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,300</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">294,475</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">66,200</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">185,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">280,136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">981,385</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)</FONT></TD>
    <TD align="left">
    <FONT size="2">The closing price of the Common Shares on the TSX
    on December&nbsp;31, 2002 was Cdn.$13.30 and was US$8.38 on the
    Nasdaq National Market.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)</FONT></TD>
    <TD align="left">
    <FONT size="2">For the purposes of this table, if the exercise
    price of any option is denominated in US&nbsp;dollars, such
    exercise price has been converted to Canadian dollars using the
    Bank of Canada closing rate of exchange on December&nbsp;31,
    2002.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)</FONT></TD>
    <TD align="left">
    <FONT size="2">These proceeds were used by Mr.&nbsp;Choquette to
    purchase Common Shares and pay tax.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Retirement Plans</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Named Executive Officers resident in Canada
participate in either the Company&#146;s defined benefit or
defined contribution retirement plan. Both plans are
non-contributory with normal retirement occurring at age&nbsp;65.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The defined benefit plan provides a retirement
income at age&nbsp;65 for each year of service equal to 1.0% of
the 3-year average Canada Pension Plan maximum pensionable
earnings, plus 1.6% of the 3-year average salary in excess of
this amount for the Named Executive Officer&#146;s annual base
salary. Benefits at retirement are paid for life, with a 60%
spousal benefit payable after the death of the former employee.
A number of other factors may influence pension benefits payable
under the retirement plan, including age at retirement and
whether a Named Executive Officer elects to receive an optional
form of payment instead of the normal joint and 60% survivor
pension. Retirement benefits are indexed at 75% of the increase
in the Consumer Price Index, less 1%, to a maximum increase of
5%.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The defined contribution plan provides Named
Executive Officers with an annual company contribution equal to
7% of their annual base salary. Contributions are made to a
retirement account in each of their names and invested according
to their selection of investment vehicles. Five investment
vehicles are made available. At retirement, Named
</FONT>

<P align="center"><FONT size="2">C-3
</FONT>

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

<DIV align="left">
<FONT size="2">Executive Officers may use the funds in their
account to purchase an annuity, transfer to a life income fund
or transfer to a locked-in registered retirement savings plan.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Canadian income tax legislation places limits on
the amount of retirement benefit which may be paid from the
regular retirement plan. Named Executive Officers resident in
Canada participate in a supplemental executive retirement plan
which provides for benefits in excess of what is provided under
the regular plan. Benefits are provided in accordance with the
formulae used in the regular plan, but without regard to
Canadian income tax limits on the maximum benefit payable.
Benefits are paid net of any benefit payable under the regular
plan.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Supplemental plan benefits are provided with
earnings defined as base salary plus 100% of the Company&#146;s
Short-Term Incentive Plan target. Prior to January&nbsp;1, 2001,
earnings are defined as base salary plus 50% of the
Company&#146;s Short-Term Incentive Plan target. Under the
defined benefit segment, an unreduced early retirement pension
is payable at age 60, with the pension reduced 3% for each year
that retirement precedes age 60. The defined contribution
segment provides Named Executive Officers with an annual
contribution equal to 11% of earnings (7% for Mr.&nbsp;Duffy who
joined the supplemental plan after the contribution rate was
revised in 1997) less any contributions made to the regular
plan. The supplemental plan is funded with a combination of
assets and a letter of credit.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table illustrates the estimated
annual pension for a Named Executive Officer in the defined
benefit segment assuming retirement at age 65 who has not
elected an optional form of payment under either the regular
retirement plan or the supplemental retirement plan.
</FONT>

<P align="center">
<B><FONT size="2">Pension Plan and</FONT></B>

<DIV align="center">
<B><FONT size="2">Supplemental Retirement Plan Table</FONT></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Remuneration</FONT></B></TD>
    <TD></TD>
    <TD colspan="9" align="center" nowrap><B><FONT size="1">Years of Service</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">($)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">15</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">20</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">25</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">30</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">35</FONT></B></TD>
</TR>

