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<SEC-DOCUMENT>0000945234-03-000320.txt : 20030529
<SEC-HEADER>0000945234-03-000320.hdr.sgml : 20030529
<ACCEPTANCE-DATETIME>20030528203822
ACCESSION NUMBER:		0000945234-03-000320
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20030529

SUBJECT COMPANY:	

	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:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-42626
		FILM NUMBER:		03722333

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NOVA CHEMICALS CORP /NEW
		CENTRAL INDEX KEY:			0000922960
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		645, SEVENTH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 4G8
		BUSINESS PHONE:		4037503600

	MAIL ADDRESS:	
		STREET 1:		645, SEVENTH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 4G8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NOVA CORP /CN/
		DATE OF NAME CHANGE:	19940511
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>o09983sc13d.htm
<DESCRIPTION>SCHEDULE 13D
<TEXT>
<HTML>
<HEAD>
<TITLE>Schedule 13D</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center"><FONT size="4"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT size="3"><B>WASHINGTON, D.C. 20549</B>
</FONT>
<P align="center"><HR align="center" size="1" width="15%" noshade>
<P align="center"><FONT size="5"><B>SCHEDULE 13D</B></FONT><BR>
<FONT size="2"><B>(Rule&nbsp;13d-101)</B>
</FONT>
<P align="center"><FONT size="2"><B>INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT<BR>
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO<BR>
RULE 13d-2(a)</B>
</FONT>
<P align="center"><FONT size="2"><B>(Amendment No.&nbsp;6)*</B>
</FONT>
<P align="center"><FONT size="6"><B>Methanex Corporation</B></FONT>
<HR size="1" noshade>
<DIV align="center"><FONT size="2">(Name of Issuer)</FONT></DIV>

<P align="center"><FONT size="2"><B>Common Shares, without nominal or par value</B></FONT>
<HR size="1" noshade>
<DIV align="center"><FONT size="2">(Title of Class of Securities)</FONT></DIV>
<P align="center"><FONT size="2"><B>59151K108</B></FONT>
<HR size="1" noshade>
<DIV align="center"><FONT size="2">(CUSIP Number)</FONT></DIV>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>Jack S. Mustoe<BR>
Senior Vice President, Legal<BR>
NOVA Chemicals Corporation<BR>
645 Seventh Avenue S.W.<BR>
Calgary, Alberta Canada T2P 4G8<BR>
(403)&nbsp;290-7636</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>Alan Talkington<BR>
Orrick, Herrington &#038; Sutcliffe LLP<BR>
400 Sansome Street<BR>
San Francisco, CA 94111<BR>
(415)&nbsp;392-1122</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1" noshade>
<DIV align="center"><FONT size="2">(Name, Address and Telephone Number of Person<BR>
Authorized to Receive Notices and Communications)</FONT></DIV>
<P align="center"><FONT size="2"><B>May&nbsp;21, 2003</B></FONT>
<HR size="1" noshade>
<DIV align="center"><FONT size="2">(Date of Event Which Requires Filing of this Statement)</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the filing person has previously filed a statement on Schedule&nbsp;13G to
report the acquisition which is the subject of this Schedule&nbsp;13D, and is filing
this schedule because of Rule&nbsp;13d-1(b)(3) or (4), check the following box:
&#091;&nbsp;&nbsp;&nbsp;&#093;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Note: </B>Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See &#167;240.13d-7 for other
parties to whom copies are to be sent.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The remainder of this cover page shall be filled out for a reporting
person&#146;s initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required on the remainder of this cover page shall not be
deemed to be &#147;filed&#148; for the purpose of Section&nbsp;18 of the Securities Exchange
Act of 1934 (&#147;Act&#148;) or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="33%">&nbsp;</TD>
        <TD width="33%">&nbsp;</TD>
        <TD width="34%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top" align="left"><FONT size="2"><B>CUSIP No. 59151K10&nbsp;8</B></FONT></TD>
        <TD align="center" valign="top"><FONT size="2"><B>13D</B></FONT></TD>
        <TD align="right" valign="top"><FONT size="2"><B>Page 2 of 9</B></FONT></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="7%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="66%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">1.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">NAME OF REPORTING PERSONS</FONT></DIV></TD>
</TR>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals Corporation</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">2.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <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">(a)</FONT></TD>
        <TD><FONT size="3" face="wingdings">&#111;</FONT></TD>
</TR>

<TR valign="bottom">
        <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">(b)</FONT></TD>
        <TD><FONT size="3" face="wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">3.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SEC USE ONLY</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">4.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SOURCE OF FUNDS</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">5.</FONT></TD>
        <TD colspan="4"><FONT size="2">CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e)</FONT></TD>
        <TD><FONT size="3" face="wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">6.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">CITIZENSHIP OR PLACE OF ORGANIZATION</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alberta, Canada</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">7.</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SOLE VOTING POWER</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="4"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">NUMBER OF</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">8.</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SHARED VOTING POWER</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">SHARES</FONT></TD>
        <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">BENEFICIALLY</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,946,876</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">OWNED BY</FONT></TD>
        <TD colspan="4" valign="bottom"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">EACH REPORTING</FONT></TD>

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">9.</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SOLE DISPOSITIVE POWER</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">PERSON WITH</FONT></TD>
        <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2"></FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="4"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">10.</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SHARED DISPOSITIVE POWER</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>

<TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,946,876</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">11.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,946,876</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">12.</FONT></TD>
        <TD colspan="4"><FONT size="2">CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11)&nbsp;EXCLUDES CERTAIN SHARES</FONT></TD>
        <TD><FONT size="3" face="wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">13.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">PERCENT
OF CLASS&nbsp;REPRESENTED BY AMOUNT IN ROW (11)</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.1%</B><SUP>1</SUP></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">14.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">TYPE OF REPORTING PERSON</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CO</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<HR align="left" size="1" width="18%" noshade>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="1%" valign="top" align="left"><FONT size="2">1</FONT></TD>
        <TD width="3%" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%" align="left" valign="top"><FONT size="2">Assumes a total
of 126,495,364 shares outstanding based on information provided by
the Issuer as of March 31, 2003.</FONT></TD>
</TR>
</TABLE>
</CENTER>


<P align="center"><FONT size="2">Page 2 of 9 Pages</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="33%">&nbsp;</TD>
        <TD width="33%">&nbsp;</TD>
        <TD width="34%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top" align="left"><FONT size="2"><B>CUSIP No. 59151K10&nbsp;8</B></FONT></TD>
        <TD align="center" valign="top"><FONT size="2"><B>13D</B></FONT></TD>
        <TD align="right" valign="top"><FONT size="2"><B>Page 3 of 9</B></FONT></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="7%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="66%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">1.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">NAME OF REPORTING PERSONS</FONT></DIV></TD>
</TR>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA
Petrochemicals Ltd.</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">2.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <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">(a)</FONT></TD>
        <TD><FONT size="3" face="wingdings">&#111;</FONT></TD>
</TR>

<TR valign="bottom">
        <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">(b)</FONT></TD>
        <TD><FONT size="3" face="wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">3.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SEC USE ONLY</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">4.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SOURCE OF FUNDS</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OO</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">5.</FONT></TD>
        <TD colspan="4"><FONT size="2">CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e)</FONT></TD>
        <TD><FONT size="3" face="wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">6.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">CITIZENSHIP OR PLACE OF ORGANIZATION</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alberta, Canada</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">7.</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SOLE VOTING POWER</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="4"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">NUMBER OF</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">8.</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SHARED VOTING POWER</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">SHARES</FONT></TD>
        <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">BENEFICIALLY</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,946,876</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">OWNED BY</FONT></TD>
        <TD colspan="4" valign="bottom"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">EACH REPORTING</FONT></TD>

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">9.</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SOLE DISPOSITIVE POWER</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">PERSON WITH</FONT></TD>
        <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2"></FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="4"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">10.</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SHARED DISPOSITIVE POWER</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,946,876</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">11.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,946,876</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">12.</FONT></TD>
        <TD colspan="4"><FONT size="2">CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11)&nbsp;EXCLUDES CERTAIN SHARES</FONT></TD>
        <TD><FONT size="3" face="wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">13.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">PERCENT
OF CLASS&nbsp;REPRESENTED BY AMOUNT IN ROW (11)</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.0%</B><SUP>1</SUP>&nbsp;&nbsp;(See
Item&nbsp;5)</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">14.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">TYPE OF REPORTING PERSON</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HC</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<HR align="left" size="1" width="18%" noshade>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="1%" valign="top" align="left"><FONT size="2">1</FONT></TD>
        <TD width="3%" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%" align="left" valign="top"><FONT size="2">Assumes a total
of 126,495,364 shares outstanding based on information provided by
the Issuer as of March 31, 2003.</FONT></TD>
</TR>
</TABLE>
</CENTER>


<P align="center"><FONT size="2">Page 3 of 9 Pages</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="33%">&nbsp;</TD>
        <TD width="33%">&nbsp;</TD>
        <TD width="34%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top" align="left"><FONT size="2"><B>CUSIP No. 59151K10&nbsp;8</B></FONT></TD>
        <TD align="center" valign="top"><FONT size="2"><B>13D</B></FONT></TD>
        <TD align="right" valign="top"><FONT size="2"><B>Page 4 of 9</B></FONT></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="7%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="66%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">1.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">NAME OF REPORTING PERSONS</FONT></DIV></TD>
</TR>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6097570
CANADA INC.</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">2.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <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">(a)</FONT></TD>
        <TD><FONT size="3" face="wingdings">&#111;</FONT></TD>
</TR>

<TR valign="bottom">
        <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">(b)</FONT></TD>
        <TD><FONT size="3" face="wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">3.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SEC USE ONLY</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">4.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SOURCE OF FUNDS</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AF, OO</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">5.</FONT></TD>
        <TD colspan="4"><FONT size="2">CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e)</FONT></TD>
        <TD><FONT size="3" face="wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">6.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">CITIZENSHIP OR PLACE OF ORGANIZATION</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">7.</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SOLE VOTING POWER</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="4"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">NUMBER OF</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">8.</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SHARED VOTING POWER</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">SHARES</FONT></TD>
        <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">BENEFICIALLY</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,000,000</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">OWNED BY</FONT></TD>
        <TD colspan="4" valign="bottom"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">EACH REPORTING</FONT></TD>

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">9.</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SOLE DISPOSITIVE POWER</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">PERSON WITH</FONT></TD>
        <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2"></FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="4"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">10.</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SHARED DISPOSITIVE POWER</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,000,000</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">11.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,000,000</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">12.</FONT></TD>
        <TD colspan="4"><FONT size="2">CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11)&nbsp;EXCLUDES CERTAIN SHARES</FONT></TD>
        <TD><FONT size="3" face="wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">13.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">PERCENT
OF CLASS&nbsp;REPRESENTED BY AMOUNT IN ROW (11)</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1%</B><SUP>1</SUP>&nbsp;&nbsp;(See
Item&nbsp;5)</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">14.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">TYPE OF REPORTING PERSON</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HC</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<HR align="left" size="1" width="18%" noshade>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="1%" valign="top" align="left"><FONT size="2">1</FONT></TD>
        <TD width="3%" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%" align="left" valign="top"><FONT size="2">Assumes a total
of 126,495,364 shares outstanding based on information provided by
the Issuer as of March 31, 2003.</FONT></TD>
</TR>
</TABLE>
</CENTER>


<P align="center"><FONT size="2">Page 4 of 9 Pages</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="33%">&nbsp;</TD>
        <TD width="33%">&nbsp;</TD>
        <TD width="34%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top" align="left"><FONT size="2"><B>CUSIP No. 59151K10&nbsp;8</B></FONT></TD>
        <TD align="center" valign="top"><FONT size="2"><B>13D</B></FONT></TD>
        <TD align="right" valign="top"><FONT size="2"><B>Page 5 of 9</B></FONT></TD>
</TR>
</TABLE>
</CENTER>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="7%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="66%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">1.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">NAME OF REPORTING PERSONS</FONT></DIV></TD>
</TR>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6097626
CANADA INC.</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">2.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <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">(a)</FONT></TD>
        <TD><FONT size="3" face="wingdings">&#111;</FONT></TD>
</TR>

<TR valign="bottom">
        <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">(b)</FONT></TD>
        <TD><FONT size="3" face="wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">3.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SEC USE ONLY</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">4.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SOURCE OF FUNDS</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AF,
OO</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">5.</FONT></TD>
        <TD colspan="4"><FONT size="2">CHECK
BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e)</FONT></TD>
        <TD><FONT size="3" face="wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">6.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">CITIZENSHIP OR PLACE OF ORGANIZATION</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">7.</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SOLE VOTING POWER</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="4"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">NUMBER OF</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">8.</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SHARED VOTING POWER</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">SHARES</FONT></TD>
        <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">BENEFICIALLY</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,946,876</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">OWNED BY</FONT></TD>
        <TD colspan="4" valign="bottom"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">EACH REPORTING</FONT></TD>

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">9.</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SOLE DISPOSITIVE POWER</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align="center"><FONT size="2">PERSON WITH</FONT></TD>
        <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2"></FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="4"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">10.</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SHARED DISPOSITIVE POWER</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,946,876</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">11.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,946,876</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">12.</FONT></TD>
        <TD colspan="4"><FONT size="2">CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (11)&nbsp;EXCLUDES CERTAIN SHARES</FONT></TD>
        <TD><FONT size="3" face="wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">13.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">PERCENT
OF CLASS&nbsp;REPRESENTED BY AMOUNT IN ROW (11)</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.0%</B><SUP>1</SUP>&nbsp;&nbsp;(See
Item&nbsp;5)</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">14.</FONT></TD>
        <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">TYPE OF REPORTING PERSON</FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HC</B></FONT></DIV></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="6"><HR size="1" noshade></TD>
</TR>
</TABLE>
</CENTER>
<HR align="left" size="1" width="18%" noshade>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="1%" valign="top" align="left"><FONT size="2">1</FONT></TD>
        <TD width="3%" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%" align="left" valign="top"><FONT size="2">Assumes a total
of 126,495,364 shares outstanding based on information provided by
the Issuer as of March 31, 2003.</FONT></TD>
</TR>
</TABLE>
</CENTER>


<P align="center"><FONT size="2">Page 5 of 9 Pages</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;2, 1998, NOVA Corporation, an Alberta, Canada corporation and the
parent of NOVA Chemicals Ltd. (formerly Novacor Chemicals Ltd.) (&#147;NCL&#148;) and the
indirect parent of NOVA Petrochemicals Ltd. (formerly Novacor Petrochemicals
Ltd.), merged with TransCanada PipeLines Limited (&#147;TransCanada&#148;) and the
commodity chemicals business carried on by NOVA Corporation was split off as a
separate public company (the &#147;Arrangement&#148;). On December&nbsp;31, 1998, NCL changed
its name to NOVA Chemicals Corporation. Effective January&nbsp;1, 1999 and pursuant
to Section&nbsp;178 of the <I>Business Corporations Act </I>(Alberta), NCL was amalgamated
with and into NOVA Corporation and the resulting corporation adopted the name
NOVA Chemicals Corporation (&#147;NOVA&#148;). NOVA continues to conduct the commodity
chemicals business through its affiliates. TransCanada conducts the energy
services business formerly carried on by TransCanada, NOVA Gas Transmission
Ltd. and NOVA Gas International Ltd.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;1.&nbsp;&nbsp;&nbsp;Security and Issuer</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Statement relates to the common shares, without nominal or par value
(the &#147;Shares&#148;), of Methanex Corporation, a corporation organized under the laws
of Canada (the &#147;Corporation&#148;). The address of the principal executive office of
the Corporation is 1800 Waterfront Centre, 200 Burrard Street, Vancouver,
British Columbia, Canada V6C 3M1.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;2.&nbsp;&nbsp;&nbsp;Identity and Background</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a, b, c and f) This Statement is being filed by (i)&nbsp;NOVA, an Alberta,
Canada, corporation, the principal business of which is the manufacturing and
marketing of commodity chemicals (ii)&nbsp;NOVA Petrochemicals Ltd. (&#147;NPL&#148;), which
is a holding company, the principal business of which, through its operating
subsidiaries, is the manufacturing and marketing of commodity chemicals, (iii)
6097570 Canada Inc. (&#147;Buybackco&#148;) which is a holding company, the principal
business of which is the holding of Shares and (iv)&nbsp;6097626 Canada Inc.
(&#147;Sellco&#148;) which is a holding company, the principal business of which is the
holding of Shares. The principal office of each of NOVA, NPL, Buybackco and
Sellco is 645 Seventh Avenue S.W., Calgary, Alberta, Canada T2P 4G8. NPL is a
wholly owned subsidiary of NOVA. Buybackco is a wholly owned subsidiary of
NOVA. Sellco is a wholly owned subsidiary of NPL.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedules I, II, III and IV hereto set forth the name, principal business,
address and citizenship of each of the executive officers and directors of
NOVA, NPL, Buybackco and Sellco, respectively.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d and e) During the last five years, none of NOVA, NPL, Buybackco, Sellco
or any of the persons listed on Schedules I, II, III and IV has been (i)
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors); or (ii)&nbsp;was a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
federal or state securities law or finding any violation with respect to such
laws.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;3.&nbsp;&nbsp;&nbsp;Source and Amount of Funds or Other Consideration.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;21, 2003 (i)&nbsp;NOVA transferred 13,880,575 Shares to NPL in exchange
for shares of NPL, (ii)&nbsp;NOVA transferred 9,000,000 Shares to Buybackco for
shares of Buybackco, and (iii)&nbsp;NPL transferred 37,946,876 Shares to Sellco for
shares of Sellco.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;4.&nbsp;&nbsp;&nbsp;Purpose of Transaction.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA and NPL (collectively referred to in this Item&nbsp;4 as the &#147;Selling
Shareholder&#148;) have owned a significant number of Shares since 1994. On May&nbsp;21,
2003, the Corporation announced a secondary offering (the &#147;Offering&#148;) (i)&nbsp;in
Canada under a short form prospectus to be filed in each of the provinces of
Canada and (ii)&nbsp;in the United States pursuant to the multi-jurisdictional
disclosure system of 37,946,876 Shares to be held by NPL after the
Reorganization Transactions (defined below) are completed. In connection with the Offering, the Corporation, NOVA and NPL
entered into an Underwriting Agreement with RBC Dominion Securities Inc., CIBC
World Markets Inc., Scotia Capital Inc., TD Securities Inc., Citigroup Global
Markets Canada Inc. and UBS Securities Canada Inc. dated May&nbsp;21, 2003.
</FONT>
<P align="center"><FONT size="2">Page 6 of 9 Pages</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;21, 2003, the Corporation also entered into an agreement (the &#147;Share
Purchase Agreement&#148;) with NOVA and Buybackco pursuant to which the Corporation
will acquire the shares of Buybackco, and then the Corporation will
wind-up Buybackco and will cancel the
9,000,000 Shares owned by Buybackco (the &#147;Repurchase Transaction&#148;). The
Repurchase Transaction is subject to a positive vote of a majority of the
Corporation&#146;s shareholders, other than the Selling Shareholder and its
affiliates, present or represented by proxy at a special meeting of the
shareholders proposed to be held on June&nbsp;30, 2003.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NPL and Sellco&#146;s holdings of Shares will be reorganized prior to the completion
of the Offering (the &#147;Reorganization Transactions&#148;). As part of the
Reorganization Transactions, the Corporation may acquire, and shortly
thereafter cancel, the Shares held by Sellco, either directly or indirectly, or
through one or more amalgamations or other transactions with similar effect, in
consideration for an equal number of newly issued Shares. Following the
Reorganization Transactions, NPL will beneficially own the same number of
Shares as it, directly and indirectly, owned prior to the Reorganization
Transactions, as described in greater detail in Schedule&nbsp;8.3 to the Share
Purchase Agreement attached hereto as an Exhibit.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Selling Shareholder, Buybackco and the Corporation also entered into an
Indemnity Agreement dated May&nbsp;21, 2003 (the &#147;Indemnity Agreement&#148;) under which
the Selling Shareholder and Buybackco have agreed to indemnify the Corporation
for losses, if any resulting from the Repurchase Transaction and the
Reorganization Transactions, subject to the terms and conditions therein, as
discussed in greater detail in the Indemnity Agreement attached hereto as an
Exhibit.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the completion of the Repurchase Transaction, if approved, and the
Offering, the Selling Shareholder will not own any Shares.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;5.&nbsp;&nbsp;&nbsp;Interest in Securities of the Issuer.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Buybackco is the record holder of 9,000,000 Shares, constituting
approximately 7.1% of the outstanding Shares (based on the Corporation&#146;s
Registration Statement on Form&nbsp;F-10 filed with the Commission on May&nbsp;21, 2003
in which the Corporation reported that 126,495,364 common shares were
outstanding as of March&nbsp;31, 2003).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sellco is the record holder of 37,946,876 Shares. Sellco and NPL hold
shared voting and dispositive power with NOVA as to such Shares, constituting
approximately 30.0% of the outstanding Shares (based on the Corporation&#146;s
Registration Statement on Form&nbsp;F-10 filed with the Commission on May&nbsp;21, 2003
in which the Corporation reported that 126,495,364 common shares were
outstanding as of March&nbsp;31, 2003).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA holds shared voting and dispositive power as to 46,946,876 Shares,
constituting approximately 37.1% of the outstanding Shares (based on the
Corporation&#146;s Registration Statement on Form&nbsp;F-10 filed with the Commission on
May&nbsp;21, 2003 in which the Corporation reported that 126,495,364 common shares
were outstanding as of March&nbsp;31, 2003), assuming no other change in the number
of outstanding Shares.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the knowledge of NOVA, NPL, Buybackco and Sellco, only the following
persons listed on Schedules I, II , III and IV own any of the Corporation&#146;s
Shares:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Name</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Number of Shares</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><HR size="1" noshade width="8%"></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Jeffrey M. Lipton</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">165,700</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">A. Terence Poole</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">105,750</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Christopher D. Pappas</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">F. Peter Boer</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Arnold M. Lubwick</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">20,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">John L. Wheeler</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">350</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;By virtue of its ownership of Sellco, NPL may be deemed to share with
Sellco the power to vote or direct the vote and the power to dispose or direct
the disposition of the Shares owned by Sellco. By virtue of its ownership
</FONT>
<P align="center"><FONT size="2">Page 7 of 9 Pages</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">of all of the stock of NPL and Buybackco, NOVA may be deemed to share with
NPL and Buybackco the power to vote or direct the vote and the power to dispose
or to direct the disposition of the Shares owned by NPL and Buybackco.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;None.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d-e) Not applicable.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;6.&nbsp;&nbsp;&nbsp;Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as described in Items 2 and 4, or as set forth on the Index to
Exhibits, there are no contracts, arrangements, understandings or relationships
(legal or otherwise) among NOVA, NPL, Sellco and Buybackco, between such
entities and the persons listed on Schedule&nbsp;I or between NOVA, NPL, Sellco or
Buybackco and any person with respect to any securities of the Corporation. To
the knowledge of NOVA, NPL, Sellco and Buybackco, there are no contracts,
arrangements, understandings or relationships (legal or otherwise) among the
persons listed on Schedules I, II, III and IV or between such persons and any
person with respect to any securities of the Corporation.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;7.&nbsp;&nbsp;&nbsp;Material to be filed as Exhibits.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;Asset
Purchase Agreement dated December 8, 1993, among the
Corporation, NOVA Chemicals Ltd. (formerly Novacor Chemicals Ltd.) (&#147;NCL&#148;) and
Novacor Chemicals Inc., an indirect wholly-owned subsidiary of NCL (&#147;NCI&#148;).*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;Subscription and Registration
Rights Agreement dated December 8, 1993, among the Corporation and NCL.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;MG Term Sheet, dated December&nbsp;9, 1993, between NCL and
Metallgesellschaft Corp. (&#147;MG&#148;).*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;FC Term Sheet, dated December&nbsp;9, 1993, between Fletcher Challenge and
its subsidiary, 165109 Canada Inc. (together, &#147;FC&#148;), and Gordon Capital
Corporation et al. (&#147;Gordon&#148;) and between NOVA and Gordon.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;Differential Letter Agreement, dated December&nbsp;9, 1993, between NOVA and
FC.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;Agency Agreement, dated as of December&nbsp;9, 1993, between Gordon Capital
Corporation, RBC Dominion Securities, Burns Fry Limited, FC, the Corporation
and NPL.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;Instalment Receipt and Pledge Agreement dated December&nbsp;30, 1993 by and
between the Corporation, 165109 Canada Inc., Metallgesellschaft Corp., Gordon
Capital Corporation, RBC Dominion Securities Inc., Scotia McLeod Inc., Burns
Fry Limited, Wood Gundy Inc., Bunting Warburg Inc., Nesbitt Thomson Inc.,
Midland Walwyn Capital Inc. First Marathon Securities Limited, Toronto
Dominion Securities Inc., Sanwa McCarthy Securities, Limited, Trilon Securities
Corporation, NPL, The R-M Trust Company and 2984717 Canada Inc.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;Amendment dated January&nbsp;14, 1994 to the Asset Purchase Agreement.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;Amendment dated January&nbsp;14, 1994 to the Subscription and Registration
Rights Agreement.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;MG Agreement dated January&nbsp;14, 1994 between NPL and MG.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;MG Letter dated January&nbsp;14, 1994 between NCL and MG.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;Underwriting
Agreement dated May 21, 2003, among the
Corporation, NOVA, NPL, RBC Dominion Securities Inc., CIBC World Markets Inc.,
Scotia Capital Inc., TD Securities Inc., Citigroup Global Markets Canada Inc.
and UBS Securities Canada Inc.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;Share
Purchase Agreement dated May 21, 2003, among the
Corporation, NOVA and Buybackco.
</FONT>
<P align="center"><FONT size="2">Page 8 of 9 Pages</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;Indemnity
Agreement dated May 21, 2003 between NOVA, NPL,
Buybackco and the Corporation.
</FONT>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">*</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="98%"><FONT size="2">previously filed.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
</FONT>
<P align="left"><FONT size="2">Dated:&nbsp;&nbsp;May&nbsp;28, 2003.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" colspan="3"><FONT size="2">NOVA Chemicals Corporation</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">By</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">/s/&nbsp;&nbsp;Jack S. Mustoe<BR>
<HR align="left" size="1" width="95%" noshade>
Name:&nbsp;Jack S. Mustoe<BR>
Title:&nbsp;&nbsp;&nbsp;Sr. Vice President, Legal</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" colspan="3"><FONT size="2">NOVA Petrochemicals Ltd.</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">By</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">/s/&nbsp;&nbsp;Jack S. Mustoe<BR>
<HR align="left" size="1" width="95%" noshade>
Name:&nbsp;Jack S. Mustoe<BR>
Title:&nbsp;&nbsp;&nbsp;Sr. Vice President, Legal</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" colspan="3"><FONT size="2">6097570 Canada Inc.</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">By</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">/s/&nbsp;&nbsp;Jack S. Mustoe<BR>
<HR align="left" size="1" width="95%" noshade>
Name:&nbsp;Jack S. Mustoe<BR>
Title:&nbsp;&nbsp;&nbsp;President</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" colspan="3"><FONT size="2">6097626 Canada Inc.</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">By</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">/s/&nbsp;&nbsp;Jack S. Mustoe<BR>
<HR align="left" size="1" width="95%" noshade>
Name:&nbsp;Jack S. Mustoe<BR>
Title:&nbsp;&nbsp;&nbsp;President</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">Page 9 of 9 Pages</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="2"><B>INDEX TO EXHIBITS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;Asset
Purchase Agreement dated December 9, 1993, among the
Corporation, NCL and NCI.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;Subscription and Registration
Rights Agreement dated December 8, 1993, among the Corporation and NCL.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;MG Term Sheet, dated December&nbsp;9, 1993, between NCL and MG.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;FC Term Sheet, dated December&nbsp;9, 1993, between FC and Gordon and
between NOVA and Gordon.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;Differential Letter Agreement, dated December&nbsp;9, 1993, between NOVA and
FC.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;Agency Agreement, dated as of December&nbsp;9, 1993, between Gordon Capital
Corporation, RBC Dominion Securities, Burns Fry Limited, FC, the Corporation
and NPL.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;Installment Receipt and Pledge Agreement dated December&nbsp;30, 1993 by and
between the Corporation, 165109 Canada Inc., Metallgesellschaft Corp., Gordon
Capital Corporation, RBC Dominion Securities Inc., Scotia McLeod Inc., Burns
Fry Limited, Wood Gundy Inc., Bunting Warburg Inc., Nesbitt Thomson Inc.,
Midland Walwyn Capital Inc. First Marathon Securities Limited, Toronto
Dominion Securities Inc., Sanwa McCarthy Securities, Limited, Trilon Securities
Corporation, NPL, The R-M Trust Company and 2984717 Canada Inc.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;Amendment dated January&nbsp;14, 1994 to the Asset Purchase Agreement.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;Amendment dated January&nbsp;14, 1994 to the Subscription and Registration
Rights Agreement.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;MG Agreement dated January&nbsp;14, 1994 between NPL and MG.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;MG Letter dated January&nbsp;14, 1994 between NCL and MG.*
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;Underwriting
Agreement dated May 21, 2003, among the
Corporation, NOVA, NPL, RBC Dominion Securities Inc., CIBC World Markets Inc.,
Scotia Capital Inc., TD Securities Inc., Citigroup Global Markets Canada Inc.
and UBS Securities Canada Inc.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;Share
Purchase Agreement dated May 21, 2003, among the
Corporation, NOVA and Buybackco.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;Indemnity
Agreement dated May 21, 2003 between NOVA, NPL,
Buybackco and the Corporation.
</FONT>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">*</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="98%"><FONT size="2">previously filed.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<P align="center"><FONT size="2"><B>SCHEDULE I</B>
</FONT>
<P align="center"><FONT size="2">Set forth below is the information required by Item&nbsp;2 of Schedule&nbsp;13D for<BR>
each executive officer and director of NOVA Chemicals Corporation.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>PRINCIPAL</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>NAME</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>OFFICER/DIRECTOR</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>CITIZENSHIP</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>OCCUPATION</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>NAME AND ADDRESS OF EMPLOYER</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>BUSINESS OF EMPLOYER</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Jerald A. Blumberg</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">U.S.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Retired President
and CEO of Ambar,
Inc.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Private oil field<BR>
services</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Dr. F. Peter Boer</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">U.S.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">President and Chief
Executive Officer
of Tiger Scientific
Inc.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Tiger Scientific Inc.<BR>
47 Country Road South<BR>
Boynton Beach, Florida 33436<BR>
U.S.A.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Science and
technology,
consulting and
investments</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Jacques Bougie, O.C.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Retired President
and Chief Executive
Officer, Alcan Inc.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">International<BR>
Aluminum Company</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Joanne Vanish Creighton</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">U.S.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">President and
Professor of
English, Mount
Holyoke College
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Mount Holyoke College<BR>
50 College Street, South<BR>
Hadley, Massachusetts, 01075
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Higher Education</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Robert E. Dineen, Jr.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">U.S.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Partner of Shearman
&#038; Sterling
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Shearman &#038; Sterling<BR>
599 Lexington Avenue<BR>
New York. N.Y. 10022<BR>
U.S.A.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Attorneys-at-Law</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">L. Yves Fortier,
C.C., Q.C.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Chairman and Senior
Partner of Ogilvy
Renault
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Ogilvy Renault<BR>
1981 McGill College Avenue,<BR>
Suite&nbsp;1200<BR>
Montreal, PQ<BR>
H3A 3C1
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Barristers and
Solicitors</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Kerry L. Hawkins</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">President of
Cargill Limited and
Chief Executive
Officer of Canadian
Operations of
Cargill Limited
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Cargill Limited<BR>
Box 5900<BR>
300, 240 Graham Avenue<BR>
Winnipeg, MB<BR>
R3C 4C5
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Grain handling,
transportation and
processing of
agricultural
products</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Jeffrey M. Lipton</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director/Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">U.S.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">President and Chief
Executive Officer
of NOVA Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals Corporation<BR>
1550 Coraopolis Heights<BR>
Road, Moon Township,<BR>
Pennsylvania 15108
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Arnold Martin Ludwick</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Retired Deputy
Chairman, Claridge
Inc.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Investment holding<BR>
company</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">James M. Edward Newall,
O.C.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Chairman of NOVA
Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Newall and Associates<BR>
2015, 855 &#151; 2nd Street S.W.<BR>
Calgary, Alberta<BR>
T2P 4J7
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Consulting</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Janice G. Rennie, F.C.A.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Principal, Rennie<BR>
&#038;&nbsp;Associates
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Rennie &#038; Associates<BR>
#101, 17936 &#151; 106A Avenue<BR>
Edmonton, Alberta T5S 1V3
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Investment<BR>
Management</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">James Mark Stanford</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">President, Stanford
Resource
Management, Inc.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Stanford Resource Management,<BR>
Inc., 3000, 150 &#151; 6th Avenue<BR>
S.W., Calgary, Alberta T2P 3Y7
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Investment<BR>
management</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Joseph D. Thompson</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Chairman of PCL
Construction Group
Inc.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">PCL Construction Group Inc.<BR>
5410 &#151; 99th Street<BR>
Edmonton, Alberta<BR>
T6E 3P4
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">General<BR>
construction<BR>
contractors</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">1</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>PRINCIPAL</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>NAME</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>OFFICER/DIRECTOR</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>CITIZENSHIP</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>OCCUPATION</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>NAME AND ADDRESS OF EMPLOYER</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>BUSINESS OF EMPLOYER</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Christopher D. Pappas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">U.S.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">President,
Styrenics and
Senior Vice
President of NOVA
Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals Corporation<BR>
1550 Coraopolis Heights Road,<BR>
Moon Township, Pennsylvania <BR>
15108
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Lawrence A. MacDonald</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Senior Vice
President &#038; Chief
Financial Officer
of NOVA Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals Corporation<BR>
1550 Coraopolis Heights Road,<BR>
Moon Township, Pennsylvania <BR>
15108
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Jack S. Mustoe</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Senior Vice
President, Legal
and General Counsel
of NOVA Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals Corporation<BR>
1550 Coraopolis Heights Road,<BR>
Moon Township, Pennsylvania<BR>
15108
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Sheila H. O&#146;Brien, C.M.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Senior Vice
President, Human
Resources, Public
Affairs, Government
and Investor
Relations of NOVA
Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals Corporation<BR>
1550 Coraopolis Heights Road,<BR>
Moon Township, Pennsylvania<BR>
15108
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">A. Terence Poole</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Executive Vice
President,
Corporate Strategy
and Development of
NOVA Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals Corporation<BR>
1550 Coraopolis Heights Road,<BR>
Moon Township, Pennsylvania<BR>
15108
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Dale H. Spiess</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">U.S.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Senior Vice
President and
President,
Olefins/Polyolefins
of NOVA Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals Corporation<BR>
1550 Coraopolis Heights Road,<BR>
Moon Township, Pennsylvania<BR>
15108
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">John L. Wheeler</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">U.S.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Senior Vice
President and Chief
Information Officer
of NOVA Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals Corporation<BR>
1550 Coraopolis Heights Road,<BR>
Moon Township, Pennsylvania<BR>
15108
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">2</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<P align="left"><FONT size="2">Set forth below is the information
required by Item&nbsp;2 of Schedule&nbsp;13D<BR>
for each executive officer and director of NOVA Petrochemicals Ltd.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>PRINCIPAL</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>NAME AND ADDRESS OF</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>NAME</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>OFFICER/DIRECTOR</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>CITIZENSHIP</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>OCCUPATION</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>EMPLOYER</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>BUSINESS OF EMPLOYER</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Ronald E.J. Kemle</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director/Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Assistant Secretary
of NOVA Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals Corporation<BR>
645 7th Avenue S.W.<BR>
Calgary, Alberta<BR>
T2P 4G8
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Jack S. Mustoe</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director/Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Senior Vice
President, Legal
and General Counsel
of NOVA Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals<BR>
Corporation, 1550<BR>
Coraopolis Heights Road,<BR>
Moon Township,<BR>
Pennsylvania 15108
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Dale H. Spiess</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">U.S.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Senior Vice
President and
President,
Olefins/Polyolefins
of NOVA Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals<BR>
Corporation, 1550<BR>
Coraopolis Heights Road,<BR>
Moon Township,<BR>
Pennsylvania 15108
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">A. Terence Poole</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Executive Vice
President,
Corporate Strategy
and Development of
NOVA Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals<BR>
Corporation, 1550<BR>
Coraopolis Heights Road,<BR>
Moon Township,<BR>
Pennsylvania 15108
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">1</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="2"><B>SCHEDULE III</B>
</FONT>
<P align="center"><FONT size="2">Set forth below is the information required by Item&nbsp;2 of Schedule&nbsp;13D<BR>
for each executive officer and director of 6097570 Canada Inc.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>PRINCIPAL</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>NAME AND ADDRESS OF</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>NAME</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>OFFICER/DIRECTOR</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>CITIZENSHIP</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>OCCUPATION</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>EMPLOYER</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>BUSINESS OF EMPLOYER</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Ronald E.J. Kemle</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Assistant Secretary
of NOVA Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals Corporation<BR>
645 7th Avenue S.W.<BR>
Calgary, Alberta<BR>
T2P 4G8
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Jack S. Mustoe</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Senior Vice
President, Legal
and General Counsel
of NOVA Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals<BR>
Corporation, 1550<BR>
Coraopolis Heights Road,<BR>
Moon Township,<BR>
Pennsylvania 15108
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Susan J. Wright</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Vice-President,
Legal and Secretary
of NOVA Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals<BR>
Corporation, 1550<BR>
Coraopolis Heights Road,<BR>
Moon Township,<BR>
Pennsylvania 15108
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Sandy Steinberg</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian and U.S.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Vice President, Tax
of NOVA Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals<BR>
Corporation, 1550<BR>
Coraopolis Heights Road,<BR>
Moon Township,<BR>
Pennsylvania 15108
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Stan Magidson</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director/Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Senior Partner
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Osler, Hoskin &#038; Harcourt<BR>
LLP Suite&nbsp;1900<BR>
333-7th Avenue, S.W.<BR>
Calgary, Alberta<BR>
T2P 2Z1
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Barristers and
Solicitors</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">1</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="2"><B>SCHEDULE IV</B>
</FONT>
<P align="center"><FONT size="2">Set forth below is the information required by Item&nbsp;2 of Schedule&nbsp;13D<BR>
for each executive officer and director of 6097626 Canada Inc.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>PRINCIPAL</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>NAME AND ADDRESS OF</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>NAME</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>OFFICER/DIRECTOR</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>CITIZENSHIP</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>OCCUPATION</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>EMPLOYER</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>BUSINESS OF EMPLOYER</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Ronald E.J. Kemle</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Assistant Secretary
of NOVA Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals Corporation<BR>
645 7th Avenue S.W.<BR>
Calgary, Alberta<BR>
T2P 4G8
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Jack S. Mustoe</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Senior Vice
President, Legal
and General Counsel
of NOVA Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals<BR>
Corporation, 1550<BR>
Coraopolis Heights Road,<BR>
Moon Township,<BR>
Pennsylvania 15108
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Susan J. Wright</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Vice-President,
Legal and Secretary
of NOVA Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals<BR>
Corporation, 1550<BR>
Coraopolis Heights Road,<BR>
Moon Township,<BR>
Pennsylvania 15108
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Sandy Steinberg</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian and U.S.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Vice President, Tax
of NOVA Chemicals
Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">NOVA Chemicals<BR>
Corporation, 1550<BR>
Coraopolis Heights Road,<BR>
Moon Township,<BR>
Pennsylvania 15108
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">See Item&nbsp;2</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Stan Magidson</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director/Officer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Canadian
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Senior Partner
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Osler, Hoskin &#038; Harcourt<BR>
LLP Suite&nbsp;1900<BR>
333-7th Avenue, S.W.<BR>
Calgary, Albert<BR>
T2P 2Z1
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Barristers and
Solicitors</FONT></TD>
</TR>
</TABLE>
</CENTER>

