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<SEC-DOCUMENT>0000945234-03-000278.txt : 20030521
<SEC-HEADER>0000945234-03-000278.hdr.sgml : 20030521
<ACCEPTANCE-DATETIME>20030521155634
ACCESSION NUMBER:		0000945234-03-000278
CONFORMED SUBMISSION TYPE:	F-10
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20030521

FILER:

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

	FILING VALUES:
		FORM TYPE:		F-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-105451
		FILM NUMBER:		03714622

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

	MAIL ADDRESS:	
		STREET 1:		1800 WATERFRONT CENTER
		STREET 2:		200 BURRARD STREET
		CITY:			VANCOUVER BC CANADA
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-10
<SEQUENCE>1
<FILENAME>o09627fv10.htm
<DESCRIPTION>FORM F-10
<TEXT>
<HTML>
<HEAD>
<TITLE>fv10</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
<FONT size="2">  <B>As filed with the Securities and Exchange
Commission on May&nbsp;21, 2003</B>
</FONT>
</DIV>

<DIV align="right">
<B><FONT size="2">Registration
No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>
</DIV>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

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

<DIV align="center">
<B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center">
<B><FONT size="2">WASHINGTON, D.C. 20549</FONT></B>
</DIV>

<DIV align="center">
<HR size="1" width="26%" align="center" noshade>
</DIV>

<P align="center">
<B><FONT size="4">FORM F-10</FONT></B>

<P align="center">
<B><FONT size="2">REGISTRATION STATEMENT UNDER</FONT></B>

<DIV align="center">
<B><FONT size="2">THE SECURITIES ACT OF 1933</FONT></B>
</DIV>

<DIV align="center">
<HR size="1" width="26%" align="center" noshade>
</DIV>

<P align="center">
<B><FONT size="5">METHANEX CORPORATION</FONT></B>

<DIV align="center">
<I><FONT size="2">(Exact name of Registrant as specified in its
charter)</FONT></I>
</DIV>

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

<TR>
    <TD width="34%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B><FONT size="2">Canada</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">2869</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">Not Applicable</FONT></B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <I><FONT size="2">(Province or other jurisdiction of<BR>
    incorporation or organization)</FONT></I></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">(Primary Standard Industrial<BR>
    Classification Code Number)</FONT></I></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">(I.R.S. Employer<BR>
    Identification No.)</FONT></I></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<B><FONT size="2">1800 Waterfront Centre, 200 Burrard Street,
Vancouver, British Columbia, Canada V6C 3M1
(604)&nbsp;661-2600</FONT></B>

<DIV align="center">
<I><FONT size="2">(Address and telephone number of
Registrant&#146;s principal executive offices)</FONT></I>
</DIV>

<P align="center">
<B><FONT size="2">CT Corporation System, 111 8th Avenue, 13th
Floor, New York, New York 10011 (212)&nbsp;894-8700</FONT></B>

<DIV align="center">
<I><FONT size="2">(Name, address and telephone number of agent
for service in the United States)</FONT></I>
</DIV>

<DIV align="center">
<HR size="1" width="26%" align="center" noshade>
</DIV>

<P align="center">
<B><I><FONT size="2">Copies to:</FONT></I></B>

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

<TR>
    <TD width="24%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="22%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="22%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="23%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B><FONT size="2">Randall Milner<BR>
    </FONT></B><FONT size="2">Senior Vice President, General<BR>
    Counsel and Corporate Secretary<BR>
    Methanex Corporation<BR>
    1800 Waterfront Centre<BR>
    200 Burrard Street<BR>
    Vancouver, B.C., Canada V6C 3M1<BR>
    (604) 661-2600
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">Richard J. Balfour<BR>
    </FONT></B><FONT size="2">McCarthy T&#233;trault LLP<BR>
    Suite&nbsp;1300<BR>
    777 Dunsmuir Street<BR>
    Vancouver, B.C., Canada V7Y 1K2<BR>
    (604) 643-7100
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">Kenneth R. Blackman<BR>
    </FONT></B><FONT size="2">Fried, Frank, Harris,<BR>
    Shriver &#38; Jacobson<BR>
    One New York Plaza<BR>
    New York, New York 10004<BR>
    (212) 859-8000
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">Christopher W. Morgan<BR>
    </FONT></B><FONT size="2">Skadden, Arps, Slate,<BR>
    Meagher &#38; Flom LLP<BR>
    North Tower Suite&nbsp;1820<BR>
    P.O. Box 189<BR>
    Toronto, Ontario, Canada M5J 2J4<BR>
    (416) 777-4700
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center">
<HR size="1" width="26%" align="center" noshade>
</DIV>

<P align="center">
<B><FONT size="2">Approximate date of commencement of proposed
sale to the public:</FONT></B>

<DIV align="center">
<FONT size="2">As soon as practicable after this Registration
Statement becomes effective.
</FONT>
</DIV>

<P align="center">
<B><FONT size="2">Province of British Columbia, Canada</FONT></B>

<DIV align="center">
<I><FONT size="2">(Principal jurisdiction regulating this
offering)</FONT></I>
</DIV>

<P align="left">
<FONT size="2">It is proposed that this filing shall become
effective (check appropriate box):
</FONT>
<P>

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

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">A.&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT></FONT></TD>
    <TD align="left">
    <FONT size="2">Upon filing with the Commission, pursuant to
    Rule&nbsp;467(a) (if in connection with an offering being made
    contemporaneously in the United States and Canada).
    </FONT></TD>
</TR>

</TABLE>
<P>

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

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

<TR valign="top">
    <TD><FONT size="2">B.&nbsp;&nbsp;<B><FONT face="wingdings">&#120;</FONT></B></FONT></TD>
    <TD align="left">
    <FONT size="2">At some future date (check appropriate box below).
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="17%"></TD>
    <TD width="83%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT></FONT></TD>
    <TD align="left">
    <FONT size="2">Pursuant to Rule&nbsp;467(b) on
    (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) at
    (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)
    (designate a time not sooner than seven calendar days after
    filing).
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT></FONT></TD>
    <TD align="left">
    <FONT size="2">Pursuant to Rule&nbsp;467(b) on
    (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) at
    (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)
    (designate a time seven calendar days or sooner after filing)
    because the securities regulatory authority in the review
    jurisdiction has issued a receipt or notification of clearance
    on (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;).
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT></FONT></TD>
    <TD align="left">
    <FONT size="2">Pursuant to Rule&nbsp;467(b) as soon as
    practicable after notification of the Commission by the
    Registrant or the Canadian securities regulatory authority of
    the review jurisdiction that a receipt or notification of
    clearance has been issued with respect hereto.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;<B><FONT face="wingdings">&#120;</FONT></B></FONT></TD>
    <TD align="left">
    <FONT size="2">After the filing of the next amendment to this
    form (if preliminary material is being filed).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">If any of the securities being registered on this
form are to be offered on a delayed or continuous basis pursuant
to the home jurisdiction&#146;s shelf prospectus offering
procedures, check the following
box.&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<DIV align="center">
<HR size="1" width="26%" align="center" noshade>
</DIV>

<P align="center">
<B><FONT size="2">CALCULATION OF REGISTRATION FEE</FONT></B>

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

<TR>
    <TD width="38%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="17%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

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

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Number of</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Proposed maximum</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Proposed maximum</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">securities being</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">offering price per</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">aggregate offering</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Amount of</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Title of each class of securities to be registered</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">offered</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">security</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">price<SUP>(1)</SUP></FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Registration Fee<SUP>(1)</SUP></FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="1">Common Shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="1">37,946,876
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="1">US$9.99
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="1">US$379,089,000
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="1">US$30,668.37
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>
<P>

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

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

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Estimated solely for purposes of calculating fee
    pursuant to Rule&nbsp;457(c) under the Securities Act of 1933,
    as amended, based on the average high and low price of the
    Registrant&#146;s common shares on the Nasdaq National Market on
    May&nbsp;15, 2003.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">If, as a result of stock splits, stock dividends
or similar transactions, the number of securities purported to
be registered on this registration statement changes, the
provisions of Rule&nbsp;416 shall apply to this registration
statement.
</FONT>

<P align="left">
<FONT size="2">THE REGISTRANT HEREBY AMENDS THIS REGISTRATION
STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS
EFFECTIVE DATE UNTIL THE REGISTRATION STATEMENT SHALL BECOME
EFFECTIVE AS PROVIDED IN RULE&nbsp;467 UNDER THE SECURITIES ACT
OF 1933 OR ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO
SECTION&nbsp;8(a) OF THE ACT, MAY DETERMINE.
</FONT>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<P align="center">
<B><FONT size="2">INFORMATION REQUIRED TO BE DELIVERED TO
OFFEREES OR PURCHASERS</FONT></B>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<TABLE width="100%" border="1" cellpadding="5"><TR><TD>
<B><FONT size="2" color="#E8112D">The information in this
preliminary prospectus is not complete and may be changed. These
securities may not be sold until the registration statement
filed with the Securities and Exchange Commission is effective.
This preliminary prospectus is not an offer to sell nor does it
seek an offer to buy these securities in any jurisdiction where
the offer or sale is not permitted.</FONT></B>
</TD></TR></TABLE>