<TR>
    <TD colspan="11"></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">1,000,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">236,550
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">315,400
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">394,250
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">473,100
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">551,950
    </FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">1,100,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">260,550
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">347,400
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">434,250
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">521,100
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">607,950
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">1,200,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">284,550
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">379,400
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">474,250
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">569,100
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">663,950
    </FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">1,300,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">308,550
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">411,400
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">514,250
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">617,100
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">719,950
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">1,400,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">332,550
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">443,400
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">554,250
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">665,100
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">775,950
    </FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">1,500,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">356,550
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">475,400
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">594,250
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">713,100
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">831,950
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">1,600,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">380,550
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">507,400
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">634,250
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">761,100
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">887,950
    </FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">1,700,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">404,550
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">539,400
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">674,250
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">809,100
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">943,950
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">1,800,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">428,550
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">571,400
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">714,250
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">857,100
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">999,950
    </FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">1,900,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">452,550
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">603,400
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">754,250
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">905,100
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">1,055,950
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2,000,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">476,550
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">635,400
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">794,250
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">953,100
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">1,111,950
    </FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2,100,000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">500,550
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">667,400
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">834,250
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">1,001,100
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    &nbsp;<FONT size="2">1,167,950
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">C-4
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of December&nbsp;31, 2002, the credited years
of service of the Named Executive Officers covered under the
defined benefit plans are as follows:
</FONT>

<CENTER>
<TABLE width="40%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="86%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">P. Choquette
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">30.4&nbsp;years
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">Note: The employment agreement for
Mr.&nbsp;Choquette provides for the recognition of service with
NOVA in the determination of the Company&#146;s retirement plan
benefits. Benefits paid or payable from the NOVA retirement
plans are offset from the total benefit payable from the
Company&#146;s plans.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All other Named Executive Officers in Canada
participate in the defined contribution plan. As a non-resident
of Canada, Mr.&nbsp;Krause is not eligible to participate in
either of the Canadian retirement plans. Mr.&nbsp;Krause
participates in a retirement plan of a subsidiary of the Company.
</FONT>

<P align="left">
<B><FONT size="2">Termination of Employment and Employment
Contracts</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has entered into employment
agreements with the Named Executive Officers that provide for
certain rights in the event of involuntary termination of
employment or a change in control.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Mr.&nbsp;Choquette has an employment contract
which provides for a termination payment, if his employment is
terminated without cause, of an amount equal to 2.5&nbsp;times
his annual base salary and 2.5&nbsp;times his target annual
incentive under the Company&#146;s Short-Term Incentive Plan,
and compensation for pension and other company benefits that he
would have received over a 30-month period. In the event of
termination within 24&nbsp;months following a change of control
of the Company, Mr.&nbsp;Choquette is entitled to an amount
equal to 2.5&nbsp;times his annual salary and 2.5&nbsp;times the
average of the last three years&#146; Short-Term Incentive Plan
payments made to him, and compensation for pension and other
company benefits he would have received over the 30-month
period, plus all legal and professional fees and expenses.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Messrs.&nbsp;Krause, Cole, Gordon and Duffy each
have an employment contract which provides for a termination
payment if such person&#146;s employment is terminated without
cause of an amount equal to (a)&nbsp;1.5 times his annual
salary; (b)&nbsp;1.5 times the target Short-Term Incentive Plan
payment for that employee; and (c)&nbsp;compensation for pension
and other company benefits he would have received over an
18-month period. In the event of termination within
24&nbsp;months (18&nbsp;months in the case of Mr.&nbsp;Cole)
following a change of control of the Company, each is entitled
to an amount equal to (a)&nbsp;2.0&nbsp;times his annual salary;
(b)&nbsp;2.0&nbsp;times the average of the last three
years&#146; Short-Term Incentive Plan payments made to that
employee (in the case of Mr.&nbsp;Cole, 2.0&nbsp;times the
target Short-Term Incentive Plan payment); and
(c)&nbsp;compensation for pension and other company benefits he
would have received over a 24-month period, plus all legal and
professional fees and expenses.
</FONT>