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



</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>3
<FILENAME>o09983exv12.htm
<DESCRIPTION>COMMON SHARE UNDERWRITING AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Common Share Underwriting Agreement</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="right"><FONT size="2">Exhibit 12
</FONT>
<!-- link1 "COMMON SHARE UNDERWRITING AGREEMENT" -->
<P align="center"><FONT size="2"><B>COMMON SHARE UNDERWRITING AGREEMENT</B>
</FONT>

<P align="left"><FONT size="2">May&nbsp;21, 2003
</FONT>
<P align="left"><FONT size="2">Methanex Corporation<BR>
1800 &#151; 200 Burrard Street<BR>
Vancouver, British Columbia<BR>
V6C 3M1
</FONT>
<P align="left"><FONT size="2">- and -
</FONT>
<P align="left"><FONT size="2">Nova Chemicals Corporation<BR>
645 Seventh Avenue S.W.<BR>
P.O. Box 2518, Station M<BR>
Calgary, Alberta<BR>
T2P 5C6
</FONT>
<P align="left"><FONT size="2">- and -
</FONT>
<P align="left"><FONT size="2">Nova Petrochemicals Ltd.<BR>
c/o Nova Chemicals Corporation<BR>
645 Seventh Avenue S.W.<BR>
P.O. Box 2518, Station M<BR>
Calgary, Alberta<BR>
T2P 5C6
</FONT>
<P align="left"><FONT size="2">Ladies and Gentlemen:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We understand that Nova Petrochemicals Ltd., a corporation incorporated
under the laws of Alberta (&#147;NPL&#148;), a subsidiary of Nova Chemicals Corporation,
a corporation incorporated under the laws of Alberta (&#147;NOVA&#148;) (collectively the
&#147;Selling Shareholders&#148;), proposes to sell to the underwriters named in Schedule
A hereto (the &#147;Underwriters&#148;) 37,946,876 common shares in the capital of
Methanex Corporation (the &#147;Common Shares&#148;), a corporation continued under the
laws of Canada (the &#147;Company&#148;). The Common Shares to be sold by the Selling
Shareholders are referred to herein as the &#147;Offered Shares&#148;.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall, under the applicable laws of the Qualifying Provinces
(as hereinafter defined), (i)&nbsp;as soon as possible and in any event by 3:15 p.m.
(Toronto time) on May&nbsp;21, 2003, prepare and file, and (ii)&nbsp;as soon as possible
and in any event by 4:30 p.m. (Toronto time) on May&nbsp;21, 2003, obtain an MRRS
Decision Document dated the date of filing issued by the Reviewing Authority
(as hereinafter defined), in its capacity as principal regulator pursuant to NP
43-201 evidencing that a receipt
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="left"><FONT size="2"> has been issued by the securities regulatory authorities (the &#147;Qualifying
Authorities&#148;) in each province of Canada (the &#147;Qualifying Provinces&#148;) in
respect of, in each case, a preliminary short form prospectus of the Company
relating to the Offered Shares, including the documents incorporated by
reference in the English and French languages, as applicable (the &#147;Canadian
Preliminary Prospectus&#148;), and other related documents in respect of the
proposed distribution of the Offered Shares. The Company has identified the
British Columbia Securities Commission (the &#147;Reviewing Authority&#148;) as its
principal regulator in respect of the proposed distribution of the Offered
Shares. The Company shall also, immediately after the filing of the Canadian
Preliminary Prospectus, but in any event no later than 3:15 p.m. (Toronto time)
on May&nbsp;21, 2003, prepare and file pursuant to the multi-jurisdictional
disclosure system with the United States Securities and Exchange Commission
(the &#147;Commission&#148;) a registration statement on Form&nbsp;F-10 covering the
registration of the Offered Shares under the United States Securities Act of
1933, as amended, and the applicable rules and regulations thereunder adopted
by the Commission (the &#147;Act&#148;), including the Canadian Preliminary Prospectus in
the English language (with such deletions therefrom and additions thereto as
are permitted or required by Form&nbsp;F-10 and the applicable rules and regulations
of the Commission) (the &#147;U.S. Preliminary Prospectus&#148;). Such registration
statement on Form&nbsp;F-10, including the exhibits thereto and the documents
incorporated by reference therein, as amended at the time it becomes effective,
is herein called the &#147;Registration Statement&#148;.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall, under the applicable laws of the Qualifying Provinces,
(i)&nbsp;as soon as possible after any comments of the Qualifying Authorities have
been satisfied and in any event by 4:00 p.m. (Toronto time) on May&nbsp;29, 2003 (or
in any case, by such later date or dates as may be determined by the
Underwriters in their sole discretion), prepare and file, and (ii)&nbsp;as soon as
possible and in any event by 4:30 p.m. (Toronto time) on May&nbsp;29, 2003, obtain
an MRRS Decision Document dated the date of filing issued by the Reviewing
Authority, in its capacity as principal regulator pursuant to NP 43-201,
evidencing that a receipt has been issued by the Qualifying Authorities in each
Qualifying Province in respect of, in each case, a final short form prospectus
of the Company relating to the Offered Shares, including the documents
incorporated by reference in the English and French languages, as applicable
(the &#147;Canadian Final Prospectus&#148;), and other related documents in respect of
the proposed distribution of the Offered Shares. The Company shall also,
immediately after the filing of the Canadian Final Prospectus but no later than
4:00 p.m. (Toronto time) on May&nbsp;29, 2003 (or in any case, by such later date or
dates as may be determined by the Underwriters in their sole discretion),
prepare and file pursuant to the multi-jurisdictional disclosure system with
the Commission, an amendment to the Registration Statement, including the
Canadian Final Prospectus in the English language (with such deletions
therefrom and additions thereto as are permitted or required by Form&nbsp;F-10 and
the applicable rules and regulations of the
</FONT>
<P align="center"><FONT size="2">2</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="left"><FONT size="2"> Commission) and shall use its best efforts to cause the Registration
Statement to become effective under the Act.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall prepare and file with the Commission an Appointment of
Agent for Service of Process and Undertaking for the Company on Form&nbsp;F-X in
conjunction with the initial filing of the Registration Statement (the &#147;Company
Form&nbsp;F-X&#148;).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any reference herein to the Canadian Prospectus shall be deemed to refer
to and include the documents incorporated by reference therein pursuant to
Canadian Securities Laws which were filed under Canadian Securities Laws on or
before the date of such prospectus; any reference herein to the Registration
Statement, the U.S. Preliminary Prospectus or the U.S. Prospectus, shall be
deemed to refer to and include the documents incorporated by reference therein
pursuant to Item&nbsp;4 of Form&nbsp;F-10 which were filed under the Exchange Act (as
hereinafter defined) on or before the Effective Time of such registration
statement or the date of such preliminary prospectus or prospectus, as the case
may be; any reference herein to the Prospectuses shall be deemed to refer to
and include each of the Canadian Prospectus, the U.S. Preliminary Prospectus
and the U.S. Prospectus and any reference herein to the terms &#147;amend&#148;,
&#147;amendment&#148; or &#147;supplement&#148; with respect to any of the Prospectuses, as the
case may be, shall be deemed to refer to and include all documents deemed to be
incorporated by reference therein, the filing of any document under Canadian
Securities Laws or the Exchange Act that are filed after the date of the
Prospectuses or after their respective Effective Time, as the case may be,
deemed to be incorporated therein by reference. Certain terms used herein are
defined in Section&nbsp;20 hereof.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>1.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Representations and Warranties</B>. The Company represents and warrants to,
and agrees with, each Underwriter and each Selling Shareholder as set
forth below in this Section&nbsp;1.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company meets the general eligibility requirements for
use of a short form prospectus under National Instrument 44-101 and
for use of Form&nbsp;F-10 under the Act. At the time the Registration
Statement becomes effective, an MRRS Decision Document will have
been obtained from the Reviewing Authority evidencing the issuance
by the Qualifying Authorities of a receipt for the Canadian Final
Prospectus and no order suspending the distribution of the Offered
Shares will have been issued by any Qualifying Authority, any stock
exchange in Canada or any court and no proceedings for that purpose
will have been instituted or will be pending or, to the knowledge of
the Company, will be contemplated by any Qualifying Authority, and
any request on the part of any Qualifying Authority for additional
information will have been complied with. As of the Closing Time,
the</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">3</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Registration Statement and any post-effective amendment thereto,
each in the form delivered or to be delivered to the Underwriters,
will have become effective under the Act in such form; no stop
order suspending the effectiveness of the Registration Statement
will have been issued under the Act and no proceedings for that
purpose will have been instituted or will be pending, or to the
knowledge of the Company, will be contemplated by the Commission;
and any request on the part of the Commission for additional
information, if any, will have been complied with.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The acquisition by the Company of the Titan methanol facility
in Trinidad described in the Prospectus is not a &#147;significant
acquisition&#148;, as such term is defined for the purposes of National
Instrument 44-101, nor does Part 5 thereof apply to the Company.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">(A)&nbsp;The Canadian Prospectus, when filed, complied and will,
on the Closing Date, comply in all material respects with Canadian
Securities Laws, as interpreted and applied by the Qualifying
Authorities; (B)&nbsp;at the respective time that the Reviewing Authority
will have issued an MRRS Decision Document for the Canadian
Prospectus, no other document with respect to such Prospectus was
required to be filed with the Qualifying Authorities by or on behalf
of the Company; (C)&nbsp;the U.S. Prospectus included in the Registration
Statement, at the time it will have become effective, will conform
to the Canadian Prospectus, except for such deletions therefrom and
additions thereto as are permitted or required by Form&nbsp;F-10 and the
applicable rules and regulations of the Commission; (D)&nbsp;the
Registration Statement and any amendments or supplements thereto,
when it will have become effective, and the Company Form&nbsp;F-X and any
amendments or supplements thereto, as of its filing date, and on the
Closing Date, will comply in all material respects with the
requirements of the Act; (E)&nbsp;neither the Registration Statement nor
any amendment or supplement thereto, when it will have become
effective and on the Closing Date, will contain an untrue statement
of a material fact or will omit to state a material fact required to
be stated therein or necessary in order to make the statements
therein not misleading; and (F)&nbsp;each of the Prospectuses and any
Supplementary Material, together with any amendment or supplement
thereto, on its date or on the Closing Date, will constitute full,
true and plain disclosure of all material facts relating to the
Company and its subsidiaries considered as one enterprise and the
Offered Shares and did not and will not include a misrepresentation,
and did not and will not include any untrue statement of a material
fact or omit to state a material fact necessary in</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">4</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided,
however, that for clauses (E)&nbsp;and (F)&nbsp;above, the Company makes no
representations or warranties as to the information contained in or
omitted from the Registration Statement, any of the Prospectuses or
any Supplementary Material (or any amendment or supplement thereto)
in reliance upon and in conformity with information furnished in
writing to the Company by (i)&nbsp;NOVA specifically for inclusion in
such material (or any amendment or supplement thereto) relating to
NOVA and its subsidiaries or (ii)&nbsp;the Representatives on behalf of
any Underwriter specifically for inclusion in such material (or any
amendment or supplement thereto) relating to the Underwriters.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Each document filed or to be filed with the Qualifying
Authorities and incorporated by reference in the Canadian Prospectus
complied or will comply when so filed in all material respects with
applicable Canadian Securities Laws and none of such documents
contained or will contain any untrue statement of a material fact or
omitted or will omit to state a material fact required to be stated
therein or necessary to make the statements therein, in light of the
circumstances under which they were or are made, not misleading; and
the documents incorporated or deemed to be incorporated by reference
in the Registration Statement, the U.S. Prospectus, at the time they
were or hereafter are filed with the Commission, complied and will
comply in all material respects with the applicable requirements of
the Act and the Exchange Act and none of such documents contained or
will contain any untrue statement of a material fact or omitted or
will omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the
circumstances under which they were or are made, not misleading.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">There are no reports or other information that, in accordance
with the requirements of the Qualifying Authorities, must be made
publicly available in connection with the offering of the Offered
Shares that have not been made publicly available as required; there
are no documents required to be filed with the Qualifying
Authorities in connection with the Canadian Prospectus that have not
been filed as required; there are no contracts, documents or other
materials required to be described or referred to in the
Registration Statement, or the Prospectuses which would have to be
filed or incorporated by reference as exhibits to the Registration
Statement, that are not described, referred to or filed or
incorporated by reference as required</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">5</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">and, in the case of those documents filed, delivered to the
Underwriters.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(f)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Neither the Company nor any of its subsidiaries has
sustained, since the date of the latest audited financial statements
included or incorporated by reference in the Prospectuses, any
material loss or interference with its business from fire,
explosion, flood or other calamity, whether or not covered by
insurance, or from any labour dispute or court or governmental
action, order or decree, otherwise than as set forth or contemplated
in the Prospectuses, except where such event has not had or would
not have a Material Adverse Effect (as defined herein); and, since
the respective dates as of which information is given in the
Registration Statement and the Prospectuses, there has not been any
change in the share capital or long-term debt of the Company or any
of its subsidiaries or any material adverse change, or any
development involving a prospective material adverse change, in or
affecting the general affairs, management, financial position,
shareholders&#146; equity or results of operations of the Company and its
subsidiaries taken as a whole (&#147;Material Adverse Effect&#148;), otherwise
than as set forth or contemplated in the Prospectuses.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(g)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company or one of its subsidiaries has good and
marketable title in fee simple to all real property and good and
marketable title to all personal property owned by it and that is
material to the business of the Company and its subsidiaries, taken
as a whole, in each case free and clear of all liens, encumbrances
and defects except such as are described in the Prospectuses or such
as do not individually or in the aggregate materially affect the
value of such property and do not individually or in the aggregate
interfere with the use made and proposed to be made of such property
by the Company or its subsidiaries; and any real property and
buildings, that are material to the business of the Company and its
subsidiaries, taken as a whole, held under lease by the Company or
one of its subsidiaries is held by it under valid, subsisting and
enforceable leases with such exceptions as are not material and do
not interfere with the use made and proposed to be made of such
property and buildings by the Company or its subsidiaries.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(h)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Each subsidiary of the Company, as that term is defined in
Rule&nbsp;1-02 of Regulation&nbsp;S-X under the Act (&#147;Rule&nbsp;1-02&#148;), that is a
&#147;significant subsidiary&#148; of the Company (as such term is defined in
Rule&nbsp;1-02) (each a &#147;Significant Subsidiary&#148; and, collectively, the
&#147;Subsidiaries&#148;) is listed in Schedule&nbsp;B to this Agreement.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">6</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Each of the Company and its Subsidiaries has been duly
incorporated, amalgamated or continued, as the case may be, has been
duly organized and is validly existing as a corporation in good
standing under the laws of its jurisdiction of incorporation,
amalgamation or continuance with the power and authority (corporate
and other) to own its properties and conduct its business as
described in the Prospectuses, and has been duly qualified as an
extra-provincial or foreign corporation for the transaction of
business and is in good standing under the laws of each other
jurisdiction in which it owns or leases properties or conducts any
business so as to require such qualification, or is subject to no
liability or disability by reason of the failure to be so qualified
in any such jurisdiction, except where such failure to be so
qualified would not have a Material Adverse Effect.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(j)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company has an authorized capitalization as set forth in
the Prospectuses, and all of the issued shares in the capital of the
Company have been duly and validly authorized and issued and are
fully paid and non-assessable; as of the Closing Time, the Offered
Shares will be duly and validly authorized and issued as fully paid
and non-assessable Common Shares and all of the issued and
outstanding shares of each Subsidiary have been duly and validly
authorized and issued, are fully paid and non-assessable and (except
for directors&#146; qualifying shares) are owned directly or indirectly
by the Company in the percentages set forth on Schedule&nbsp;B hereto,
free and clear of all liens, encumbrances, equities or claims and
there are no restrictions on transfers of the Common Shares,
subsequent to their issue, under the laws of Canada or of the United
States.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(k)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company has the corporate power and capacity to execute,
deliver and perform its obligations under this Agreement and the
Share Purchase Agreement. This Agreement and the Share Purchase
Agreement have been duly authorized, executed and delivered by the
Company and constitute legal, valid and binding obligations of the
Company, enforceable against the Company in accordance with their
respective terms, except as enforcement hereof or thereof may be
limited by bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the rights of creditors generally and except
as limited by the application of equitable principles when equitable
remedies are sought and subject to the fact that rights of indemnity
and contribution may be limited by applicable law.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(l)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Other than as provided under section 8.1 of the Registration
Rights Agreement, the holders of the outstanding Common Shares or
any other securities of the Company are not entitled to any
preemptive or</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">7</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">other rights to subscribe for Common Shares and the sale of the
Offered Shares will not be subject to any preemptive or other
rights to subscribe for any securities of the Company. Except as
provided under the Registration Rights Agreement, holders of
securities of the Company have no right to require the Company to
file a registration statement under the Act or a prospectus under
Canadian Securities Laws with respect to any securities of the
Company or to require the Company to include such securities with
the Offered Shares registered pursuant to the Registration
Statement or qualified under the Canadian Prospectus.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(m)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">All of the outstanding Common Shares are, and at the Closing
Time the Offered Shares will be, duly listed, and admitted and
authorized for trading, on the Toronto Stock Exchange and the Nasdaq
National Market.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(n)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Neither the sale and delivery of the Offered Shares, the
compliance by the Company with the provisions of this Agreement, nor
the consummation of any other of the transactions contemplated
herein, including the Reorganization Transaction and the Repurchase
Transaction, nor the fulfilment of the terms hereof will (i)
conflict with or result in a breach or violation of any of the terms
or provisions of, or constitute a default under, any indenture,
mortgage, deed of trust, loan agreement or other agreement or
instrument to which the Company or any of its subsidiaries is a
party or by which the Company or any of its subsidiaries is bound or
to which any of the property or assets of the Company or any of its
subsidiaries is subject (except for such conflicts, breaches,
violations or defaults which would not result in a Material Adverse
Effect), (ii)&nbsp;result in any violation of the provisions of the
Articles of Continuance or By-laws, as amended, of the Company or
(iii)&nbsp;contravene any statute or any order, rule or regulation of any
court, central bank, stock exchange or governmental agency or body
(&#147;Governmental Agency&#148;) having jurisdiction over the Company or any
of its subsidiaries or any of their properties that would have a
Material Adverse Effect; and no consent, approval, authorization,
order, registration, clearance or qualification (&#147;Governmental
Authorization&#148;) of or with any such Governmental Agency is required
for the issue and sale of the Offered Shares or the consummation by
the Company of the transactions contemplated by this Agreement,
including the Reorganization Transaction or the Repurchase
Transaction, except for the filing of the Prospectuses in respect of
the Offered Shares under Canadian Securities Laws and the Repurchase
Relief to be granted under Canadian Securities Laws, the
registration</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">8</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">under the Act of the Offered Shares and such Governmental
Authorizations as may be required under state securities or blue
sky laws in connection with the purchase and distribution of the
Offered Shares by the Underwriters.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(o)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Neither the Company nor any of its Subsidiaries is (A)&nbsp;in
violation of its Articles of Continuance or By-laws (or other
constating instrument, as applicable) or (B)&nbsp;in default in the
performance or observance of any obligation, covenant or condition
contained in any indenture, mortgage, deed of trust, loan agreement,
lease or other agreement or instrument to which it is a party or by
which it or any of its properties may be bound (except, in the case
of clause (B)&nbsp;above, for such defaults which would not result in a
Material Adverse Effect).</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(p)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The statements set forth in the Canadian Prospectus under the
headings &#147;Description of Share Capital&#148;, &#147;Certain Income Tax
Considerations&#148;, &#147;Plan of Distribution&#148;, &#147;Eligibility for
Investment&#148; and &#147;Purchasers&#146; Statutory Rights&#148; and in the
Registration Statement under the heading &#147;Indemnification of
Directors and Officers&#148;, insofar as they purport to describe the
provisions of the laws and documents referred to therein, are a fair
summary of such terms and provisions and insofar as such statements
constitute legal considerations, are accurate and correct in all
material respects.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(q)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Except as disclosed in the Prospectuses or as would not
individually or in the aggregate have a Material Adverse Effect (A)
the Company and its subsidiaries are each in compliance with all
applicable Environmental Laws (as defined herein), (B)&nbsp;the Company
and its subsidiaries have all permits, authorizations and approvals
required under any applicable Environmental Laws and are in
compliance with their requirements, (C)&nbsp;there are no pending or, to
the knowledge of the Company, threatened Environmental Claims (as
defined herein) against the Company or any of its subsidiaries, and
(D)&nbsp;to the knowledge of the Company, there are no circumstances with
respect to any property or operations of the Company or its
subsidiaries that could reasonably be anticipated to form the basis
of an Environmental Claim against the Company or its subsidiaries.
In addition, based upon the Company&#146;s reviews, conducted in the
ordinary course of its business, of the effect of Environmental Laws
on the business and operations of the Company and its subsidiaries,
the Company has reasonably concluded that, except as disclosed in
the Prospectuses, the costs and liabilities under Environmental Laws
(including, without limitation, any capital or operating
expenditures required for clean-up, remediation, closure of
properties or compliance with Environmental</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">9</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Laws or any permit, license or approval, any related constraints on
operating activities and potential liabilities to third parties)
would not, singularly or in the aggregate, have a Material Adverse
Effect, or be required to be disclosed in the Prospectuses.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">For purposes of this subsection, the following terms shall have the
following meanings: &#147;Environmental Law&#148; means any Canadian, United
States, Chilean, New Zealand or Trinidad (or other applicable
jurisdiction&#146;s) federal, provincial, state, local or municipal
statute, law, rule, regulation, ordinance, code, or rule of common
law and any judicial or administrative interpretation thereof,
including any judicial or administrative order, consent decree or
judgment, relating to the environment, health, safety or any
chemical, material or substance, exposure to which is prohibited,
limited or regulated by any governmental authority. &#147;Environmental
Claim&#148; means any administrative, regulatory or judicial action,
suit, demand, demand letter, claim, lien, notice of non-compliance
or violation, investigation or proceeding relating in any way to
any Environmental Law.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(r)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Other than as set forth in the Prospectuses, there are no
legal or governmental proceedings pending to which the Company or
any of its subsidiaries is a party or of which any property of the
Company or any of its subsidiaries is the subject which, if
determined adversely to the Company or any of its subsidiaries,
would individually or in the aggregate have a Material Adverse
Effect; and, to the best of the Company&#146;s knowledge, no such
proceedings are threatened or contemplated by any Governmental
Agency or threatened by others.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(s)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company is not and, after giving effect to the offering
and sale of the Offered Shares, will not be an &#147;investment company&#148;,
as such term is defined in the United States Investment Company Act
of 1940, as amended (the &#147;Investment Company Act&#148;).</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(t)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company and each of its subsidiaries have all licenses,
franchises, permits, authorizations, approvals and orders and other
concessions of and from all Governmental Agencies (collectively,
&#147;Permits&#148;) that are necessary to own or lease their properties and
conduct their businesses as described in the Prospectuses, except
where the failure to obtain such Permit would not have a Material
Adverse Effect.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(u)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company or one of its subsidiaries owns or possesses, or
can acquire on reasonable terms, adequate patents, patent rights,
licenses, inventions, copyrights, know how (including trade secrets
and other unpatented and/or unpatentable proprietary or confidential</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">10</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">information, systems or procedures), trademarks, service marks,
trade names or other intellectual property (collectively,
&#147;Intellectual Property&#148;) necessary to carry on the business now
operated by the Company and its subsidiaries, and neither the
Company nor any of its subsidiaries has received any notice or is
otherwise aware of any infringement of or conflict with asserted
rights of others with respect to any Intellectual Property or of
any facts or circumstances which would render any Intellectual
Property invalid or inadequate to protect the interest of the
Company or any of its subsidiaries therein, and which infringement
or conflict (if the subject of any unfavourable decision, ruling or
finding) or invalidity or inadequacy, individually or in the
aggregate, would result in a Material Adverse Effect.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Neither the Company nor any of its subsidiaries has taken,
directly or indirectly, any action which was designed to or which
has constituted or which might reasonably be expected to cause or
result in stabilization or manipulation of the price of any security
of the Company or, except as permitted by this Agreement, facilitate
the sale or resale of the Offered Shares.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(w)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">KPMG LLP, who have audited and reported on certain annual
consolidated financial statements of the Company and its
subsidiaries, are independent public accountants as required by the
Act and the rules and regulations thereunder and are independent
with respect to the Company within the meaning of the Canada
Business Corporations Act and Canadian Securities Laws.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(x)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The consolidated financial statements included in the
Prospectuses, together with the related schedules, if any, and
notes, present fairly the financial position of the Company and its
consolidated subsidiaries at the dates indicated and the
consolidated statements of income and retained earnings and cash
flows of the Company and its consolidated subsidiaries for the
periods specified; such financial statements have been prepared in
accordance with generally accepted accounting principles in Canada
(&#147;Canadian GAAP&#148;) applied on a consistent basis throughout the
periods involved and, except for the interim consolidated financial
statements included in the Prospectuses, have been reconciled to
generally accepted accounting principles in the United States of
America (&#147;U.S. GAAP&#148;) in accordance with Item&nbsp;18 of Form&nbsp;20-F under
the Exchange Act.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(y)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">No labour dispute with the employees of the Company or any
subsidiary exists or, to the knowledge of the Company, is imminent,
and the Company is not aware of any existing or imminent labour</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">11</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">disturbance by the employees of any of its or any subsidiary&#146;s
principal suppliers, manufacturers, customers or contractors,
which, in either case, may reasonably be expected to result in a
Material Adverse Effect.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(z)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Except as disclosed in the Prospectuses, neither the Company
nor any of its subsidiaries is a party to any contract, agreement or
understanding with any officer, director, employee, insider or any
other person not dealing at arm&#146;s length with the Company which is
required to be disclosed under the Act or applicable Canadian
Securities Laws.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(aa)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Neither the Company nor any of its subsidiaries has conducted
any transactions with the government of Cuba, Libya, Iran, Iraq,
Sudan, Angola, North Korea, Syria, or Myanmar (Burma) (the
&#147;Prohibited Countries&#148;) or with any person or entity located in any
of the Prohibited Countries.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(bb)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">CIBC Mellon Trust Company at its principal offices in the
cities of Toronto and Vancouver has been duly appointed as the
registrar and transfer agent in respect of the Common Shares.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(cc)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The French language version of the Canadian Prospectus,
including the financial statements and other financial data
contained therein, is in all material respects a complete and proper
translation of the English language versions thereof, and is not
susceptible of any materially different interpretation with respect
to any material matter contained therein.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate signed by any officer of the Company and delivered to the
Representatives or a Selling Shareholder or counsel for the Underwriters or the
Selling Shareholders in connection with the offering of the Offered Shares
shall be deemed a representation and warranty by the Company, as to matters
covered thereby, to each Underwriter or to each Selling Shareholder, as the
case may be.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>2.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Representations and Warranties of the Selling Shareholders</B>. Each of the
Selling Shareholders represents and warrants to, and agrees with, the
Company and each Underwriter as set forth below in this Section&nbsp;2.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Each Selling Shareholder is duly incorporated and organized
and is validly existing under the laws of the Province of Alberta
and has all requisite corporate power and authority to own or lease
its properties
and assets, to carry on its business and to sell and deliver the
Offered Shares to be sold by it hereunder.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">12</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Neither Selling Shareholder is selling the Offered Shares to
be sold by it hereunder based on information that it holds that has
not otherwise been made publicly available, which, if such
information was made publicly available, could reasonably have a
material impact on the price or value of the Common Shares.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Each Selling Shareholder has the corporate power and capacity
to execute, deliver and perform its obligations under this Agreement
and the Share Purchase Agreement. This Agreement and the Share
Purchase Agreement have been duly authorized, executed and delivered
by each Selling Shareholder and constitute legal, valid and binding
obligations of each Selling Shareholder enforceable against them in
accordance with their respective terms, except as enforcement hereof
or thereof may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the rights of creditors
generally and except as limited by the application of equitable
principles when equitable remedies are sought and subject to the
fact that rights of indemnity and contribution may be limited by
applicable law.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Neither the sale or delivery of the Offered Shares, nor the
consummation of the Reorganization Transaction, the Repurchase
Transaction or any other of the transactions contemplated herein,
nor the fulfilment of the terms hereof will (i)&nbsp;conflict with or
result in a breach or violation of any of the terms or provisions
of, or constitute a default under, any indenture, mortgage, deed of
trust, loan agreement or other agreement or instrument to which
either Selling Shareholder or any of their respective subsidiaries
is a party or by which either Selling Shareholder or any of their
respective subsidiaries is bound or to which any of the property or
assets of either Selling Shareholder or any of their respective
subsidiaries is subject, (ii)&nbsp;result in any violation of the
articles, by-laws or other constating documents of either Selling
Shareholder, (iii)&nbsp;contravene any statute or any order, rule or
regulation of any Governmental Agency having jurisdiction over
either Selling Shareholder or any of their respective subsidiaries
or over the properties or assets of either Selling Shareholder or
their respective subsidiaries; and no Governmental Authorization of
or with any such Governmental Agency is required for the issue and
sale of the Offered Shares or the consummation by the Selling
Shareholders of the Reorganization Transaction, the Repurchase
Transaction or any of the other transactions contemplated by this
Agreement, except for the
filing of the Prospectuses in respect of the Offered Shares under
Canadian Securities Laws and the Repurchase Relief to be granted</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">13</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">under Canadian Securities Laws, the registration under the Act of
the Offered Shares and such Governmental Authorizations as may be
required under state securities or Blue Sky laws in connection with
the purchase and distribution of the Offered Shares by the
Underwriters.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">(A)&nbsp;Each Selling Shareholder, directly or indirectly, has,
and on the Closing Date, will directly have, valid marketable title
to a number of Common Shares equivalent to the number of Offered
Shares to be sold by it, free and clear of any hypothec, lien,
charge, claim, encumbrance, pledge, security interest, defect or
other restriction on transfer of any kind; (B)&nbsp;each Selling
Shareholder has the full right, power and authority to sell, assign
and transfer a number of Common Shares equivalent to the number of
Offered Shares to be sold by it to the Underwriters; and (C)&nbsp;upon
the delivery of the Offered Shares, the holders thereof will obtain
good and marketable title to such Offered Shares, free and clear of
any hypothec, lien, charge, claim, encumbrance, pledge, security
interest, defect or other restriction on transfer of any kind.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(f)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Neither Selling Shareholder nor any of their respective
subsidiaries has taken, directly or indirectly, any action which was
designed to or which has constituted or which might reasonably be
expected to cause or result in stabilization or manipulation of the
price of any security of the Company or, except as permitted by this
Agreement, facilitate the sale or resale of the Offered Shares.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(g)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Neither Selling Shareholder nor any of their respective
subsidiaries has conducted any transactions with the government of
any Prohibited Country or with any person or entity located in any
of the Prohibited Countries. The net proceeds from the sale of the
Offered Shares (as described in the Prospectus under the caption
&#147;Use of Proceeds&#148;) have not been and will not be, directly or
indirectly, invested in or committed to any business activities in
any of the Prohibited Countries.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(h)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Other than as contemplated by this Agreement, there is no
broker, finder, agent or other party that is entitled to receive
from either Selling Shareholder any brokerage or finder&#146;s fee or
other fee or commission as a result of any of the transactions
contemplated by this Agreement, and in the event that any such
person acting for and on behalf of or representing a Selling
Shareholder would be entitled to receive any such fee from the
Underwriters by operation of law, the
Selling Shareholders jointly and severally agree to indemnify and
hold</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">14</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">harmless each Underwriter from such fee and as well as from
any costs and expenses reasonably incurred in respect thereof.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The information relating to NOVA and its subsidiaries
contained in the Prospectuses and any Supplementary Material,
together with any amendments or supplements thereto, on its date
and, on the Closing Date, constituted and will constitute full, true
and plain disclosure of all material facts relating thereto and did
not and will not include any misrepresentation, and did not and will
not include any untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements therein,
in the light of the circumstances in which they were made, not
misleading. Neither the Registration Statement, nor any amendment
or supplement thereto when they will have become effective and on
the Closing Date, will contain an untrue statement of a material
fact relating to NOVA and its subsidiaries or omit to state a
material fact relating thereto required to be stated therein or
necessary in order to make the statements therein not misleading.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(j)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">No withholding tax imposed under the federal laws of Canada
or the laws of the Province of Alberta will be payable in respect of
the payment of the Underwriting Fee by the Selling Shareholders to
an Underwriter that is not resident in Canada for the purposes of
the <I>Income Tax Act </I>(Canada), provided that such Underwriter deals at
arm&#146;s length with the Selling Shareholders (as such term is
understood for the purposes of the Income Tax Act (Canada)), such
Underwriting Fee is payable in respect of services rendered by such
Underwriter wholly outside of Canada that are performed in the
ordinary course of business carried on by the Underwriter that
includes the performance of such services for a fee and the amount
of such Underwriting Fee is reasonable in the circumstances.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(k)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">No goods and services tax imposed under the federal laws of
Canada will be payable by a Selling Shareholder in respect of the
payment of the Underwriting Fee to an Underwriter that is not
resident in Canada, provided that such Underwriting Fee is in
respect of services performed by such Underwriter wholly outside of
Canada.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(l)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">No stamp duty, documentary taxes or similar taxes are payable