<P align="left">
<B><U><FONT size="2">Secondary Offering</FONT></U></B>

<DIV align="center">
<B><FONT size="2">Subject to Completion. Dated May&nbsp;21,
2003.</FONT></B>
</DIV>

<DIV align="left">
<IMG src="o09627methanac.gif" alt="LOGO">
</DIV>

<DIV align="center">
<B><FONT size="6">Methanex Corporation</FONT></B>
</DIV>

<P align="center">
<B><FONT size="4">37,946,876 Common Shares</FONT></B>

<P align="left">
<FONT size="2">NOVA Chemicals Corporation, or NOVA, is offering
37,946,876 of our common shares, or the Offered Shares.
</FONT>

<P align="left">
<FONT size="2">NOVA beneficially owns, directly and indirectly,
approximately 37% of our outstanding common shares. Following
completion of this offering, and assuming that we complete our
purchase of 9,000,000 common shares from NOVA as described under
&#147;Repurchase Transaction&#148;, NOVA will not own any of our
common shares. See &#147;Selling Shareholder&#148;. We will not
be entitled to any of the proceeds from the sale of the Offered
Shares.
</FONT>

<P align="left">
<FONT size="2">Our common shares are listed on the Toronto Stock
Exchange, or TSX, under the symbol &#147;MX&#148;, and on the
Nasdaq National Market, or Nasdaq, under the symbol
&#147;MEOH&#148;. On May&nbsp;20, 2003, the closing price of our
common shares on the TSX was $13.96 per share and the closing
price of our common shares on Nasdaq was US$10.45 per share.
</FONT>

<P align="left">
<B><FONT size="2">There are certain risk factors that should be
carefully reviewed by prospective purchasers. See &#147;Risk
Factors&#148; beginning at page&nbsp;14.</FONT></B>

<P align="left">
<B><FONT size="2">We are permitted to prepare this prospectus in
accordance with Canadian disclosure requirements, which are
different from those of the United States. We prepare our
financial statements in accordance with Canadian generally
accepted accounting principles, and they are subject to Canadian
auditing and auditor independence standards. As a result, they
may not be comparable to financial statements of United States
companies.</FONT></B>

<P align="left">
<B><FONT size="2">Owning our common shares may subject you to
tax consequences both in the United States and Canada. This
prospectus may not describe these tax consequences fully. You
should read the tax discussion under &#147;Certain Income Tax
Considerations&#148;.</FONT></B>

<P align="left">
<B><FONT size="2">Your ability to enforce civil liabilities
under the United States federal securities law may be affected
adversely because we are incorporated in Canada, a majority of
our officers and directors and some of the experts named in this
prospectus are Canadian residents, and substantially all of our
assets and the assets of those officers, directors and experts
are located outside of the United States.</FONT></B>

<P align="left">
<B><FONT size="2">Neither the Securities and Exchange Commission
nor any state securities regulator has approved or disapproved
of these securities or determined if this prospectus is truthful
or complete. Any representation to the contrary is a criminal
offense.</FONT></B>

<P align="center">
<HR size="1" width="30%" align="center" noshade>

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

<TR>
    <TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Price to the</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Underwriters&#146;</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Proceeds to</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Public</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Fee</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">NOVA<SUP>(1)</SUP></FONT></B></TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Per Offered Share
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom" nowrap><FONT size="2">US$9.85</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom" nowrap><FONT size="2">US$0.39</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom" nowrap><FONT size="2">US$9.46</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">US$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">373,776,729</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">US$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,951,069</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">US$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">358,825,660</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

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

<TR valign="top">
    <TD><FONT size="2">(1)</FONT></TD>
    <TD align="left">
    <FONT size="2">Before deducting the expenses of this offering
    estimated at
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;which,
    together with the Underwriters&#146; fee, will be paid by NOVA.
    NOVA will reimburse us for all expenses incurred by us in
    connection with this offering.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">The Price to the Public, Underwriters&#146; Fee
and Net Proceeds are payable in Canadian or U.S.&nbsp;dollars
based on the prevailing U.S.-Canadian dollar exchange rate as of
the date of this prospectus.
</FONT>

<P align="left">
<FONT size="2">The underwriters referred to under &#147;Plan of
Distribution&#148;, or the Underwriters, as principals,
conditionally offer the Offered Shares for sale, subject to
prior sale, if, as and when transferred by NOVA and delivered to
and accepted by the Underwriters in accordance with the
conditions contained in the Underwriting Agreement referred to
under &#147;Plan of Distribution&#148; and subject to the
approval of certain legal matters on our behalf by McCarthy
T&#233;trault LLP and Fried, Frank, Harris, Shriver &#38;
Jacobson, on behalf of NOVA by Osler, Hoskin &#38; Harcourt LLP
and Orrick, Herrington &#38; Sutcliffe LLP, and on behalf of the
Underwriters by Stikeman Elliott LLP and Skadden, Arps, Slate,
Meagher &#38; Flom LLP.
</FONT>

<P align="left">
<B><FONT size="2">Affiliates of two of the Underwriters are
lenders to us under a revolving credit facility. Affiliates of
five of the Underwriters are lenders to NOVA under a revolving
credit facility. Consequently, we and NOVA may be considered
connected issuers of these Underwriters under applicable
Canadian securities legislation. See &#147;Use of Proceeds&#148;
and &#147;Plan of Distribution&#148;.</FONT></B>

<P align="left">
<FONT size="2">In connection with this offering, the
Underwriters may over allot or effect transactions which
stabilize or maintain the market price of our common shares in
accordance with applicable market stabilization rules. <B>The
Underwriters may offer the Offered Shares at a lower price than
stated above. See &#147;Plan of Distribution&#148;.</B>
</FONT>

<P align="left">
<FONT size="2">Closing of the offering is expected to occur on
or
about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2003 or such other date as we, NOVA and the Underwriters may
mutually agree, but in any event not later
than &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2003.
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD align="left"><I><FONT size="2">Lead Manager and Bookrunner</FONT></I></TD>
    <TD align="right"><I><FONT size="2">Co-lead Manager</FONT></I></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD align="left"><B><FONT size="4">RBC CAPITAL MARKETS</FONT></B></TD>
    <TD align="right"><B><FONT size="4">CIBC WORLD MARKETS</FONT></B></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="4"> Scotia Capital (USA)
</FONT>
</DIV>

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

<TR>
    <TD width="22%"></TD>
    <TD width="78%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="4"> TD Securities (USA)
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="44%"></TD>
    <TD width="56%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="4"> Citigroup
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="66%"></TD>
    <TD width="34%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="4"> UBS Warburg
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<HR size="1" width="30%" align="center" noshade>

<P align="center">
<B><FONT size="4">Prospectus
dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2003</FONT></B>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">You should rely only on the information
contained in this prospectus or incorporated by reference in
this prospectus. Neither we nor the Underwriters have authorized
anyone to provide you with information different from that
contained in this prospectus. The Underwriters are offering to
sell, and seeking offers to buy, the Offered Shares only in
jurisdictions where, and to persons to whom, offers and sales
are lawfully permitted. The information contained in this
prospectus or incorporated by reference in this prospectus is
accurate only as of the date in respect of which such
information is given, regardless of the time of delivery of this
prospectus or of any sale of the Offered Shares.</FONT></B>

<P align="center">
<HR size="1" width="30%" align="center" noshade>

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

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="90%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Special Notice Regarding Forward-Looking
    Statements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Business of the Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Repurchase Transaction
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Selling Shareholder
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Use of Proceeds
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of Share Capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Consolidated Capitalization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Details of the Offering
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Certain Income Tax Considerations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Plan of Distribution
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Risk Factors
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Legal Matters
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Experts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Transfer Agent and Registrar
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Where You Can Find More Information
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Documents Filed as Part of the Registration
    Statement
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Documents Incorporated by Reference
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<HR size="1" width="30%" align="center" noshade>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All amounts in this prospectus are expressed in
Canadian dollars, except where otherwise indicated. References
to &#147;US$&#148; are to United States dollars and references
to &#147;$&#148; are to Canadian dollars. In this prospectus,
except as otherwise indicated or the context otherwise requires,
references to &#147;we&#148;, &#147;us&#148;, &#147;our&#148;
and similar terms, as well as references to &#147;Methanex&#148;
and the &#147;Company&#148;, refer to Methanex Corporation and
its subsidiaries, and references to &#147;NOVA&#148; refer to
NOVA Chemicals Corporation and its subsidiaries.
</FONT>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "SPECIAL NOTICE REGARDING FORWARD-LOOKING STATEMENTS" -->