<P align="left">
<B><FONT size="2">Composition of the Compensation
Committee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Human Resources Committee of the Board of
Directors is charged with responsibility for compensation
matters in respect of executive officers. The Human Resources
Committee consists of five members&nbsp;&#151;
Messrs.&nbsp;Findlay, Lawrence, Lipton, Morton and
Ms.&nbsp;Wexler. None of the members of the Human Resources
Committee (other than Mr.&nbsp;Lipton as Chairman of the Board)
is an officer or employee of the Company, has any indebtedness
to the Company or any of its subsidiaries, or has any material
interest, or any associates or affiliates which have a material
interest, direct or indirect, in any actual or proposed
transaction in the last financial year which has materially
affected or would materially affect the Company.
</FONT>

<!-- link2 "REPORT ON EXECUTIVE COMPENSATION" -->
<DIV align="left"><A NAME="023"></A></DIV>

<P align="center">
<B><FONT size="2">REPORT ON EXECUTIVE COMPENSATION</FONT></B>

<P align="left">
<B><FONT size="2">Human Resources Committee Report on Executive
Compensation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As part of its mandate, the Human Resources
Committee of the Board of Directors (in 2002, the Human
Resources and Corporate Governance Committee) reviews and
recommends to the Board of Directors for approval the
remuneration of the Company&#146;s executive officers, including
the Named Executive Officers identified in the Summary
Compensation Table above. The Committee obtains independent
advice in the form of a market or &#147;competitive&#148;
assessment from consultants specializing in the compensation
field with respect to compensation of executive officers. The
Committee reviews periodically the levels of compensation for
executive officers. The last such competitive assessment was
conducted in October 2002 and the results were reviewed with the
Committee in November 2002. Based on the results of this
assessment, total cash compensation for executive officers was
deemed to be competitive. The Committee also obtains the advice
and recommendations of the Chief Executive Officer with respect
to compensation of the Company&#146;s other executive officers.
</FONT>

<P align="center"><FONT size="2">C-5
</FONT>

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

<P align="left">
<B><FONT size="2">Executive Compensation Policy</FONT></B>

<P align="left">
<B><FONT size="2">1.&nbsp;&nbsp;&nbsp;Guiding Principles and
Objectives</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s executive compensation policy
is designed to provide competitive compensation to enable the
Company to attract and retain high-quality and high-performance
executives who will significantly contribute to the Company
meeting its strategic business objectives. The Company also
believes in the importance of encouraging executives to own
Common Shares to more fully align management with the interests
of shareholders and focus management&#146;s activities on
developing and implementing strategies that create and deliver
value for shareholders. The Company, since 1998, has had in
place stock ownership guidelines for directors and executive
officers to promote meaningful Common Share ownership. The
guidelines encourage each director to own Common Shares having a
value of twice their annual retainer. The guidelines also
encourage each executive officer to own Common Shares having a
value equal to at least, in the case of the Company&#146;s Chief
Executive Officer, 5.0&nbsp;times his annual base salary and
Mr.&nbsp;Choquette, holding 613,343&nbsp;Common Shares as of
March&nbsp;7, 2003, satisfies the share ownership guideline.
Each of the other executive officers is encouraged to own Common
Shares having a value equal to at least 3.0&nbsp;times his
annual base salary. The target guidelines are intended to be met
within a certain number of years from the date that each
individual became an executive officer. Certain other management
personnel of the Company are also subject to stock ownership
guidelines.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has instituted practices within its
compensation policy directed at aligning the activities of
executive officers with the interests of shareholders. For more
information on these practices, refer to
Section&nbsp;5(b)&nbsp;&#151; Restricted Share Unit Plan and
Section&nbsp;7&nbsp;&#151; Deferred Share Unit Plan below.
</FONT>

<P align="left">
<B><FONT size="2">2.&nbsp;&nbsp;&nbsp;Total
Compensation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Total compensation for executive officers
comprises base salary, short-term incentives, long-term
incentives and indirect compensation. Total compensation is
established to be competitive in proximity to the 50th
percentile of the aggregate compensation for organizations in a
reference group of companies selected on the basis of size,
industry and that represent the market within which the company
competes for leadership talent. Specifically, the reference
group of companies is comprised of large North American based
chemical, industrial and commodity companies having, where
possible, significant international operations.
</FONT>