by the Company under the federal laws of Canada or the laws of the
Province of Alberta in connection with the sale and delivery of the
Offered Shares pursuant to this Agreement by either Selling
Shareholder.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">15</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate signed by any officer of a Selling Shareholder and
delivered to the Representatives or to the Company or counsel for the
Underwriters or for the Company in connection with the offering of the Offered
Shares shall be deemed a representation and warranty by the Selling
Shareholder, as to matters covered thereby, to each Underwriter or to the
Company, as the case may be.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>3.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Purchase and Sale</B>.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Subject to the terms and conditions and in reliance upon the
representations and warranties herein set forth NPL agrees to sell
and deliver 37,946,876 Offered Shares, and the Underwriters agree,
severally and not jointly, to purchase all, but not less than all,
of the Offered Shares, in the respective percentages set forth
opposite each Underwriter&#146;s name in Schedule&nbsp;A hereto, at a purchase
price of Cdn$13.30 per Offered Share in the case of Offered Shares
sold by the Underwriters in Canadian dollars and a purchase price of
US$9.85 per Offered Share in the case of Offered Shares sold by the
Underwriters in U.S. dollars (collectively the &#147;Purchase Price&#148;), to
be paid in the manner described in Section&nbsp;4.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">For greater certainty, it is the intention of the parties
that the Offered Shares to be delivered and sold by each Selling
Shareholder pursuant to the terms of this Agreement shall be Common
Shares that will be issued to NOVA and NPL following the date of
this Agreement and prior to the Closing Date, pursuant to a series
of transactions to be entered into among NOVA, NPL and the Company
(the &#147;Reorganization Transaction&#148;). In the event that the
Reorganization Transaction is not completed on or before the Closing
Date, in order to meet their respective obligations hereunder, each
Selling Shareholder shall be entitled to sell Common Shares
otherwise acquired by them, including any Common Shares owned by
them on the date hereof. Nothing in this Agreement shall be
construed so as to preclude a Selling Shareholder from dealing in
any way with the Common Shares held by it between the date of this
Agreement and the Closing Date, including without limitation, a
disposition of its currently owned Common Shares pursuant to the
Reorganization Transaction.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">In consideration for the Underwriters&#146; agreement to purchase
the Offered Shares, and in consideration for their services
hereunder, NOVA, on its own behalf and on behalf of NPL, shall pay
to the Representatives, for the account of the Underwriters, a fee
of Cdn$0.532 per Offered Share in the case of Offered Shares sold by
the Underwriters in Canadian dollars and a fee of US$0.394 per
Offered</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">16</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Share in the case of Offered Shares sold by the Underwriters in
U.S. dollars (collectively, the &#147;Underwriting Fee&#148;).</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>4.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Delivery and Payment</B>.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Delivery of and payment for the Offered Shares hereof shall
be made at 6:00 a.m. (Vancouver time) on June&nbsp;5, 2003, or at such
time on such later date not more than three Business Days after the
foregoing date as the Underwriters shall designate, which date and
time may be postponed by agreement between the Underwriters, the
Selling Shareholders and the Company or as provided in Section&nbsp;10
hereof, provided that such date shall not in any event be later than
July&nbsp;5, 2003 (such date and Closing Date and payment for the Offered
Shares being herein called the &#147;Closing Date&#148;).</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Delivery of the Offered Shares shall be made to the
Representatives for the respective accounts of the Underwriters
against payment through the Representatives of the Canadian and U.S.
dollar amounts representing the Purchase Price to NOVA by electronic
funds transfers, wire transfers, or through the facilities of The
Depository Trust Company and/or The Canadian Depository for
Securities Ltd., at the option of the Representatives, payable in
same-day funds to the accounts specified by NOVA. It is understood
that (i)&nbsp;NPL has authorized NOVA, for its own account, to accept
delivery of, and provide a receipt for, the purchase price for the
Offered Shares, and (ii)&nbsp;each Underwriter has authorized the
Representatives, for its account, to accept delivery of, provide a
receipt for, and make payment of the purchase price for, the Offered
Shares which it has agreed to purchase. The Representatives,
individually and not as representative of the Underwriters, may (but
shall not be obligated to) make payment of the purchase price for
the Offered Shares to be purchased by any Underwriter whose funds
have not been received by the Closing Time, but such payment shall
not relieve such Underwriter from its obligations hereunder.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">At the Closing Time, delivery of the Offered Shares by the
Selling Shareholders shall be made through the facilities of The
Depository Trust Company and/or The Canadian Depository for
Securities Ltd., or, in the event not practicable, the Selling
Shareholders shall duly and validly deliver to the Underwriters one
or more definitive share certificate(s) representing the Offered
Shares to be sold by them hereunder, endorsed in such name or names
as the Representatives will direct the Selling Shareholders in
writing not less than 24 hours prior to such Closing Time. The
Company and the Selling</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">17</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Shareholders shall, prior to the Closing Time, make all necessary
arrangements for the exchange of such definitive certificate(s), at
the principal offices of CIBC Mellon Trust Company in the City of
Vancouver for one or more global share certificates representing
the Offered Shares registered in the name of The Canadian
Depository for Securities Ltd. or The Depository Trust Company or
such other names as shall be designated by the Underwriters not
less than 24 hours prior to the Closing Time. NOVA shall pay all
fees and expenses payable to CIBC Mellon Trust Company in
connection with the preparation, delivery, certification and
exchange of the definitive share certificates contemplated by this
paragraph and the fees and expenses payable to or incurred by CIBC
Mellon Trust Company in connection with the initial or additional
transfers as may be required in the course of the distribution of
the Offered Shares. For greater certainty, the Company shall not
be entitled to receive any portion of the purchase price of any
Offered Shares to be paid by the Underwriters hereunder.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Concurrently with the payment by the Representatives of the
purchase price for the Offered Shares, NOVA, on its own behalf and
on behalf of NPL, shall pay to the Underwriters the Canadian and
U.S. dollar amounts representing the Underwriting Fee with respect
to the Offered Shares, through and as requested by the
Representatives, by certified cheques, bank drafts, wire transfers,
or through the facilities of The Depository Trust Company and/or The
Canadian Depository for Securities Ltd., at the option of the
Representatives, payable in same-day funds to the accounts specified
by the Representatives.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>5.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Offering by Underwriters</B>. It is understood that the Underwriters propose
to offer the Offered Shares for sale to the public as set forth in the
Canadian Prospectus and U.S. Prospectus. The Representatives shall give
prompt written notice, on behalf of the Underwriters, to the Company when,
in the opinion of the Underwriters, they have ceased distribution to the
public of the Offered Shares. Such notice will specify the total proceeds
realized in each of the Provinces of Canada from such distribution.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>6.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Agreements</B>.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Prior to the filing of each of the Registration Statement and
the Prospectuses, the Company shall permit the Underwriters to
participate fully in the preparation of such documents and shall
allow the Underwriters to conduct all due diligence investigation
which they reasonably require in order to fulfil their obligations
as underwriters under the Canadian Securities Laws and the Act,
including in order to</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">18</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">enable them responsibly to execute the certificates in the
Prospectuses required to be executed by them.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Contemporaneously with, or immediately prior to, the filing
of the Canadian Prospectus, the Company shall deliver to the
Underwriters, without charge, in Vancouver: (i)&nbsp;a copy of the
Canadian Prospectus, including all documents incorporated by
reference, in each of the English and French language, as
applicable, signed and certified as required by the Canadian
Securities Laws in the Qualifying Provinces; (ii)&nbsp;a copy of any
other document filed by the Company under the Canadian Securities
Laws; (iii)&nbsp;opinions of McCarthy T&#233;trault LLP, Canadian counsel to
the Company, dated, in the case of the Canadian Preliminary
Prospectus, as of the date of the Canadian Preliminary Prospectus
and, in the case of the Canadian Final Prospectus, as of the date of
the Canadian Final Prospectus, in form and substance satisfactory to
the Underwriters, addressed to the Company, the Selling Shareholder,
its Canadian counsel, the Underwriters and their Canadian counsel,
to the effect that the French language version of the Canadian
Preliminary Prospectus or the Canadian Final Prospectus, as the case
may be, including all documents incorporated by reference, except
for the unaudited financial statements and audited financial
statements of the Company, the schedules and notes thereto and the
related auditors&#146; report on such statements as well as the other
financial information forming part of the management&#146;s discussion
and analysis of financial condition and result of operations
included in the documents incorporated by reference (collectively,
&#147;Financial Information&#148;) as to which no opinion need be expressed by
such counsel, is in all material respects a complete and accurate
translation of the English language version thereof; (iv)&nbsp;an opinion
of KPMG LLP dated, in the case of the Canadian Preliminary
Prospectus, as of the date of the Canadian Preliminary Prospectus
and, in the case of the Canadian Final Prospectus, as of the date of
the Canadian Final Prospectus, in form and substance satisfactory to
the Underwriters, addressed to the Underwriters, the Company, the
Selling Shareholders and their respective Canadian counsel, to the
effect that the French language version of the Financial Information
contained in the Preliminary Canadian Prospectus or the Canadian
Final Prospectus, as the case may be is, in all material respects, a
complete and proper translation of the English language version
thereof; and (v)&nbsp;a &#147;long-form&#148; comfort letter of KPMG LLP, dated as
of the date of the Canadian Final Prospectus (with the requisite
procedures to be completed by such auditors no later than two
Business Days prior to the date of the Canadian Final Prospectus),
addressed to the</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">19</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Underwriters, the Selling Shareholders and the directors of the
Company, in form and substance satisfactory to the Underwriters,
with respect to certain financial and accounting information
relating to the Company in the Canadian Final Prospectus, including
all documents incorporated by reference into the Canadian Final
Prospectus and the auditors&#146; comfort letters addressed to the
Qualifying Authorities in the Qualifying Provinces. The deliveries
set forth in (i)&nbsp;and (ii)&nbsp;above shall also constitute the Company&#146;s
consent to the Underwriters&#146; use of the Canadian Prospectus for
the
distribution of the Offered Shares in the Qualifying Provinces in
compliance with the provisions of this Agreement and the Canadian
Securities Laws.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">During the period from the date of this Agreement to the date
of completion of the distribution of the Offered Shares, the Company
will notify the Underwriters and the Selling Shareholders promptly,
and confirm the notice in writing, (i)&nbsp;when any amendment to the
Registration Statement shall have been filed with the Commission or
shall have become effective, and when any amended Canadian
Prospectus, U.S. Prospectus or any Supplementary Material shall have
been filed, in which case the Company shall deliver to the
Underwriters all signed and certified copies of such amendment in
the English and French languages, as applicable, along with all
documents similar to those referred to in Section&nbsp;6(b)(i), (ii),
(iii)&nbsp;and (iv); (ii)&nbsp;of the receipt of any comments from any
Qualifying Authority or the Commission; (iii)&nbsp;of any request by any
Qualifying Authority to amend or supplement the Canadian Prospectus
or for additional information or of any request by the Commission to
amend the Registration Statement or to amend or supplement the U.S.
Prospectus or for additional information; (iv)&nbsp;of the issuance by
the Commission of any stop order suspending the effectiveness of the
Registration Statement or of any order from any Qualifying Authority
preventing or suspending the use of the Canadian Prospectus; or of
the prevention or suspension of the qualification of the Offered
Shares for offer or sale in any jurisdiction, or of the institution
or threatening of any proceeding for that purpose; and (v)&nbsp;of the
issuance by any Qualifying Authority or any stock exchange or any
court of any order having the effect of ceasing or suspending the
distribution of the Offered Shares or the trading in the Common
Shares of the Company, or of the institution or threatening of any
proceeding for any such purpose. The Company will use its best
efforts to prevent the issuance of any such stop order or of any
order preventing or suspending such use or such order ceasing or
suspending the distribution of the Offered Shares or</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">20</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the trading in the
Common Shares of the Company and, if any such order is issued, to
obtain as soon as possible the withdrawal thereof.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">During the period from the date of this Agreement to the date
of completion of the distribution of the Offered Shares, the Company
will give the Underwriters and the Selling Shareholders notice of
its intention to file or prepare any amendment to the Registration
Statement, any amendment or supplement to the Canadian Prospectus or
any amendment, supplement or revision to any of the prospectuses
included in the Registration Statement and any Supplementary
Material, or any documents incorporated therein, whether pursuant to
the Act, the Exchange Act, Canadian Securities Laws or otherwise,
will furnish the Underwriters with copies of any such documents a
reasonable amount of time prior to such proposed filing or use, as
the case may be, and will not file or use any such document to which
the Underwriters or counsel for the Underwriters shall reasonably
object.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">As soon as practicable, the Company will make generally
available to its security holders and to the Underwriters an
earnings statement or statements of the Company and its subsidiaries
which will satisfy the provisions of Section&nbsp;11(a) of the Act and
Rule&nbsp;158 under the Act.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(f)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company and the Selling Shareholders will furnish to the
Underwriters and counsel for the Underwriters, without charge,
signed copies of the Registration Statement (including any exhibits
thereto) and so long as delivery of a prospectus by an Underwriter
or dealer may be required by the Act, as many commercial copies of
each Canadian Preliminary Prospectus and the U.S. Preliminary
Prospectus and the Canadian Final Prospectus and the U.S. Prospectus
and any amendment or supplement thereto as the Underwriters may
reasonably request, including any amendment pursuant to Section&nbsp;6(m)
of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(g)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company will arrange, if necessary, for the qualification
of the Offered Shares for distribution under the laws of such
jurisdictions as the Underwriters may designate and will maintain
such qualifications in effect so long as required for the
distribution of the Offered Shares; provided that in no event shall
the Company be obligated to qualify to do business in any
jurisdiction where it is not now so qualified or to take any action
that would subject it to service of process in suits, other than
those arising out of the offering or sale of the Offered Shares in
any jurisdiction where it is not now so subject. The Company will
also supply the Underwriters with such information as is necessary
for the determination of the legality of the Offered Shares for
investment</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">21</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">under the laws of such jurisdictions as the Underwriters may
reasonably request.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(h)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company will not, without the prior written consent of
the Representatives, which consent shall not be unreasonably
withheld, offer, sell, contract to sell, pledge, or otherwise
dispose of (or enter into any transaction which is designed to, or
might reasonably be expected to, result in the disposition (whether
by actual disposition or effective economic disposition due to cash
settlement or otherwise) by the Company or any of its subsidiaries
or any person acting on behalf of the Company or any of its
subsidiaries, directly or indirectly, any Common Shares or rights
thereto including: (i)&nbsp;the filing (or participation in the filing)
of (A)&nbsp;any preliminary prospectus or prospectus under Canadian
Securities Laws, (B)&nbsp;any registration statement with the Commission,
and (C)&nbsp;any offering memorandum or other offering document, and (ii)
establish or increase a put equivalent position or liquidate or
decrease a call equivalent position within the meaning of Section&nbsp;16
of the Exchange Act, in respect of any Common Shares or any
securities convertible into, or exercisable, or exchangeable for,
Common Shares; or publicly announce an intention to effect any such
transaction, for a period from the date of this Agreement until 90
days after the Closing Date (the &#147;Lock-Up Period&#148;), provided,
however, that the Company may (iii)&nbsp;grant stock options, award
restricted share units and deferred shares units and issue and sell
Common Shares pursuant to any director, officer or employee stock
compensation, stock option or stock ownership plans of the Company
in effect at the Execution Time; (iv)&nbsp;issue Common Shares issuable
upon the conversion of securities or the exercise of warrants
outstanding at the Execution Time; (v)&nbsp;complete the Reorganization
Transaction; and (vi)&nbsp;purchase Common Shares, directly or
indirectly, as contemplated by the Repurchase Transaction.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Selling Shareholders will not, without the prior written
consent of the Representatives, which consent shall not be
unreasonably withheld, offer, sell, contract to sell, hypothecate,
pledge, or otherwise dispose of (or enter into any transaction which
is designed to, or might reasonably be expected to, result in the
disposition (whether by actual disposition or effective economic
disposition due to cash settlement or otherwise) by the Selling
Shareholders or any entity controlled directly or indirectly by
them), directly or indirectly of any Common Shares or rights thereto
including: (i)&nbsp;the filing (or participation in the filing) of (A)
any preliminary prospectus or prospectus under Canadian Securities
Laws, (B)&nbsp;any registration statement with the Commission,</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">22</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">and (C)&nbsp;any offering memorandum or other offering document, and
(ii)&nbsp;establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of
Section&nbsp;16 of the Exchange Act, in respect of any Common Shares or
any securities convertible into, or exercisable, or exchangeable
for, Common Shares; or publicly announce an intention to effect any
such transaction (collectively, &#147;Restricted Activities&#148;), for the
duration of the Lock-Up Period, provided, however, that the Selling
Shareholders (iii)&nbsp;may complete the Reorganization Transaction;
(iv)&nbsp;may (and shall) sell the Offered Shares as contemplated
hereunder; and (v)&nbsp;may sell the Common Shares to be sold by them,
directly or indirectly, as contemplated by and pursuant to the
Repurchase Transaction.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(j)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company will not take, directly or indirectly, any action
designed to or that would constitute or that might reasonably be
expected to cause or result in, under the Exchange Act or otherwise,
stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of the Offered Shares.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(k)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">NOVA, on behalf of the Selling Shareholders, agrees to pay
the costs and expenses relating to the following matters: (i)&nbsp;the
preparation, printing or reproduction and filing with the Qualifying
Authorities and the Commission, as the case may be, of the
Registration Statement (including financial statements and exhibits
thereto), the Company Form&nbsp;F-X, the Prospectuses and each amendment
or supplement to any of them; (ii)&nbsp;the printing (or reproduction)
and delivery (including postage, air freight charges and charges for
counting and packaging) of such copies of such documents, and all
amendments or supplements to any of them, as may, in each case, be
reasonably requested for use in connection with the offering and
sale of the Offered Shares; (iii)&nbsp;the preparation, printing,
authentication, issuance and delivery of certificates for the
Offered Shares, including any stamp or transfer taxes in connection
with the original issuance and sale of the Offered Shares; (iv)&nbsp;the
printing (or reproduction) and delivery of this Agreement, any blue
sky memorandum and all other agreements or documents printed (or
reproduced) and delivered in connection with the offering of the
Offered Shares; (v)&nbsp;the listing of the Offered Shares on the Toronto
Stock Exchange and on the Nasdaq National Market; (vi)&nbsp;any
registration or qualification of the Offered Shares for offer and
sale under the Offered Shares or blue sky laws of the several States
(including filing fees and the reasonable fees and expenses of
counsel for the Underwriters relating to such registration and
qualification); (vii)&nbsp;any filings required to be made with the
National Association of</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">23</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Securities Dealers, Inc. (&#147;NASD&#148;) (including filing fees and the
reasonable fees and expenses of counsel for the Underwriters
relating to such filings); (viii)&nbsp;the fees and expenses of the
Company&#146;s accountants, the fees and expenses of the Company&#146;s
financial advisors, and the fees and expenses of counsel (including
local and special counsel) for the Company; and (ix)&nbsp;all other
costs and expenses incident to the performance by the Selling
Shareholders and the Company of their respective obligations
hereunder.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(l)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">For a period of three years after the Closing Date, the
Company shall furnish to the Representatives, the Selling
Shareholders and, upon request, to each Underwriter, copies of all
reports filed with the Commission on Forms 40-F, 20-F and 6-K, as
applicable, or such similar forms as may be designated by the
Commission, annual information forms, management proxy circulars and
such other documents as shall be furnished by the Company to its
shareholders generally (collectively, the &#147;Filings&#148;), except for all
such Filings filed by the Company with the Commission in electronic
format on the Electronic Data Gathering, Analysis and Retrieval
system.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(m)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">During the period from the date of this Agreement to the date
of completion of the distribution of the Offered Shares, the Company
and the Selling Shareholders shall: (i)&nbsp;promptly notify the
Underwriters in writing of (A)&nbsp;any material change (actual,
anticipated, contemplated or threatened) in the business, affairs,
operations, assets (in each case, financial or otherwise),
liabilities (contingent or otherwise) or capital of the Company and
its subsidiaries taken as a whole; (B)&nbsp;any material fact that has
arisen or been discovered and would have been required to have been
stated in the Canadian Prospectus and the U.S. Prospectus had the
fact arisen or been discovered on, or prior to, the date of such
Canadian Prospectus and U.S. Prospectus; (C)&nbsp;any event occurs as a
result of which the Canadian Prospectus or the U.S. Prospectus as
then supplemented would include any untrue statement of a material
fact or omit to state any material fact necessary to make the
statements therein in the light of the circumstances under which
they were made not misleading, or if it shall be necessary to amend
the Registration Statement or supplement the Canadian Prospectus or
the U.S. Prospectus to comply with the Act, the Exchange Act, or
Canadian Securities Laws or the respective rules thereunder; and (D)
any change in any material fact (which for the purposes of this
Agreement shall be deemed to include the disclosure of any
previously undisclosed material fact) contained in the Canadian
Prospectus and the U.S. Prospectus, including all documents
incorporated by reference, which</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">24</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">fact or change is, or may be, of such a nature as to render any
statement in the Canadian Prospectus or the U.S. Prospectus
misleading or untrue or which would result in any of such document
not complying (to the extent that such compliance is required) with
the Canadian Securities Laws, the Act or the Exchange Act, (ii)
promptly, and in any event within any applicable time limitation,
comply, to the satisfaction of the Underwriters, with all
applicable filings and other requirements under the Canadian
Securities Laws, the Act and the Exchange Act and as a result of
such fact or change, and (iii)&nbsp;supply any amended Canadian
Prospectus or U.S. Prospectus to the Underwriters in such
quantities as the Underwriters may reasonably request. The Company
and the Selling Shareholders shall in good faith discuss with the
Underwriters any fact or change in circumstances (actual,
anticipated, contemplated or threatened, financial or otherwise)
which is of such a nature that there is reasonable doubt whether
written notice need be given under this paragraph.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(n)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company, during the period when the U.S. Prospectus, is
required to be delivered under the Act or the Exchange Act in
respect of the offer and sale of the Offered Shares, will file all
documents required to be filed by the Company with the Commission
pursuant to the Exchange Act within the time periods required by the
Exchange Act and the rules and regulations of the Commission
thereunder.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(o)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company agrees to apply forthwith following the Execution
Time for, and to use its best efforts to obtain (to the extent not
already applied for or obtained) such exemptive relief from Canadian
Securities Laws applicable in the Province of Alberta from the
issuer bid requirements as is necessary or desirable to enable the
Company and the Selling Shareholders to complete the Repurchase
Transaction and the Reorganization Transaction (the &#147;Repurchase
Relief&#148;). Forthwith following the Execution Time, the Company shall
give notice, in compliance with Canadian Securities Laws, of a
special meeting of the holders of Common Shares, to be held as soon
as reasonably practical following the giving of such notice but in
any event no later than July&nbsp;15, 2003, for the purpose of obtaining
the approval of the Repurchase Transaction (the &#147;Repurchase
Approval&#148;). As soon as practical thereafter, the Company shall
prepare and deliver, in accordance with Canadian Securities Laws, an
information circular containing information regarding the Repurchase
Transaction in sufficient detail to permit holders of the Common
Shares to form a reasoned judgment whether to approve the Repurchase
Transaction, including an opinion of a Canadian investment dealer as
to the</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">25</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">fairness, from a financial perspective, of the Repurchase
Transaction, to the holders of Common Shares other than the Selling
Shareholders.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(p)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">In order to document the Underwriters&#146; compliance with the
reporting and withholding provisions of the Tax Equity and Fiscal
Responsibility Act of 1982 with respect to the transactions
contemplated herein, the Selling Shareholders will deliver to the
Representatives prior to or at the Closing Time a properly completed
and executed United States Treasury Department Form&nbsp;W-8 (or other
applicable form or statement specified by Treasury Department
regulations in lieu thereof).</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>7.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Conditions to the Obligations of the Underwriters</B>. The obligations of
the Underwriters to purchase the Offered Shares shall be subject to the
accuracy of the representations and warranties on the part of the Company
and the Selling Shareholders contained herein as of the Execution Time and
the Closing Date, to the accuracy of the statements of the Company and the
Selling Shareholders made in any certificates pursuant to the provisions
hereof, to the performance by the Company and the Selling Shareholders of
their respective obligations hereunder and to the following additional
conditions:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">As of the Closing Time, the Canadian Prospectus shall have
been filed with the Qualifying Authorities and an MRRS Decision
Document shall have been obtained from the Reviewing Authority
evidencing issuance by each of the Qualifying Authorities of a
receipt in respect of the Canadian Prospectus, and no order having
the effect of ceasing or suspending the distribution of or the
trading in the Common Shares or any other securities of the Company
shall have been issued by any Qualifying Authority or any stock
exchange and no proceedings for that purpose shall have been
instituted or threatened by any Qualifying Authority or any stock
exchange and any request for additional information shall have been
complied with.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Registration Statement, and any amendment thereto, shall
have been filed with the Commission and shall have become effective
under the Act on the Business Day prior to the Closing Date and no
stop order suspending the effectiveness of the Registration
Statement shall have been issued and no proceedings for that purpose
shall have been instituted or threatened by the Commission and any
request for additional information shall have been complied with.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">McCarthy T&#233;trault LLP, Canadian counsel for the Company,
shall have furnished to the Underwriters, their counsel, the Selling
Shareholders</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">26</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">and their counsel their written opinion dated the Closing Date, in
form and substance satisfactory to the Underwriters, to the effect
that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">The Company has been duly continued and is
validly existing as a corporation under the federal laws of
Canada, with corporate power and authority to own its
properties and conduct its business as described in the
Canadian Prospectus and the U.S. Prospectus; the Company has
all requisite corporate power and authority to execute,
deliver and perform its obligations under this Agreement;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company has an authorized capitalization as
set forth in the Canadian Prospectus and the U.S. Prospectus
and all of the issued and outstanding shares in the capital of
the Company, including the Offered Shares, have been duly
authorized and validly issued and are fully paid and
non-assessable (such counsel being entitled to rely in respect
of matters of fact upon certificates of the Company and the
transfer agent of the Company);</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company has been extra-provincially
registered or otherwise duly qualified as an extra-provincial
or as a foreign corporation for the transaction of business
under the laws of each jurisdiction in which it owns or leases
properties or conducts any business so as to require such
qualification, or is subject to no material liability or
disability by reason of the failure to be so qualified in any
such jurisdiction (such counsel being entitled to rely in
respect of the opinion in this clause upon opinions of local
counsel and in respect of matters of fact upon certificates of
officers of the Company, provided that such counsel shall
state that they believe that both they and the Underwriters
are justified in relying upon such opinions);</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, based solely upon
documents provided to such counsel by the Company and
conferences with officers and other representatives of the
Company in connection with the offering of the Offered Shares,
and other than as set forth in the Prospectuses, there are no
legal or governmental proceedings pending to which the Company
or any of its subsidiaries is a party or of which any property
of the Company or any of its subsidiaries is the subject which
are of a character required by the Canadian Securities Laws to
be described or referred to in the Canadian Prospectus or the
U.S. Prospectus,</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">27</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">and no such proceedings are threatened or contemplated by
any Governmental Agency or threatened by others;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Each of this Agreement and the Share Purchase
Agreement has been duly authorized, executed and delivered by
the Company and constitutes a legal, valid and binding
obligation of the Company enforceable against it in accordance
with its terms;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vi)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The compliance by the Company with all of the
provisions of this Agreement and the consummation by the
Company of the transactions herein contemplated, including the
Repurchase Transaction, will not (A)&nbsp;conflict with or result
in a breach or violation of any of the terms or provisions of,
or constitute a default under, any of the agreements or
instruments set forth in the Company&#146;s officer&#146;s certificate
prepared in support of such counsel&#146;s opinion, (B)&nbsp;result in
any violation of the provisions of the Articles of Continuance
or the By-laws, as amended of the Company or (C)&nbsp;contravene
any federal, provincial or local law, rule or regulation of
the Province of British Columbia or Canada applicable to the
transactions contemplated by the issue and sale of the Offered
Shares or the provisions of this Agreement or, to the best of
such counsel&#146;s knowledge, any order applicable to the Company
of any court or of any other governmental body or
instrumentality having jurisdiction over it or any of its
property that would have a Material Adverse Effect (it being
understood that for the purpose of the opinion in this clause
(C), such counsel is not passing upon compliance with respect
to antifraud or similar provisions of any Canadian Securities
Laws applicable therein);</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">No Governmental Authorization of or with any
Governmental Agency in Canada is required for the issue and
sale of the Offered Shares or the consummation by the Company
of the transactions contemplated by this Agreement, except
such as have been obtained;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(viii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, the Company is not in violation
of its constating documents or in default in the performance
or observance of any material obligation, covenant or
condition contained in any of the agreements or instruments
set forth in the Company&#146;s officer&#146;s certificate prepared in
support of such counsel&#146;s opinion;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">28</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ix)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">To such counsel&#146;s knowledge, all descriptions in
the Canadian Prospectus and the U.S. Prospectus of contracts,
agreements, arrangements and other documents to which the
Company or its subsidiaries are a party are correct in all
material respects;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(x)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The information in the Registration Statement
under &#147;Part II &#151; Indemnification of Directors and
Officers&#148; and the statements set forth in the Canadian Prospectus under
the captions &#147;Eligibility for Investment&#148; and
&#147;Purchasers Statutory Rights&#148; and the statements set for in the Canadian
Prospectus and the U.S. Prospectus under the captions &#147;Risk
Factors &#151; Because we are a Canadian company...&#148; and
&#147;Tax Considerations &#151; Certain Canadian Federal Income Tax
Considerations&#148;, insofar as they purport to describe the
provisions of the laws of the Province of British Columbia or
the federal laws of Canada applicable therein, and under the
captions &#147;Plan of Distribution&#148; and &#147;Description of Share
Capital&#148; have been reviewed by such counsel and, to the extent
that such statements constitute matters of law or legal
conclusions, such statements fairly present the information
disclosed therein and, insofar as such statements purport to
describe the provisions of laws or documents referred to
therein, such statements are correct in all material respects;
</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xi)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Insofar as matters of the laws of the Province of
British Columbia and the federal laws of Canada applicable
therein are concerned, the Registration Statement, and the
filing of the Registration Statement with the Commission have
been duly authorized by and on behalf of the Company; and the
Registration Statement have been duly executed pursuant to
such authorization by and on behalf of the Company;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company is a &#147;reporting issuer&#148; under
Canadian Securities Legislation in each of the Qualifying
Provinces (where such notion exists), and is not on the list
of defaulting issuers maintained under such legislation; and
the Company meets the general requirements to use a short form
prospectus under National Instrument 44-101-Short Form
Prospectus Distributions;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xiii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, there are no franchises,
contracts, indentures, mortgages, loan agreements, notes,
leases or other instruments that in accordance with the
requirements of the Qualifying Authority are required to be
made publicly available</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">29</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">in connection with the offering of the Offered Shares that
have not been made publicly available as would be required;
and there are no documents required to be filed with the
Qualifying Authority in connection with the offering of the
Offered Shares that have not been filed as required;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xiv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Canadian Prospectus (including the documents
incorporated by reference, but excluding the financial
statements and other financial data included or incorporated
therein or omitted therefrom, as to which such counsel need
express no opinion) each appear on their face to be
appropriately responsive as to form in all material respects
to the requirements of Canadian Securities Laws as interpreted
and applied by the Qualifying Authorities;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Common Shares are listed on the Toronto Stock
Exchange and admitted for trading on the Nasdaq National
Market;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xvi)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, after due inquiry,
no order having the effect of ceasing or suspending the
distribution or trading of the Common Shares has been issued
by the Qualifying Authorities, the Toronto Stock Exchange or
any court and no proceedings for that purpose have been
instituted or threatened;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xvii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">An MRRS Decision Document for the Canadian Prospectus has
been obtained from the Reviewing Authority and the Reviewing
Authority has not revoked such MRRS Decision Document or
receipt; there are no other documents, reports or other
information that in accordance with the requirements of the
Qualifying Authorities must be filed or made publicly
available in connection with the offering of the Offered
Shares;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xviii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">CIBC Mellon Trust Company has been duly appointed as the
registrar and transfer agent in Canada in respect of the
Common Shares;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xix)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Offered Shares are eligible investments as
described under the heading &#147;Eligibility for Investment&#148; in
the Canadian Prospectus; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xx)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">For the purposes of the Income Tax Act (Canada),
the Offered Shares, as of the date of issue, are qualified
investments under the Income Tax Act (Canada) and the
Regulations thereunder</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">30</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">for a trust governed by a registered retirement savings
plan, registered retirement income fund, a deferred profit
sharing plan or a registered educations savings plan; and as
of the date of issue, the Offered Shares will not constitute
&#147;foreign property&#148; for the purposes of Part XI of the Income
Tax Act (Canada).</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="86%"><FONT size="2">Such written opinion shall additionally state that such counsel
has participated in the preparation of the Registration
Statement and the Prospectuses and in conferences with officers
and other representatives of the Company, representatives of
the independent chartered accountants for the Company, officers
and other representatives of the Selling Shareholders, and