<P align="center">
<B><FONT size="2">SPECIAL NOTICE REGARDING FORWARD-LOOKING
STATEMENTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain statements contained in this prospectus,
and in the documents incorporated herein by reference,
constitute &#147;forward-looking statements&#148; including
within the meaning of the United States Private Securities
Litigation Reform Act of 1995. When used in this prospectus, the
words &#147;may&#148;, &#147;would&#148;, &#147;could&#148;,
&#147;will&#148;, &#147;intend&#148;, &#147;plan&#148;,
&#147;anticipate&#148;, &#147;believe&#148;,
&#147;estimate&#148;, &#147;expect&#148;, and similar
expressions, as they relate to us or our management, are
intended to identify forward-looking statements. These
statements reflect our current views with respect to future
events and are subject to certain risks, uncertainties and
assumptions. Many factors could cause our actual results,
performance or achievements to be materially different from any
future results, performance or achievements that may be
expressed or implied by such forward-looking statements,
including the following, which are discussed in greater detail
under the heading &#147;Risk Factors&#148;:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">cyclicality of the industry in which we operate
    and the volatility of the price of methanol;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">decreases in global gross domestic product and
    changes in general economic conditions;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">uncertainty of demand for methyl tertiary butyl
    ether, or MTBE;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">competition in our industry;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">fluctuations in the cost and reductions in the
    availability of supply of natural gas;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">the risks attendant with methanol production and
    marketing, including operational disruption;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to complete capital projects on time
    and on budget, or at all;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">our ability to successfully integrate
    acquisitions into our operations and to fully realize the
    intended benefits expected from these acquisitions;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">changes in laws or regulations relating to the
    protection of the environment;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">risks associated with investments and operations
    in multiple jurisdictions; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">foreign exchange risks.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results,
performance or achievements may vary materially from those
described herein as intended, planned, anticipated, believed,
estimated or expected. We do not intend, and do not assume any
obligation, to update these forward-looking statements.
</FONT>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "THE COMPANY" -->

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We were incorporated under the laws of Alberta on
March&nbsp;11, 1968 and continued under the <I>Canada Business
Corporations Act</I> on March&nbsp;5, 1992. Our head office is
located at 1800 Waterfront Centre, 200 Burrard Street,
Vancouver, British Columbia V6C&nbsp;3M1 (telephone:
(604)&nbsp;661-2600).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following chart includes our principal
operating subsidiaries and partnerships and, for each subsidiary
or partnership, its place of organization and our percentage of
voting interests beneficially owned or over which control or
direction is exercised. The chart also shows our principal
production facilities and their locations.
</FONT>

<P align="left">
<IMG src="o09627o0962701.gif" alt="(MATHANEX CORPORATION (CANADA))"><HR size="1" width="18%" align="left" noshade>
<P>

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

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

<TR valign="top">
    <TD><FONT size="2">(1)</FONT></TD>
    <TD align="left">
    <FONT size="2">The Atlas plant is currently under construction.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(2)</FONT></TD>
    <TD align="left">
    <FONT size="2">On May&nbsp;16, 2003 we acquired the remaining
    90% interest in the Titan plant that we did not already own. See
    &#147;Recent Developments&#148;.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">4
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "BUSINESS OF THE COMPANY" -->

<P align="center">
<B><FONT size="2">BUSINESS OF THE COMPANY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are the world&#146;s largest producer and
marketer of methanol. Methanol is a liquid commodity chemical
produced primarily from natural gas and is typically used as a
chemical feedstock in the manufacture of other products. Roughly
three quarters of all methanol is used in the production of
formaldehyde, acetic acid and a variety of other chemicals which
form the basis of a large number of chemical derivatives. These
derivatives are used in the manufacture of a wide range of
products including building materials, foams, resins and
plastics. The remainder of methanol demand comes from the fuel
sector, principally as a component in the production of MTBE,
which is blended with gasoline as a source of octane and as an
oxygenate to reduce the amount of tailpipe emissions from motor
vehicles. Methanol is also being used on a small scale as a
direct fuel for motor vehicles and is actively being considered
as a fuel for fuel cells. Due to the diversity of the end
products in which methanol is used, methanol demand is
influenced by a broad range of economic, industrial and
environmental factors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We operate methanol production facilities located
in Chile, New Zealand, Trinidad and North America and source
additional methanol produced by others throughout the world. In
a joint venture with BP, we are currently building the
world&#146;s largest methanol plant in Trinidad, adjacent to our
Titan plant, which we expect will commence commercial operation
in early 2004. We are also building an expansion of our Chilean
facility which we expect will be completed by early 2005. We
sell methanol through an extensive global marketing and
distribution system. We believe this has enabled us to become
the largest supplier of methanol to each of the major
international markets of North America, Asia Pacific and Europe
as well as Latin America.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As a result of our worldwide production,
marketing and distribution capabilities, we believe we have a
competitive advantage as a supplier of methanol to major
chemical and petrochemical producers for whom quality of service
and reliability of supply are important. We believe we benefit
from this competitive advantage through greater stability and
security of demand, resulting in marketing and transportation
synergies, and an improved customer mix.
</FONT>

<!-- link1 "RECENT DEVELOPMENTS" -->

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

<DIV>&nbsp;</DIV>

<!-- link2 "Results for the Three Months ended March 31, 2003" -->

<DIV align="left">
<B><FONT size="2">Results for the Three Months ended
March&nbsp;31, 2003</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For the quarter ended March&nbsp;31, 2003, we
recorded net income of US$75.5&nbsp;million (US$0.60 per common
share). Our first quarter 2003 results compare to a net loss of
US$30.4&nbsp;million (US$0.24 per common share) for the fourth
quarter 2002, and to a net loss of US$17.4&nbsp;million (US$0.13
per common share) for the same period in 2002. Our results for
the fourth quarter 2002 included a US$113.5&nbsp;million
after-tax asset restructuring charge related to the write-off of
our Fortier, Louisiana methanol facility that was partially
offset by a US$27&nbsp;million reduction in the site restoration
accrual for our New Zealand facilities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our average realized methanol price for the first
quarter 2003 was US$223 per tonne compared with US$188 per tonne
for the previous quarter and US$111 per tonne for the first
quarter 2002.
</FONT>

<!-- link2 "Purchase of Titan Methanol Facility in Trinidad" -->

<P align="left">
<B><FONT size="2">Purchase of Titan Methanol Facility in
Trinidad</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We acquired a 10% equity interest in the
850,000&nbsp;tonne per year Titan methanol plant in Trinidad in
2000. On May&nbsp;16, 2003, we acquired the remaining 90% equity
interest in the Titan plant from Beacon Energy and BP for a
total purchase price, including estimated transaction costs, of
approximately US$79&nbsp;million. The purchase price was based
on a formula contained in an option that we acquired from Beacon
in mid 2001. Concurrent with the acquisition of the 90% equity
interest, we repaid approximately US$29&nbsp;million of limited
recourse long-term debt related to the Titan plant. Total
limited recourse debt related to the Titan plant after the
repayment is approximately US$194&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Titan plant, which came on stream in 2000, is
underpinned by a long-term natural gas contract and further
strengthens our position as a low cost global producer of
methanol. The transaction also allows us to move from receiving
a commission for marketing 100% of the Titan plant&#146;s
production to realizing the full margin on the sale of methanol
produced from Titan. Titan is located next to the 1.7 million
tonne per year
</FONT>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">Atlas methanol facility, a joint venture between
BP and us, which we are currently constructing. Titan and Atlas
provide us with the benefits of a low cost hub and the ability
to supply the North American and Western European methanol
markets on a duty-free basis.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Also on May&nbsp;16, 2003, we acquired Solvadis
Chemag AG&#146;s North American methanol marketing business for
approximately US$5 million, including its customer list and its
contract to purchase approximately 250,000 tonnes per year of
Titan&#146;s production.
</FONT>

<!-- link2 "Changes to our Board of Directors" -->

<P align="left">
<B><FONT size="2">Changes to our Board of Directors</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon closing of this offering, it is expected
that Mr.&nbsp;Jeffrey Lipton, the President and Chief Executive
Officer of NOVA and the Chairman of our board of directors, and
Messrs.&nbsp;A.&nbsp;Terence Poole and Christopher Pappas, both
senior executive officers of NOVA, will resign as directors of
our Company. It is expected that Mr.&nbsp;Pierre Choquette, our
President and Chief Executive Officer, will be appointed interim
Chairman of our board and Mr.&nbsp;David Morton will be
designated as &#147;lead&#148; outside director of our board.
Mr.&nbsp;Morton is the Chairman of the Corporate Governance
Committee of our board. Our board will conduct a process to fill
the vacant board seats and to select a new chairperson.
</FONT>