<P align="left">
<B><FONT size="2">3.&nbsp;&nbsp;&nbsp;Base Salary</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Base salaries for executive officers are paid
within salary ranges established for each position based on
scope and level of responsibility. Individual salaries within
the range are determined by that executive&#146;s competence,
skill level, and market influences.
</FONT>

<P align="left">
<B><FONT size="2">4.&nbsp;&nbsp;&nbsp;Short-Term Incentive
Plan</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s Short-Term Incentive Plan is
designed to recognize the contributions of executive officers to
the business results of the Company. This plan provides for an
annual cash award based on corporate performance using
quantifiable financial and operational objectives approved in
advance by the Board of Directors and individual performance
using specific and pre-agreed objectives. A target award
equaling 75% of annual base salary in respect of the Chief
Executive Officer and 50% of annual base salary for all other
executive officers is dependant upon both individual and
corporate performance. This plan provides for an award in excess
of the target award if corporate and/or individual performance
results exceed the target performance set for the year.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Short-Term Incentive Plan award requires that
personal performance and corporate performance be quantified and
weighted for calculation purposes. The corporate component
represents 60% of the overall award and is based on shareholder
returns and company strategic targets. The personal component
represents 40% of the overall award and is based on leadership
and business initiatives identified for each executive
officer&#146;s area of responsibility.
</FONT>

<P align="left">
<B><FONT size="2">5.&nbsp;&nbsp;&nbsp;Long-Term Incentive
Plan</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Long-Term Incentive Plan is designed to align
the interests of executive officers with those of shareholders,
to focus efforts on improving shareholder value and the
Company&#146;s long-term financial strength, and to provide an
incentive to continue employment with the Company by providing
executive officers with the opportunity to acquire an increased
financial interest in the Company. The Long-Term Incentive Plan
was significantly modified in 2003 with the
</FONT>

<P align="center"><FONT size="2">C-6
</FONT>

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<DIV align="left">
<FONT size="2">introduction of the RSU Plan component, described
below, which serves to replace stock option grants with a
non-dilutive notional grant of shares. The Long-Term Incentive
Plan has the following two components:
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">(a)&nbsp;&nbsp;Incentive Stock Option
Plan</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the Incentive Stock Option Plan, executive
officers are eligible for grants of Company stock options.
Options are granted by the Board on the recommendation of the
Committee. The number of options granted to each executive
officer in any year is related to responsibility level and may
be adjusted for individual performance and longer-term potential
for upward mobility. The exercise price is set equal to the
closing price of the Common Shares on the TSX on the day before
the date of the grant and converted to US dollars using the Bank
of Canada Daily Noon Rate on the day that the closing price is
established. If unexercised, each option expires no later than
ten years from the day that the option was granted. Subject to
certain limitations contained in the plan, options may be
granted upon and subject to such terms, conditions and
limitations as the Board may from time to time determine. All
currently outstanding options expire, in the ordinary course,
ten years after their date of grant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 2003, Mr.&nbsp;Choquette will not receive
stock options but will receive 100% of the value of his 2003
Long-Term Incentive award in RSUs. All other executive officers
may elect to receive 50% of the value of their annual Long-Term
Incentive award in the form of stock options. They have all
elected not to receive stock options but will receive 100% of
the value of their 2003 Long-Term Incentive award in RSUs.
</FONT>

<P align="left">
<B><FONT size="2">(b)&nbsp;Restricted Share Unit Plan</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In March 2003, the Company introduced the
Restricted Share Unit (&#147;RSU&#148;) Plan. RSUs are notional
grants of shares. Commencing in 2003, executive officers elect
to receive 50% or 100% of the value of their annual Long-Term
Incentive award in the form of RSUs. Mr.&nbsp;Choquette and all
other executive officers will receive 100% of the value of their
2003 Long-Term Incentive award in RSUs. RSUs granted in 2003
will vest on December&nbsp;1, 2005. Upon vesting, RSUs are
redeemed at a value based on the trading price of the
Company&#146;s Common Shares. The RSU Plan will be extended to
certain other management positions in 2004. RSUs held by a
director or employee are considered when determining whether the
individual is meeting share ownership guidelines.
</FONT>