representatives of the Underwriters, at which the contents of
the Registration Statement and the Prospectuses, and related
matters were discussed and, although they are not passing upon
and do not assume any responsibility for the accuracy,
completeness or fairness of the statements contained in the
Registration Statement or the Prospectuses, except for those
referred to in the opinion in subsection (x)&nbsp;of this Section
7(c), such counsel has no reason to believe that, as of their
effective dates, the Registration Statement or any further
amendment thereto made by the Company prior to the Closing Date
(other than the financial statements and related schedules
therein, as to which such counsel need express no opinion)
contained an untrue statement of a material fact or omitted to
state a material fact required to be stated therein or
necessary to make the statements therein not misleading or
that, as of their dates, the Prospectuses or any further
amendment or supplement thereto made by the Company prior to
the Closing Date (other than the financial statements and
related schedules therein, as to which such counsel need
express no opinion) contained an untrue statement of a material
fact or omitted to state a material fact necessary to make the
statements therein, in the light of the circumstances under
which they were made, not misleading or that, as of the Closing
Date, the Prospectuses or any further amendment or supplement
thereto made by the Company prior to the Closing Date (other
than the financial statements and related schedules therein, as
to which such counsel need express no opinion) contained an
untrue statement of a material fact or omitted to state a
material fact necessary to make the statements therein, in the
light of the circumstances under which they were made, not
misleading.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">31</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="86%"><FONT size="2">In giving such opinion, such counsel may rely, as to all
matters governed by the laws of jurisdictions other than the
laws of the Provinces of British Columbia, Alberta, Ontario and
Quebec and the federal laws of Canada applicable therein, upon
opinions of local counsel, who shall be counsel satisfactory to
counsel for the Underwriters, in which case the opinion shall
state that they believe the Underwriters and they are entitled
to rely upon such opinions of local counsel. Such counsel may
also state that, insofar as such opinion involves factual
matters, they have relied, to the extent they deem proper, upon
certificates of officers of the Company and certificates of
public officials; provided that such certificates have been
delivered to the Underwriters. Such opinion may be subject to
assumptions, qualifications and limitations as are reasonable
and customary in legal opinions of this type and as shall be
satisfactory to counsel for the Underwriters but shall not
state that it is to be governed or qualified by, or that it is
otherwise subject to, any treatise, written policy or other
document relating to legal opinions.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Fried, Frank, Harris, Shriver &#038; Jacobson, U.S. counsel for
the Company, shall have furnished to the Underwriters, their
counsel, the Selling Shareholders and their counsel, their written
opinion dated the Closing Date, in form and substance satisfactory
to the Underwriters, to the effect that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">The Registration Statement is effective under the
Act, the Company Form&nbsp;F-X was filed with the Commission prior
to the effectiveness of the Registration Statement; and no
stop order suspending the effectiveness of the Registration
Statement has been issued and, no proceedings for that purpose
have been instituted or are pending or threatened under the
Act;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Registration Statement and the U.S.
Prospectus and any further amendments and supplements thereto
made by the Company prior to the Closing Date (other than the
financial statements, notes and schedules and the financial or
accounting data included therein or omitted therefrom, as to
which such counsel need express no opinion) appear on their
face to be responsive as to form in all material respects with
the requirements of the Act;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company Form&nbsp;F-X, as of its date, appears on
its face to be responsive as to form in all material respects
with the requirements of the Act;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">32</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">No consent, approval, authorization, order,
registration, clearance or qualification of or with any
Governmental Agency of the United States or the State of New
York is required for the issue and sale of the Offered Shares
or the consummation by the Company of the transactions
contemplated by this Agreement (other than the Reorganization
Transaction or the Repurchase Transaction), except such as
have been obtained under the Act and such consents, approvals,
authorizations, orders, registrations, clearances or
qualifications as may be required under state securities or
blue sky laws or by requirements of the National Association
of Securities Dealers, Inc. in connection with the purchase
and distribution of the Offered Shares by the Underwriters;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The statements set forth in the U.S. Prospectus,
as amended or supplemented, under the captions &#147;Certain Income
Tax Considerations &#151;United States Federal Income Tax
Considerations&#148;, insofar as such statements purport to
summarize the provisions of the laws and documents referred to
therein, fairly summarize the matters referred to therein;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vi)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company is not an &#147;investment company&#148;, as
such term is defined in the United States Investment Company
Act of 1940, as amended; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Under the laws of the State of New York relating
to personal jurisdiction, the Company has, pursuant to Section
13 of this Agreement, validly submitted to the personal
jurisdiction of any state or federal court located in the
Borough of Manhattan, The City of New York, New York (each a
&#147;New York Court&#148;) in any action arising out of or relating to
this Agreement or the transactions contemplated hereby, and
has validly appointed the CT Corporation System as its
authorized agent for the purpose described in Section&nbsp;13 of
this Agreement; and service of process effected on such agent
in the manner set forth in Section&nbsp;13 of this Agreement will
be effective to confer valid personal jurisdiction over the
Company.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Philippi, Yrarrazaval, Pulido &#038; Brunner, special Chilean
counsel for the Company, shall have furnished to the Underwriters,
their counsel, the Selling Shareholders and their counsel their
written opinion dated the Closing Date, in form and substance
satisfactory to the Underwriters, to the effect that:</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">33</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Methanex Chile Limited (Agencia) is registered or
otherwise qualified as a corporation in good standing to own,
lease and operate its properties and assets in conducting its
business in Chile;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To the best of such counsel&#146;s knowledge, there
are no Chilean statutes or regulations or any pending or
threatened legal or governmental proceedings that are material
to the Company or its subsidiaries taken as a whole that are
not described under the caption headings &#147;Natural Gas Supply&#148;,
&#147;Foreign Operations and Government Regulation&#148; and &#147;Our
Business &#151; Environmental Matters&#148; in the Company&#146;s Annual
Information Form dated March&nbsp;7, 2003 (the &#147;AIF&#148;) which is
incorporated by reference into and forms part of the
Prospectuses; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The descriptions contained in the AIF of the
Chilean statutes, regulations, orders, governmental franchises
and licenses and legal or governmental proceedings with
respect to the Company and its subsidiaries taken as a whole
are accurate and fairly summarize such statutes, regulations,
orders, franchises, licenses and proceedings.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(f)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Buddle Findlay, special New Zealand counsel for the Company,
shall have furnished to the Underwriters, their counsel, the Selling
Shareholders and their counsel their written opinion dated the
Closing Date, in form and substance satisfactory to the
Underwriters, to the effect that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">The descriptions contained in the AIF of the New
Zealand statutes, regulations, orders, governmental franchises
and licences and legal or governmental proceedings with
respect to the Company and its subsidiaries taken as a whole
are accurate and fairly summarise in all material respects
such statutes, regulations, orders, franchises, licences and
proceedings;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge there are no New
Zealand statutes or regulations or any pending or threatened
legal or governmental proceedings that are material to the
Company or its subsidiaries taken as a whole that are not
described under the caption headings &#147;Natural Gas Supply&#148;,
&#147;Foreign Operations and Government Regulation&#148; and &#147;Our
Business &#151; Environmental Matters&#148; in the AIF;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">34</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Each of Methanex New Zealand Limited, Methanex
Waitara Valley Limited and Methanex Motunui Limited (the &#147;New
Zealand Subsidiaries&#148;) has been duly incorporated and is
validly existing and in good standing (in respect of the
filing of annual returns where required) under the laws of New
Zealand as of the Closing Date and has full corporate power
and authority to own, lease and operate its properties and
assets and conduct its businesses in New Zealand;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">All of the issued and outstanding shares in the
capital of Methanex New Zealand Limited and Methanex Waitara
Valley Limited have been duly authorized and validly issued
and are fully paid and non-assessable. In the case of
Methanex Motunui Limited 300,000,900 &#147;A&#148; ordinary shares are
fully paid. All of the &#147;B&#148; ordinary shares are paid only as
to 62.9943 cents. One redeemable preference share is
uncalled;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge after due enquiry,
Cape Horn Holdings Limited is the registered holder of all of
the issued and outstanding ordinary shares and Methanex
Netherlands BV is the registered holder of all issued and
outstanding redeemable preference shares in Methanex New
Zealand Limited and with respect to both Methanex Motunui
Limited and Methanex Waitara Valley Limited, Methanex New
Zealand Limited is the registered holder of all of the issued
shares;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vi)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge based solely upon a
review of the corporate minute books of the New Zealand
Subsidiaries, there are no rights granted to or in favour of
any person to acquire any unissued shares or other securities
of the New Zealand Subsidiaries;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, no default exists
in the performance or observance of any material obligation,
agreement, covenant or condition contained in any contract,
indenture, loan agreement, note, lease or other agreement or
instrument to which the New Zealand Subsidiaries, jointly or
severally, are a party;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(viii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The issue and sale of the Offered Shares and the entering
into, execution and delivery of this Agreement by the Company,
and the compliance by the Company with and the consummation by
the Company of the transactions contemplated in this Agreement
and the Registration Statement, do not and will not</FONT></TD>
</TR>
</TABLE>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">result in any violation of the articles or memoranda of
association of the New Zealand Subsidiaries, and do not and
will not conflict with, or result in a breach of any of the
terms or provisions of, or constitute a default (or an event
which with notice or lapse of time, or both, would
constitute a default or permit acceleration) under or result
in the creation or imposition of any lien, charge or
encumbrance upon any properties or assets of the New Zealand
Subsidiaries under (i)&nbsp;to such counsel&#146;s knowledge, any
indenture, mortgage, loan agreement or other agreement or
instrument to which the New Zealand Subsidiaries, jointly or
severally, are a party or by which they may be bound or to
which any of their properties or assets may be subject, (ii)
any existing applicable New Zealand statute, regulation or
rule, or (iii)&nbsp;to such counsel&#146;s knowledge, any judgment,
order or decree of any government, governmental, regulatory
or administration agency, authority, commission or
instrumentality or court having jurisdiction over the New
Zealand Subsidiaries or any of their properties or assets;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ix)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, the New Zealand
Subsidiaries have not failed to obtain any licence, permit,
franchise or other administrative, governmental or regulatory
approval necessary to the ownership of their property or to
the conduct of their businesses, which failure to obtain has
or could have a material adverse effect on the businesses of
the New Zealand Subsidiaries, taken as a whole; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(x)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, other than as
described in the Prospectuses, no revocation or limitation of
any permit, licence, franchise or approval held by the New
Zealand Subsidiaries is pending or threatened and the New
Zealand Subsidiaries are not in default or violation of any
thereof, and the authorization, issuance and delivery of the
Offered Shares and the compliance by the Company with the
terms hereof do not and will not conflict with, or result in a
breach of any of the terms or provisions of, or constitute a
default under, any of such permits, licences, franchises and
approvals, where such revocation, limitation, default,
violation, conflict or breach has or could have a material
adverse effect on the New Zealand Subsidiaries, taken as a
whole; to such counsel&#146;s knowledge, other than as described in
the Prospectuses, there is not threatened or pending any
change in any law, rule or regulation which would</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">36</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">have a material adverse effect on the businesses of the New
Zealand Subsidiaries, taken as a whole.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(g)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Chancery Chambers, special Barbados counsel for the Company,
shall have furnished to the Underwriters, their counsel, the Selling
Shareholders and their counsel their written opinion dated the
Closing Date, in form and substance satisfactory to the
Underwriters, to the effect that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Each of Methanex Chile Limited, Cape Horn Finance
Limited, Waterfront Shipping Company Limited and Methanex
Holdings (Barbados) Limited, Methanex Titan Holdings Limited
and Methanex Titan Limited (the &#147;Barbados Subsidiaries&#148;) has
been duly incorporated and is validly existing and in good
standing under the laws of Barbados as of the Closing Date and
has full corporate power and authority to own, lease and
operate its properties and assets and conduct its business;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">All of the issued and outstanding shares in the
capital of each of the Barbados Subsidiaries have been duly
authorized and validly issued and are fully paid and
non-assessable;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Other than as disclosed in the Prospectuses, to
such counsel&#146;s knowledge after due inquiry, Cape Horn Holdings
Limited is the registered holder of all of the issued and
outstanding shares of the Barbados Subsidiaries;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge based solely upon a
review of the corporate minute books of the Barbados
Subsidiaries, there are no rights granted to or in favour of
any person to acquire any unissued share or other securities
of any of the Barbados Subsidiaries;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, no default exists in
the performance or observance of any material obligation,
agreement, covenant or condition contained in any contract,
indenture, loan agreement, note, lease or other agreement or
instrument to which the Barbados Subsidiaries, jointly or
severally, are a party;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vi)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The issue and sale of the Offered Shares and the
entering into, execution and delivery of this Agreement by the
Company, and the compliance by the Company with and the
consummation by</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">37</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">the Company of the transactions contemplated in this
Agreement and Registration Statement, do not and will not
result in any violation of the Articles of Incorporation or
the By-Laws (as amended) of the Barbados Subsidiaries, and
do not and will not conflict with, or result in a breach of
any of the terms or provisions of, or constitute a default
(or an event which with notice or lapse of time, or both,
would constitute a default or permit acceleration) under or
result in the creation or imposition of any lien, charge or
encumbrance upon any properties or assets of the Barbados
Subsidiaries under (a)&nbsp;to such counsel&#146;s knowledge, any
indenture, mortgage, loan agreement or other agreement or
instrument to which the Barbados Subsidiaries, jointly or
severally, are a party or by which they may be bound or to
which any of their properties or assets may be subject, (b)
any existing applicable Barbados statute, regulation or
rule, or (c)&nbsp;to such counsel&#146;s knowledge, any judgment,
order or decree of any government, governmental, regulatory
or administration agency, authority, commission or
instrumentality or court having jurisdiction over the
Barbados Subsidiaries or any of their properties or assets;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, the Barbados
Subsidiaries have not failed to obtain any licence, permit,
franchise or other administrative, governmental or regulatory
approval necessary to the ownership of their property or to
the conduct of their businesses, which failure to obtain has
or could have a material adverse effect on the businesses of
the Barbados Subsidiaries, taken as a whole;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(viii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, other than as described in the
Prospectuses, no revocation or limitation of any permit,
license, franchise or approval held by the Barbados
Subsidiaries is pending or threatened and the Barbados
Subsidiaries are not in default or violation of any thereof,
and the authorization, issuance and delivery of the Offered
Shares do not and will not conflict with, or result in a
breach of any of the terms or provisions of, or constitute a
default under, any of such permits, licences, franchises and
approvals, where such revocation, limitation, default,
violation, conflict or breach has or could have a material
adverse effect on the Barbados Subsidiaries, taken as a whole;
and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ix)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, other than as
described in the Prospectuses, there is no threatened or
pending change in any</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">38</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">law, rule or regulation which would have a material adverse
effect on the businesses of the Barbados Subsidiaries, taken
as a whole.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(h)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Truman Bodden &#038; Company, special Cayman Islands counsel for
the Company, shall have furnished to the Underwriters, their
counsel, the Selling Shareholders and their counsel their written
opinion dated the Closing Date, in form and substance satisfactory
to the Underwriters, to the effect that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Methanex International Holdings Limited (&#147;MIHL&#148;)
has been duly incorporated and is validly existing and in good
standing (in respect of the filing of annual returns where
required) under the laws of the Cayman Islands as of the date
hereof and has full corporate power and authority to own,
lease and operate its properties and assets and conduct its
business in the jurisdictions in which such business is
transacted as described in the Prospectuses;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">All of the issued and outstanding shares in the
capital of MIHL have been duly authorized and validly issued
and are fully paid and non-assessable;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The issue and sale of the Offered Shares and the
entering into, execution and delivery of this Agreement by the
Company, and the compliance by the Company with and the
consummation by the Company of the transactions contemplated
in this Agreement and Registration Statement, do not and will
not result in any violation of the Memorandum and Articles of
Association of MIHL, and do not and will not conflict with, or
result in a breach of any of the terms or provisions of (i)
any existing applicable Cayman Islands statute, regulation or
rule; or (ii)&nbsp;to such counsel&#146;s knowledge, any order or decree
of any Cayman Islands government, governmental, regulatory or
administration agency, authority, commission or
instrumentality having jurisdiction over MIHL or any of its
properties or assets;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">MIHL has not failed to obtain any licence,
permit, franchise or other administrative, governmental or
regulatory approval in the Cayman Islands necessary to the
ownership of its property or to the conduct of its business,
which failure to obtain has or could have a material adverse
effect on the business of MIHL, taken as a whole; and</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">39</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Based solely on such counsel&#146;s search of the
Cause List at the office of the Clerk of the Grand Court,
George Town, Grand Cayman on or immediately prior to the
Closing Date and on a certificate of the Secretary of MIHL in
support of such counsel&#146;s opinion, a copy of which shall be
provided to you, MIHL is not the subject of any legal
proceedings before any Court of the Cayman Islands; there is
no mechanism for identifying whether MIHL is the subject of
proceedings before any arbitrator or governmental body in the
Cayman Islands, but such counsel has not been informed or
notified of any such proceedings.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The opinion shall make reference to, and have annexed, a
certified true copy of the Register of Members of MIHL,
showing who are the current shareholders of MIHL as of the
Closing Date.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Loyens &#038; Loeff, special Netherlands counsel for the Company,
shall have furnished to the Underwriters, their counsel, the Selling
Shareholders and their counsel, their written opinion dated the
Closing Date, in form and substance satisfactory to the
Underwriters, to the effect that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Methanex Netherlands BV has been duly
incorporated and is validly existing under the law of the
Netherlands as a legal entity in the form of a private company
with limited liability (&#147;besloten vennootschap met beperkte
aansprakelijkheid&#148;);</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Upon the incorporation of Methanex Netherlands BV
178,000 (one hundred and seventy-eight thousand) shares with a
nominal value of NLG 1 (one guilder) each in the capital of
Methanex Netherlands BV were duly issued; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">According to the Shareholders Register, all of
the issued and outstanding shares in the capital of Methanex
Netherlands BV are held by Cape Horn Holdings Limited.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(j)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Hamil, Smith &#038; Co., special Trinidad counsel for the Company,
shall have furnished to the Underwriters, their counsel, the Selling
Shareholders and their counsel their written opinion dated the
Closing Date, in form and substance satisfactory to the
Underwriters, to the effect that:</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">40</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Titan Methanol Company and Atlas Methanol Company
Unlimited have been duly incorporated and is validly existing
under the law of Trinidad;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">All of the issued and outstanding shares in the
capital of Titan Methanol Company and Atlas Methanol Company
Unlimited have been duly authorized and validly issued and are
fully paid and non-assessable;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">According to the Shareholders Register, all of
the issued and outstanding shares in the capital of Titan
Methanol Company and Atlas Methanol Company Unlimited are held
by the Company or a specified subsidiary of the Company.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(k)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Osler, Hoskin &#038; Harcourt LLP, counsel for the Selling
Shareholders, or to the extent acceptable to the Underwriters,
acting reasonably, Jack Mustoe, General Counsel of NOVA, shall have
furnished to the Underwriters, their counsel, the Company and their
counsel their respective written opinions dated the Closing Date, in
form and substance satisfactory to the Underwriters, to the effect
that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Each Selling Shareholder has been duly
incorporated and is validly existing as a corporation under
the Alberta Business Corporations Act and has the requisite
corporate power and authority to own the Offered Shares and to
execute, deliver and perform its obligations under this
Agreement;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">This Agreement has been duly authorized and
executed by or on behalf of each Selling Shareholder and
constitutes a legal, valid and binding obligation of the
Selling Shareholders enforceable against each of them in
accordance with its terms;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Selling Shareholders have valid marketable
title to the Offered Shares, free and clear of any hypothec,
lien, charge, claim, encumbrance, pledge, security interest,
defect or other restriction on transfer of any kind and such
Offered Shares shall be sold and delivered by the Selling
Shareholders free and clear of any hypothec, lien, charge,
claim, encumbrance, pledge, security interest, defect or other
restriction on transfer of any kind;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The execution and delivery by the Selling
Shareholders of this Agreement and the Share Purchase
Agreement and the compliance by the Selling Shareholders with
the provisions</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">41</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">hereof and the consummation of the Reorganization
Transaction, the Repurchase Transaction and the other
transactions contemplated herein and therein do not conflict
with, result in a breach or violation of or constitutes or
will constitute a default under or results or will result in
the creation or imposition of any lien, charge or
encumbrance upon any property or assets of the Selling
Shareholders pursuant to: (i)&nbsp;the constating documents,
by-laws or resolutions of the directors or shareholders of
either Selling Shareholder, (ii)&nbsp;any material agreements of
either Selling Shareholder, or (iii)&nbsp;any law, judgment or
decree applicable to either Selling Shareholder;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">No filing with, or consent, approval,
authorization, license, order, registration, qualification or
decree of, any court or governmental authority or agency, in
Canada or federally, other than those that have been validly
obtained and continue in effect, is necessary or required to
be obtained by either Selling Shareholder for the performance
by the Selling Shareholders of their respective obligations
under this Agreement, or in connection with the offer, sale or
delivery of the Offered Shares; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vi)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">No withholding tax imposed under the federal laws
of Canada or the laws of the Province of Alberta will be
payable in respect of the payment of the Underwriting Fee by
the Selling Shareholders to an Underwriter that is not
resident in Canada for the purposes of the Income Tax Act
(Canada), provided that such Underwriter deals at arm&#146;s length
with the Selling Shareholders (as such term is understood for
the purposes of the Income Tax Act (Canada)), such
Underwriting Fee is payable in respect of services rendered by
such Underwriter wholly outside of Canada that are performed
in the ordinary course of business carried on by the
Underwriter that includes the performance of such services for
a fee and the amount of such Underwriting Fee is reasonable in
the circumstances.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">No goods and services tax imposed under the
federal laws of Canada will be payable by a Selling
Shareholder in respect of the payment of the Underwriting Fee
to an Underwriter that is not resident in Canada, provided
that such Underwriting Fee is in respect of services performed
by such Underwriter wholly outside of Canada.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">42</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(viii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">No stamp duty, documentary taxes or similar taxes, are
payable by the Company under the federal laws of Canada or the
laws of the Province of Alberta in connection with the sale,
and delivery of the Offered Shares pursuant to this Agreement
by the Selling Shareholder.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">In giving such opinions, such counsel may rely, as to all matters
governed by the laws of jurisdictions other than the laws of the
Provinces of Alberta, Ontario and Quebec and the federal laws of
Canada applicable therein, upon opinions of local counsel, who
shall be counsel satisfactory to counsel for the Underwriters, in
which case the opinion shall state that they believe the
Underwriters and they are entitled to rely upon such opinions of
local counsel. Such counsel may also state that, insofar as such
opinion involves factual matters, they have relied, to the extent
they deem proper, upon certificates of officers of the Selling
Shareholders and certificates of public officials; provided that
such certificates have been delivered to the Underwriters. Such
opinion may be subject to assumptions, qualifications and
limitations as are reasonable and customary in legal opinions of
this type and as shall be satisfactory to counsel for the
Underwriters but shall not state that it is to be governed or
qualified by, or that it is otherwise subject to, any treatise,
written policy or other document relating to legal opinions.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(l)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Orrick, Herrington &#038; Sutcliffe LLP, U.S. counsel for the
Selling Shareholders, shall have furnished to the Underwriters,
their counsel, the Company and their counsel their written opinion
dated the Closing Date, in form and substance satisfactory to the
Underwriters, to the effect that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Under the laws of the State of New York relating
to submission of personal jurisdiction, the Selling
Shareholders have, pursuant to Section&nbsp;13 of this Agreement,
validly appointed CT Corporation as its authorized agent for
purposes described in Section&nbsp;13 of this Agreement; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">No filing with, or authorization, approval,
consent, license, order, registration, qualification or decree
of any U.S. federal or New York state court or governmental
authority or agency of the United States in necessary or
required for the performance by either Selling Shareholder of
its obligations under this Agreement, or the Repurchase
Transaction in connection with the offering, issuance or sale
of the Offered Shares or the consummation of the transactions
contemplated in this</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">43</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Agreement, or the Repurchase Transaction, except such as
have been obtained under the Act and such consents,
approvals, authorizations, orders, registrations, clearances
or qualifications as may be required under state securities
or blue sky laws or by requirements of the National
Association of Securities Dealers, Inc. in connection with
the purchase and distribution of the Offered Shares by the
Underwriters in the United States.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(m)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Underwriters shall have received from Skadden, Arps,
Slate Meagher &#038; Flom LLP, U.S. counsel for the Underwriters, such
opinion or opinions, dated the Closing Date and addressed to the
Underwriters, with respect to such matters as the Underwriters may
reasonably require, and the Company and the Selling Shareholders
shall have furnished to such counsel such documents as they request
for the purpose of enabling them to pass upon such matters.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(n)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Underwriters shall have received from Stikeman Elliott
LLP, Canadian counsel for the Underwriters, such opinion or
opinions, dated the Closing Date and addressed to the Underwriters,
with respect to the issuance and sale of the Offered Shares, the
Canadian Prospectus (together with any supplement thereto) and other
related matters the Underwriters may reasonably require and the
Company and the Selling Shareholders shall have furnished to such
counsel such documents as they request for the purpose of enabling
them to pass upon such matters.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(o)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company shall have furnished to the Underwriters and to
the Selling Shareholders a certificate of the Company, signed by the
President and Chief Executive Officer and the Senior Vice President
and Chief Financial Officer of the Company, dated the Closing Date,
to the effect that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">the signers of such certificate have carefully
examined the Registration Statement, the Canadian Prospectus
and the U.S. Prospectus, any amendments thereto and this
Agreement;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the representations and warranties of the Company
in this Agreement are true and correct on and as of the
Closing Date with the same effect as if made on the Closing
Date and the Company has complied with its obligations under
this Agreement and satisfied all the conditions on its part to
be performed or satisfied at or prior to the Closing Date;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">44</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">no stop order suspending the effectiveness of
the Registration Statement or stop order preventing or
suspending the use of any prospectus relating to the Offered
Shares has been issued and no proceedings for that purpose
have been instituted or, to the Company&#146;s knowledge,
threatened by any Qualifying Authority, stock exchange or the
Commission; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">since the date of the most recent financial
statements included in the Canadian Prospectus and the U.S.
Prospectus, there has been no material adverse effect on the
condition (financial or otherwise), prospects, earnings,
business or properties of the Company and its subsidiaries,
taken as a whole, whether or not arising from transactions in
the ordinary course of business, except as set forth in or
contemplated in the Canadian Prospectus and the U.S.
Prospectus.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(p)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Selling Shareholders shall have furnished to the
Underwriters and to the Company a certificate of each of the Selling
Shareholders, signed by such officers of the Selling Shareholders as
are acceptable to the Underwriters, dated the Closing Date, to the
effect that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">the signers of such certificate have carefully
examined the Registration Statement, the Canadian Prospectus
and U.S. Prospectus, any amendments to the Canadian Prospectus
and U.S. Prospectus and this Agreement; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the representations and warranties of the Selling
Shareholders in this Agreement are true and correct on and as
of the Closing Date with the same effect as if made on the
Closing Date and the Selling Shareholders have complied with
their respective obligations under this Agreement and
satisfied all the conditions on their part to be performed or
satisfied at or prior to the Closing Date.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(q)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company shall have requested and caused KPMG LLP,
independent chartered accountants of the Company to have furnished
to the Underwriters, at the Execution Time and on the Closing Date,
letters, dated respectively as of the Execution Time and on the
Closing Date, in form and substance satisfactory to the Underwriters
and their counsel, together with signed or reproduced copies of such
letter for each of the Underwriters containing statements and
information of the type ordinarily included in accountants&#146; &#147;comfort
letters&#148; to underwriters with respect to the financial statements
and certain</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">45</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">financial information contained in the Registration Statement, the
Canadian Prospectus and the U.S. Prospectus.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(r)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Underwriters and the Selling Shareholders shall have
received on the Closing Date an opinion of KPMG LLP dated as of the
Closing Date, to the effect that the French language version of the
audited consolidated financial statements for the fiscal years ended
December&nbsp;31, 2002 and 2001; and the sections of the Company&#146;s Annual
Information Form dated March&nbsp;7, 2003 entitled &#147;Selected Consolidated
Financial Information&#148; and &#147;Management&#146;s Discussion and Analysis&#148; is
in all material respects a complete and proper translation of the
English language version thereof and the financial statements of the
Company is in all material respects a complete and proper
translation thereof.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(s)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Subsequent to the Execution Time or, if earlier, the dates as
of which information is given in the Registration Statement
(exclusive of any amendment thereof), the Canadian Prospectus and
the U.S. Prospectus (each, exclusive of any supplement thereto),
there shall not have been (i)&nbsp;any change specified in the letter or
letters referred to in paragraph (q)&nbsp;of this Section&nbsp;7 or (ii)&nbsp;any
change, or any development involving a prospective change, in or
affecting the condition (financial or otherwise), earnings, business
or properties of the Company and its subsidiaries taken as a whole,
whether or not arising from transactions in the ordinary course of
business, except as set forth in or contemplated in the Canadian
Prospectus and the U.S. Prospectus (each, exclusive of any
supplement thereto) the effect of which, in any case referred to, in
clause (i)&nbsp;or (ii)&nbsp;above, is, in the sole judgment of the
Underwriters, so material and adverse as to make it impractical or
inadvisable to proceed with the offering or delivery of the Offered
Shares as contemplated by the Registration Statement (exclusive of
any amendment thereof), the Canadian Prospectus and the U.S.
Prospectus (each, exclusive of any supplement thereto).</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(t)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Subsequent to the Execution Time or, if earlier, the dates as
of which information is given in the Registration Statement
(exclusive of any amendment thereof), the Canadian Prospectus and
the U.S. Prospectus (each, exclusive of any supplement thereto),
there shall not have been any change, or any development involving a
prospective change, in or affecting the condition (financial or
otherwise), earnings, business or properties of the Selling
Shareholders or their respective subsidiaries, whether or not
arising from transactions in the ordinary course of business, the
effect of which, in the sole judgment of the Underwriters,
acting reasonably, has a material adverse effect on the Selling</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">46</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Shareholders&#146; valid marketable title to the Offered Shares, free
and clear of any hypothec, lien, charge, claim, encumbrance,
pledge, security interest, defect or other restriction on transfer
of any kind and their ability to deliver such Offered Shares free
and clear of any hypothec, lien, charge, claim, encumbrance,
pledge, security interest, defect or other restriction on transfer
of any kind to the Underwriters hereunder.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(u)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Prior to the Closing Date, the Company shall have furnished
to the Representatives such further information, certificates and
documents as the Underwriters may reasonably request.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Each of the Company and the Selling Shareholders shall have
furnished to the Underwriters on or prior to the Closing Date
satisfactory evidence of its due and valid authorization of CT
Corporation System as its agent to receive service of process to
Section&nbsp;13 hereof, and satisfactory evidence from CT Corporation
System accepting its appointment as such agent.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(w)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company shall have obtained the Repurchase Relief on
terms satisfactory to the Company, the Selling Shareholders and the
Underwriters, each acting reasonably.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(x)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Offered Shares shall be listed and admitted and
authorized for trading on the Toronto Stock Exchange and the Nasdaq
National Market and satisfactory evidence of such actions shall have
been provided to the Underwriters.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the conditions specified in this Section&nbsp;7 shall not have been
fulfilled in all material respects when and as provided in this Agreement, or
if any of the opinions and certificates mentioned above or elsewhere in this
Agreement shall not be in all material respects reasonably satisfactory in form
and substance to the Underwriters and counsel for the Underwriters, this
Agreement and all obligations of the Underwriters hereunder may be cancelled
at, or at any time prior to, the Closing Date by the Underwriters. Notice of
such cancellation shall be given to the Company and the Selling Shareholders in
writing or by telephone or facsimile confirmed in writing.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents required to be delivered by this Section&nbsp;7 shall be
delivered at the office of McCarthy T&#233;trault LLP, Suite&nbsp;1300, 777 Dunsmuir
Street, Vancouver, British Columbia V7Y 1K2 on the Closing Date.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>8.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Reimbursement of Underwriters&#146; Expenses</B>. If the sale of the Offered