<!-- link1 "REPURCHASE TRANSACTION" -->

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">NOVA acquired a significant block of our common
shares in January 1994. From time to time, management of
Methanex and NOVA have had discussions about NOVA&#146;s
interest in us. On May&nbsp;21, 2003, we entered into an
agreement with NOVA pursuant to which we have agreed to purchase
all of the shares of one or more wholly-owned subsidiaries of
NOVA that own 9,000,000 of our outstanding common shares, in
consideration for a payment to NOVA of US$9.85 in respect of
each of our common shares held by such subsidiaries. We will
then wind-up such companies and cancel the common shares held by
them. The purchase price is equal to the U.S.&nbsp;dollar
offering price per Offered Share.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">An Independent Committee of our board of
directors, consisting of members of our board who are
independent of NOVA and management, unanimously determined that
the purchase of common shares from NOVA is in our best interests
and in the best interests of our shareholders. In reaching its
determination, the Independent Committee considered a number of
factors, including the attractiveness of an investment in our
common shares, our current cash position and capital expenditure
requirements and commitments, and the fact that such a purchase
is consistent with our practice of distributing excess cash for
the benefit of our shareholders. Further, we believe that the
market price of our common shares has been adversely affected by
the market perception that NOVA would sell all or a portion of
its common shares. If this offering and our purchase from NOVA
are successfully completed, we expect this overhang will be
eliminated. Following the successful completion of these
transactions, it is also expected that our shareholders will be
able to enjoy improved liquidity for our common shares due to a
substantial increase in the public float.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our purchase from NOVA is subject to a positive
vote of a majority of our shareholders, other than NOVA and its
affiliates, present or represented by proxy at a special meeting
of our common shareholders to be held in late June or early
July. Our obligations and the obligations of NOVA under the
repurchase transaction are each conditional on the closing of
the sale of the Offered Shares to the Underwriters under the
Underwriting Agreement. Our purchase from NOVA constitutes an
issuer bid by us under applicable Canadian securities laws. We
have obtained an order from the applicable securities regulatory
authority exempting us from the applicable issuer bid
requirements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">NOVA has also agreed with us that it will not
(i)&nbsp;without our prior written consent, sell, directly or
indirectly, any of our common shares to any person other than us
or an affiliate of NOVA for a period of 90&nbsp;days following
the date of the special meeting of our shareholders;
(ii)&nbsp;sell our common shares to any person other than an
affiliate of NOVA in quantities of less than
100,000&nbsp;shares; or (iii)&nbsp;without our prior written
consent, acquire any of our common shares from any person other
than an affiliate of NOVA for a period of two years following
the date of the closing of this offering. NOVA will, however, be
permitted to sell any and all of our common shares held by it in
a change of control transaction, which is a transaction
</FONT>

<P align="center"><FONT size="2">6
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">made or available to all holders of our common
shares, which if successful would result in a person or group of
persons owning more than 30% of our outstanding common shares.
</FONT>
</DIV>

<!-- link1 "SELLING SHAREHOLDER" -->

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">NOVA beneficially owns, directly and indirectly,
46,946,876 common shares, representing approximately 37% of our
outstanding common&nbsp;shares.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">NOVA has agreed to pay the expenses of this
offering, including the Underwriters&#146; fee, and the expenses
relating to our purchase of our common shares from NOVA and to
reimburse us for all expenses incurred by us in connection
therewith. NOVA has also agreed to indemnify us against any
losses, damages or liabilities to which we may become subject
arising out of the repurchase and other ancillary transactions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Following the successful completion of this
offering and our purchase from NOVA, NOVA will not hold any of
our common shares.
</FONT>

<!-- link1 "USE OF PROCEEDS" -->

<P align="center">
<B><FONT size="2">USE OF PROCEEDS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will not receive any of the proceeds from the
sale of the Offered Shares. The estimated net proceeds to NOVA
from the sale of the Offered Shares will be approximately
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;after
deducting the Underwriters&#146; fees and the estimated expenses
of this offering, which will be paid by NOVA.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RBC Dominion Securities Inc. and CIBC World
Markets Inc. are affiliates of Canadian chartered banks which
are lenders to us under our unsecured revolving credit facility.
RBC Dominion Securities Inc., CIBC World Markets Inc., Scotia
Capital Inc., TD Securities Inc. and Citigroup Global Markets
Canada Inc. are affiliates of lenders to NOVA under a revolving
credit facility. A portion of the proceeds of this offering
received by NOVA may be used to repay indebtedness under that
credit facility. Consequently, we and NOVA may be considered to
be connected issuers of such Underwriters under applicable
Canadian securities legislation. See &#147;Plan of
Distribution&#148;.
</FONT>

<!-- link1 "DESCRIPTION OF SHARE CAPITAL" -->

<P align="center">
<B><FONT size="2">DESCRIPTION OF SHARE CAPITAL</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our authorized share capital consists of an
unlimited number of common shares and 25,000,000 preferred
shares. As at March&nbsp;31, 2003, we had 126,495,364 common
shares and no preferred shares outstanding. Holders of our
common shares are entitled to one vote at any meeting of our
shareholders and are entitled to receive any dividend declared
by our board of directors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In September 2002, we commenced paying a
quarterly dividend of US$0.05 per share to our shareholders. In
addition, our board of directors periodically considers other
forms of distributions when general business conditions,
financial results, capital requirements and other relevant
factors warrant. In February 2003, we paid a special dividend of
US$0.25 per share. Under a covenant set out in the indenture
governing our 7.75% notes due August&nbsp;15, 2005, we can pay
cash dividends or make other shareholder distributions to the
extent that shareholders&#146; equity is equal to or greater
than US$850 million, after giving effect to such distribution.
The same indenture also provides that we can declare and pay up
to US$30 million of dividends in any twelve month period while
shareholders&#146; equity is less than US$850&nbsp;million.
</FONT>

<P align="center"><FONT size="2">7
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "CONSOLIDATED CAPITALIZATION" -->

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth our cash and cash
equivalents and our capitalization as of March&nbsp;31, 2003
(i)&nbsp;on an actual basis, and (ii)&nbsp;as adjusted to
reflect our purchase, and subsequent cancellation, of 9,000,000
common shares from NOVA and the Titan acquisition (including the
repayment of Titan limited recourse long-term debt and the
acquisition of the methanol marketing business of Chemag). See
&#147;Repurchase Transaction&#148; and &#147;Recent
Developments&#148;. This table should be read in conjunction
with our unaudited interim consolidated financial statements for
the three months ended March&nbsp;31, 2003 and related notes and
management&#146;s discussion and analysis incorporated by
reference into this prospectus.
</FONT>

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

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

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

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

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

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

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

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

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

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

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

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

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

</TR>

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

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

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

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

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

</TR>

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

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Shareholders&#146; equity:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

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

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

</TR>

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

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

</TR>

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

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

</TR>

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

</TABLE>
</CENTER>

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

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

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

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

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

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

</TABLE>

<!-- link1 "DETAILS OF THE OFFERING" -->

<P align="center">
<B><FONT size="2">DETAILS OF THE OFFERING</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This offering consists of 37,946,876 Offered
Shares at a price of $13.30 or US$9.85&nbsp;per Offered Share.
Certificates in definitive form for the Offered Shares will be
available at the closing of this offering.
</FONT>

<!-- link1 "CERTAIN INCOME TAX CONSIDERATIONS" -->

<P align="center">
<B><FONT size="2">CERTAIN INCOME TAX CONSIDERATIONS</FONT></B>

<DIV>&nbsp;</DIV>

<!-- link2 "Canadian Federal Income Tax Considerations" -->

<DIV align="left">
<B><FONT size="2">Canadian Federal Income Tax
Considerations</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following is a summary of the principal
Canadian federal income tax consequences of the purchase,
ownership and disposition of the Offered Shares generally
applicable to purchasers of Offered Shares pursuant to this
prospectus, or U.S.&nbsp;Holders, who, at all relevant times,
are not and never have been residents of Canada for the purposes
of the <I>Income Tax Act</I> (Canada), or the Tax Act, are
residents of the United States for the purposes of the
Canada&nbsp;- United States Income Tax Convention (1980), or the
Convention, hold their Offered Shares as capital property, deal
at arm&#146;s length and are not affiliated with NOVA or us for
the purposes of the Tax Act and do not use or hold and are not
deemed to use or hold such Offered Shares in connection with a
business carried on in Canada. Offered Shares will generally be
considered to be capital property to a U.S.&nbsp;Holder unless
the shares are held in the course of carrying on a business of
trading or dealing in securities or were acquired in one or more
transactions considered to be an adventure in the nature of
trade. This summary does not apply to a U.S.&nbsp;Holder that
carries on, or is deemed to carry on, an insurance business in
Canada and elsewhere and such holders should consult their own
tax advisers.
</FONT>