<P align="left">
<B><FONT size="2">6.&nbsp;&nbsp;&nbsp;Indirect Compensation
Benefits and Perquisites</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Indirect compensation of executive officers
includes participation in the retirement plans described above
as well as benefits such as extended health and dental care,
life insurance and disability benefits, and access to a group
retirement savings plan. Executive officers may also participate
in the Company&#146;s Employee Share Purchase Plan which allows
them to regularly contribute up to 15% of base salary into an
account in order to purchase Common Shares. The Company
contributes into the account an amount of cash equal to one-half
of the executive officer&#146;s cash contribution to a maximum
of 5% of base salary. The combined funds in the account are, on
a semi-monthly basis, used to purchase Common Shares on the open
market.
</FONT>

<P align="left">
<B><FONT size="2">7.&nbsp;&nbsp;&nbsp;Deferred Share Unit
Plan</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To assist directors and executive officers in
achieving the stock ownership guidelines, the Board approved the
establishment, effective January&nbsp;1, 1999, of the
Company&#146;s DSU Plan for directors and executive officers.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the DSU Plan, each executive officer may
elect annually to receive 100%, 50% or 0% of his Short-Term
Incentive Plan award as DSUs. The actual number of DSUs granted
to an executive officer is calculated in March of the following
calendar year by dividing the dollar amount elected to the DSU
Plan, by the average of the five day average closing price of
the Common Shares on the TSX, on the last five trading days of
each quarter of the preceding calendar year. A DSU account,
maintained by the Company, is credited with notional grants of
DSUs received by each DSU Plan member. DSUs do not entitle a DSU
Plan member to any voting or other shareholder rights.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The value of the DSUs (equivalent to the market
price of the underlying Common Shares) are redeemable only when
the DSU Plan member&#146;s term as a director or employment with
the Company ceases or upon death (&#147;Termination Time&#148;)
and a lump sum cash payment therefor, net of any withholdings,
is made after the redemption date specified by the DSU Plan
member. The redemption date may fall on a date within a period
beginning one year before the Termination Time and ending on
December&nbsp;26 of the first calendar year commencing after the
Termination Time.
</FONT>

<P align="center"><FONT size="2">C-7
</FONT>

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<P align="left">
<B><FONT size="2">8.&nbsp;&nbsp;&nbsp;Executives Outside
Canada</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Total compensation policy as it relates to Named
Executive Officers employed outside Canada is established with
reference to the local market in each country. Reference groups
of comparator companies are established with policy benchmarks
for salaries and benefits at each level of management. Executive
officers employed in countries other than Canada are eligible to
participate in the Company&#146;s Short-Term Incentive Plan and
Long-Term Incentive Plan.
</FONT>

<P align="left">
<B><FONT size="2">9.&nbsp;&nbsp;&nbsp;Chief Executive Officer
Compensation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The basis for determining the Chief Executive
Officer&#146;s total compensation is targeted to be competitive
in proximity to the 50th percentile of a reference group of
North American based chemical companies, taking into account the
growth, size, global complexity and autonomous characteristics
of the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Chief Executive Officer&#146;s salary
reflects the incumbent&#146;s performance, qualifications and
experience. The Chief Executive Officer also participates in the
Company&#146;s Short-Term Incentive Plan and Long-Term Incentive
Plan.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Short-Term Incentive Plan award requires that
personal performance and corporate performance be quantified for
calculation purposes and weighted 60% for corporate performance
and 40% for personal performance. The corporate component is
based on certain strategic targets including the Company&#146;s
return on capital employed. The personal component is based on a
number of measures including the successful execution of
strategic initiatives, organizational leadership, and
achievement of Responsible Care&#174; objectives. The Chief
Executive Officer may receive part or all of his Short-Term
Incentive Plan award in the form of DSUs in the manner described
in Section&nbsp;7 above.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The long-term incentives to which the Chief
Executive Officer is entitled are described in
Section&nbsp;5&nbsp;&#151; Long-Term Incentive Plan, above.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Submitted by the Human Resources Committee:
</FONT>