Shares provided for herein is not consummated because any condition to the</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">47</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">obligations of the Underwriters set forth in Section&nbsp;7 of this Agreement
is not satisfied (otherwise than by reason of a failure of the Company, as
a result of its wilful misconduct or negligence, to perform any agreement
herein or comply with any provision hereof), because of any termination
pursuant to Section&nbsp;11 of this Agreement or because of any refusal,
inability or failure on the part of the Selling Shareholders to perform
any agreement herein or comply with any provision hereof other than by
reason of a default by any of the Underwriters, NOVA, on behalf of the
Selling Shareholders, will reimburse the Underwriters through the
Representatives on demand for all out-of-pocket expenses (including
reasonable fees and disbursements of counsel to the Underwriters) that
shall have been incurred by them in connection with the proposed sale of
the Offered Shares. The Company will make such reimbursement to the
Underwriters if the sale of the Offered Shares is not consummated by
reason of a failure of the Company, as a result of its wilful misconduct
or negligence, to perform any agreement herein or comply with any
provision hereof, other than by reason of a default by any of the
Underwriters.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>9.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Indemnification and Contribution</B></FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company agrees to indemnify and hold harmless each
Underwriter, the Selling Shareholders and their respective
directors, officers, employees, agents and affiliates and each
person who controls any Underwriter or Selling Shareholder within
the meaning of either the Act or the Exchange Act against any and
all losses, claims, damages or liabilities, jointly or severally, to
which they or any of them may become subject under the Act, Canadian
Securities Laws, the Exchange Act or other Canadian federal or
provincial, United States federal or state statutory law or
regulation, at common law or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) (i)
arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact contained in the Registration
Statement, as originally filed or in any amendment thereof, or in
any of the Prospectuses, or in any amendment thereof or supplement
thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading,
(ii)&nbsp;any misrepresentation or alleged misrepresentation contained in
the Canadian Prospectus; and (iii)&nbsp;any breach by the Company of its
representations, warranties, covenants or obligations to be complied
with under this Agreement, and agrees to reimburse each such
indemnified party, as incurred, for any legal or other expenses
reasonably incurred by them in connection with investigating or</FONT></TD>
</TR>
</TABLE>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">defending any such loss, claim, damage, liability or action;
provided, however, that the Company will not be liable in any such
case to the extent that any such loss, claim, damage or liability
arises out of or is based upon any such untrue statement or alleged
untrue statement or omission or alleged omission made therein in
reliance upon and in conformity with written information furnished
to the Company by (A)&nbsp;NOVA specifically for inclusion in such
material (or any amendment or supplement thereto) relating to NOVA
and its subsidiaries or (B)&nbsp;the Representatives on behalf of any
Underwriter specifically for inclusion in such material (or any
amendment or supplement thereto) relating to the Underwriters;
provided further, that with respect to any untrue statement or
omission of material fact made in any Canadian Preliminary
Prospectus, U.S. Preliminary Prospectus, the Canadian Final
Prospectus, or the U.S. Prospectus, the indemnity contained in this
Section&nbsp;9(a) shall not enure to the benefit of any Underwriter from
whom the person asserting any such loss, claim, damage or liability
purchased the Offered Shares concerned, to the extent that any such
loss, claim, damage or liability of such Underwriter occurs under
the circumstance where it shall have been determined by a court of
competent jurisdiction by final and nonappealable judgment that (w)
the Company had previously furnished copies of the Canadian
Prospectus or the U.S. Prospectus to the Underwriters, (x)&nbsp;delivery
of the Canadian Prospectus or the U.S. Prospectus was required by
the Act to be made to such person, (y)&nbsp;the untrue statement or
omission of a material fact contained in the Canadian Preliminary
Prospectus or the U.S. Preliminary Prospectus was corrected in the
Canadian Final Prospectus or the U.S. Prospectus and (z)&nbsp;there was
not sent or given to such person, at or prior to the written
confirmation of the sale of such securities to such person, a copy
of the Canadian Final Prospectus or the U.S. Prospectus. This
indemnity will be in addition to any liability which the Company
may otherwise have.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">NOVA, on behalf of the Selling Shareholders, agrees to
indemnify and hold harmless each Underwriter, the Company and their
respective directors, officers, employees, agents and affiliates and
each person who controls any Underwriter or the Company within the
meaning of either the Act or the Exchange Act against any and all
losses, claims, damages or liabilities, jointly or severally, to
which they or any of them may become subject under the Act, Canadian
Securities Laws, the
Exchange Act or other Canadian federal or provincial, United States
federal or state statutory law or regulation, at common law or
otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon: (i)
any untrue </FONT></TD>
</TR>
</TABLE>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">statement or alleged untrue statement of a material fact
contained in any information provided in writing by the Selling
Shareholders for inclusion in the Registration Statement for the
registration of the Offered Shares as originally filed or in any
amendment thereof, or in any of the Prospectuses, or in any
amendment thereof or supplement thereto, or arise out of or are
based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make
the statements therein not misleading, (ii)&nbsp;any misrepresentation
or alleged misrepresentation contained in any information provided
in writing by the Selling Shareholders for inclusion in the
Canadian Preliminary Prospectus or the Canadian Final Prospectus,
and (iii)&nbsp;any breach by the Selling Shareholders of their
respective representations, warranties, covenants or obligations to
be complied with under this Agreement, and agrees to reimburse each
such indemnified party, as incurred, for any legal or other
expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability
or action; provided, however, that with respect to any untrue
statement or omission of material fact made in any Canadian
Preliminary Prospectus, U.S. Preliminary Prospectus, the Canadian
Final Prospectus or the U.S. Prospectus, the indemnity contained in
this Section&nbsp;9(b) shall not enure to the benefit of any Underwriter
from whom the person asserting any such loss, claim, damage or
liability purchased the Offered Shares concerned, to the extent
that any such loss, claim, damage or liability of such Underwriter
occurs under the circumstance where it shall have been determined
by a court of competent jurisdiction by final and nonappealable
judgment that (w)&nbsp;the Company had previously furnished copies of
the Canadian Prospectus or the U.S. Prospectus to the
Representatives, (x)&nbsp;delivery of the Canadian Prospectus or the
U.S. Prospectus was required by the Act to be made to such person,
(y)&nbsp;the untrue statement or omission of a material fact contained
in the Canadian Preliminary Prospectus or the U.S. Preliminary
Prospectus was corrected in the Canadian Final Prospectus or the
U.S. Prospectus and (z)&nbsp;there was not sent or given to such person,
at or prior to the written confirmation of the sale of such
securities to such person, a copy of the Canadian Final Prospectus
or the U.S. Prospectus. This indemnity will be in addition to any
liability which the Selling Shareholders may otherwise have. The
Company and the Underwriters acknowledge that the information
included in the first and second paragraphs under the heading
&#147;Selling Shareholder&#148; contained in any Canadian Preliminary
Prospectus, U.S. Preliminary Prospectus, Canadian Prospectus and
U.S. Prospectus constitute the only information furnished in
writing by or on behalf of </FONT></TD>
</TR>
</TABLE>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the Selling Shareholders for inclusion
in any Preliminary Canadian Prospectus, U.S. Preliminary
Prospectus, Canadian Prospectus or U.S. Prospectus.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Each of the Underwriters severally agrees to indemnify and
hold harmless the Company, the Selling Shareholders, their
respective directors, each of their officers who signs the
Registration Statement or the Canadian Prospectus, and each person
who controls the Company or the Selling Shareholders within the
meaning of either the Act or the Exchange Act, to the same extent as
the foregoing indemnity from the Company to each Underwriter,
including to reimburse each such indemnified party, as incurred, for
any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim,
damage, liability or action, but only with reference to written
information relating to such Underwriter furnished to the Company by
or on behalf of such Underwriter through the Representatives
specifically for inclusion in the documents referred to in the
foregoing indemnity. This indemnity agreement will be in addition
to any liability which any Underwriter may otherwise have. The
Company and the Selling Shareholders acknowledge that (i)&nbsp;the
statements set forth in the last paragraph of the cover page
regarding delivery of the Offered Shares and, under the heading
&#147;Plan of Distribution&#148;, and (ii)&nbsp;the paragraphs related to
stabilization, syndicate covering transactions and penalty bids
contained in any Canadian Preliminary Prospectus, U.S. Preliminary
Prospectus, Canadian Prospectus and U.S. Prospectus constitute the
only information furnished in writing by or on behalf of the
Underwriters for inclusion in any Preliminary Canadian Prospectus,
U.S. Preliminary Prospectus, Canadian Prospectus or U.S. Prospectus.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Promptly after receipt by an indemnified party under this
Section&nbsp;9 of notice of the commencement of any action, such
indemnified party will, if a claim in respect thereof is to be made
against the indemnifying party under this Section&nbsp;9, notify the
indemnifying party in writing of the commencement thereof; but the
failure so to notify the indemnifying party (i)&nbsp;will not relieve it
from liability under paragraph (a)&nbsp;or (b)&nbsp;above unless and to the
extent it
did not otherwise learn of such action and such failure results in
the forfeiture by the indemnifying party of substantial rights and
defences and (ii)&nbsp;will not, in any event, relieve the indemnifying
party from any obligations to any indemnified party other than the
indemnification obligation provided in paragraph (a)&nbsp;or (b)&nbsp;above.
The indemnifying party shall be entitled to appoint counsel of the
indemnifying party&#146;s choice at the </FONT></TD>
</TR>
</TABLE>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">indemnifying party&#146;s expense to
represent the indemnified party in any action for which
indemnification is sought (in which case the indemnifying party
shall not thereafter be responsible for the fees and expenses of
any separate counsel retained by the indemnified party or parties
except as set forth below); provided, however, that such counsel
shall be satisfactory to the indemnified party. Notwithstanding
the indemnifying party&#146;s election to appoint counsel to represent
the indemnified party in an action, the indemnified party shall
have the right to employ separate counsel (including local
counsel), and the indemnifying party shall bear the reasonable
fees, costs and expenses of such separate counsel if (i)&nbsp;the use of
counsel chosen by the indemnifying party to represent the
indemnified party would present such counsel with a conflict of
interest, (ii)&nbsp;the actual or potential defendants in, or targets
of, any such action include both the indemnified party and the
indemnifying party and the indemnified party shall have reasonably
concluded that there may be legal defences available to it and/or
other indemnified parties which are different from or additional to
those available to the indemnifying party, (iii)&nbsp;the indemnifying
party shall not have employed counsel satisfactory to the
indemnified party to represent the indemnified party within a
reasonable time after notice of the institution of such action or
(iv)&nbsp;the indemnifying party shall authorize the indemnified party
to employ separate counsel at the expense of the indemnifying
party. It is understood, however, that the Company shall, in
connection with any one such action or separate but substantially
similar or related actions in the same jurisdiction arising out of
the same general allegations or circumstances, be liable for the
fees and expenses of only one separate firm of attorneys (in
addition to any local counsel) at any time for all such
Underwriters and controlling persons, which firm shall be
designated in writing by the Representatives. An indemnifying
party will not, without the prior written consent of the
indemnified parties, settle or compromise or consent to the entry
of any judgment with respect to any pending or threatened claim,
action, suit or proceeding in respect of which indemnification or
contribution may be sought hereunder (whether or not the
indemnified parties are actual or potential parties to such claim
or action) unless such settlement, compromise or consent includes
an
unconditional release of each indemnified party from all liability
arising out of such claim, action, suit or proceeding.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">In the event that the indemnity provided in this Section&nbsp;9 is
unavailable to or insufficient to hold harmless an indemnified party
for any reason, the Company, NOVA (on its behalf and on behalf of
NPL)</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">52</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">and the Underwriters, severally and not jointly, agree to
contribute to the aggregate losses, claims, damages and liabilities
(including legal or other expenses reasonably incurred in connection
with investigating or defending same) (collectively &#147;Losses&#148;) to
which the Company, the Selling Shareholders and one or more of the
Underwriters may be subject in such proportion as is appropriate to
reflect: (i)&nbsp;as between the Selling Shareholders and the
Underwriters, the relative benefits received by the Selling
Shareholders on the one hand and by the Underwriters on the other
hand from the offering of the Offered Shares; (ii)&nbsp;as between the
Company and the Selling Shareholders the relative fault of the
Company on the one hand and the Selling Shareholders on the other
hand; and (iii)&nbsp;as between the Company and the Underwriters, on the
relative fault of the Company on the one hand and the Underwriters
on the other hand; provided, however, that in no case shall any
Underwriter (except as may be provided in any agreement among
Underwriters relating to the offering of the Offered Shares) be
responsible for any amount in excess of the underwriting discount or
commission applicable to the Offered Shares purchased by such
Underwriter hereunder. If the allocation provided for in item (i)
in the immediately preceding sentence is unavailable for any reason,
NOVA (on its behalf and on behalf of NPL) on the one hand and the
Underwriters on the other hand, severally and not jointly, shall
contribute in such proportion as is appropriate to reflect not only
such relative benefits but also the relative fault of such Selling
Shareholders on the one hand and of the Underwriters on the other
hand in connection with the statements or omissions which resulted
in such Losses as well as any other relevant equitable
considerations. Benefits received by the Selling Shareholders shall
be deemed to be equal to the total net proceeds from the offering
(before deducting expenses) received by them, and benefits received
by the Underwriters shall be deemed to be equal to the total
underwriting discounts and commissions, in each case as set forth on
the cover page of the Canadian Prospectus and the U.S. Prospectus.
Relative fault shall be determined by reference to, among other
things, whether any untrue or any alleged untrue statement of a
material fact or the omission or alleged omission to state a
material fact relates to information
provided, with respect to item (ii)&nbsp;above, by the Company on the
one hand or the Selling Shareholders on the other, with respect to
item (iii)&nbsp;above, by the Company on the one hand or the
Underwriters on the other, and with respect to item (i)&nbsp;above, in
the event applicable, by the Selling Shareholders on the one hand
and the Underwriters on the other, the intent of the parties and
their relative knowledge, access to information and opportunity to
correct or prevent such untrue </FONT></TD>
</TR>
</TABLE>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">statement or omission. The Company,
the Selling Shareholders and the Underwriters agree that it would
not be just and equitable if contribution were determined by pro
rata allocation or any other method of allocation which does not
take account of the equitable considerations referred to above.
Notwithstanding the provisions of this paragraph (e), no person
guilty of fraudulent misrepresentation (within the meaning of
Section&nbsp;11(f) of the Act) or misrepresentation under Canadian
Securities Laws shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation or
misrepresentation. For purposes of this Section&nbsp;9, each person who
controls an Underwriter within the meaning of either the Act or the
Exchange Act and each director, officer, employee and agent of an
Underwriter shall have the same rights to contribution as such
Underwriter, and each person who controls the Company within the
meaning of either the Act or the Exchange Act, each officer of the
Company who shall have signed the Registration Statement or the
Canadian Prospectus and each director of the Company shall have the
same rights to contribution as the Company, subject in each case to
the applicable terms and conditions of this paragraph (e).</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>10.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Default by an Underwriter</B>. If any one or more Underwriters shall fail to
purchase and pay for any of the Offered Shares agreed to be purchased by
such Underwriter or Underwriters hereunder and such failure to purchase
shall constitute a default in the performance of its or their obligations
under this Agreement, the remaining Underwriters shall be obligated
severally and not jointly to take up and pay for (in the respective
proportions which the percentage of Offered Shares set forth opposite
their names in Schedule&nbsp;A hereto bears to the aggregate percentage of
Offered Shares set forth opposite the names of all the remaining
Underwriters) the Offered Shares which the defaulting Underwriter or
Underwriters agreed but failed to purchase; provided, however, that in the
event that the aggregate amount of Offered Shares which the defaulting
Underwriter or Underwriters agreed but failed to purchase shall exceed
12.5% of the aggregate amount of Offered Shares set
forth in Schedule&nbsp;A hereto, the remaining Underwriters shall have the
right to purchase all, but shall not be under any obligation to purchase
any, of the Offered Shares, and if such nondefaulting Underwriters do not
purchase all the Offered Shares, this Agreement will terminate without
liability to any nondefaulting Underwriter or the Company. In the event
of a default by any Underwriter as set forth in this Section&nbsp;10, the
Closing Date shall be postponed for such period, not exceeding five
Business Days, as the Representatives shall determine in order that the
required changes in the Registration Statement, the Canadian Prospectus
or the U.S. Prospectus, or in any other documents or arrangements may be
effected. Nothing contained in </FONT></TD>
</TR>
</TABLE>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">this Agreement shall relieve any
defaulting Underwriter of its liability, if any, to the Company, the
Selling Shareholders and any nondefaulting Underwriter for damages
occasioned by its default hereunder.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>11.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Termination</B>.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">This Agreement shall be subject to termination by any
Underwriter (with respect to itself only) in the absolute discretion
of such Underwriter, by notice given to the Company and the Selling
Shareholders at any time prior to the Closing Time in accordance
with paragraph 11(c), if, at any time prior to such Closing Time:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">any enquiry, action, suit, investigation or other
proceeding whether formal or informal is instituted,
threatened or announced or any order is made by any federal,
provincial or other governmental authority in relation to the
Selling Shareholders or the Company, which, in the reasonable
opinion of the Underwriters or any of them, operates to
prevent or restrict the distribution of the Offered Shares or
the trading of the Common Shares;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">there should occur any material change or a
change in any material fact such as is contemplated in
paragraph 6(m) of this Agreement which results or, in the
opinion of the Underwriters or any one of them, would be
expected to have a significant adverse effect on the market
price or value of the Offered Shares;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">(A)&nbsp;trading in any of the Company&#146;s common
shares shall have been suspended by the Commission, the
Reviewing Authority, or the Toronto Stock Exchange or the
Nasdaq National Market or trading in securities generally on
the Toronto Stock Exchange
or the Nasdaq National Market shall have been suspended or
limited or minimum prices shall have been established on any
such exchanges, (B)&nbsp;a banking moratorium shall have been
declared either by U.S. Federal, New York State or Canadian
federal authorities, (C)&nbsp;a change or development involving a
prospective change in Canadian taxation affecting the
Offered Shares or the transfer thereof or the imposition of
exchange controls by the United States or Canada, (D)&nbsp;there
should develop, occur or come into effect or existence any
event, action, state, condition or major financial
occurrence of national or international consequence or any
law or regulation which in the opinion of the Underwriters
or any one of them seriously </FONT></TD>
</TR>
</TABLE>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">adversely affects, involves, or
will seriously adversely affect, or involve, the financial
markets or the business, operations or affairs of the
Company and its subsidiaries taken as a whole.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Selling Shareholders and the Company each agrees that all
terms and conditions of this Agreement shall be construed as
conditions and complied with so far as they relate to acts to be
performed or caused to be performed by them, that they will use
their best efforts to cause such conditions to be complied with, and
that any breach or failure by the Selling Shareholders or the
Company to comply with any such conditions shall entitle any of the
Underwriters to terminate their obligations to purchase the Offered
Shares by notice to that effect given to the Selling Shareholders
and the Company at or prior to the Closing Time, unless otherwise
expressly provided in this Agreement. The Underwriters may waive,
in whole or in part, or extend the time for compliance with, any
terms and conditions without prejudice to its rights in respect of
any other of such terms and conditions or any other or subsequent
breach or non-compliance, provided that any such waiver or extension
shall be binding upon the Underwriters only if such waiver or
extension is in writing and signed by the Representatives.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The rights of termination contained in paragraphs 11(a) and
(b)&nbsp;may be exercised by any of the Underwriters and are in addition
to any other rights or remedies any of the Underwriters may have in
respect of any default, act or failure to act or non-compliance by
the Selling Shareholders or the Company in respect of any of the
matters contemplated by this Agreement or otherwise. In the event
of any such termination, there shall be no further liability on the
part of the Underwriters to the Selling Shareholders and the
Company or on the part of the Selling Shareholders and the Company
to the Underwriters except in respect of any liability which may
have arisen or may arise after such termination under paragraphs 8
and 9. A notice of termination given by an Underwriter under
paragraphs 11(a) and (b)&nbsp;shall not be binding upon any other
Underwriter.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>12.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Representations and Indemnities to Survive</B>. The respective agreements,
representations, warranties, indemnities and other statements of the
Company or its officers and of the Selling Shareholders or their officers
and of the Underwriters set forth in or made pursuant to this Agreement
will remain in full force and effect, regardless of any investigation made
by or on behalf of any Underwriter, the Selling Shareholders or the
Company or any of the officers, directors, employees, agents or
controlling persons referred to in Section&nbsp;9 of this Agreement, and will
survive delivery of and payment for the </FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">56</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Offered Shares. The provisions of
Sections&nbsp;8, 9, 13, 14 and 15 of this Agreement shall survive the
termination or cancellation of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>13.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Agent for Service</B>. The Company and each of the Selling Shareholders has
appointed CT Corporation System, New York, New York, as its authorized
agent (the &#147;Authorized Agent&#148;) upon whom process may be served in any
action arising out of or based on this Agreement or the transactions
contemplated thereby which may be instituted in any New York Court
expressly consents to the jurisdiction of any such court in respect of any
such action, and waives any other requirements of or objections to
personal jurisdiction with respect thereto. Such appointment shall be
irrevocable. The Company and each of the Selling Shareholders represents
and warrants that the Authorized Agent has agreed to act as such agent for
service of process and agrees to take any and all action, including the
filing of any and all documents and instruments, that may be necessary to
continue such appointment in full force and effect as aforesaid. Service
of process upon the Authorized Agent and written notice of such service to
the Company or the Selling Shareholders, as the case may be, shall be
deemed, in every respect, effective service of process upon the Company or
the Selling Shareholders, as the case may be.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>14.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Authority of Representatives</B>. The Representatives are hereby authorized
by each of the other Underwriters to act on its behalf and the Selling
Shareholders and the Company shall be entitled to and shall act on any
notice
given in accordance with paragraph 14 or agreement entered into by or on
behalf of the Underwriters by the Representatives, each of which
represents and warrants that it has irrevocable authority to bind the
Underwriters, except in respect of: (i)&nbsp;any consent to a settlement
pursuant to paragraph 9(d) which consent shall be given by the
Indemnified Party, and (ii)&nbsp;a notice of termination pursuant to paragraph
11 which notice may be given by any of the Underwriters. The
Representatives shall consult with the other Underwriters concerning any
matter in respect of which they act as representatives of the
Underwriters.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>15.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Notices</B>. All communications hereunder will be in writing and effective
only on receipt, and, if sent to the Underwriters, will be mailed,
delivered or telefaxed to RBC Dominion Securities Inc., to the attention
of Stewart Burton, Managing Director (fax no.: (416)&nbsp;842-7555), at 200 Bay
Street, Royal Bank Plaza, Toronto, Ontario M5J 2W7; if sent to the
Company, will be mailed, delivered or telefaxed to Methanex Corporation,
to the attention of the Chief Financial Officer (fax no.: (604)&nbsp;661-2656),
at Suite&nbsp;1800 Waterfront Centre, 200 Burrard Street, Vancouver, British
Columbia V6C 3M1; or, if sent to either Selling Shareholder, will be
mailed, delivered or telefaxed to NOVA Chemicals Corporation, to the
attention of the Senior Vice-President, Legal </FONT></TD>
</TR>
</TABLE>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">and General Counsel, (fax
no.: (412)&nbsp;490-4531) at 1550 Coraopolis Heights Road, Moon Township, PA,
15108.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>16.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Successors</B>. This Agreement will inure to the benefit of and be binding
upon the parties hereto and their respective successors (and, in the case
of the Underwriters, assigns) and the officers, directors, employees,
agents and controlling persons referred to in Section&nbsp;9 of this Agreement,
and no other person will have any right or obligation hereunder. To the
extent required, each party shall act as agent for its respective
indemnified officers, directors, employees, agents and controlling
persons, but shall be entitled to amend the provisions of Section&nbsp;9 or any
other provision of this Agreement without their consent. Neither the
Company nor the Selling Shareholders may assign its rights hereunder.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>17.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Applicable Law</B>. This Agreement will be governed by and construed in
accordance with the laws of the Province of Alberta and the federal laws
applicable therein applicable to contracts made and to be performed within
the Province of Alberta.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>18.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Counterparts</B>. This Agreement may be signed in one or more counterparts,
each of which shall constitute an original and all of which together shall
constitute one and the same agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>19.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Headings</B>. The section headings used herein are for convenience only and
shall not affect the construction hereof.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>20.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Definitions</B>. The terms which follow, when used in this Agreement, shall
have the meanings indicated.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;$&#148; means Canadian dollars unless specifically stated
otherwise.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Act&#148; has the meaning ascribed thereto in the second
paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Agreement&#148; means this underwriting agreement dated May&nbsp;21,
2003.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Authorized Agent&#148; has the meaning ascribed thereto in
Section&nbsp;13 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Business Day&#148; means any day other than a Saturday, a Sunday
or a legal holiday or a day on which banking institutions or trust
companies are authorized or obligated by law to close in New York
City or Vancouver, British Columbia.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">58</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(f)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Canadian Final Prospectus&#148; has the meaning ascribed thereto
in the third paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(g)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Canadian GAAP&#148; has the meaning ascribed thereto in paragraph
(x)&nbsp;of Section&nbsp;1 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(h)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Canadian Preliminary Prospectus&#148; has the meaning ascribed
thereto in the second paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Canadian Prospectus&#148; means the Canadian Preliminary
Prospectus, the Canadian Final Prospectus, and any amendment or
supplement thereto.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(j)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Canadian Securities Laws&#148; means all applicable securities
laws in each of the Qualifying Provinces and the respective rules or
regulations made thereunder together with applicable published
policy statements, blanket orders and applicable notices of the
securities regulatory authorities in such provinces.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(k)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Closing Date&#148; has the meaning ascribed thereto in paragraph
(a)&nbsp;of Section&nbsp;4 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(l)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Closing Time&#148; means 6:00 a.m. (Vancouver time) on the
Closing Date or such other time as the Underwriters may agree.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(m)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Commission&#148; has the meaning ascribed thereto in the second
paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(n)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Common Shares&#148; has the meaning ascribed thereto in the first
paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(o)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Company&#148; has the meaning ascribed thereto in the first
paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(p)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Company Form&nbsp;F-X&#148; has the meaning ascribed thereto in the
fourth paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(q)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Effective Time&#148; means each date and time that the
Registration Statement, any post-effective amendment or amendments
thereto became or becomes effective.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(r)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Environmental Laws&#148; has the meaning ascribed thereto in
paragraph (q)&nbsp;of Section&nbsp;1 of this Agreement.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">59</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(s)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Exchange Act&#148; means the United States Securities Exchange
Act of 1934, as amended, and the rules and regulations thereunder
adopted by the Commission.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(t)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Execution Time&#148; means the date and time that this Agreement
is executed and delivered by the parties hereto.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(u)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Filings&#148; has the meaning ascribed thereto in paragraph (l)
of Section&nbsp;6 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Financial Information&#148; has the meaning ascribed thereto in
paragraph (b)&nbsp;of Section&nbsp;6 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(w)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Intellectual Property&#148; has the meaning ascribed thereto in
paragraph (u)&nbsp;of Section&nbsp;1 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(x)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Lock-Up Period&#148; has the meaning ascribed thereto in
paragraph (h)&nbsp;of Section&nbsp;6 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(y)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Losses&#148; has the meaning ascribed thereto in paragraph (e)&nbsp;of
Section&nbsp;9 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(z)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Material Adverse Effect&#148; has the meaning ascribed thereto in
paragraph (f)&nbsp;of Section&nbsp;1 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(aa)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;MRRS Decision Document&#148; means a decision document issued
under the mutual reliance review system pursuant to NP 43-201.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(bb)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;NP 43-201&#148; means National Policy No.&nbsp;43-201 of Canadian
Securities laws.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(cc)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;NASD&#148; has the meaning ascribed thereto in paragraph (k)&nbsp;of
Section&nbsp;6 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(dd)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Offered Shares&#148; has the meaning ascribed thereto in the
first paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ee)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;preliminary prospectus&#148; means each prospectus relating to
the Offered Shares (i)&nbsp;used in the United States (A)&nbsp;before the time
such registration statement on Form&nbsp;F-10 becomes effective or (B)
after such effectiveness and prior to the execution and delivery of
this Agreement or (ii)&nbsp;filed in Canada, both in the English and
French languages, as applicable, (A)&nbsp;before a receipt for the
Canadian Final Prospectus has been obtained from the Reviewing
Authority or (B)&nbsp;after such receipt </FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">60</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">has been obtained and prior to
the execution and delivery of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ff)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Prohibited Countries&#148; has the meaning ascribed thereto in
paragraph (aa)&nbsp;of Section&nbsp;1 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(gg)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Prospectuses&#148; has the meaning ascribed thereto in the fourth
paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(hh)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Purchase Price&#148; has the meaning ascribed thereto in
paragraph (a)&nbsp;of Section&nbsp;3 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Qualifying Authorities&#148; has the meaning ascribed thereto in
the second paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(jj)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Qualifying Provinces&#148; has the meaning ascribed thereto in
the second paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(kk)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Registration Rights Agreement&#148; means the registration rights
agreement dated December&nbsp;8, 1993, as amended January&nbsp;14, 1994,
between Novacor Chemicals Ltd., Novacor Petrochemicals Ltd. and the
Company.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ll)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Registration Statement&#148; has the meaning ascribed thereto in
the second paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(mm)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Reorganization Transaction&#148; has the meaning ascribed thereto
in paragraph (b)&nbsp;of Section&nbsp;3 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(nn)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Representatives&#148; means RBC Dominion Securities Inc.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(oo)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Repurchase Approval&#148; has the meaning ascribed thereto in
paragraph o of Section&nbsp;6 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(pp)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Repurchase Relief&#148; has the meaning ascribed thereto in
subparagraph q(o) of Section&nbsp;6 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(qq)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Repurchase Transaction&#148; means the proposed transaction
whereby the Company will, directly or indirectly, repurchase from
the Selling Shareholders all of the shares of one or more companies
holding 9&nbsp;million Common Shares at the price set out in the Canadian
Preliminary Prospectus per Common Share held by such holding
companies.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">61</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(rr)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Restricted Activities&#148; has the meaning ascribed thereto in
paragraph (i)&nbsp;of Section&nbsp;6 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ss)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Reviewing Authority&#148; has the meaning ascribed thereto in the
second paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(tt)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Rule&nbsp;1-02&#148; has the meaning ascribed thereto in paragraph (h)
of Section&nbsp;1 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(uu)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Selling Shareholders&#148; has the meaning ascribed thereto in
the first paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Share Purchase Agreement&#148; means the agreement under which
the Company and the Selling Shareholders agree, subject to receipt
of Repurchase Approval, to complete the Repurchase Transaction.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ww)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Significant Subsidiary&#148; has the meaning ascribed thereto in
paragraph (h)&nbsp;of Section&nbsp;1 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xx)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Supplementary Material&#148; means any amendment to the Canadian
Prospectus or Registration Statement, any amended or supplemental
prospectus or auxiliary material, information, evidence, return,
report, application, statement or document that may be filed by or
on behalf of the Company under the Canadian Securities Laws, the Act
or the Exchange Act prior to the Closing Date or, where such
documents are deemed to be incorporated by reference into the
Canadian Prospectus, Registration Statement or U.S. Prospectus,
prior to the expiry of the period of distribution of the Offered
Shares.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(yy)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Underwriters&#148; has the meaning ascribed thereto in the first
paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(zz)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Underwriting Fee&#148; has the meaning ascribed thereto in
paragraph (a)&nbsp;of Section&nbsp;3 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(aaa)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;U.S. GAAP&#148; has the meaning ascribed thereto in paragraph
(x)&nbsp;of Section&nbsp;1 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(bbb)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;U.S. Preliminary Prospectus&#148; has the meaning ascribed
thereto in the second paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ccc)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;U.S. Prospectus&#148; means the U.S. Preliminary Prospectus
until such time as the Registration Statement becomes effective,
then the U.S. Prospectus shall mean the prospectus included in the
Registration </FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">62</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Statement at the time it becomes effective, including
any documents incorporated by reference.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">If the foregoing is in accordance with your understanding of our agreement,
please sign and return to us the enclosed duplicate hereof, whereupon this
letter and your acceptance shall represent a binding agreement among the
Company, the Selling Shareholders and the Underwriters.
</FONT>
<P align="left"><FONT size="2">Very truly yours,
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="59%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>RBC DOMINION SECURITIES INC.</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>CIBC WORLD MARKETS INC.</B></FONT></TD>
</TR>