<P align="center"><FONT size="2">8
</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This summary is based upon the current provisions
of the Tax Act, the regulations thereunder in force at the date
hereof, or the Regulations, all specific proposals to amend the
Tax Act and Regulations publicly announced by or on behalf of
the Minister of Finance (Canada) prior to the date hereof and
the provisions of the Convention as in effect on the date
hereof. This summary does not otherwise take into account or
anticipate any changes in law, whether by legislative,
governmental or judicial decision or action, nor does it take
into account tax laws of any province or territory of Canada or
of any jurisdiction outside Canada.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For the purposes of the Tax Act, all amounts must
be determined in Canadian dollars.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">This summary is of a general nature only and
is not intended to be, nor should it be construed to be, legal
or tax advice to any particular U.S.&nbsp;Holder. The tax
liability of a U.S.&nbsp;Holder will depend on the holder&#146;s
particular circumstances. Accordingly, U.S.&nbsp;Holders should
consult with their own tax advisors for advice with respect to
their own particular circumstances.</FONT></B>

<P align="left">
<I><FONT size="2">Dividends</FONT></I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Dividends paid or credited or deemed to be paid
or credited to a U.S.&nbsp;Holder in respect of the Offered
Shares will be subject to Canadian withholding tax on the gross
amount of the dividends. Under the Convention, the rate of
Canadian withholding tax on dividends paid by us to a
U.S.&nbsp;Holder that beneficially owns such dividends is
generally 15% unless the beneficial owner is a company which
owns at least 10% of our voting stock at that time in which case
the rate of Canadian withholding tax is reduced to 5%.
</FONT>

<P align="left">
<I><FONT size="2">Dispositions</FONT></I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A U.S.&nbsp;Holder will not be subject to tax in
Canada on any capital gain realized on a disposition of Offered
Shares, provided that the shares do not constitute &#147;taxable
Canadian property&#148; of the U.S.&nbsp;Holder at the time of
disposition. Generally, Offered Shares will not constitute
taxable Canadian property to a U.S.&nbsp;Holder provided that
such shares are listed on a prescribed stock exchange (which
currently includes the TSX and Nasdaq) at the time of the
disposition and, during the 60-month period immediately
preceding the disposition, the U.S.&nbsp;Holder, persons with
whom the U.S.&nbsp;Holder does not deal at arm&#146;s length, or
the U.S.&nbsp;Holder together with all such persons has not
owned 25% or more of the issued shares of any series or class of
our capital stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the Offered Shares constitute taxable Canadian
property to a particular U.S.&nbsp;Holder, any capital gain
arising on their disposition may be exempt from Canadian tax
under the Convention if at the time of disposition the Offered
Shares do not derive their value principally from real property
situated in Canada.
</FONT>

<!-- link2 "United States Federal Income Tax Considerations" -->

<P align="left">
<B><FONT size="2">United States Federal Income Tax
Considerations</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following description is a general summary of
certain material United States federal income tax consequences
of the purchase, ownership and disposition of the Offered Shares
by a &#147;U.S.&nbsp;Holder&#148;, as defined below. This
discussion does not address all potentially relevant United
States federal income tax matters, and unless otherwise
specifically provided, it does not address any state, local,
foreign or alternative minimum tax consequences of purchasing,
holding or disposing of the Offered Shares. This discussion is
limited to discussion of U.S.&nbsp;Holders that own less than
ten percent (10%) of our common shares outstanding.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In this section, the term
&#147;U.S.&nbsp;Holder&#148; means the following persons who
invest in and hold Offered Shares as capital assets:
(i)&nbsp;citizens or residents (as defined for United States
federal income tax purposes) of the United States;
(ii)&nbsp;corporations (or other entities classified as
corporations for United States federal income tax purposes)
organized under the laws of the United States or of any state or
the District of Columbia, (iii)&nbsp;an estate whose income is
subject to United States federal income taxation regardless of
its source, and (iv)&nbsp;a trust (A)&nbsp;if a United States
court is able to exercise primary supervision over the
administration of the trust and one or more United States
persons have the authority to control all substantial decisions
of the trust, or (B)&nbsp;that has elected to be treated as a
United States person under applicable Treasury regulations and,
in each case, who are (a)&nbsp;residents of the United States
for purposes of the
</FONT>

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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">Convention, (b)&nbsp;whose common shares would
not, for purposes of the Convention, be effectively connected
with a permanent establishment in Canada and (c)&nbsp;who
otherwise would qualify for the full benefits of the Convention.
It should be noted that certain &#147;single member
entities&#148; are disregarded for United States federal income
tax purposes. Thus, the income, gain, loss and deductions of
such entity are attributed to the owner of such single member
entity for United States federal income tax purposes. The
discussion below for U.S.&nbsp;Holders may not apply to certain
single member non-corporate entities that are treated as owned
by a non-U.S.&nbsp;Holder. Prospective investors which are
single member non-corporate entities should consult with their
own tax advisors to determine the United States federal, state,
local and other tax consequences that may be relevant to them.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This summary is based on the Convention, United
States Internal Revenue Code of 1986, as amended, or the Code,
administrative pronouncements, judicial decisions and existing
and proposed Treasury regulations, changes to any of which
subsequent to the date of this short form prospectus may affect
the tax consequences described herein possibly on a retroactive
basis. It is for general guidance only and does not address the
consequences applicable to certain categories of shareholders
subject to special treatment under the Code, including, but not
limited to, tax exempt organizations, pass through entities,
certain financial institutions, insurance companies, dealers in
securities or foreign currencies, traders in securities electing
to mark to market, U.S.&nbsp;persons whose functional currency
(as defined in Section&nbsp;985 of the Code) is not the
U.S.&nbsp;dollar or persons that own directly, indirectly or by
application of the constructive ownership rules of the Code 10%
or more of our common shares by voting power or by value.
Persons considering the purchase of Offered Shares should
consult their tax advisors with regard to the application of the
income tax laws of the United States and any other taxing
jurisdiction to their particular situations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This summary is of a general nature only and is
not intended to be, and should not be construed to be, legal,
business or tax advice to any prospective investor, and no
representation with respect to the tax consequences to any
particular investor is made. Prospective investors should
consult their own tax advisors with respect to the income tax
considerations relevant to them, having regard to their
particular circumstances.
</FONT>

<P align="left">
<I><FONT size="2">Dividends</FONT></I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A U.S.&nbsp;Holder generally will recognize, to
the extent of our current and accumulated earnings and profits
(determined in accordance with United States federal income tax
principles), a dividend taxable as ordinary income on the
receipt of distributions (including constructive dividends) on
the Offered Shares equal to the U.S.&nbsp;dollar value of such
distributions determined by reference to the exchange rate on
the day they are received by the U.S.&nbsp;Holder (with the
value of such distributions computed before any reduction for
any Canadian withholding tax). Any amount of such distributions
treated as dividends generally will not be eligible for the
dividends received deduction available to certain United States
corporate shareholders. To the extent that any such distribution
exceeds our current and accumulated earnings and profits, it
will be treated first as a tax-free return of the
U.S.&nbsp;Holder&#146;s tax basis in the Offered Shares to the
extent thereof, and thereafter as a gain from the sale or
exchange of such shares (see &#147;Dispositions&#148; below).
U.S.&nbsp;Holders who receive distributions in Canadian dollars
must include in income under the rules described above an amount
equal to the United States dollar value of such distributions on
the date of receipt based on the exchange rate on such date.
U.S.&nbsp;Holders should consult their own tax advisors
regarding the treatment of foreign currency gain or loss, if
any, on any distributions received in Canadian dollars that are
subsequently converted into U.S.&nbsp;dollars. Distributions to
a U.S.&nbsp;Holder with respect to the Offered Shares will be
subject to Canadian non-resident withholding tax, which is
limited to a maximum rate of 15% pursuant to the terms of the
Convention. Any Canadian withholding tax paid will not reduce
the amount treated as received by the U.S.&nbsp;Holder for
United States federal income tax purposes. However, subject to
limitations imposed by United States law, a U.S.&nbsp;Holder may
be eligible to receive a foreign tax credit for the Canadian
withholding tax. Because the limitations applicable to the
foreign tax credit rules are complex, U.S.&nbsp;Holders should
consult their own advisors concerning the implications of these
rules in light of their particular circumstances.
U.S.&nbsp;Holders who do not elect to claim any foreign tax
credits may be able to claim an ordinary income tax deduction
for Canadian income tax withheld.
</FONT>