<P align="left">
<FONT size="2">Robert B. Findlay
</FONT>

<DIV align="left">
<FONT size="2">R.J. (Jack) Lawrence
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Jeffrey M. Lipton (Chair)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">David Morton
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Anne L. Wexler
</FONT>
</DIV>

<P align="center"><FONT size="2">C-8
</FONT>

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

<!-- link2 "TOTAL SHAREHOLDER RETURN COMPARISON" -->
<DIV align="left"><A NAME="024"></A></DIV>

<P align="center">
<B><FONT size="2">TOTAL SHAREHOLDER RETURN COMPARISON</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following graph compares the total cumulative
shareholder return for $100 invested in Common Shares of the
Company on December&nbsp;31, 1997 with the cumulative total
return of the S&#38;P/TSX Composite Index (formerly the TSE 300
Composite Index), for the five most recently completed financial
years.
</FONT>

<P align="center">
<B><FONT size="2">Cumulative Value of $100 Investment</FONT></B>

<P align="center">
<IMG src="o10019o1001901.gif" alt="(Performance Chart)">

<P align="left">
<FONT size="2">Dividends declared on Common Shares of the
Company are assumed to be reinvested at the closing share price
on the dividend payment date. The S&#38;P/TSX Composite Index is
a total return index, including dividends reinvested.
</FONT>

<P align="center"><FONT size="2">C-9
</FONT>

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

<P align="center">
<B><FONT size="2">METHANEX CORPORATION</FONT></B>

<DIV>&nbsp;</DIV>

<!-- link1 "PROXY" -->
<DIV align="left"><A NAME="025"></A></DIV>

<DIV align="center">
<B><FONT size="4">PROXY</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">THIS PROXY IS SOLICITED ON BEHALF OF
MANAGEMENT</FONT></B>

<DIV align="center">
<B><FONT size="2">FOR THE SPECIAL MEETING OF SHAREHOLDERS TO BE
HELD ON JUNE&nbsp;30, 2003</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned holder of Common Shares of
Methanex Corporation (hereinafter called the
&#147;Company&#148;) hereby appoints Pierre Choquette, President
and Chief Executive Officer of the Company, or failing him,
Randy Milner, Senior Vice President, General Counsel and
Corporate Secretary of the Company, or instead of either of them
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
the true and lawful proxy of the undersigned to attend, act and
vote all the shares of the Company which the undersigned may be
entitled to vote at the Special Meeting of the Company (the
&#147;Meeting&#148;), to be held on June&nbsp;30, 2003, notice
of which Meeting has been received by the undersigned, and at
any adjournment or adjournments thereof, and at every poll which
may take place in consequence thereof with all the powers which
the undersigned could exercise if personally present:
</FONT>

<P align="center">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Indicate your voting choice with a check mark
(<FONT face="wingdings">&#252;</FONT>) in the appropriate box.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">To approve the ordinary resolution relating to
the indirect purchase by the Company of 9,000,000 common shares
of the Company indirectly owned by NOVA Chemicals Corporation
and the cancellation of such shares, the text of which
resolution is set out in Appendix&nbsp;A to the accompanying
Information Circular.</FONT></B>

<P align="center">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">FOR&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;AGAINST&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">If no specific voting choice has been given,
the shares represented by this Proxy will be voted FOR the above
item.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The person exercising this Proxy has
discretionary authority and may vote the shares represented
hereby as such person considers best with respect to amendments
or variations to the matters identified in the Notice of Meeting
or other matters which may properly come before the Meeting
where such amendments, variations or matters were not known to
management of the Company a reasonable time prior to the
solicitation of this proxy.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All shares represented at the Meeting by properly
executed proxies will be voted in accordance with the
instructions of the undersigned on any ballot that may be called
for, and where a choice with respect to the matter to be acted
upon has been specified in the Proxy, the shares represented by
the Proxy will be voted in accordance with such specification.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The undersigned hereby revokes any Proxy
previously given and does further hereby ratify all that said
proxy may lawfully do in the premises.
</FONT>