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

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><I>&#147;Stewart C. Burton&#148;</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<I>&#147;Alan C. Wallace&#148;</I></FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>SCOTIA CAPITAL INC.</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>TD SECURITIES INC.</B></FONT></TD>
</TR>

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

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><I>&#147;Stephen Burleton&#148;</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<I>&#147;Bruce Black&#148;</I></FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>CITIGROUP GLOBAL MARKETS
CANADA INC.</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>UBS SECURITIES CANADA INC.</B></FONT></TD>
</TR>

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

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><I>&#147;Douglas C. Eberlee&#148;</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<I>&#147;David J. Harrison&#148;</I></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">The foregoing offer is accepted and agreed by us as of the date first above
written.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="59%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>METHANEX CORPORATION</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>NOVA CHEMICALS CORPORATION</B></FONT></TD>
</TR>

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

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><I>&#147;Ian Cameron&#148;</I></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<I>&#147;Jack Mustoe&#148;</I></FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>NOVA PETROCHEMICALS LTD.</B></FONT></TD>
</TR>

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

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<I>&#147;Jack Mustoe&#148;</I></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">63</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "SCHEDULE A" -->
<P align="center"><FONT size="2"><B>SCHEDULE A</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>PERCENTAGE OF</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>UNDERWRITERS</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>COMMON SHARES TO BE<BR>PURCHASED</B></FONT></TD>
</TR>
<TR>
    <TD colspan="2" align="center"><HR size="1" width="100%" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><HR size="1" width="100%" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">RBC Dominion Securities Inc.</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">26</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">CIBC World Markets Inc.</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">22</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Scotia Capital Inc.</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">20</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">TD Securities Inc.</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">20</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Citigroup Global Markets Canada Inc.</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">UBS Securities Canada Inc.</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">TOTAL</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "SCHEDULE B" -->
<P align="center"><FONT size="2"><B>SCHEDULE B</B>
</FONT>

<!-- link1 "SIGNIFICANT SUBSIDIARIES" -->
<P align="center"><FONT size="2"><B>SIGNIFICANT SUBSIDIARIES</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="67%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Ownership by</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Name</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Jurisdiction</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Company</B></FONT></TD>
</TR>
<TR>
    <TD align="center"><HR size="1" width="100%" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><HR size="1" width="100%" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><HR size="1" width="100%" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Methanex Chile Limited (Agencia)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">Chile</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Methanex Chile Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" nowrap align="center"><FONT size="2">Barbados</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Methanex New Zealand Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" nowrap align="center"><FONT size="2">New Zealand</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Methanex Motunui Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" nowrap align="center"><FONT size="2">New Zealand</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Methanex Waitara Valley Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" nowrap align="center"><FONT size="2">New Zealand</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Methanex International Holdings Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" nowrap align="center"><FONT size="2">Cayman Islands</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cape Horn Finance Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" nowrap align="center"><FONT size="2">Barbados</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Waterfront Shipping Company Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" nowrap align="center"><FONT size="2">Barbados</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Methanex Holdings (Barbados) Limited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" nowrap align="center"><FONT size="2">Barbados</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Methanex Netherlands BV</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" nowrap align="center"><FONT size="2">Netherlands</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Methanex Holdings Ltd.</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" nowrap align="center"><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Atlas Methanol Company Unlimited</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" nowrap align="center"><FONT size="2">Trinidad</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">63.1</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Titan Methanol Company</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" nowrap align="center"><FONT size="2">Trinidad</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">&nbsp;</FONT>


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</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13
<SEQUENCE>4
<FILENAME>o09983exv13.htm
<DESCRIPTION>SHARE PURCHASE AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Share Purchase Agreement</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="right"><FONT size="2">Exhibit 13
</FONT>

<P align="center"><FONT size="2"><B>NOVA CHEMICALS CORPORATION</B>
</FONT>
<P align="center"><FONT size="2"><B>- and -</B>
</FONT>
<P align="center"><FONT size="2"><B>METHANEX CORPORATION</B>
</FONT>
<P align="center"><FONT size="2"><B>- and -</B>
</FONT>
<P align="center"><FONT size="2"><B>6097570 CANADA INC.</B>
</FONT>
<P align="center"><HR align="center" size="1" width="100%" color="black" noshade>
<P align="center"><FONT size="2"><B>SHARE PURCHASE AGREEMENT</B>
</FONT>
<P align="center"><FONT size="2"><B>May&nbsp;21, 2003</B>
</FONT>
<P align="center"><HR align="center" size="1" width="100%" color="black" noshade>
<P align="center"><FONT size="2">Osler, Hoskin &#038; Harcourt LLP
</FONT>
<P align="center"><FONT size="2">McCarthy T&#233;trault LLP
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3" valign="top" align="center"><FONT size="2">ARTICLE 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><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">DEFINITIONS AND PRINCIPLES OF INTERPRETATION</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">1.1</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Definitions</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">1.2</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Certain Rules of Interpretation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">1.3</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Knowledge</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">1.4</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Schedules</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="center"><FONT size="2">ARTICLE 2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">PURCHASE AND SALE</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">2.1</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Purchase and Sale of Purchased Shares</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">2.2</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Winding-up of Holdco</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3" valign="top" align="center"><FONT size="2">ARTICLE 3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">PURCHASE PRICE AND CLOSING</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">3.1</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Purchase Price</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">3.2</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Satisfaction of Purchase Price</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">3.3</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Delivery of Shares and Other Documents</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">3.4</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Closing</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="center"><FONT size="2">ARTICLE 4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">REPRESENTATIONS AND WARRANTIES OF THE VENDOR AND HOLDCO</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">4.1</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Incorporation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">4.2</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due Authorization and Enforceability of Obligations</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">4.3</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Right to Sell Purchased Shares</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">4.4</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ownership of Underlying Shares</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">4.5</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Holdco Capitalization</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">4.6</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dividends or other Distributions</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">4.7</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Holdco Assets and Liabilities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">4.8</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Agreements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">4.9</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Absence of Conflicting Agreements, Options and
Shareholder Agreements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">4.10</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Litigation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">4.11</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Regulatory Approvals and Consents</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">4.12</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Taxes</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">4.13</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">No Undisclosed Facts</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">4.14</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Full Disclosure</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3" valign="top" align="center"><FONT size="2">ARTICLE 5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">REPRESENTATIONS AND WARRANTIES OF THE PURCHASER</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">5.1</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Incorporation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">5.2</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Due Authorization and Enforceability of Obligations</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">5.3</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Absence of Conflicting Agreements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">5.4</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Litigation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="center"><FONT size="2">ARTICLE 6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">SURVIVAL; NON-WAIVER</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">6.1</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Survival</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">6.2</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Non-Waiver</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3" valign="top" align="center"><FONT size="2">ARTICLE 7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">CONDITIONS</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">7.1</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Purchaser&#146;s Conditions Precedent</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">7.2</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Vendor&#146;s Conditions Precedent</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="center"><FONT size="2">ARTICLE 8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">COVENANTS</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">8.1</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Actions to Satisfy Closing Conditions and Covenants</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">8.2</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Representations and Warranties</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">8.3</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Co-operation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">8.4</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ordinary Course</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">8.5</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shareholder Meeting</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">8.6</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Purchaser Shareholding</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3" valign="top" align="center"><FONT size="2">ARTICLE 9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">GENERAL</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">9.1</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Further Assurances</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">9.2</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">9.3</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Public Notices</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">9.4</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Benefit of the Agreement</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">9.5</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amendments and Waiver</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">9.6</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Termination</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">9.7</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Notices</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">9.8</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Remedies</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">9.9</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Books and Records</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">9.10</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Taxation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top" align="right"><FONT size="2">9.11</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Execution and Delivery</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3" valign="top" align="center"><FONT size="2">SCHEDULE 4.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">REGULATORY APPROVALS AND CONSENTS</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="center"><FONT size="2">SCHEDULE 8.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">REORGANIZATION</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<P align="left"><FONT size="2"><B>THIS SHARE PURCHASE AGREEMENT </B>is made May&nbsp;21, 2003;
</FONT>

<P align="left"><FONT size="2"><B>BETWEEN:</B>
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2"><B>&nbsp;</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>NOVA CHEMICALS CORPORATION</B>, a corporation governed by
the laws of Alberta,</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">(the &#147;Vendor&#148;)</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">- and -
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2"><B>&nbsp;</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>METHANEX CORPORATION</B>, a corporation governed by the
laws of Canada,</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">(the &#147;Purchaser&#148;)</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">- and -
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2"><B>&nbsp;</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>6097570 CANADA INC.</B>, a corporation governed by the
laws of Canada.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">(&#147;Holdco&#148;)</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>RECITALS:</B>
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">A.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">The Vendor is the direct or indirect beneficial owner of 46,946,876
common shares in the capital of the Purchaser.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">B.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Pursuant to certain reorganization transactions, Holdco will acquire
9,000,000 common shares in the capital of the Purchaser from the Vendor in
return for the issuance of common shares of Holdco.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">C.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Following the issuance of common shares by Holdco to the Vendor, the
Vendor will own all of the issued and outstanding common shares in the
capital of Holdco.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">D.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">The Vendor has agreed to sell the Purchased Shares to the Purchaser and
the Purchaser has agreed to cause Holdco to be wound-up so that the
Underlying Shares are acquired and cancelled by the Purchaser on the terms
and conditions of this Agreement.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>THEREFORE </B>the parties agree as follows:
</FONT>
<!-- link1 "ARTICLE 1<BR> DEFINITIONS AND PRINCIPLES OF INTERPRETATION" -->
<P align="center"><FONT size="2"><B>ARTICLE 1<BR>
DEFINITIONS AND PRINCIPLES OF INTERPRETATION</B>
</FONT>

<!-- link2 "1.1 Definitions" -->
<P align="left"><FONT size="2"><B>1.1 Definitions</B>
</FONT>

<P align="left"><FONT size="2">In this Agreement, including the Recitals, the following words and terms have
the meanings set out below:
</FONT>
<P align="center"><FONT size="2">1</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Agreement</B>&#148; means this Share Purchase Agreement including all schedules
and all amendments or restatements, as permitted, and references to
&#147;Article&#148; or &#147;Section&#148; mean the specified Article or Section of this
Agreement;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Business Day</B>&#148; means any day, other than a Saturday or Sunday, on which
banks in Vancouver, British Columbia and New York, New York are open for
commercial banking business during normal banking hours;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Change of Control Transaction</B>&#148; means a take-over bid made by way of
circular or voting transaction made or available to all holders of
Methanex Shares, which if successful would result in a Person or group of
Persons acting jointly or in concert (other than the Vendor or any of its
affiliates) owning more than 30% of the outstanding voting securities of
the Purchaser or any successor thereto;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Claims</B>&#148; includes claims, demands, complaints, actions, suits, causes of
action, assessments or reassessments, charges, judgments, debts,
liabilities, expenses, costs, damages or losses, contingent or otherwise,
including loss of value, reasonable professional fees and disbursements,
including fees of legal counsel, and all costs incurred in investigating
or pursuing any of the foregoing or any proceeding relating to any of the
foregoing;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Closing</B>&#148; means the completion of the sale to and purchase by the
Purchaser of the Purchased Shares under this Agreement;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Closing Date</B>&#148; means the date of the Special Meeting or such other date
as the Parties may agree in writing as the date upon which the Closing
shall take place;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Closing Time</B>&#148; means 12:00&nbsp;p.m. (Mountain Standard Time) on the Closing
Date, or such other time as the Parties may agree in writing;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Encumbrances</B>&#148; means pledges, liens, charges, security interests, leases,
title retention agreements, mortgages, restrictions, easements,
rights-of-way, title defects, options or adverse claims, or encumbrances
of any kind or character whatsoever;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Governmental Authority</B>&#148; means any government, regulatory authority,
governmental department, agency, commission, bureau, official, minister,
Crown corporation, court, board, tribunal, dispute settlement panel or
body or other law, rule or regulation-making entity:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">having or purporting to have jurisdiction on
behalf of any nation, province, state or other geographic or
political subdivision thereof; or</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">exercising, or entitled or purporting to exercise
any administrative, executive, judicial, legislative, policy,
regulatory or taxing authority or power;</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Governmental Authorizations</B>&#148; means authorizations, approvals,
certificates, orders, consents, directives, notices, licences, permits,
variances, registrations or similar rights issued to or required by or
from any Governmental Authority;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">2</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Holdco</B>&#148; means 6097570 Canada Inc., a corporation governed by the laws of
Canada;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Indemnity Agreement</B>&#148; means the Indemnity Agreement dated the date hereof
made between the Vendor, NPL, the Purchaser and Holdco;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Laws</B>&#148; means applicable laws (including common law), statutes, by-laws,
rules, regulations, orders, ordinances, protocols, codes, guidelines,
treaties, policies, notices, directions, decrees, judgments, awards or
requirements, in each case of any Governmental Authority;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Methanex Shares</B>&#148; means common shares in the capital of the Purchaser;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Notice</B>&#148; has the meaning ascribed thereto in Section&nbsp;9.7;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>NPL</B>&#148; means NOVA Petrochemicals Ltd., a corporation governed by the laws
of Alberta;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Offering</B>&#148; means the sale to a syndicate of underwriters pursuant to the
Underwriting Agreement of certain Methanex Shares beneficially owned
directly or indirectly by the Vendor;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Parties</B>&#148; means the Vendor, the Purchaser and Holdco collectively, and
&#147;Party&#148; means any one of them;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Persons</B>&#148; means any individual, sole proprietorship, partnership, firm,
entity, unincorporated association, unincorporated syndicate,
unincorporated organization, trust or body corporate, and where the
context requires, any of the foregoing when they are acting as trustee,
executor, administrator or other legal representative;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Purchase Price</B>&#148; has the meaning ascribed thereto in Section&nbsp;3.1;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Purchased Shares</B>&#148; means 100 common shares in the capital of Holdco;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Purchaser</B>&#148; means Methanex Corporation, a corporation governed by the
laws of Canada;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Registration Rights Agreement</B>&#148; means the Registration Rights Agreement,
dated December&nbsp;8, 1993, as amended January&nbsp;14, 1994, between the Novacor
Chemicals Ltd., Novacor Petrochemicals Ltd. and the Purchaser;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Special Meeting</B>&#148; has the meaning ascribed thereto in Section&nbsp;7.1(a)(v);</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Tax Act</B>&#148; means the <I>Income Tax Act </I>(Canada);</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Tax Returns</B>&#148; means all returns, reports, declarations, elections,
notices, filings, forms, statements and other documents (whether in
tangible, electronic or other form) and including any amendments,
schedules, attachments, supplements, appendices and exhibits thereto,
made, prepared, filed or required to be made, prepared or filed by Law in
respect of Taxes;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">3</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Taxes</B>&#148; means any taxes, duties, fees, premiums, assessments, imposts,
levies and other similar charges imposed by any Governmental Authority
under applicable Law, including all interest, penalties, fines, additions
to tax or other additional amounts imposed by any Governmental Authority
in respect thereof, and including those levied on, or measured by, or
referred to as, income, gross receipts, profits, capital, transfer, land
transfer, sales, goods and services, harmonized sales, value-added,
excise, stamp, withholding, business, franchising, property, development,
occupancy, employer health, payroll, employment, health, social services,
education and social security taxes, all surtaxes, all customs duties and
import and export taxes, countervail and anti-dumping, all licence,
franchise registration fees and all employment insurance, health
insurance and Canada, Qu&#233;bec and other government pension plan premiums
or contributions;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Underlying Shares</B>&#148; means the 9,000,000 Methanex Shares beneficially
owned by Holdco at the Closing Time;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Underwriting Agreement</B>&#148; means the Underwriting Agreement dated the date
hereof between the Vendor, the Purchaser, NPL, RBC Dominion Securities
Inc., CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc.,
CitiGroup Global Markets Canada Inc. and UBS Securities Canada Inc.; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">&#147;<B>Vendor</B>&#148; means NOVA Chemicals Corporation, a corporation governed by the
laws of the Province of Alberta.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "1.2 Certain Rules of Interpretation" -->
<P align="left"><FONT size="2"><B>1.2 Certain Rules of Interpretation</B>
</FONT>

<P align="left"><FONT size="2">In this Agreement:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Consent </B>&#151; Whenever a provision of this Agreement requires an
approval or consent and such approval or consent is not delivered
within the applicable time limit, then, unless otherwise specified,
the Party whose consent or approval is required shall be
conclusively deemed to have withheld its approval or consent.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Currency </B>&#151; Unless otherwise specified, all references to
money amounts are to lawful currency of the United States.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Governing Law </B>&#151; This Agreement is a contract made under and
shall be governed by and construed in accordance with the laws of
the Province of Alberta and the federal laws of Canada applicable in
the Province of Alberta.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Headings </B>&#151; Headings of Articles and Sections are inserted for
convenience of reference only and shall not affect the construction
or interpretation of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Including </B>&#151; Where the word &#147;including&#148; or &#147;includes&#148; is used
in this Agreement, it means &#147;including (or includes) without
limitation&#148;.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(f)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>No Strict Construction </B>&#151; The language used in this Agreement
is the language chosen by the Parties to express their mutual
intent, and no rule of strict construction shall be applied against
any Party.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">4</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(g)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Number and Gender </B>&#151; Unless the context otherwise requires,
words importing the singular include the plural and vice versa and
words importing gender include all genders.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(h)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Severability </B>&#151; If, in any jurisdiction, any provision of
this Agreement or its application to any Party or circumstance is
restricted, prohibited or unenforceable, such provision shall, as to
such jurisdiction, be ineffective only to the extent of such
restriction, prohibition or unenforceability without invalidating
the remaining provisions of this Agreement and without affecting the
validity or enforceability of such provision in any other
jurisdiction or without affecting its application to other Parties
or circumstances.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Statutory references </B>&#151; A reference to a statute includes all
regulations made pursuant to such statute and, unless otherwise
specified, the provisions of any statute or regulation which amends,
supplements or supersedes any such statute or any such regulation.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(j)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Time </B>&#151; Time is of the essence in the performance of the
Parties&#146; respective obligations.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(k)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Time Periods </B>&#151; Unless otherwise specified, time periods
within or following which any payment is to be made or act is to be
done shall be calculated by excluding the day on which the period
commences and including the day on which the period ends and by
extending the period to the next Business Day following if the last
day of the period is not a Business Day.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "1.3 Knowledge" -->
<P align="left"><FONT size="2"><B>1.3 Knowledge</B>
</FONT>

<P align="left"><FONT size="2">Any reference to the knowledge of any Party shall mean to the best of the
knowledge, information and belief of such Party after reviewing all relevant
records and making due inquiries regarding the relevant matter of all relevant
directors, officers and employees of the Party.
</FONT>
<!-- link2 "1.4 Schedules" -->
<P align="left"><FONT size="2"><B>1.4 Schedules</B>
</FONT>

<P align="left"><FONT size="2">The following are the schedules to this Agreement:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Schedule</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Schedule&nbsp;4.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Regulatory Approvals and Consents</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Schedule&nbsp;8.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Reorganization</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">5</FONT>
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<!-- link1 "ARTICLE 2<BR> PURCHASE AND SALE" -->
<P align="center"><FONT size="2"><B>ARTICLE 2<BR>
PURCHASE AND SALE</B>
</FONT>

<!-- link2 "2.1 Purchase and Sale of Purchased Shares" -->
<P align="left"><FONT size="2"><B>2.1 Purchase and Sale of Purchased Shares</B>
</FONT>

<P align="left"><FONT size="2">In consideration of the payment by the Purchaser to the Vendor of the Purchase
Price set out in Section&nbsp;3.1, the Vendor agrees to sell, transfer and assign to
the Purchaser the Purchased Shares free and clear of any and all Encumbrances,
and the Purchaser agrees to purchase and accept assignment of such Purchased
Shares at the Closing.
</FONT>
<!-- link2 "2.2 Winding-up of Holdco" -->
<P align="left"><FONT size="2"><B>2.2 Winding-up of Holdco</B>
</FONT>

<P align="left"><FONT size="2">Purchaser covenants and agrees that immediately after Closing, the Purchaser
shall commence or cause to be commenced the winding-up of Holdco and cause the
Underlying Shares to be acquired by Purchaser for cancellation without the
payment of any consideration. Purchaser covenants and agrees to consult with
the Vendor prior to formally dissolving Holdco and to obtain from Holdco a
power of attorney coupled with an interest prior to the dissolution of Holdco
for the purposes of facilitating the making, filing or amending of Tax Returns
or other filings in respect of Holdco.
</FONT>
<!-- link1 "ARTICLE 3<BR> PURCHASE PRICE AND CLOSING" -->
<P align="center"><FONT size="2"><B>ARTICLE 3<BR>
PURCHASE PRICE AND CLOSING</B>
</FONT>

<!-- link2 "3.1 Purchase Price" -->
<P align="left"><FONT size="2"><B>3.1 Purchase Price</B>
</FONT>

<P align="left"><FONT size="2">The aggregate amount payable (the &#147;Purchase Price&#148;) by the Purchaser for the
Purchased Shares at the Closing shall be the amount of $88,650,000.
</FONT>
<!-- link2 "3.2 Satisfaction of Purchase Price" -->
<P align="left"><FONT size="2"><B>3.2 Satisfaction of Purchase Price</B>
</FONT>

<P align="left"><FONT size="2">The Purchaser shall satisfy the Purchase Price by payment at the Closing to the
Vendor of $88,650,000 in immediately available funds by wire transfer to an
account designated by the Vendor.
</FONT>
<!-- link2 "3.3 Delivery of Shares and Other Documents" -->
<P align="left"><FONT size="2"><B>3.3 Delivery of Shares and Other Documents</B>
</FONT>

<P align="left"><FONT size="2">At the Closing Time, the Vendor and Holdco shall deliver or shall cause to be
delivered, as applicable, each of the following documents to the Purchaser:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">a legal opinion of counsel to the Vendor and Holdco or of
Jack Mustoe, General Counsel of the Vendor to the extent acceptable
to the Purchaser, acting reasonably, in form and substance
satisfactory to the Purchaser, acting reasonably, with respect to
the following (which in respect of factual matters may rely on a
certificate of an officer of the Vendor or Holdco):</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">each of the Vendor and Holdco being a corporation
incorporated and validly existing under the laws of its
jurisdiction of incorporation;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">6</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">the authorized share capital of Holdco consisting
of an unlimited number of common shares, 100 of which being
duly and validly issued and outstanding as fully paid and
non-assessable;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the Vendor being the sole registered holder and
beneficial owner of the Purchased Shares (the Parties hereto
agreeing that beneficial ownership of the Purchased Shares is
a factual matter in respect of which counsel may rely on a
certificate of an officer);</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">each of the Vendor and Holdco having all
necessary corporate power and capacity to enter into this
Agreement and perform its obligations hereunder, and each of
the Vendor, NPL and Holdco having all necessary corporate
power and capacity to enter into the Indemnity Agreement and
perform its obligations thereunder;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Holdco being the sole registered holder and
beneficial owner of the Underlying Shares (the Parties hereto
agreeing that beneficial ownership of the Underlying Shares is
a factual matter in respect of which counsel may rely on a
certificate of an officer);</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vi)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the execution and delivery of this Agreement and
the consummation of the transactions contemplated hereunder
having been duly authorized by all necessary corporate action
on the part of each of the Vendor and Holdco, and the
execution and delivery of the Indemnity Agreement and the
performance by the Vendor and NPL of their respective
obligations thereunder having been duly authorized by all
necessary corporate action on the part of each of the Vendor
and NPL;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">all necessary corporate action having been taken
on the part of Holdco to authorize the transfer of the
Purchased Shares as contemplated in this Agreement;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(viii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">this Agreement being duly executed and delivered, and
enforceable against each of the Vendor and Holdco in
accordance with its terms, subject to usual qualifications
regarding equitable remedies and creditors&#146; rights and the
Indemnity Agreement being duly executed and delivered, and
enforceable against each of the Vendor and NPL in accordance
with its terms, subject to the usual qualifications regarding
equitable remedies, creditors&#146; rights and public policy;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ix)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">neither of the Vendor nor Holdco being a party
to, bound or affected by, or subject to any provision of its
constating documents which is or will be violated, contravened
or breached by the execution and delivery by the Vendor or
Holdco of this Agreement or the performance by the Vendor or
Holdco of any of its respective obligations hereunder, and
neither the Vendor, NPL nor Holdco being a party to, bound or
affected by, or subject to any provision of its constating
documents which is or will be violated, contravened or
breached by the execution and delivery by the Vendor, NPL or
Holdco of the Indemnity Agreement or the performance by the</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">7</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Vendor, NPL, or Holdco of any of their respective obligations
thereunder; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(x)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">other than those contemplated by this Agreement
there being no governmental or regulatory authorizations,
approvals, orders, consents or filings (excluding filings of
an administrative nature) required in the Province of Alberta
or under the federal laws of Canada, on the part of the
Vendor, NPL, or Holdco in connection with the execution,
delivery and performance of this Agreement or the Indemnity
Agreement or the performance of its respective obligations
hereunder or thereunder;</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">certificates of the Vendor and Holdco, signed by such
officers of the Vendor and Holdco as are acceptable to the Purchaser
to the effect that representations and warranties of the Vendor and
Holdco in this Agreement are true and correct on the Closing Date;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">a certificate of status for Holdco and the Vendor of recent
date issued pursuant to the laws of Canada and Alberta,
respectively;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">all of the share certificates representing the Purchased
Shares duly endorsed in blank or accompanied by an irrevocable
security transfer Powers of Attorney duly executed in blank;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">all of the share certificates representing the Underlying
Shares held by Holdco duly endorsed in blank or accompanied by an
irrevocable security transfer Powers of Attorney duly executed in
blank;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(f)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">resignations and releases of all present officers and
directors of Holdco in a form satisfactory to the Purchaser; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(g)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the corporate minute book, files and all other books and
records, including all corporate documents pertaining to Holdco.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "3.4 Closing" -->
<P align="left"><FONT size="2"><B>3.4 Closing</B>
</FONT>

<P align="left"><FONT size="2">The sale and purchase of the Purchased Shares shall be completed at the Closing
Time at the offices of Osler, Hoskin &#038; Harcourt LLP, Calgary, Alberta.
</FONT>
<!-- link1 "ARTICLE 4<BR> REPRESENTATIONS AND WARRANTIES OF THE VENDOR AND HOLDCO" -->
<P align="center"><FONT size="2"><B>ARTICLE 4<BR>
REPRESENTATIONS AND WARRANTIES OF THE VENDOR AND HOLDCO</B>
</FONT>

<P align="left"><FONT size="2">Each of the Vendor and Holdco jointly and severally represents and warrants to
the Purchaser as stated below and acknowledges that the Purchaser is relying on
the accuracy of each such representation and warranty.
</FONT>
<!-- link2 "4.1 Incorporation" -->
<P align="left"><FONT size="2"><B>4.1 Incorporation</B>
</FONT>

<P align="left"><FONT size="2">The Vendor is a corporation validly existing under the laws of Alberta. Holdco
is a corporation duly incorporated on May&nbsp;16, 2003 and validly existing under
the laws of Canada.
</FONT>
<P align="center"><FONT size="2">8</FONT>
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<!-- link2 "4.2 Due Authorization and Enforceability of Obligations" -->
<P align="left"><FONT size="2"><B>4.2 Due Authorization and Enforceability of Obligations</B>
</FONT>

<P align="left"><FONT size="2">Each of the Vendor and Holdco has all necessary corporate power, authority and
capacity to enter into this Agreement and to carry out its obligations under
this Agreement. Each of the Vendor and NPL has all necessary corporate power,
authority and capacity to enter into and to carry out its obligations under the
Indemnity Agreement. The execution and delivery of this Agreement and the
consummation of the transactions contemplated by this Agreement have been duly
authorized by all necessary corporate action on the part of each of the Vendor
and Holdco. The execution and delivery of the Indemnity Agreement and the
performance by each of the Vendor and NPL of their obligations thereunder have
been duly authorized by all necessary corporate action on the part of each of
the Vendor and NPL. This Agreement constitutes a valid and binding obligation
of each of the Vendor and Holdco enforceable against each of them in accordance
with its terms, except as enforcement may be limited by bankruptcy, insolvency
and other laws affecting enforcement of creditors&#146; rights generally and subject
to the qualification that equitable remedies may only be granted in the
discretion of a court of competent jurisdiction. The Indemnity Agreement
constitutes a valid and binding obligation of each of the Vendor and NPL
enforceable against each of them in accordance with its terms, except as
enforcement may be limited by bankruptcy, insolvency and other laws affecting
enforcement of creditors&#146; rights generally and subject to the qualification
that equitable remedies may only be granted in the discretion of a court of
competent jurisdiction.
</FONT>
<!-- link2 "4.3 Right to Sell Purchased Shares" -->
<P align="left"><FONT size="2"><B>4.3 Right to Sell Purchased Shares</B>
</FONT>

<P align="left"><FONT size="2">At the Closing, the Vendor will be the sole registered holder and beneficial
owner of the Purchased Shares, with good and marketable title thereto, free and
clear of any and all Encumbrances. The Vendor has the exclusive right to
dispose of the Purchased Shares as provided in this Agreement and such
disposition, and the completion of the other transactions contemplated hereby
will not violate, contravene, breach or offend against or result in any default
under any contract, charter or by-law provision, Laws or Governmental
Authorizations to which the Vendor or Holdco is a party or subject or by which
the Vendor or Holdco is bound or affected. Except pursuant to this Agreement,
there is no contract, agreement or option binding upon or which may become
binding upon the Vendor or Holdco to sell, transfer, assign, pledge, charge,
mortgage or in any other way dispose of or encumber any of the Purchased Shares
or giving anyone a claim against or a right or ability to acquire any of, or
any interest in, the Purchased Shares.
</FONT>
<!-- link2 "4.4 Ownership of Underlying Shares" -->
<P align="left"><FONT size="2"><B>4.4 Ownership of Underlying Shares</B>
</FONT>

<P align="left"><FONT size="2">At the Closing Time, Holdco will be the sole registered holder and beneficial
owner of the Underlying Shares, with good and marketable title thereto, free
and clear of any and all Encumbrances. At the Closing Time, Holdco will have
good title to the Underlying Shares and there will be no outstanding options,
warrants or contractual or other rights of any kind giving anyone a claim
against or a right or ability to acquire any of, or any interest in, the
Underlying Shares other than pursuant to this Agreement.
</FONT>
<!-- link2 "4.5 Holdco Capitalization" -->
<P align="left"><FONT size="2"><B>4.5 Holdco Capitalization</B>
</FONT>

<P align="left"><FONT size="2">The authorized capital of Holdco consists solely of an unlimited number of
common shares without par value, of which only 100 common shares are issued and
outstanding. At the Closing
</FONT>
<P align="center"><FONT size="2">9</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="left"><FONT size="2">Time the Purchased Shares shall be all of the issued and outstanding shares in
the capital of Holdco, and no other shares of Holdco shall have been issued.
At the Closing Time the Purchased Shares will have been validly issued in
compliance with all applicable laws and be fully paid and non-assessable and
shall not have been issued in violation or breach of any of the terms of any
agreement or other arrangement or understanding binding upon Holdco or the
Vendor at the time they were issued. Other than the agreement or agreements
between Holdco and Vendor pursuant to which Holdco will issue the Purchased
Shares to the Vendor in return for the Underlying Shares, there are no options,
warrants, conversion privileges, calls, or other rights, agreements,
arrangements, commitments or obligations of any kind or nature giving anyone a
claim against, or a right, privilege or ability to acquire any of, or any
interest in, the Purchased Shares, which have been authorized or agreed to be
issued or are outstanding, and no securities or obligations convertible into or
exchangeable for any shares or any other securities of Holdco have been
authorized or agreed to be issued or are outstanding. At the Closing time, the
paid-up capital of the Purchased Shares for the purposes of the Tax Act will be
CDN$1.00 in the aggregate.
</FONT>
<!-- link2 "4.6 Dividends or other Distributions" -->
<P align="left"><FONT size="2"><B>4.6 Dividends or other Distributions</B>
</FONT>

<P align="left"><FONT size="2">No dividends or other distributions of any kind have been declared, paid or set
aside by Holdco for payment to the Vendor which have not been fully paid before
the Closing Time.
</FONT>
<!-- link2 "4.7 Holdco Assets and Liabilities" -->
<P align="left"><FONT size="2"><B>4.7 Holdco Assets and Liabilities</B>
</FONT>

<P align="left"><FONT size="2">Holdco has no assets other than the Underlying Shares, has not been engaged in
any business or operations of any kind and its only activity has been the
acquisition and holding of the Underlying Shares, and the undertaking of
ancillary activities relating to maintaining its corporate existence and
capitalization. Holdco does not have and will not have immediately after the
Closing Time (a)&nbsp;any indebtedness or any outstanding liabilities or obligations
of any nature, kind or amount whatsoever, whether accrued, absolute, contingent
or otherwise, including any liabilities as a result of actual or potential
litigation or (b)&nbsp;any liability for Taxes accrued or payable in respect of any
taxation year of Holdco ending on or prior to the Closing Date including the
taxation year of Holdco which is deemed to end immediately before the Closing
Time (whether or not known at that time and whether or not refundable).
</FONT>
<!-- link2 "4.8 Agreements" -->
<P align="left"><FONT size="2"><B>4.8 Agreements</B>
</FONT>

<P align="left"><FONT size="2">Holdco is not a party to or bound or affected by any contract (whether or not
in writing), agreement, commitment, understanding, lease, license, mortgage,
indenture, bond, note or other instrument except for this Agreement, the
Indemnity Agreement and the agreement or agreements pursuant to which it has
agreed to purchase the Underlying Shares, a true and complete copy of each of
which will be provided to the Purchaser. Without limiting the generality of
the foregoing, Holdco is not and has never been, a party to or bound by any
agreement of guarantee, support, indemnification, assumption or endorsement or
any other like commitment of the obligations, liabilities or indebtedness of
any other person, firm or corporation.
</FONT>
<P align="center"><FONT size="2">10</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- link2 "4.9 Absence of Conflicting Agreements, Options and Shareholder Agreements" -->
<P align="left"><FONT size="2"><B>4.9 Absence of Conflicting Agreements, Options and Shareholder Agreements</B>
</FONT>