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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">
<I><FONT size="2">Dispositions</FONT></I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon a sale or exchange of an Offered Share, a
U.S.&nbsp;Holder will generally recognize a capital gain or loss
equal to the difference between the amount realized on such sale
or exchange (or its U.S.&nbsp;dollar equivalent, determined by
reference to the spot rate of exchange on the date of
disposition, if the amount realized is denominated in Canadian
dollars) and the tax basis of such Offered Share. Such gain or
loss will be a long-term capital gain or loss if the Offered
Share has been held for more than one year and will be
short-term gain or loss if the holding period is equal to or
less than one year. Such gain or loss generally will be
considered United States source gain or loss for United States
foreign tax credit purposes. Long-term capital gains of
non-corporate taxpayers are eligible for reduced rates of
taxation. There are currently no preferential tax rates for
long-term capital gains of a U.S.&nbsp;Holder which is a
corporation. For both corporate and non-corporate taxpayers,
limitations apply to the deductibility of capital losses.
</FONT>

<P align="left">
<I><FONT size="2">Passive Foreign Investment Company</FONT></I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The rules governing &#147;passive foreign
investment companies&#148; can have significant tax effects on
U.S.&nbsp;holders. We could be classified as a passive foreign
investment company if, for any taxable year, either:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(a)</FONT></TD>
    <TD align="left">
    <FONT size="2">75% or more of our gross income is &#147;passive
    income,&#148; which generally includes interest, dividends,
    certain gains from the sale or exchange of shares or securities
    and some types of rents and royalties, or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(b)</FONT></TD>
    <TD align="left">
    <FONT size="2">on average, 50% or more of our assets, by fair
    market value, or, in some cases, by adjusted tax basis, produce
    or are held for the production of &#147;passive income.&#148;
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Distributions constituting &#147;excess
distributions,&#148; as defined in Section&nbsp;1291 of the
Internal Revenue Code, from a passive foreign investment company
and dispositions of shares of a passive foreign investment
company are subject to the highest rate of tax on ordinary
income in effect and to an interest charge based on the value of
the tax deferred during the period during which the shares are
owned.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Management does not believe that we are currently
a passive foreign investment company. However, no assurance can
be given that we will not become a passive foreign investment
company in the future. Moreover, prospective investors should be
aware that we do not intend to provide U.S.&nbsp;Holders with
information as to its status as a passive foreign investment
company or to comply with any record keeping, reporting or other
requirements of the Code. U.S.&nbsp;Holders should consult a tax
advisor with respect to how the passive foreign investment
company rules affect their tax situation.
</FONT>

<P align="left">
<I><FONT size="2">Information Reporting and Backup
Withholding</FONT></I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A U.S.&nbsp;Holder may be subject to United
States information reporting with respect to dividends paid on
the Offered Shares and certain payments of proceeds from the
sale or exchange of the Offered Shares, unless such
U.S.&nbsp;Holder is a corporation or comes within certain other
exempt categories and, when required, demonstrates this fact. A
U.S.&nbsp;Holder that is subject to United States information
reporting generally will also be subject to United States backup
withholding (currently at the rate of 30%) unless such
U.S.&nbsp;Holder provides a correct taxpayer identification
number, certifies as to no loss of exemption from backup
withholding and otherwise complies with applicable requirements
of the backup withholding tax rules. The amount of any backup
withholding from a payment to a U.S.&nbsp;Holder will be allowed
as a credit against the U.S.&nbsp;Holder&#146;s United States
federal income tax liability.
</FONT>

<P align="center"><FONT size="2">11
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "PLAN OF DISTRIBUTION" -->

<P align="center">
<B><FONT size="2">PLAN OF DISTRIBUTION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to an underwriting agreement, or the
Underwriting Agreement, dated May&nbsp;21, 2003 among NOVA and
us, on the one part, and RBC Dominion Securities Inc., CIBC
World Markets Inc., Scotia Capital Inc., TD Securities Inc.,
Citigroup Global Markets Canada Inc. and UBS&nbsp;Securities
Canada&nbsp;Inc., as Underwriters on the other part, and subject
to the terms and conditions contained therein, NOVA has agreed
to sell and the Underwriters have severally agreed to purchase
on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2003 or on such other date as may be agreed upon, but in any
event not later
than &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2003, the Offered Shares at a price of $13.30 per Offered Share
or US$9.85 per Offered Share, for aggregate consideration of
$504,693,451 or US$373,776,729, payable to NOVA against delivery
of certificates representing the Offered Shares. The obligations
of the Underwriters under the Underwriting Agreement may be
terminated at their discretion upon the occurrence of certain
stated events. The Underwriters are, however, obligated to take
up and pay for all of the Offered Shares if any of the Offered
Shares are purchased under the Underwriting Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Underwriting Agreement provides that NOVA
will pay the Underwriters a fee of $0.53 per Offered Share or
US$0.39 per Offered Share, for an aggregate fee of $20,187,738
or US$14,951,069, or 4.0% of the gross proceeds of the offering,
in consideration of services performed in connection with this
offering.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The offering price and the fee payable to the
Underwriters are payable in U.S. or Canadian&nbsp;dollars based
upon the prevailing U.S.&nbsp;- Canadian dollar exchange rate as
of the date of this prospectus. The aggregate offering price and
Underwriters&#146; fee amounts set out above are calculated
based upon this exchange rate, however, the actual aggregate
offering price and Underwriters&#146; fee received on closing
may be a greater or lesser amount depending upon changes in
currency exchange rates.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The offering price was determined by negotiation
between NOVA and the Underwriters. The Underwriters propose to
offer the Offered Shares initially at the offering price on the
cover page of this prospectus. After the Underwriters have made
a reasonable effort to sell all of the Offered Shares at the
price specified on the cover page, the offering price may be
decreased and may be further changed from time to time to an
amount not greater than that set out on the cover page, and the
compensation realized by the Underwriters will, accordingly,
also be reduced. The Underwriters may offer some of the Offered
Shares to dealers at a price less than the public offering price.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This offering is being made concurrently in
Canada and the United&nbsp;States pursuant to the
multijurisdictional disclosure system implemented by the
securities regulatory authorities in Canada and the
United&nbsp;States. The Offered Shares will be offered in Canada
and the United&nbsp;States through the Underwriters either
directly or through their respective U.S. or Canadian
broker-dealer affiliates or agents registered in each
jurisdiction. Subject to applicable law, the Underwriters may
offer the Offered Shares outside of Canada and the United States.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RBC Dominion Securities Inc. and CIBC World
Markets Inc. are affiliates of Canadian chartered banks which
are lenders to us under our unsecured revolving credit facility.
Consequently, we may be considered to be a connected issuer of
such Underwriters under applicable Canadian securities
legislation. Our credit facility is currently undrawn. We are in
compliance with the terms of the agreement governing our credit
facility. None of the Canadian chartered banks affiliated with
such Underwriters was involved in NOVA&#146;s and our decision
to distribute the Offered Shares offered hereby. Such
Underwriters negotiated the public offering price of the Offered
Shares with NOVA. We will not receive any of the proceeds from
the sale of the Offered Shares.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RBC Dominion Securities Inc., CIBC World Markets
Inc., Scotia Capital Inc., TD Securities Inc. and Citigroup
Global Markets Canada Inc. are affiliates of lenders to NOVA
under a revolving credit facility. A portion of the proceeds of
this offering received by NOVA may be used to repay indebtedness
under that credit facility. Consequently, NOVA may be considered
to be a connected issuer of such Underwriters under applicable
Canadian securities legislation. NOVA&#146;s credit facility is
currently partially drawn, and NOVA is in compliance with the
terms of the agreement governing that facility. Such
Underwriters negotiated the public offering price of the Offered
Shares with NOVA.
</FONT>