<P align="left">
<FONT size="2">Date:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;,
2003.
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD 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;</FONT></U><FONT size="2">
    <BR>
     Print Name
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Number of Common Shares held:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD 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;</FONT></U><FONT size="2">
    <BR>
     Signature of Holder
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">NOTES:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(a)</FONT></TD>
    <TD align="left">
    <FONT size="2">The Proxy must be signed under the hand of the
    holder of Common Shares or the holder&#146;s attorney duly
    authorized in writing and the power of attorney need not be
    attached. Where the holder is a corporation, the Proxy must be
    executed under its corporate seal or by an officer or attorney
    thereof duly authorized.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(b)</FONT></TD>
    <TD align="left">
    <FONT size="2">The Proxy must be delivered to CIBC Mellon Trust
    Company no later than 2:00&nbsp;p.m. (Vancouver time) on
    June&nbsp;26, 2003 or not less than 48&nbsp;hours (excluding
    Saturdays, Sundays and holidays) prior to any adjournment of the
    Meeting. Please use the envelope accompanying these materials or
    mail the proxy to Proxy Dept., CIBC Mellon Trust Company, #6,
    200&nbsp;Queen&#146;s Quay East, Toronto, ON Canada M5A&nbsp;4K9
    or fax the proxy to (416)&nbsp;368 2502. Alternatively, the
    proxy may be delivered to the Chairman of the Meeting prior to
    the time fixed for commencement of the Meeting or any
    adjournment thereof.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(c)</FONT></TD>
    <TD align="left">
    <B><FONT size="2">A holder of Common Shares has the right to
    appoint a person (who need not be a holder of Common Shares)
    other than those persons named above to represent him, her or it
    at the Meeting and may exercise this right by inserting the name
    of such person in the blank space provided above.</FONT></B></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">If the Proxy is undated, it will be deemed to be
dated the date it was mailed to the holder.
</FONT>

<DIV>&nbsp;</DIV>

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

<P align="center">
<B><FONT size="2">SEE REVERSE FOR IMPORTANT
INFORMATION</FONT></B>

<DIV align="center">
<B><FONT size="2">RELATING TO VOTING ESPP SHARES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">VOTING INSTRUCTIONS</FONT></B>

<DIV align="center">
<B><FONT size="2">TO</FONT></B>
</DIV>

<P align="center">
<B><FONT size="4">CANADA TRUST COMPANY</FONT></B>

<P align="center">
<B><FONT size="2">SPECIAL MEETING OF THE SHAREHOLDERS
OF</FONT></B>

<DIV align="center">
<B><FONT size="2">METHANEX CORPORATION</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">TO BE HELD ON JUNE&nbsp;30, 2003</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AND AT ANY ADJOURNMENT OR ADJOURNMENTS
THEREOF</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">I,
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;,
a participant in the Methanex Corporation Share Purchase Plan
for Employees (hereinafter referred to as the &#147;Plan&#148;),
hereby instruct Canada Trust Company, as Trustee of the Plan, to
exercise at the above meeting the voting rights pertaining to
all the Common Shares of the Company held to my credit as
follows:
</FONT>

<P align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Indicate your voting choice with a check mark
(<FONT face="wingdings">&#252;</FONT>) in the appropriate box.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">To approve the ordinary resolution relating to
the indirect purchase by the Company of 9,000,000 common shares
of the Company indirectly owned by NOVA Chemicals Corporation
and the cancellation of such shares, the text of which
resolution is set out in Appendix&nbsp;A to the accompanying
Information Circular.</FONT></B>

<P align="center">
<FONT size="2">FOR&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGAINST&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">With respect to any amendments or variations to
the matters listed above or identified in the Notice of Special
Meeting and any other matters which may properly come before the
Meeting, the undersigned confers discretionary authority on the
person voting on behalf of the undersigned to vote in accordance
with the best judgment of that person.
</FONT>