<P align="left"><FONT size="2">Subject to Section&nbsp;4.11, neither the Vendor nor Holdco is a party to, bound or
affected by or subject to any:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">indenture, mortgage, lease, agreement, obligation or
instrument;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">charter or by-law provision; or</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">order, judgment, decree, licence, Laws or Governmental
Authorizations;</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">that would be violated, breached by, or under which default would occur or an
Encumbrance would be created as a result of the execution and delivery of, or
the performance of obligations under, this Agreement or any other agreement to
be entered into under the terms of this Agreement. Neither the Vendor nor
Holdco is a party to, bound or affected by or subject to any agreement or
declaration that restricts, in whole or in part, the powers of the directors of
Holdco to manage, or supervise the management of, the business and affairs of
Holdco, any other shareholders&#146; agreement, trust, voting trust, vote pooling,
pooling agreement or other agreement relating to Holdco , the Purchased Shares
or the Underlying Shares or any agreement relating to the exercise of voting
rights attached to the Purchased Shares or the Underlying Shares or the
exercise of any other ownership rights thereto. Neither the Vendor nor Holdco
has previously granted or agreed to grant any proxy in respect of the Purchased
Shares or the Underlying Shares nor entered into any voting trust, vote pooling
or other agreement with respect to the right to vote, call meetings of
shareholders or give consents or approvals of any kind with respect to the
Purchased Shares or the Underlying Shares.
</FONT>
<!-- link2 "4.10 Litigation" -->
<P align="left"><FONT size="2"><B>4.10 Litigation</B>
</FONT>

<P align="left"><FONT size="2">There are no Claims, investigations, complaints or proceedings, including
appeals and applications for review, in progress or, to the knowledge of the
Vendor or Holdco, pending or threatened against or relating to Holdco, and no
Claims, investigations, complaints or proceedings, including appeals and
applications for review, in progress or, to the knowledge of the Vendor,
pending or threatened against or relating to the Vendor or the Underlying
Shares, before any Governmental Authority, which, if determined adversely to
the Vendor would:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">prevent the Vendor from selling the Purchased Shares to the
Purchaser hereunder;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">enjoin, restrict or prohibit the transfer of all or any part
of the Purchased Shares as contemplated by this Agreement;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">prevent the Vendor from fulfilling any of its obligations set
out in this Agreement or arising from this Agreement; or</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">otherwise prevent or significantly impede the completion of
the transactions contemplated by this Agreement.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">and the Vendor has no knowledge or any existing ground on which any such
action, suit, litigation or proceeding might be commenced with any reasonable
likelihood of success.
</FONT>
<P align="center"><FONT size="2">11</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- link2 "4.11 Regulatory Approvals and Consents" -->
<P align="left"><FONT size="2"><B>4.11 Regulatory Approvals and Consents</B>
</FONT>

<P align="left"><FONT size="2">Except as set out in Schedule&nbsp;4.11, no approval, order, consent, waiver,
authorization, exemption, registration, licence or declaration of or by or
filing with or notification to any Governmental Authority is required on the
part of the Vendor or Holdco, in connection with the execution, delivery and
performance of this Agreement or any other documents and agreements to be
delivered hereunder on the consummation of any transactions provided for herein
or the performance of the Vendor&#146;s or Holdco&#146;s obligations under this Agreement
or any other documents or agreements to be delivered under the terms of this
Agreement.
</FONT>
<!-- link2 "4.12 Taxes" -->
<P align="left"><FONT size="2"><B>4.12 Taxes</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Holdco will not have any taxation year-ends prior to the
taxation year-end occurring immediately prior to the Closing Time.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Holdco is resident in Canada for the purposes of the Tax Act
and is not resident in any other jurisdiction in the world. Holdco
is not a non-resident of Canada and is a &#147;taxable Canadian
corporation&#148; for the purposes of the Tax Act.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Vendor is resident in Canada for purposes of the Tax Act
and is not a non-resident of Canada for the purposes of the Tax Act.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Holdco is not a non-resident owned investment corporation for
the purposes of Section&nbsp;133 of the Tax Act.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Prior to the Closing Date the Vendor has and has had a
substantial interest, as that term is defined for the purposes of
Part VI.1 of the Tax Act, in Holdco since the first issuance of
shares by Holdco. At the commencement of the transactions
contemplated by Schedule&nbsp;8.3 and prior to the closing of the
Offering pursuant to the Underwriting Agreement, the Vendor had a
substantial interest, as that term is defined for the purposes of
Part VI.1 of the Tax Act, in the Purchaser.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(f)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Holdco has duly and timely filed any Tax Returns required to
have been filed and paid any Taxes with respect to any period ending
up to and including the Closing Date.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(g)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">There are no actions suits, proceedings, investigations,
audits or Claims now pending or threatened against Holdco in respect
of any Taxes and there are no matters under discussion, audit or
appeal with any Governmental Authority relating to Taxes.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "4.13 No Undisclosed Facts" -->
<P align="left"><FONT size="2"><B>4.13 No Undisclosed Facts</B>
</FONT>

<P align="left"><FONT size="2">There are no facts concerning Holdco which may materially affect Holdco or the
Purchased Shares or the ability to wind up Holdco under the voluntary
dissolution procedures of the <I>Business Corporations Act </I>(Canada) or to
amalgamate Holdco with the Purchaser at or immediately following the Closing
Time.
</FONT>
<P align="center"><FONT size="2">12</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- link2 "4.14 Full Disclosure" -->
<P align="left"><FONT size="2"><B>4.14 Full Disclosure</B>
</FONT>

<P align="left"><FONT size="2">None of the foregoing representations or statements of fact contain any untrue
statement of a material fact or omits to state any material fact necessary to
make any such statement or representation not misleading to a prospective
purchaser of the Purchased Shares seeking full information as to Holdco or its
business and affairs.
</FONT>
<!-- link1 "ARTICLE 5<BR> REPRESENTATIONS AND WARRANTIES OF THE PURCHASER" -->
<P align="center"><FONT size="2"><B>ARTICLE 5<BR>
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER</B>
</FONT>

<P align="left"><FONT size="2">The Purchaser hereby represents and warrants to the Vendor and Holdco as stated
below and acknowledges that the Vendor and Holdco are relying on the accuracy
of each such representation and warranty.
</FONT>
<!-- link2 "5.1 Incorporation" -->
<P align="left"><FONT size="2"><B>5.1 Incorporation</B>
</FONT>

<P align="left"><FONT size="2">The Purchaser is a corporation validly existing under the laws of Canada.
</FONT>
<!-- link2 "5.2 Due Authorization and Enforceability of Obligations" -->
<P align="left"><FONT size="2"><B>5.2 Due Authorization and Enforceability of Obligations</B>
</FONT>

<P align="left"><FONT size="2">The Purchaser has all necessary corporate power, authority and capacity to
enter into this Agreement and to carry out its obligations under this
Agreement. Subject to the shareholders of the Purchaser approving the purchase
of the Purchased Shares as contemplated pursuant to Section&nbsp;7.1(a)(v), the
execution and delivery of this Agreement and the consummation of the
transactions contemplated by this Agreement have been duly authorized by all
necessary corporate action of the Purchaser. This Agreement constitutes a valid
and binding obligation of the Purchaser enforceable against it in accordance
with its terms, except as enforcement may be limited by bankruptcy, insolvency
and other laws affecting enforcement of creditors&#146; rights generally and subject
to the qualification that equitable remedies may only be granted in the
discretion of a court of competent jurisdiction.
</FONT>
<!-- link2 "5.3 Absence of Conflicting Agreements" -->
<P align="left"><FONT size="2"><B>5.3 Absence of Conflicting Agreements</B>
</FONT>

<P align="left"><FONT size="2">The Purchaser is not a party to, bound or affected by or subject to any:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">indenture, mortgage, lease, agreement, obligation or
instrument;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">charter or by-law provision; or</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">order, judgement, decree, licence, Laws or Governmental
Authorizations;</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">that would be violated, breached by, or under which default would occur or an
Encumbrance would be created as a result of the execution and delivery of, or
the performance of obligations under, this Agreement or any other agreement to
be entered into under the terms of this Agreement.
</FONT>
<P align="center"><FONT size="2">13</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- link2 "5.4 Litigation" -->
<P align="left"><FONT size="2"><B>5.4 Litigation</B>
</FONT>

<P align="left"><FONT size="2">There are no Claims, investigations, complaints or proceedings, including
appeals and applications for review, in progress or, to the knowledge of the
Purchaser, pending or threatened against or relating to the Purchaser, before
any Governmental Authority, which, if determined adversely to the Purchaser,
would,
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">prevent the Purchaser from paying the Purchase Price to the
Vendor;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">enjoin, restrict or prohibit the transfer of all or any part
of the Purchased Shares or the Underlying Shares, as the case may
be, as contemplated by this Agreement;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">prevent the Purchaser from fulfilling any of its obligations
set out in this Agreement or arising from this Agreement; or</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">otherwise prevent or significantly impede the completion of
the transactions contemplated by this Agreement.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">and the Purchaser has no knowledge of any existing ground on which any such
action, suit, litigation or proceeding might be commenced with any reasonable
likelihood of success.
</FONT>
<!-- link1 "ARTICLE 6<BR> SURVIVAL; NON-WAIVER" -->
<P align="center"><FONT size="2"><B>ARTICLE 6<BR>
SURVIVAL; NON-WAIVER</B>
</FONT>

<!-- link2 "6.1 Survival" -->
<P align="left"><FONT size="2"><B>6.1 Survival</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Subject to subsection (b), all representations and warranties
contained in this Agreement on the part of each of the Parties shall
survive the Closing, the execution and delivery under this Agreement
of any share or security transfer instruments or other documents of
title to any Purchased Shares and the payment of consideration for
the Purchased Shares.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Representations and warranties relating to or impacted by tax
matters, including those set out in Sections&nbsp;4.7 and 4.12, arising
in or in respect of a particular period ending on or before the
Closing Date shall survive for a period of 90&nbsp;days after the
relevant authorities shall no longer be entitled to assess liability
against Holdco or the Purchaser, as the case may be, for that
particular period, having regard, without limitation, to any waivers
given by Holdco in respect of any taxation year, provided that any
such waiver shall be ignored for such purposes if they are given
without the consent of the Vendor (such consent not to be
unreasonably withheld). All other representations and warranties
shall only survive for a period of 18&nbsp;months from the Closing Date.
If no claim shall have been made under this Agreement against a
Party for any incorrectness in or breach of any representation or
warranty made in this Agreement prior to the expiry of these
survival periods, such Party shall have no further liability under
this Agreement with respect to such representation or warranty.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">14</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Notwithstanding the limitations set out in subsection (b),
any claim which is based on title to the Purchased Shares or the
Underlying Shares, intentional misrepresentation or fraud may be
brought at any time.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "6.2 Non-Waiver" -->
<P align="left"><FONT size="2"><B>6.2 Non-Waiver</B>
</FONT>

<P align="left"><FONT size="2">No investigation made by or on behalf of the Purchaser or any of its authorized
agents at any time shall have the effect of waiving, diminishing the scope or
otherwise affecting any representation, warranty or covenant made by the Vendor
or Holdco herein or pursuant hereto.
</FONT>
<!-- link1 "ARTICLE 7<BR> CONDITIONS" -->
<P align="center"><FONT size="2"><B>ARTICLE 7<BR>
CONDITIONS</B>
</FONT>

<!-- link2 "7.1 Purchaser&#146;s Conditions Precedent" -->
<P align="left"><FONT size="2"><B>7.1 Purchaser&#146;s Conditions Precedent</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The obligation of the Purchaser to complete the transactions
contemplated herein shall be subject to the satisfaction of or
compliance with, at or before the Closing Time, each of the
following conditions which are for the exclusive benefit of the
Purchaser:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">the representations and warranties of the Vendor
and Holdco set forth in Article&nbsp;4 shall be true and correct at
the Closing Time with the same force and effect as if made at
and as of such time;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">each of the Vendor and Holdco shall have
performed or complied with all of the terms, covenants and
conditions of this Agreement to be performed or complied with
by them at or prior to the Closing Time;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the Purchaser shall have been furnished with
such certificates, affidavits or statutory declarations of
each of the Vendor and Holdco, as applicable, or their
respective officers, as the Purchaser or the Purchaser&#146;s
counsel may reasonably think necessary in order to establish
that the terms, covenants and conditions contained in this
Agreement to have been performed or complied with by the
Vendor and Holdco at or prior to the Closing Time have been
performed and complied with and that the representations and
warranties of the Vendor and Holdco, as applicable, herein
given are true and correct at the Closing Time;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">all necessary steps, proceedings and regulatory
notifications and approvals shall have been taken, given or
received to permit the Purchased Shares to be duly and
regularly transferred to the Purchaser, including the granting
of exemption orders such that the Purchaser shall not be
subject to the issuer bid requirements of applicable
securities laws on terms acceptable to the Vendor&#146;s and the
Purchaser&#146;s respective counsel acting reasonably and all
conditions required under the exemption orders shall have been
satisfied in full;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the shareholders of the Purchaser, excluding the
Vendor and its affiliates (including, without limitation,
Holdco), shall have approved the purchase</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">15</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">of the Purchased Shares, as contemplated hereby, by the
affirmative vote of at least 50% of the shares voted at a
special meeting of Purchaser shareholders (the &#147;Special
Meeting&#148;) to be held on or before July&nbsp;7, 2003 or such higher
or different approval margin as may be required by securities
regulators or Laws; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vi)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the closing of the Offering pursuant to the
Underwriting Agreement.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">In case any term or covenant of the Vendor or Holdco, as
applicable, or condition to be performed or complied with for the
benefit of the Purchaser at or prior to the Closing Time shall not
have been performed or complied with at or prior to the Closing
Time, the Purchaser may, without limiting any other right that the
Purchaser may have, rescind this Agreement or waive compliance with
any such term, covenant or condition in whole or in part on such
terms as may be agreed upon without prejudice to any of its rights
of rescission in the event of non-performance of any other term,
covenant or condition in whole or in part.</FONT></TD>
</TR>
</TABLE>
<!-- link2 "7.2 Vendor&#146;s Conditions Precedent" -->
<P align="left"><FONT size="2"><B>7.2 Vendor&#146;s Conditions Precedent</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The obligation of the Vendor to complete or cause to be
completed the transactions contemplated herein shall be subject to
the satisfaction of or compliance with, at or before the Closing
Time, each of the following conditions which are for the exclusive
benefit of the Vendor:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">the representations and warranties of the
Purchaser set forth in Article&nbsp;5 shall be true and correct at
the Closing Time with the same force and effect as if made at
and as of such time;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the Purchaser shall have performed or complied
with all of the terms, covenants and conditions of this
Agreement to be performed or complied with by the Purchaser at
or prior to the Closing Time;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the Vendor shall have been furnished with such
certificates, affidavits or statutory declarations of the
Purchaser or of officers of the Purchaser as the Vendor or the
Vendor&#146;s counsel may reasonably think necessary in order to
establish that the terms, covenants and conditions contained
in this Agreement to have been performed or complied with by
the Purchaser at or prior to the Closing Time have been
performed and complied with and that the representations and
warranties of the Purchaser herein given are true and correct
at the Closing Time;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">all necessary steps, proceedings and regulatory
notifications and approvals shall have been taken, given or
received to permit the Purchased Shares to be duly and
regularly transferred to the Purchaser including the granting
of exemption orders such that the Vendor and Purchaser shall
not be subject to the issuer bid requirements of applicable
securities law requirements on terms acceptable to the
Vendor&#146;s and the Purchaser&#146;s respective counsel acting
reasonably and all conditions required under the exemption
orders shall have been satisfied in full;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">16</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">(v)&nbsp;the shareholders of the Purchaser, excluding the
Vendor and its affiliates (including, without limitation,
Holdco), shall have approved the purchase of the Purchased
Shares, as contemplated hereby, by the affirmative vote of at
least 50% of the shares voted at the Special Meeting to be
held on or before July&nbsp;7, 2003 or such higher or different
approval margin as may be required by securities regulators or
Laws; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vi)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the closing of the Offering pursuant to the
Underwriting Agreement.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">In case any term or covenant of the Purchaser or condition to
be performed or complied with for the benefit of the Vendor at or
prior to the Closing Time shall not have been performed or complied
with at or prior to the Closing Time, the Vendor may, without
limiting any other right that the Vendor may have, rescind this
Agreement or waive compliance with any such term, covenant or
condition in whole or in part on such terms as may be agreed upon
without prejudice to any of its rights of rescission in the event of
non-performance of any other term, covenant or condition in whole or
in part.</FONT></TD>
</TR>
</TABLE>
<!-- link1 "ARTICLE 8<BR> COVENANTS" -->
<P align="center"><FONT size="2"><B>ARTICLE 8<BR>
COVENANTS</B>
</FONT>

<!-- link2 "8.1 Actions to Satisfy Closing Conditions and Covenants" -->
<P align="left"><FONT size="2"><B>8.1 Actions to Satisfy Closing Conditions and Covenants</B>
</FONT>

<P align="left"><FONT size="2">Each Party shall use reasonable commercial efforts in taking all such actions
as are within its power to control and causing other actions to be taken which
are not within its power to control, so as to ensure compliance with each of
the conditions and covenants in Article&nbsp;7, Article&nbsp;8 and Article&nbsp;9, which are
for the benefit of the other Parties.
</FONT>
<!-- link2 "8.2 Representations and Warranties" -->
<P align="left"><FONT size="2"><B>8.2 Representations and Warranties</B>
</FONT>

<P align="left"><FONT size="2">Each Party shall ensure that its respective representations and warranties in
Article&nbsp;4 and Article&nbsp;5 are true and correct at the Closing Time.
</FONT>
<!-- link2 "8.3 Co-operation" -->
<P align="left"><FONT size="2"><B>8.3 Co-operation</B>
</FONT>

<P align="left"><FONT size="2">The Purchaser covenants and agrees with the Vendor and Holdco that if requested
by the Vendor, the Purchaser shall undertake or cause to be undertaken all such
actions as are within its power to control with respect to the transactions
described in Schedule&nbsp;8.3. The Purchaser shall cooperate with the Vendor and
Holdco and take all necessary actions to assist the Vendor and Holdco in
respect of the reorganization of the Vendor&#146;s holding of the Underlying Shares
as further described in Schedule&nbsp;8.3. The Parties agree that prior to the
Closing, Vendor may, with the consent of the Purchaser (such consent not to be
unreasonably withheld), vary the steps described in Schedule&nbsp;8.3 to accomplish
a substantially similar result.
</FONT>
<!-- link2 "8.4 Ordinary Course" -->
<P align="left"><FONT size="2"><B>8.4 Ordinary Course</B>
</FONT>

<P align="left"><FONT size="2">During the period from the date of this Agreement to the Closing Time, the
Purchaser covenants and agrees to continue to carry on its business in the
ordinary course consistent with past practice.
</FONT>
<P align="center"><FONT size="2">17</FONT>
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<!-- link2 "8.5 Shareholder Meeting" -->
<P align="left"><FONT size="2"><B>8.5 Shareholder Meeting</B>
</FONT>

<P align="left"><FONT size="2">The Purchaser will duly call and hold a special meeting of its shareholders for
the purpose of obtaining the approval referred to in Section&nbsp;7.1(a)(v) as soon
as practicable (and in any event not later than July&nbsp;7, 2003) and in connection
therewith the Purchaser&#146;s board of directors will recommend, and the
Purchaser&#146;s management will solicit proxies in favour of such approval. The
Vendor shall have a reasonable opportunity to comment on the related proxy
materials.
</FONT>
<!-- link2 "8.6 Purchaser Shareholding" -->
<P align="left"><FONT size="2"><B>8.6 Purchaser Shareholding</B>
</FONT>

<P align="left"><FONT size="2">Subject to the closing of the Offering, the Parties agree as follows:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">subject to Section&nbsp;8.6(g) below, for a period of 90&nbsp;days
following the date of the Special Meeting, the Vendor shall not
directly or indirectly sell any Methanex Shares to any Person that
is not an affiliate of the Vendor other than to the Purchaser
hereunder or with the prior written consent of the Purchaser;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">any sale of Methanex Shares by the Vendor to a Person that is
not an affiliate of the Vendor, whether made directly or indirectly,
shall be of a minimum quantity of 100,000 shares;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Article&nbsp;8 of the Registration Rights Agreement is deleted and
of no further force or effect;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the Purchaser shall co-operate with the Vendor to assist the
Vendor in the tax efficient sale of any further Methanex Shares sold
by the Vendor either directly or indirectly provided that any such
further sale is of a minimum of two million shares, at the expense
of the Vendor and the Purchaser receives indemnification
satisfactory to it, acting reasonably; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">for the two-year period following the closing of the Offering
the Vendor will not, directly or indirectly, acquire additional
Methanex Shares from any Person that is not an affiliate of the
Vendor, without the prior written consent of the Purchaser;</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">and the Parties further agree as follows:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(f)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the sale of Methanex Shares pursuant to the Offering
constitutes the first &#147;demand qualification&#148; pursuant to the
Registration Rights Agreement, and two &#147;demand qualifications&#148;
remain available to the Vendor thereunder. For greater certainty,
the indemnification provisions set forth in the Underwriting
Agreement shall override and replace the indemnification provisions
set forth in the Registration Rights Agreement in respect of the
Offering; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(g)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">in all events and for greater clarity, the Vendor shall be
entitled to sell or otherwise dispose of any and all Methanex
Shares, beneficially owned by it, directly or indirectly, into a
Change of Control Transaction in respect of the Purchaser,</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">18</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">it being understood, that the obligations of the Parties set forth in
this Section&nbsp;8.6 are not subject to the satisfaction of or compliance
with the conditions set out in Section&nbsp;7.1 and Section&nbsp;7.2, other than
Sections&nbsp;7.1(a)(vi) and 7.2(a)(vi).</FONT></TD>
</TR>
</TABLE>
<!-- link1 "ARTICLE 9<BR> GENERAL" -->
<P align="center"><FONT size="2"><B>ARTICLE 9<BR>
GENERAL</B>
</FONT>

<!-- link2 "9.1 Further Assurances" -->
<P align="left"><FONT size="2"><B>9.1 Further Assurances</B>
</FONT>

<P align="left"><FONT size="2">The Parties shall with reasonable diligence do all such things and provide all
such reasonable assurances as may be required to consummate the transactions
contemplated by this Agreement, and each Party shall provide such further
documents or instruments required by any other Party as may be reasonably
necessary or desirable to effect the purpose of this Agreement and carry out
its provisions, whether before, on or after the Closing Date.
</FONT>
<!-- link2 "9.2 Expenses" -->
<P align="left"><FONT size="2"><B>9.2 Expenses</B>
</FONT>

<P align="left"><FONT size="2">The Vendor shall bear and pay all reasonable costs, expenses and fees
(including, without limitation, legal and accounting fees and disbursements,
and the fees and disbursements of Raymond James, financial advisors to the
board of directors of the Purchaser) incurred by the Purchaser in connection
with (i)&nbsp;the preparation, execution and consummation of this Agreement and the
transactions contemplated hereunder, including preparation and filing of Tax
Returns contemplated by Section&nbsp;9.10 (ii)&nbsp;the Offering pursuant to the
Underwriting Agreement, and (iii)&nbsp;the Special Meeting.
</FONT>
<!-- link2 "9.3 Public Notices" -->
<P align="left"><FONT size="2"><B>9.3 Public Notices</B>
</FONT>

<P align="left"><FONT size="2">The Parties shall jointly plan and co-ordinate any public notices, press
releases, and any other publicity concerning the transactions contemplated by
this Agreement and no Party shall act in this regard without the prior approval
of the other Parties, such approval not to be unreasonably withheld, unless
such disclosure is required to meet the timely disclosure obligations of any
Party under applicable Laws and stock exchange rules in circumstances where
prior consultation with the other Parties is not practicable and a copy of such
disclosure is provided to the other Parties at such time as it is made to the
regulatory authority.
</FONT>
<!-- link2 "9.4 Benefit of the Agreement" -->
<P align="left"><FONT size="2"><B>9.4 Benefit of the Agreement</B>
</FONT>

<P align="left"><FONT size="2">This Agreement shall enure to the benefit and be binding upon the Parties and
their respective successors and permitted assigns. No Party may assign this
Agreement or any of its rights and obligations hereunder without the prior
written consent of the other Parties. For greater certainty, the Parties
acknowledge that the provisions of this Agreement will survive the dissolution,
winding-up or amalgamation of Holdco or any successor corporation thereto.
</FONT>
<!-- link2 "9.5 Amendments and Waiver" -->
<P align="left"><FONT size="2"><B>9.5 Amendments and Waiver</B>
</FONT>

<P align="left"><FONT size="2">No modification of or amendment to this Agreement shall be valid or binding
unless set forth in writing and duly executed by each of the Parties hereto and
no waiver of any breach of any term or provision of this Agreement shall be
effective or binding unless made in writing and signed by
</FONT>
<P align="center"><FONT size="2">19</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="left"><FONT size="2">the Party purporting to give the same and, unless otherwise provided, shall be
limited to the specific breach waived.
</FONT>
<!-- link2 "9.6 Termination" -->
<P align="left"><FONT size="2"><B>9.6 Termination</B>
</FONT>

<P align="left"><FONT size="2">The provisions of this Agreement may be terminated at any time before the
Closing by agreement in writing executed by the Parties.
</FONT>
<!-- link2 "9.7 Notices" -->
<P align="left"><FONT size="2"><B>9.7 Notices</B>
</FONT>

<P align="left"><FONT size="2">Unless otherwise expressly provided herein, any notice, consent or approval
required or permitted to be given in connection with this Agreement (in this
Section&nbsp;9.7 referred to as a &#147;Notice&#148;) shall be in writing and shall be
sufficiently given if delivered (whether in person, by courier service or other
personal method of delivery), or if transmitted by facsimile:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">(a)</FONT></TD>
    <TD width="52%"><FONT size="2">if to Vendor or Holdco:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="52%"><FONT size="2">NOVA Chemicals Corporation<BR>
1550 Coraopolis Heights Road<BR>
Moon Township, PA 15108<BR>
USA</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="52%"><FONT size="2">Attention: Jack Mustoe, Senior Vice President, Legal and General Counsel</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="52%"><FONT size="2">Facsimile No.: (403)&nbsp;490-4531</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="52%"><FONT size="2">with a copy to:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="52%"><FONT size="2">Osler, Hoskin &#038; Harcourt LLP<BR>
Suite&nbsp;1900<BR>
Toronto Dominion Square<BR>
333 &#151; 7th Avenue S.W.<BR>
Calgary, AB T2P 2Z1</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="52%"><FONT size="2">Attention: Stan Magidson</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="52%"><FONT size="2">Facsimile No.: (403)&nbsp;260-7024</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">(b)</FONT></TD>
    <TD width="52%"><FONT size="2">if to Purchaser</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="52%"><FONT size="2">Methanex Corporation<BR>
Suite&nbsp;1800 Waterfront Centre<BR>
200 Burrard Street<BR>
Vancouver, BC V6C 3M1</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="52%"><FONT size="2">Attention: Randy Milner, Senior Vice President, General Counsel and Corporate<BR>
Secretary</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="52%"><FONT size="2">Facsimile No.: (604)&nbsp;661-2656</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">20</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="35%"><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" width="5%"><FONT size="2">with a copy to:</FONT></TD>

</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="35%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="60%"><FONT size="2">McCarthy T&#233;trault LLP<BR>
Suite&nbsp;1300, Pacific Centre<BR>
777 Dunsmuir Street<BR>
Vancouver, BC V7Y 1K2</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="35%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="60%"><FONT size="2">Attention: Richard Balfour</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="35%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="60%"><FONT size="2">Facsimile No.: (604)&nbsp;643-7900</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">Any Notice delivered or transmitted to a Party as provided above shall be
deemed to have been given and received on the day it is delivered or
transmitted, provided that it is delivered or transmitted on a Business Day
prior to 5:00 p.m. local time in the place of delivery or receipt. However, if
the Notice is delivered or transmitted after 5:00 p.m. local time or if such
day is not a Business Day then the Notice shall be deemed to have been given
and received on the next Business Day.
</FONT>
<P align="left"><FONT size="2">Any Party may, from time to time, change its address by giving Notice to the
other Parties in accordance with the provisions of this Section&nbsp;9.7.
</FONT>
<!-- link2 "9.8 Remedies" -->
<P align="left"><FONT size="2"><B>9.8 Remedies</B>
</FONT>

<P align="left"><FONT size="2">Each of the Parties agrees that, in the event of any breach of this Agreement,
the aggrieved Party (or Parties) shall be entitled to the remedy of specific
performance of such covenants or commitments and preliminary and permanent
injunctive and other equitable relief in addition to any other remedy to which
it may be entitled, at law or in equity, and the Parties further agree to waive
any requirement for the securing or posting of any bond in connection with the
obtaining of any such injunctive or other equitable relief within the
applicable statutory period.
</FONT>
<!-- link2 "9.9 Books and Records" -->
<P align="left"><FONT size="2"><B>9.9 Books and Records</B>
</FONT>

<P align="left"><FONT size="2">The Vendor shall forthwith make available to the Purchaser and its authorized
representatives all books and records of Holdco including its corporate minute
book and any Tax Returns or other income tax filings.
</FONT>
<!-- link2 "9.10 Taxation" -->
<P align="left"><FONT size="2"><B>9.10 Taxation</B>
</FONT>

<P align="left"><FONT size="2">The Tax Returns required to be filed by Holdco for any taxation year of Holdco
ending on or before the Closing Date shall be prepared and filed on a timely
basis within the applicable statutory period by an independent and reputable
accounting firm (the &#147;Firm&#148;) selected by the Vendor and acceptable to the
Purchaser. The Purchaser shall cooperate fully and make available to the
Vendor in a timely fashion such data and other information as may reasonably be
required for the preparation of any such Tax Returns and any Tax Returns in
respect of any newly-incorporated entity referred to in Schedule&nbsp;8.3.
Following the prior written approval as to form and substance of such returns
by the Vendor, such Tax Returns shall be submitted in draft form to the
Purchaser at least 30&nbsp;days before the date on which such Tax Returns are
required by Law to be filed with the relevant Governmental Authority. Unless
the Vendor and the Purchaser otherwise agree, the Vendor may cause Holdco to
elect in its return of income under Part I of the
</FONT>
<P align="center"><FONT size="2">21</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="left"><FONT size="2">Tax Act for its taxation year ending immediately prior to the Closing Time not
to have subsection 256(9) of the Tax Act apply. Upon review satisfactory as to
form and substance by the Purchaser, acting reasonably, the Purchaser shall
cause Holdco to execute and file such Tax Returns.
</FONT>
<!-- link2 "9.11 Execution and Delivery" -->
<P align="left"><FONT size="2"><B>9.11 Execution and Delivery</B>
</FONT>

<P align="left"><FONT size="2">This Agreement may be executed by the Parties in counterparts and may be
executed and delivered by facsimile and all such counterparts and facsimiles
shall together constitute one and the same agreement.
</FONT>
<P align="center"><FONT size="2">22</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">IN WITNESS OF WHICH the Parties have executed this Agreement.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2"><B>NOVA CHEMICALS CORPORATION</B></FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Name:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Title:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">23</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2"><B>METHANEX CORPORATION</B></FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Name:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Title:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">24</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" valign="top" align="left"><FONT size="2"><B>6097570 CANADA INC.</B></FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Name:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Title:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">25</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "SCHEDULE 4.11<BR> REGULATORY APPROVALS AND CONSENTS" -->
<P align="center"><FONT size="2"><B>SCHEDULE 4.11<BR>
REGULATORY APPROVALS AND CONSENTS</B>
</FONT>

<P align="left"><FONT size="2">Alberta Securities Commission exemptive order in respect of the issuer bid
requirements.
</FONT>
<P align="left"><FONT size="2">Toronto Stock Exchange relief respecting Methanex Share issuance.
</FONT>
<P align="left"><FONT size="2">Nasdaq National Market relief respecting Methanex Share issuance.
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- link1 "SCHEDULE 8.3<BR> REORGANIZATION" -->
<P align="center"><FONT size="2"><B>SCHEDULE 8.3<BR>
REORGANIZATION</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Before Announcement and Signing</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">1.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Vendor would transfer a portion of its Methanex shares to NPL in return
for additional shares of NPL. Vendor and NPL would make appropriate joint
elections such that the transfer would occur at an elected amount
determined by Vendor.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">2.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">NPL would incorporate a new wholly-owned subsidiary (&#147;Sellco1&#148;) under the
provisions of the <I>Canada Business Corporations Act </I>(&#147;CBCA&#148;) with an
Alberta registered office.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">3.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">NPL would transfer the Methanex shares held by it to Sellco1 in return
for shares of Sellco1. NPL and Sellco1 would make appropriate joint
elections such that the transfer would occur on a tax-deferred basis.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">4.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Vendor would incorporate a new wholly-owned subsidiary (&#147;Buybackco&#148;)
under the CBCA with an Alberta registered office.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">5.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Vendor would transfer the Methanex shares held by it to Buybackco in
return for shares of Buybackco. Vendor and Buybackco would make
appropriate joint elections such that the transfer would occur on a
tax-deferred basis.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Before Early June Offering</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">6.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">NPL would make one or more loans to Sellco1 in an aggregate amount (as
determined by NPL) not exceeding an estimate of &#147;safe income&#148; attributable
to the Methanex shares held by Sellco1.<SUP>1</SUP></FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">7.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Sellco1 would pay one or more cash dividends to NPL in an aggregate
amount equal to the proceeds from the loan or loans referred to in the
preceding step.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">8.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">NPL would contribute cash to Sellco1 in an amount equal to the aggregate
of the dividends received from Sellco1 as a contribution of capital.</FONT></TD>
</TR>
</TABLE>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2"><SUP>1</SUP> Alternatively, steps 6 through 9 might be replaced with transactions
involving the payment of stock dividends or increases in stated capital.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">9.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Sellco1 would repay the loan or loans owed to NPL.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">10.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Through a three-cornered amalgamation transaction, a new Methanex
subsidiary would amalgamate with Sellco1 to form &#147;Amalco&#148;, the sole asset
of which would be the Methanex shares previously held by Sellco1. On the
amalgamation, NPL would receive the same number of Methanex shares as
previously held by Sellco1, <I>i.e.</I>, in aggregate, the same number of
Methanex shares held by Amalco. On the amalgamation, Methanex would
receive common shares of Amalco. The amount added to the stated capital
account of the newly issued Methanex shares would be limited to the
paid-up capital of the Methanex shares held by Sellco1. The paid-up
capital of the shares of Amalco held by Methanex would be set at Cdn$1.00
on the amalgamation.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">11.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Methanex would wind-up Amalco and the underlying Methanex shares held by
Amalco would be cancelled.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">12.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">NPL and the Vendor would each sell, respectively, the Methanex Shares
held by it as part of the secondary offering.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Post-Shareholder Approval</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">13.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">If the selective buyback by Methanex of the Methanex shares held by
Buybackco is approved, the following Steps (through to Step 16) would be
undertaken as a condition precedent to the buyback. Steps similar to
those outlined in Steps 6 through 9 would be undertaken by Vendor with
respect to Buybackco, prior to Step 14.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">14.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">The stated capital of the shares of Buybackco would be reduced to Cdn$1.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">15.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Methanex would buy the shares of Buybackco from Vendor for cash.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">16.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Methanex would wind up Buybackco and the underlying Methanex shares held
by Buybackco would be cancelled.</FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="2">&nbsp;</FONT>