<P align="center"><FONT size="2">12
</FONT>
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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Because more than ten percent of the net proceeds
of the offering may be paid to members or affiliates of members
of the National Association of Securities Dealers Inc.
(&#147;NASD&#148;) participating in this offering, the offering
will be conducted in accordance with NASD Conduct
Rule&nbsp;2710(c)(8). Pursuant to these rules, the appointment
of a qualified independent underwriter is not necessary in
connection with this offering, as a bona fide independent market
(as defined in NASD Conduct Rule&nbsp;2720(b)(3)) exists for our
common shares.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the Underwriting Agreement, NOVA has agreed
that without the prior written consent of RBC Dominion
Securities Inc., for a period of 90&nbsp;days following the date
of closing of this offering, it will not sell or offer for sale,
directly or indirectly, any common shares or securities
convertible into or exchangeable for common shares, except to
complete the sale described under &#147;Repurchase
Transaction&#148;. Under the Underwriting Agreement, we have
agreed that without the prior written consent of RBC Dominion
Securities Inc., for a period of 90&nbsp;days following the date
of closing of this offering, we will not issue, sell or offer
for sale, directly or indirectly, any of our common shares or
securities convertible into or exchangeable for our common
shares other than pursuant to the issue or exercise of options
under our stock option or stock purchase plans or the
satisfaction of outstanding instruments or contractual
commitments.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to policy statements of the Ontario
Securities Commission and the Commission des valeurs
mobili&#232;res du Qu&#233;bec and the Universal Market
Integrity Rules for Canadian Marketplaces published by Market
Regulation Services Inc., the Underwriters may not, throughout
the period of distribution, bid for or purchase common shares.
The foregoing restriction is subject to certain exceptions, on
the condition that the bid or purchase not be engaged in for the
purpose of creating actual or apparent active trading in, or
raising the price of, such securities. These exceptions include
(i)&nbsp;a bid or purchase permitted under the by-laws and rules
of applicable regulatory authorities relating to market
stabilization and passive market-making activities, and
(ii)&nbsp;a bid or purchase made for and on behalf of a customer
where the order was not solicited during the period of the
distribution, provided that the bid or purchase was not engaged
in for the purpose of creating actual or apparent active trading
in, or raising the price of such securities. Such transactions,
if commenced, may be discontinued at any time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with this offering, the
Underwriters may purchase and sell common shares in the open
market. These transactions may include short sales, syndicate
covering transactions and stabilizing transactions. Short sales
involve syndicate sales of common shares in excess of the number
of Offered Shares to be purchased by the Underwriters in this
offering, which creates a syndicate short position. Stabilizing
transactions consist of bids for or purchases of common shares
in the open market while this offering is in progress. The
Underwriters also may impose a penalty bid. Penalty bids permit
the Underwriters to reclaim a selling concession from a
syndicate member when an Underwriter repurchases Offered Shares
originally sold by that syndicate member in order to cover
syndicate short position or make stabilizing purchases.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any of these activities may have the effect of
preventing or retarding a decline in the market price of the
common shares. They may also cause the price of the common
shares to be higher than the price that would otherwise exist in
the open market in the absence of these transactions. If the
Underwriters commence any of these transactions, they may
discontinue them at any time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We and NOVA have agreed to indemnify the
Underwriters against certain liabilities, including liabilities
under the United States Securities Act of 1933, as amended, or
the Securities Act, and Canadian provincial securities
legislation, or to contribute to payments the Underwriters may
be required to make in respect of any of those liabilities. Both
we, as issuer, and NOVA, as selling securityholder, have
statutory liability for damages arising out of a
misrepresentation in this prospectus to purchasers in respect of
the Offered Shares.
</FONT>

<P align="center"><FONT size="2">13
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following are certain factors relating to an
investment in our common shares and our business which
prospective investors should consider carefully before deciding
whether to purchase Offered Shares. Any of the following risks,
as well as risks and uncertainties currently not known to us,
could materially adversely affect our business, financial
condition or results of operations. Certain statements under
this caption constitute forward-looking statements. See
&#147;Special Notice Regarding Forward-Looking Statements&#148;.
</FONT>

<!-- link2 "We operate in a cyclical commodity industry and our financial performance is principally dependent on the selling price of methanol." -->

<P align="left">
<B><FONT size="2">We operate in a cyclical commodity industry
and our financial performance is principally dependent on the
selling price of methanol.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The methanol business is a commodity industry,
typically characterized by cycles of oversupply resulting in
lower prices, idling of capacity and lower operating rates,
followed by periods in which demand exceeds supply, resulting in
shortages and rising prices until the increased prices lead to
new plant investment or the re-start of idled capacity. Methanol
prices have historically been, and are expected to continue to
be, characterized by significant volatility. New methanol plants
are expected to be built which will increase overall production
capacity. Additional methanol supply can become available in the
future by re-starting idle methanol plants, by carrying out
major expansions of existing plants or by debottlenecking
existing plants to increase their production capacity. Roughly
three quarters of world methanol demand comes from its use in
the production of formaldehyde, acetic acid and other chemical
derivatives. Demand for methanol as a feedstock for these
chemical derivatives is in large part dependent upon levels of
global gross domestic product and changes in general economic
conditions. The remainder of world methanol demand comes from
its use as a feedstock for MTBE, the future demand for which is
uncertain.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are not able to predict future methanol
supply/ demand balances, market conditions or prices, all of
which are affected by numerous factors beyond our control. As a
result, we cannot assure you that demand for methanol will
increase at all, or sufficiently to absorb additional
production, or that the price of methanol will not decline.
Since methanol is the only product we produce and market, a
decline in the price of methanol would have an adverse effect on
our results of operations and financial condition.
</FONT>

<!-- link2 "The future demand for methanol in the production of MTBE is uncertain." -->

<P align="left">
<B><FONT size="2">The future demand for methanol in the
production of MTBE is uncertain.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Approximately 15% of world methanol demand comes
from its use as a feedstock for MTBE in the United States.
Concerns have been raised in the United States regarding the use
of MTBE in gasoline, principally as a result of leaking
underground gasoline storage tanks and resultant detection of
MTBE in drinking water. In March 1999, the Governor of
California announced a ban on the use of MTBE as a gasoline
component in California commencing January&nbsp;1, 2003. This
deadline has been extended to January&nbsp;1, 2004. Other states
in the United States have also taken actions that limit the use
of MTBE as a gasoline component. In April 2003, the
U.S.&nbsp;House of Representatives passed a comprehensive energy
bill that does not include any provision to ban MTBE in the
United States. However, the U.S.&nbsp;Senate Environment and
Public Works Committee has recently approved a bill with a
provision to ban MTBE in the United States and this provision
may be voted on by the full Senate for inclusion in its upcoming
energy bill. Once the House and the Senate both have approved
versions of an energy bill, they must proceed to conference to
determine whether energy legislation can be agreed upon and
passed by the whole U.S.&nbsp;Congress. It is likely that
executive and legislative actions will reduce, or possibly
eliminate, the demand for methanol for MTBE in the United
States, which could have an adverse effect on our results of
operations and financial condition.
</FONT>

<!-- link2 "Competition from other methanol producers is intense and could reduce our market share and harm our financial performance." -->

<P align="left">
<B><FONT size="2">Competition from other methanol producers is
intense and could reduce our market share and harm our financial
performance.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The methanol industry is highly competitive.
Methanol is a global commodity and customers base their
purchasing decisions principally on the delivered price of
methanol and reliability of supply. Some of our competitors are
not dependent for revenues on a single product and some have
greater financial resources
</FONT>

<P align="center"><FONT size="2">14
</FONT>

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<DIV align="left">
<FONT size="2">than we do. These competitors may be better able
than we are to withstand price competition and volatile market
conditions.
</FONT>
</DIV>

<!-- link2 "We are vulnerable to reductions in the availability of supply and fluctuations in the cost of natural gas." -->