<P align="left">
<FONT size="2">Date:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;,
2003
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD 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;</FONT></U><FONT size="2">
    <BR>
     Signature of Holder
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">INSTRUCTIONS:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">1.</FONT></TD>
    <TD align="left">
    <FONT size="2">Record your instructions, sign and mail to Canada
    Trust Company in the attached envelope. Alternately, your
    instructions may be faxed using the following numbers:
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If faxing from North America: 1-800-567-3351
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If faxing from outside North America: 519-850-4157
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">2.</FONT></TD>
    <TD align="left">
    <FONT size="2">If you do not wish to specifically instruct the
    Trustee how to vote, you should not check any of the above
    squares. <B>If no specific voting choice has been given, the
    trustee will vote the shares represented by this Voting
    Instruction FOR the above item.</B>
    </FONT></TD>
</TR>

</TABLE>

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

<!-- link2 "IMPORTANT INFORMATION FOR PARTICIPANTS IN THE METHANEX CORPORATION SHARE PURCHASE PLAN FOR EMPLOYEES" -->
<DIV align="left"><A NAME="026"></A></DIV>

<P align="center">
<B><FONT size="2">IMPORTANT INFORMATION FOR PARTICIPANTS IN
THE</FONT></B>

<DIV align="center">
<B><FONT size="2">METHANEX CORPORATION SHARE PURCHASE PLAN FOR
EMPLOYEES</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Common shares purchased by an employee of the
Company under the Methanex Corporation Share Purchase Plan for
Employees (&#147;ESPP&#148;) remain registered in the name of
Canada Trust Company as trustee of the ESPP, unless the employee
withdraws their shares from the ESPP. Once withdrawn, the shares
may either become registered in the name of the employee or an
intermediary. (For more information, see Part&nbsp;I&nbsp;&#151;
&#147;VOTING&#148; contained in the Information Circular.)
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Voting rights attached to ESPP shares which
remain registered in the name of Canada Trust Company may be
exercised by employees or their attorneys authorized in writing,
by indicating on the Voting Instructions form (on reverse) the
necessary directions to Canada Trust Company how the ESPP shares
are to be voted at the Meeting and returning the Voting
Instructions form in the pre-paid envelope or by fax to Canada
Trust Company at the fax number indicated below. The ESPP shares
will then be voted pursuant to those directions. If no choice is
specified, the ESPP shares will be voted in favour of
management&#146;s proposition. The shares will be voted at the
discretion of Canada Trust Company in respect of amendments to
management&#146;s proposition or such other business as may be
properly brought before the Meeting. Only ESPP shares in respect
of which a Voting Instructions form has been signed and returned
will be voted.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A holder of ESPP shares may revoke his or her
directions indicated on the Voting Instructions form at any time
by a written document executed by the employee or their attorney
duly authorized in writing which is delivered by mail or fax to
the Corporate Secretary of the Company, at Suite&nbsp;1800, 200
Burrard Street, Vancouver, British Columbia V6C&nbsp;3M1 (Fax:
604-661-2602), at any time up to and including the last business
day preceding the day of the Meeting or any adjournment thereof,
or delivered to the Chairman of the Meeting on the day of the
Meeting or any adjournment thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Voting Instructions form is to be used only
with respect to ESPP shares. If an employee holds shares outside
the ESPP, the employee may vote those shares either in person or
by proxy as described in Part&nbsp;I&nbsp;&#151;
&#147;VOTING&#148; of the Information Circular.
</FONT>

<P align="left">
<B><FONT size="2">Questions?</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you have any questions concerning the process
of voting ESPP shares, you may speak to a Canada Trust Company
representative:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If calling from North America:1-800-668-2648
</FONT>

<DIV align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If calling from outside North America:
1-800-668-2648
</FONT>
</DIV>

<DIV align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Callers from Chile, please call collect:
519-850-0770
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Faxing of Voting Instructions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Voting Instructions may be faxed to Canada Trust
Company (Attention: Monitoring and Control Dept.) using the
following numbers:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If faxing from North America: 1-800-567-3351
</FONT>

<DIV align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If faxing from outside North America: 519-850-4157
</FONT>
</DIV>
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`
end

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