</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-14
<SEQUENCE>5
<FILENAME>o09983exv14.htm
<DESCRIPTION>INDEMNITY AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Indemnity Agreement</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="right"><FONT size="2">Exhibit 14
</FONT>

<P align="left"><FONT size="2"><B>THIS INDEMNITY AGREEMENT </B>is made May&nbsp;21, 2003
</FONT>

<P align="left"><FONT size="2"><B>BETWEEN:</B>
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2"><B>&nbsp;</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>NOVA CHEMICALS CORPORATION</B>, a corporation governed by
the laws of Alberta,</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">(&#147;Nova&#148;)</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">- and -
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2"><B>&nbsp;</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>NOVA PETROCHEMICALS LTD.</B>, a corporation governed by
the laws of Alberta,</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">(&#147;NPL&#148;)</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">- and -
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2"><B>&nbsp;</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>METHANEX CORPORATION</B>, a corporation governed by the
laws of Canada,</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">(&#147;Methanex&#148;)</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">- and -
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2"><B>&nbsp;</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>6097570 CANADA INC.</B>, a corporation governed by the
laws of Canada,</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">(&#147;Holdco&#148;)</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>RECITALS:</B>
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">A.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">NPL proposes to offer and sell in Canada and the United States, by way of
the Secondary Offering, 37,946,876 common shares in the capital of
Methanex.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">B.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Nova, Methanex and Holdco have entered into a share purchase agreement
(the &#147;Share Purchase Agreement&#148;), dated the date hereof, pursuant to which
Methanex has agreed to purchase the shares of Holdco and take all actions
as are within its power that are described in Schedule&nbsp;8.3 of the Share
Purchase Agreement (which transactions, as they may be modified in
accordance with the Share Purchase Agreement, but excluding the sale by
Nova and NPL of Common shares of Methanex held by them as part of the
Secondary Offering, are herein referred to as the &#147;Reorganization
Transactions&#148;).</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">C.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">As part of the Reorganization Transactions, (i)&nbsp;through a three-cornered
amalgamation transaction, a new Methanex subsidiary will amalgamate with a
subsidiary of NPL to form an amalgamated corporation (&#147;Amalco&#148;), and (ii)
Methanex will wind-up Amalco and Holdco.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<!-- TOC -->
<A name="toc"><DIV align="CENTER"><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>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">ARTICLE 1<BR> DEFINITIONS AND PRINCIPLES OF INTERPRETATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">ARTICLE 2<BR> INDEMNITY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">ARTICLE 3<BR> REPRESENTATIONS AND WARRANTIES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">ARTICLE 4<BR> COVENANTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">ARTICLE 5<BR> GENERAL</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">D.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Nova and NPL wish to provide an indemnity to the Indemnified Parties, to
the extent and on the terms set forth in this Agreement.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>THEREFORE</B>, the Parties agree as follows:
</FONT>
<!-- link1 "ARTICLE 1<BR> DEFINITIONS AND PRINCIPLES OF INTERPRETATION" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="center"><FONT size="2"><B>ARTICLE 1<BR>
DEFINITIONS AND PRINCIPLES OF INTERPRETATION</B>
</FONT>

<P align="left"><FONT size="2"><B>1.1 Definitions</B>
</FONT>

<P align="left"><FONT size="2">In this Agreement, including the Recitals, capitalized terms not defined herein
shall have the meaning ascribed thereto in the Share Purchase Agreement,
including, for greater certainty, Schedule&nbsp;8.3 thereto and the following terms
shall have the following meanings:
</FONT>
<P align="left"><FONT size="2">&#147;<B>Agreement</B>&#148; means this Indemnity Agreement including all amendments or
restatements, as permitted, and references to &#147;Article&#148; or &#147;Section&#148; mean the
specified Article or Section of this Agreement;
</FONT>
<P align="left"><FONT size="2">&#147;<B>Business Day</B>&#148; means any day, other than a Saturday or Sunday, on which banks
in Vancouver, British Columbia and in New York, New York are open for
commercial banking business during normal banking hours;
</FONT>
<P align="left"><FONT size="2">&#147;<B>Claims</B>&#148; includes any claim, demand, complaint, action, suit, cause of action,
assessment, reassessment, charge, judgment, debt, liability, expense, cost,
damage, other matter, proceeding or loss, contingent or otherwise, including
professional fees and disbursements, including fees of legal counsel, and all
costs incurred in investigating or pursuing any of the foregoing or any
proceeding relating to any of the foregoing;
</FONT>
<P align="left"><FONT size="2">&#147;<B>Direct Claim</B>&#148; has the meaning ascribed thereto in Section&nbsp;2.2;
</FONT>
<P align="left"><FONT size="2">&#147;<B>Governmental Authority</B>&#148; means any government, regulatory authority,
governmental department, agency, commission, bureau, official, minister, Crown
corporation, court, board, tribunal or dispute settlement panel or body:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">having or purporting to have jurisdiction on behalf of any
nation, province, state or other geographic or political
subdivision; or</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">exercising, or entitled or purporting to exercise any
administrative, executive, judicial, legislative, policy, regulatory
or taxing authority or power;</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&#147;<B>Holdco</B>&#148; means 6097570 Canada Inc., a corporation governed by the laws of
Canada;
</FONT>
<P align="left"><FONT size="2">&#147;<B>Indemnified Parties</B>&#148; means Methanex and Holdco (including any successors
thereto) and upon completion of the Reorganization Transactions, will include
Amalco (including any successor thereto);
</FONT>
<P align="center"><FONT size="2">2</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">&#147;<B>Indemnifying Party</B>&#148; means Nova and NPL, collectively, corporations governed by
the laws of Alberta;
</FONT>
<P align="left"><FONT size="2">&#147;<B>Indemnity</B>&#148; has the meaning ascribed thereto in Section&nbsp;2.1;
</FONT>
<P align="left"><FONT size="2">&#147;<B>Losses</B>&#148; has the meaning ascribed thereto in Section&nbsp;2.1;
</FONT>
<P align="left"><FONT size="2">&#147;<B>Newco</B>&#148; means any and each of Amalco and Holdco, corporations governed by the
laws of Canada;
</FONT>
<P align="left"><FONT size="2">&#147;<B>Parties</B>&#148; means Nova, NPL, Methanex and Holdco, collectively, and &#147;Party&#148; means
any one of them;
</FONT>
<P align="left"><FONT size="2">&#147;<B>Person</B>&#148; means any individual or corporation, company, partnership, trust,
incorporated or unincorporated association, joint venture, or other entity of
any kind, including any Governmental Authority;
</FONT>
<P align="left"><FONT size="2">&#147;<B>Secondary Offering</B>&#148; means the offering and distribution by NPL of 37,946,876
common shares of Methanex to the public;
</FONT>
<P align="left"><FONT size="2">&#147;<B>Share Purchase Agreement</B>&#148; means the Share Purchase Agreement, dated May&nbsp;21,
2003, between Nova, Holdco and Methanex;
</FONT>
<P align="left"><FONT size="2">&#147;<B>Tax Act</B>&#148; means the <I>Income Tax Act </I>(Canada);
</FONT>
<P align="left"><FONT size="2">&#147;<B>Tax Return</B>&#148; means any return, report, declaration, election, notice, filing,
form, statement or other document in respect of Taxes;
</FONT>
<P align="left"><FONT size="2">&#147;<B>Taxes</B>&#148; means any taxes, duties, fees, premiums, assessments, imposts, levies
and other similar charges imposed by any Governmental Authority under
applicable Law, including all interest (including interest payable as a result
of deferring payment of assessed Taxes), penalties, fines, additions to tax or
other additional amounts imposed by any Governmental Authority in respect
thereof, and including those levied on, or measured by, or referred to as,
income, gross receipts, profits, capital transfer, land transfer, sales, goods
and services, harmonized sales, value-added, excise, stamp, withholding,
business, franchising, property, development, occupancy, employer health,
payroll, employment, health, social services, education and social security
taxes, all surtaxes, all customs duties and import and export taxes,
countervail and anti-dumping, all licence, franchise registration fees and all
employment insurance, health insurance and Canada, Qu&#233;bec and other government
pension plan premiums or contributions; and
</FONT>
<P align="left"><FONT size="2">&#147;<B>Third Party Claim</B>&#148; has the meaning ascribed thereto in Section&nbsp;2.2.
</FONT>
<P align="left"><FONT size="2"><B>1.2 Certain Rules of Interpretation</B>
</FONT>

<P align="left"><FONT size="2">In this Agreement:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2"><B>(a)</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Consent </B>&#151; Whenever a provision of this Agreement requires an
approval or consent and such approval or consent is not delivered
within the applicable time </FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">3</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">limit, then, unless otherwise specified,
the Party whose consent or approval is required shall be
conclusively deemed to have withheld its approval or consent.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2"><B>(b)</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Currency </B>&#151; Unless otherwise specified, all references to
money amounts are to the lawful currency of Canada.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2"><B>(c)</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Governing Law </B>&#151; This Agreement is a contract made under and
shall be governed by and construed in accordance with the laws of
the Province of Alberta and the federal laws of Canada applicable in
the Province of Alberta.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2"><B>(d)</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Headings </B>&#151; Headings of Articles and Sections are inserted for
convenience of reference only and shall not affect the construction
or interpretation of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2"><B>(e)</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Including </B>&#151; Where the word &#147;including&#148; or &#147;includes&#148; is used
in this Agreement, it means &#147;including (or includes) without
limitation&#148;.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2"><B>(f)</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>No Strict Construction </B>&#151; The language used in this Agreement
is the language chosen by the Parties to express their mutual
intent, and no rule of strict construction shall be applied against
any Party.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2"><B>(g)</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Number and Gender </B>&#151; Unless the context otherwise requires,
words importing the singular include the plural and vice versa and
words importing gender include all genders.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2"><B>(h)</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Severability </B>&#151; If, in any jurisdiction, any provision of
this Agreement or its application to any Party or circumstance is
restricted, prohibited or unenforceable, such provision shall, as to
such jurisdiction, be ineffective only to the extent of such
restriction, prohibition or unenforceability without invalidating
the remaining provisions of this Agreement and without affecting the
validity or enforceability of such provision in any other
jurisdiction or without affecting its application to other Parties
or circumstances.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2"><B>(i)</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Statutory references </B>&#151; A reference to a statute includes all
regulations made pursuant to such statute and, unless otherwise
specified, the provisions of any statute or regulation which amends,
supplements or supersedes any such statute or any such regulation.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2"><B>(j)</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Time </B>&#151; Time is of the essence in the performance of the
Parties&#146; respective obligations.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2"><B>(k)</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2"><B>Time Periods </B>&#151; Unless otherwise specified, time periods
within or following which any payment is to be made or act is to be
done shall be calculated by excluding the day on which the period
commences and including the day on which the period ends and by
extending the period to the next Business Day following if the last
day of the period is not a Business Day.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">4</FONT>
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<!-- link1 "ARTICLE 2<BR> INDEMNITY" -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="center"><FONT size="2"><B>ARTICLE 2<BR>
INDEMNITY</B>
</FONT>

<P align="left"><FONT size="2"><B>2.1 Indemnity</B>
</FONT>

<P align="left"><FONT size="2">Nova and NPL hereby jointly and severally covenant and agree with the
Indemnified Parties to pay, satisfy, discharge, observe, perform, indemnify and
save harmless the Indemnified Parties, from and against the amount of any Claim
suffered or incurred by Methanex or any Newco (or any successor thereto) as a
result of or in connection with (a)&nbsp;any of the transactions (collectively, the
&#147;Transactions&#148;) contemplated by the Share Purchase Agreement, including the
Reorganization Transactions, or (b)&nbsp;without limiting the generality of the
foregoing, any non-fulfillment of any covenant or agreement on the part of
Nova, NPL or Holdco, as the case may be, under the Share Purchase Agreement, or
any incorrectness in or breach of any representation or warranty of Nova, NPL
or Holdco contained in the Share Purchase Agreement (including, without
limitation, (i)&nbsp;any Taxes suffered or incurred by Methanex or any Newco (or any
successor thereto) as a result of or in connection with any of the
Transactions; and (ii) (without duplication) any Taxes suffered or incurred by
Methanex or any Newco (or any successor thereto) as a result of or in
connection with any other events or transactions which would not have been
payable had the implementation of the Transactions not resulted in the
reduction of tax losses, credits, and other deductions and only to the extent
of such reduction, which may be made or brought against the Indemnified Parties
or which any of them may suffer or incur, directly or indirectly (collectively,
&#147;Losses&#148;) but in each case excluding any Claim in respect of, or Losses arising
in connection with: (x)&nbsp;any non-fulfillment of any covenant or agreement on
the part of Methanex or any incorrectness in or breach of any representation or
warranty of Methanex, under the Share Purchase Agreement; (y)&nbsp;any incorrectness
or breach of any representation or warranty of Nova, NPL or Holdco contained in
the Share Purchase Agreement (other than representations or warranties relating
to or impacted by tax matters) where notice in respect of such Claim is not
given to the Indemnifying Party prior to the expiry of the period for survival
of such representation or warranty set out in the applicable agreement; or (z)
Losses incurred by the Indemnified Parties arising as a result of the willful
misconduct or negligence of Methanex or any breach by the Methanex of the terms
of the Share Purchase Agreement, or by reason of any misrepresentation by
Methanex in any public document or oral statement. For
greater certainty, the term &#147;Losses&#148; does not include any amounts required to
be paid as consideration pursuant to the Share Purchase Agreement and does not
include any amounts in respect of which indemnification is provided for in the
Underwriting Agreement. The indemnification rights provided for in this
Section&nbsp;2.1 are hereinafter referred to as the &#147;Indemnity&#148;.
</FONT>
<P align="left"><FONT size="2"><B>2.2 Notice of Claim</B>
</FONT>

<P align="left"><FONT size="2">In the event that Methanex shall become aware of any Claim in respect of which
Indemnity applies, Methanex shall promptly give written notice thereof to the
Indemnifying Party. Such notice shall specify whether the Claim arises as a
result of a Claim by a Person against the Indemnified Parties, or any of them
(a &#147;Third Party Claim&#148;) or whether the Claim does not so arise (a &#147;Direct
Claim&#148;), and shall also specify with reasonable particularity (to the extent
that the information is available) the factual basis for the Claim and the
amount of the Claim, if known.
</FONT>
<P align="center"><FONT size="2">5</FONT>
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<P align="left"><FONT size="2"><B>2.3 Direct Claims</B>
</FONT>

<P align="left"><FONT size="2">With respect to any Direct Claim, following receipt of notice from Methanex of
the Claim, the Indemnifying Party shall have 60&nbsp;days to make such investigation
of the Claim as is considered necessary or desirable. For the purpose of such
investigation, the Indemnified Parties shall make available to the Indemnifying
Party the information relied upon by the Indemnified Party to substantiate the
Claim, together with all such other information as the Indemnifying Party may
reasonably request. If Methanex and the Indemnifying Party agree at or prior
to the expiration of such 60&nbsp;day period (or any mutually agreed upon extension
thereof) to the validity and amount of such Claim, the Indemnifying Party shall
pay to the Indemnified Parties the full agreed upon amount of the Claim as soon
as practicable. If Methanex and the Indemnifying Party are unable to agree
upon the validity and amount of such Claim prior to the expiration of such
period:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the Indemnifying Party shall pay to the Indemnified Parties
the full amount of the Claim (or such lesser amount as Methanex may
agree) as soon as practicable; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the Indemnifying Party may refer the matter to binding
arbitration in accordance with the requirements of the Arbitration
Act (Alberta) and, if the amount of the Claim in respect of which
payment was so made, as finally determined, is less than the amount
that was paid by the Indemnifying Party to the Indemnified Parties,
the Indemnified Parties will, forthwith after such determination of
the amount of the Claim, pay the amount of such difference to the
Indemnifying Party.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>2.4 Control of Proceeding</B>
</FONT>

<P align="left"><FONT size="2">The Indemnifying Party shall have the right, at the expense of the Indemnifying
Party, to undertake and control any proceedings or objection or other defence
in respect of any Third
Party Claim and to settle or pay the amount claimed and to retain counsel and
other experts or advisors selected by the Indemnifying Party in connection
therewith and the Indemnified Parties will provide any authorizations required
to effect the foregoing. The Indemnifying Party shall not cease to defend,
settle or otherwise dispose of any proceeding or objection or other defense
relating to any Third Party Claim without the written consent of Methanex,
which consent shall not be unreasonably withheld or delayed. If the
Indemnifying Party elects to assume control of the Third Party Claim, Methanex
shall have the right, at the expense of the Indemnifying Party, to fully
participate in the negotiations, settlement or defence of such Third Party
Claim (including the right to review all draft submissions, filings, written
communications and other documents to be submitted to any Governmental
Authority). If any Third Party Claim is of a nature such that Methanex is
required by applicable law to make a payment to any person (a &#147;Third Party&#148;)
with respect to the Third Party Claim before the completion of settlement
negotiations or related legal proceedings (assuming for the purposes of this
section, in respect of any Claim in relation to Taxes under the Tax Act and the
equivalent provisions of applicable provincial legislation, that a requirement
to pay exists only to the extent that collection action can be taken having
regard to the provisions of Section&nbsp;225.1 of the <I>Tax Act </I>and the equivalent
provisions of applicable provincial legislation), Methanex may make such
payment and the Indemnifying Party shall, forthwith after demand by Methanex,
reimburse Methanex for such payment. If the amount of any liability of
Methanex under the Third Party Claim in respect of
</FONT>
<P align="center"><FONT size="2">6</FONT>
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<P align="left"><FONT size="2">which such payment was made,
as finally determined, is less than the amount that was paid by the
Indemnifying Party to Methanex, Methanex shall, forthwith after receipt of the
difference from the Third Party, pay the amount of such difference to the
Indemnifying Party, together with any interest thereon received from the Third
Party (and for greater certainty, any Taxes on such interest shall be subject
to clause 2.1(ii)). The Indemnified Parties shall duly and timely provide to
the Indemnifying Party any information with respect to the Third Party Claim as
may become available and shall cooperate with the Indemnifying Party to the
extent reasonably requested in the conduct of all proceedings or objection or
other defence relating to any Third Party Claim and related inquiries or
investigations including providing the Indemnifying Party with access to all
relevant books and records and documents. If the Indemnifying Party does not
undertake any proceeding or objection or other defence of any Third Party Claim
or, having undertaken any such proceeding or objection or other defence, if,
without Methanex consenting thereto, it proposes to cease to defend any such
proceedings or objection or other defence, Methanex shall have the right, at
the expense of the Indemnifying Party, to undertake and control any proceedings
or objection or other defence of the Third Party Claim. In that event,
Methanex shall not be entitled to cease to defend, settle or otherwise dispose
of any proceeding or objection or other defence relating to any Third Party
Claim without the consent of the Indemnifying Party, which consent shall not be
unreasonably withheld or delayed.
</FONT>
<P align="left"><FONT size="2"><B>2.5 Payment and Cooperation</B>
</FONT>
<P align="left"><FONT size="2">Subject to Section&nbsp;2.6, the Indemnifying Party shall pay to the Indemnified
Parties all amounts for which the Indemnifying Party is liable pursuant to the
Indemnity promptly after the Indemnified Parties incur the Loss in respect of
which such liability arises, provided that for claims in respect of Taxes, the
Indemnifying Party shall not be required to pay an amount in
respect of such Taxes unless the relevant Governmental Authority has, under the
applicable tax statute, issued an assessment or reassessment for such Taxes
(when the applicable taxing legislation provides for an assessment or
reassessment) and, in the case of Taxes imposed under the <I>Tax Act </I>and
applicable provincial legislation, to the extent that the relevant Government
Authority could potentially take collection action with respect to such Taxes,
having regard to the provisions of Section&nbsp;225.1 of the Tax Act and the
equivalent provisions of applicable provincial legislation in respect of such
Taxes. The Indemnified Parties and the Indemnifying Party shall co-operate
fully with each other, at the expense of the Indemnifying Party, with respect
to Third Party Claims, and shall keep each other fully advised with respect
thereto (including supplying copies of all relevant documentation promptly as
it becomes available).
</FONT>
<P align="left"><FONT size="2"><B>2.6 Payment of Certain Tax Liabilities</B>
</FONT>
<P align="left"><FONT size="2">In the event that any Claim in respect of which the Indemnity applies relates
to any Taxes suffered or incurred by Methanex as a result of or in connection
with the Transactions or as a result of or in connection with any other events
or transactions if Taxes would not have been payable had the implementation of
the Transactions not resulted in the reduction of tax losses, credits, and
other deductions (and only to the extent of such reduction), which will not
require the Indemnified Parties to make a cash payment on account of such Taxes
in respect of the taxation year in respect of which the Claim arose, as a
result of the availability of tax losses, credits, or other deductions, to the
Indemnified Parties for a particular year, the Indemnifying Party shall be
entitled to defer paying to the Indemnified Parties amounts for which the
</FONT>
<P align="center"><FONT size="2">7</FONT>
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<P align="left"><FONT size="2">Indemnifying Party is liable pursuant to the Indemnity. Where a payment has
been so deferred in the circumstances described herein, and the Indemnified
Parties become liable to make a cash payment on account of such Taxes in
respect of a subsequent taxation year, which payment would not have been
required had the Claim not arisen, the Indemnified Parties shall provide the
Indemnifying Party with notice of such circumstance, together with reasonable
supporting documentation, as soon as practicable following the end of the
relevant taxation year. As soon as reasonably practicable after receipt of
such notice the Indemnifying Party shall pay to the Indemnified Party an amount
equal to the cash payment on account of such Taxes which the Indemnified
Parties have become liable to make.
</FONT>
<P align="left"><FONT size="2"><B>2.7 Tax Effect</B>
</FONT>
<P align="left"><FONT size="2">If the amount of any payment required to be made by the Indemnifying Party to
Methanex (an &#147;Indemnity Payment&#148;) would result in an increase in the income for
tax purposes of Methanex (net of any deduction available to Methanex in respect
of the Loss being indemnified), the Indemnifying Parties shall pay a Tax Gross
Up (as defined below) to Methanex at the same time as the Indemnity Payment is
paid. For purposes of this Section&nbsp;2.7 &#147;Tax Gross Up&#148; shall mean, with respect
to any Indemnity Payment, such additional amount (calculated in accordance with
the Calculation Method, as defined below) as is necessary to place Methanex in
the same after tax position as it would have been in had such Indemnity Payment
(net of the treatment of the Loss) been received tax free, and the transactions
contemplated by this Agreement, including any Indemnity Payments, had no impact
upon the tax
position of Methanex; and &#147;Calculation Method&#148;, with respect to the calculation
of any Tax Gross Up on any Indemnity Payments, shall mean that such Tax Gross
Up shall be calculated by using the combined federal and provincial income tax
rate applicable to Methanex and without regard to any losses, credits, refunds
or deductions that Methanex may have or had which affected or could affect the
amount of any Taxes so required to be paid by Methanex and payable on any such
Indemnity Payment. If the Tax Gross-Up is required to be made to the
Indemnified Parties in respect of a taxation year and such Indemnified Parties
will not be required to make a cash payment on account of Taxes under Part I of
the <I>Tax Act </I>and the equivalent provisions of applicable provincial legislation
in respect of such year, as a result of the availability of tax losses,
credits, or other deductions to the Indemnified Parties for such year, the
Indemnifying Party shall be entitled to defer paying the Tax Gross-Up to the
Indemnified Parties and the provisions of section 2.6 shall apply, mutatis
mutandis.
</FONT>
<P align="left"><FONT size="2"><B>2.8 Limitation</B>
</FONT>
<P align="left"><FONT size="2">The Indemnifying Party shall not have any liability in respect of any Claim
unless written notice in respect of such Claim is given to the Indemnifying
Party prior to December&nbsp;31, 2028.
</FONT>
<P align="center"><FONT size="2">8</FONT>
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<!-- link1 "ARTICLE 3<BR> REPRESENTATIONS AND WARRANTIES" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="center"><FONT size="2"><B>ARTICLE 3<BR>
REPRESENTATIONS AND WARRANTIES</B>
</FONT>

<P align="left"><FONT size="2"><B>3.1 Due Authorization and Enforceability of Obligations</B>
</FONT>
<P align="left"><FONT size="2">Each of the Indemnifying Party and Methanex and Holdco has all necessary
corporate power, authority and capacity to enter into this Agreement and to
carry out its obligations under this Agreement. The execution and delivery of
this Agreement has been duly authorized by all necessary corporate action on
the part of each of the Indemnifying Party and Methanex and Holdco. This
Agreement constitutes a valid and binding obligation of each of the
Indemnifying Party and Methanex and Holdco enforceable against each of them in
accordance with its terms.
</FONT>
<!-- link1 "ARTICLE 4<BR> COVENANTS" -->
<DIV align="left"><A NAME="003"></A></DIV>
<P align="center"><FONT size="2"><B>ARTICLE 4<BR>
COVENANTS</B>
</FONT>

<P align="left"><FONT size="2"><B>4.1 Mitigation of Loss</B>
</FONT>
<P align="left"><FONT size="2">The Indemnified Parties shall take all reasonable steps and give all reasonable
assistance to avoid or mitigate any Losses which has given rise to a Claim
under this Agreement, or the amount of any Indemnity payment in respect of such
Losses, including, where applicable, making an election under subsection
12(2.2) of the <I>Tax Act </I>and the corresponding provisions, if any, of applicable
provincial legislation.
</FONT>
<P align="left"><FONT size="2">Nothing in this Agreement shall in any way restrict or limit the general
obligation at law of the Indemnified Parties to mitigate any loss which they
may suffer or incur by reason of the breach
by Methanex of any representation, warranty or covenant under the Share
Purchase Agreement. If any Claim can be reduced by any recovery, settlement or
otherwise pursuant to any insurance coverage, or pursuant to any claim,
recovery, settlement or otherwise under or payment by or against any other
Person, the Indemnified Parties shall take all appropriate steps to enforce
such recovery, settlement or payment.
</FONT>
<P align="left"><FONT size="2"><B>4.2 Reductions and Subrogation</B>
</FONT>
<P align="left"><FONT size="2">If the amount of any Losses incurred by the Indemnified Parties at any time
subsequent to the making of an Indemnity payment is reduced by any recovery,
settlement or otherwise under or pursuant to any insurance coverage, or
pursuant to any claim, recovery, settlement or payment by or against any other
Person, the amount of such reduction (less any costs, expenses (including
Taxes) or premiums incurred in connection therewith) shall promptly be repaid
by the Indemnified Parties to the Indemnifying Party. Upon making a full
Indemnity payment, the Indemnifying Party shall, to the extent of such
Indemnity payment, be subrogated to all rights of the Indemnified Parties
against any third party in respect of the Claim to which the Indemnity payment
relates.
</FONT>
<!-- link1 "ARTICLE 5<BR> GENERAL" -->
<DIV align="left"><A NAME="004"></A></DIV>
<P align="center"><FONT size="2"><B>ARTICLE 5<BR>
GENERAL</B>
</FONT>

<P align="left"><FONT size="2"><B>5.1 Notices</B>
</FONT>
<P align="left"><FONT size="2">Any notice, consent or approval required or permitted to be given in connection
with this Agreement (a &#147;Notice&#148;) shall be in writing and shall be sufficiently
given if delivered (whether
</FONT>
<P align="center"><FONT size="2">9</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="left"><FONT size="2">in person, by courier service or other personal
method of delivery), or if transmitted by facsimile or e-mail:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
(a)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top"><FONT size="2">in the case of a Notice to Nova or NPL at:</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top"><FONT size="2">1550 Coraopolis Heights Road<BR>
Moon Township<BR>
PA, 15108</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Attention:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Jack Mustoe, Senior Vice-President,<BR>Legal
and General Counsel</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Fax:<BR>E-mail:</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">(412)&nbsp;490-4531<BR>
mustoej@nouachem.com<BR></FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top"><FONT size="2">with a copy to:</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top"><FONT size="2">Osler, Hoskin &#038; Harcourt LLP<BR>
Suite&nbsp;1900<BR>
333 &#151; 7th Avenue S.W.<BR>
Calgary, Alberta<BR>
T2P 2Z1</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Attention:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Stan Magidson</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Fax:<BR>E-mail:</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">(403)&nbsp;260-7024<BR>
smagidson@osler.ca</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">(b)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top"><FONT size="2">in the case of a Notice to the Indemnified Parties at:</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top"><FONT size="2">Suite&nbsp;1800<BR>
Waterfront Centre<BR>
200 Burrard Street<BR>
Vancouver, British Columbia<BR>
V6C 3M1</FONT></TD>
</TR>

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

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

<TD align="left" valign="top"><FONT size="2">Attention:&nbsp;&nbsp;&nbsp;<BR>Fax:<BR>E-mail:</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Senior Vice President, General Counsel and Corporate Secretary<BR>
(604)&nbsp;661-2656<BR>
rmilner@methanex.com</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top"><FONT size="2">with a copy to:</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top"><FONT size="2">McCarthy T&#233;trault LLP<BR>
P.O. Box 10424<BR>
Pacific Centre<BR>
Suite&nbsp;1300<BR>
777 Dunsmuir Street<BR>
Vancouver, British Columbia<BR>
V7Y 1K2</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">10</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

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

<TD align="left" valign="top"><FONT size="2">Attention:&nbsp;&nbsp;&nbsp;<BR>Fax:<BR>E-mail:</FONT></TD>
<TD align="left" valign="top"><FONT size="2">Richard J. Balfour<BR>
(604)&nbsp;622-5615<BR>
rbalfour@mccarthy.ca</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">Any Notice delivered or transmitted to a Party as provided above shall be
deemed to have been given and received on the day it is delivered or
transmitted, provided that it is delivered or transmitted on a Business Day
prior to 5:00 p.m. local time in the place of delivery or receipt. However, if
the Notice is delivered or transmitted after 5:00 p.m. local time or if such
day is not a Business Day then the Notice shall be deemed to have been given
and received on the next Business Day.</FONT>
<P align="left"><FONT size="2">
Any Party may, from time to time, change its address by giving Notice to the
other Parties in accordance with the provisions of this Section&nbsp;5.1.
</FONT>
<P align="left"><FONT size="2"><B>5.2 Amendment</B>
</FONT>
<P align="left"><FONT size="2">No amendment, supplement, modification or waiver or termination of this
Agreement and, unless otherwise specified, no consent or approval by any Party,
shall be binding unless executed in writing by the Party to be bound thereby.
</FONT>
<P align="left"><FONT size="2"><B>5.3 Assignment</B>
</FONT>
<P align="left"><FONT size="2">No Party may assign this Agreement or any rights or obligations under this
Agreement without the prior written consent of the other Party, provided,
however, that each of the Newcos may each assign all rights hereunder upon any
dissolution or winding-up of such Newco.
</FONT>
<P align="left"><FONT size="2"><B>5.4 Enurement</B>
</FONT>
<P align="left"><FONT size="2">This Agreement shall enure to the benefit of and be binding upon the Parties
and their respective successors (including any successor by reason of
amalgamation of any Party) and permitted assigns. For greater certainty, the
Parties acknowledge that the provisions of this Agreement will survive the
dissolution, winding-up or amalgamation of Holdco and Amalco or any successor
corporation hereto.
</FONT>
<P align="left"><FONT size="2"><B>5.5 Further Assurances</B>
</FONT>
<P align="left"><FONT size="2">The Parties shall with reasonable diligence do all such things and provide all
such reasonable assurances as may be required to consummate the transactions
contemplated by this Agreement, and each Party shall provide such further
documents or instruments required by any other Party as may be reasonably
necessary or desirable to effect the purpose of this Agreement and carry out
its provisions.
</FONT>
<P align="center"><FONT size="2">11</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2"><B>5.6 Execution and Delivery</B>
</FONT>
<P align="left"><FONT size="2">This Agreement may be executed by the Parties in counterparts and may be
executed and delivered by facsimile and all such counterparts and facsimiles
shall together constitute one and the same agreement.
</FONT>
<P align="left"><FONT size="2">IN WITNESS OF WHICH the Parties have duly executed this Agreement.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2"><B>NOVA CHEMICALS CORPORATION</B></FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Name:</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Title:</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Name:</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Title:</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2"><B>NOVA PETROCHEMICALS LTD.</B></FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Name:</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Title:</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Name:</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Title:</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2"><B>METHANEX CORPORATION</B></FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Name:</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Title:</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Name:</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Title:</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2"><B>6097570 CANADA INC.</B></FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Name:</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Title:</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Name:</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Title:</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">12</FONT>



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