<P align="left">
<B><FONT size="2">We are vulnerable to reductions in the
availability of supply and fluctuations in the cost of natural
gas.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Natural gas is the principal feedstock for
methanol and accounts for a significant portion of its total
production cost. Accordingly, our results from operations depend
in large part on the availability and security of supply and
price of natural gas. If we are unable to obtain continued
access to sufficient natural gas for any of our plants on
commercially acceptable terms, we could be forced to reduce
production or close plants, which would have a material adverse
effect on our results of operations and financial condition.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In 2002, our New Zealand facilities produced
approximately 2.3&nbsp;million tonnes of methanol. Natural gas
for these facilities has historically been sourced primarily
from the Maui field, which in 2002 accounted for approximately
70% of our total gas use in New Zealand and 75% of New
Zealand&#146;s total production of natural gas. We purchase
natural gas from the Maui field under contracts with the New
Zealand Government and with the owners of the Maui field. In
December 2001, the owners of the Maui field initiated a
contractual redetermination of the economically recoverable
natural gas of the Maui field. On February&nbsp;6, 2003, a final
redetermination report was issued which determined Maui reserves
at a level that is substantially lower than the aggregate of
contracted quantities under the Maui contract. As a result of
the redetermination, we lost substantially all of our remaining
contractual natural gas entitlements from the Maui field. Based
on the results of the final report, we have sufficient
contracted natural gas entitlements from all sources as at
March&nbsp;31, 2003 to produce a total of approximately 600,000
tonnes of methanol from our New Zealand plants. We continue to
seek new supplies of natural gas to extend the life of the New
Zealand plants. However, we cannot assure you that we will be
able to secure additional natural gas on commercially acceptable
terms.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our plants in Chile, including our 840,000 tonne
per year expansion due on stream in early 2005, represent
3.8&nbsp;million tonnes per year of methanol production
capacity. Natural gas for our Chilean facility is supplied
through long-term contracts with the Chilean state-owned energy
company and suppliers in Argentina which terminate between 2025
and 2029. Although the Chilean facility is located close to
other natural gas reserves in Chile and Argentina, which we
believe we could access after the expiration or early
termination of these natural gas supply contracts, we cannot
assure you that we would be able to secure access to such
natural gas under long-term contracts on commercially acceptable
terms.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In Trinidad, we own the 850,000 tonne per year
Titan methanol facility and we are currently building the
1.7&nbsp;million tonne per year Atlas plant in a joint venture
with BP. Natural gas for Titan and Atlas is supplied under
long-term contracts with the Trinidad state-owned energy company
which terminate in 2015 and 2024, respectively. Although Titan
and Atlas are located close to other natural gas reserves in
Trinidad, which we believe we could access after the expiration
or early termination of these natural gas supply contracts, we
cannot assure you that we would be able to secure access to such
natural gas under long-term contracts on commercially acceptable
terms.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Approximately 500,000 tonnes per year of our
methanol production capacity currently operating is located in
North America at our Kitimat facility. We also have idled
facilities in Alberta and in Louisiana with a combined capacity
of 1.0&nbsp;million tonnes. Natural gas for our Kitimat facility
is currently purchased on a short-term basis. North American
natural gas prices are set in a competitive market and can
fluctuate widely. Any sustained increase in natural gas prices
would adversely affect the operating margins of our Kitimat
facility and the competitive position of all our North American
facilities.
</FONT>

<!-- link2 "Our business is subject to many operational risks for which we may not be adequately insured." -->

<P align="left">
<B><FONT size="2">Our business is subject to many operational
risks for which we may not be adequately insured.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The majority of our revenues is derived from the
sale of methanol produced at our plants. Our business is subject
to the risks of operating methanol production facilities, such
as unforeseen equipment breakdowns, interruptions in the supply
of natural gas, power failures, loss of port facilities or any
other event, including any event of force majeure, which could
result in a prolonged shutdown of any of our plants. A prolonged
plant shutdown at any of our major facilities could materially
affect our revenues and operating income.
</FONT>

<P align="center"><FONT size="2">15
</FONT>

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<DIV align="left">
<FONT size="2">Additionally, disruptions in our distribution
system could adversely affect our revenues and operating income.
Although we maintain insurance, including business interruption
insurance, we cannot assure you that we will not incur losses
beyond the limits of, or outside the coverage of, such
insurance. From time to time, various types of insurance for
companies in the chemical and petrochemical industries have not
been available on commercially acceptable terms or, in some
cases, have been unavailable. We cannot assure you that in the
future we will be able to maintain existing coverage or that
premiums will not increase substantially.
</FONT>
</DIV>

<!-- link2 "We cannot assure you that we will be able to complete current capital projects on time or on budget, or at all." -->

<P align="left">
<B><FONT size="2">We cannot assure you that we will be able to
complete current capital projects on time or on budget, or at
all.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In a joint venture with BP, we are currently
building the Atlas methanol plant in Trinidad, which we expect
will commence commercial operation in early 2004. As at
March&nbsp;31, 2003, we had contributed US$51&nbsp;million in
equity and our remaining cash equity contribution to complete
the construction of Atlas and fund other related commitments,
net of our proportionate share of project financing, was
approximately US$43&nbsp;million. We are also building an
expansion of our Chilean facility, which is expected to be
completed by early 2005. The total project is estimated to cost
US$275&nbsp;million, including capitalized interest of
US$25&nbsp;million. As at March&nbsp;31, 2003 total capital
expenditures for this project were US$39&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We cannot assure you that the anticipated costs
of these projects will not be exceeded or that these projects
will commence operations within the contemplated schedules, if
at all. Our inability to complete these projects on time and on
budget could have an adverse effect on our financial performance.
</FONT>

<!-- link2 "We cannot assure that we will be able to successfully integrate acquisitions into our operations." -->

<P align="left">
<B><FONT size="2">We cannot assure that we will be able to
successfully integrate acquisitions into our
operations.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We recently acquired the Titan methanol facility
and the North American methanol marketing business of Chemag.
The process of integrating these operations into our operations
may result in operating difficulties and expenditures, and may
require significant management attention that would otherwise be
available for the ongoing development of our business.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We cannot assure you that we will be able to
successfully integrate these operations, or any other business
that we may acquire, into our operations. Further, we cannot
assure you that we will be able to fully realize any anticipated
cost reductions and synergies or other intended benefits from
theses acquisitions. Our inability to successfully integrate
these operations and realize these benefits could have an
adverse effect on our financial performance.
</FONT>

<!-- link2 "Government regulations relating to the protection of the environment could increase our costs of doing business." -->

<P align="left">
<B><FONT size="2">Government regulations relating to the
protection of the environment could increase our costs of doing
business.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The countries in which we operate have laws and
regulations to which we are subject governing the environment
and the sustainable management of natural resources as well as
the handling, storage, transportation and disposal of hazardous
or waste materials. We are also subject to laws and regulations
governing the import, export, use, discharge, storage, disposal
and transportation of toxic substances. The products we use and
produce are subject to regulation under various health, safety
and environmental laws. Non-compliance with any of these laws
and regulations may give rise to work orders, fines,
injunctions, civil liability and criminal sanctions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Laws and regulations protecting the environment
have become more stringent in recent years and may, in certain
circumstances, impose absolute liability rendering a person
liable for environmental damage without regard to negligence or
fault on the part of such person. These laws and regulations may
also expose us to liability for the conduct of, or conditions
caused by, others, or for our own acts which complied with
applicable laws at the time such acts were performed. The
operation of chemical manufacturing plants exposes us to risks
in connection with compliance with such laws and we cannot
assure you that we will not incur material costs or liabilities.
</FONT>

<P align="center"><FONT size="2">16
</FONT>

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<!-- link2 "We are subject to risks inherent in foreign operations." -->

<P align="left">
<B><FONT size="2">We are subject to risks inherent in foreign
operations.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We currently have substantial operations outside
of North America, including in Chile, New Zealand, Trinidad,
Europe and Asia. We are subject to risks inherent in foreign
operations, such as: loss of revenue, property and equipment as
a result of expropriation, nationalization, war, insurrection
and other political risks; increases in duties, taxes and
governmental royalties and renegotiation of contracts with
governmental entities; as well as changes in laws and policies
governing operations of foreign-based companies.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, because we derive substantially all
of our revenues from production and sales by subsidiaries
outside of Canada, the payment of dividends or the making of
other cash payments or advances by these subsidiaries to us may
be subject to restrictions or exchange controls on the transfer
of funds in or out of the respective countries or result in the
imposition of taxes on such payments or advances. We have
organized our foreign operations in part based on certain
assumptions about various tax laws (including capital gains and
withholding taxes), foreign currency exchange and capital
repatriation laws and other relevant laws of a variety of
foreign jurisdictions. While we believe that such assumptions
are reasonable, we cannot assure you that foreign taxing or
other authorities will reach the same conclusion. Further, if
such foreign jurisdictions were to change or modify such laws,
we could suffer adverse tax and financial consequences.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We source a substantial portion of the natural
gas used in our Chilean facility from Argentina. The economic
and political situation in Argentina has recently been unstable.
Should the economic or political situation in Argentina result
in a reduction of the supply of natural gas, our Chilean
operations could suffer financial losses and we cannot assure
you that we would be able to replace lost Argentinean supply on
commercially acceptable terms, if at all.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Trade in methanol is subject to import duties in
certain jurisdictions. We currently incur an import duty of 6.8%
on Chilean and New Zealand methanol that we sell into the United
States. Although we do not currently pay any duties in any other
major market to which we sell product, we cannot assure you that
such duties will not be levied in the future or, if levied, that
we would be able to mitigate the impact of such duties.
</FONT>

<!-- link2 "We are exposed to fluctuations in foreign currencies." -->

<P align="left">
<B><FONT size="2">We are exposed to fluctuations in foreign
currencies.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Most of our revenues are denominated in
U.S.&nbsp;dollars. A significant portion of our costs, however,
are incurred in currencies other than the U.S.&nbsp;dollar,
principally the New Zealand dollar, the Canadian dollar, the
Chilean peso and the Euro. We are exposed to increases in the
value of these currencies in relation to the U.S.&nbsp;dollar
which could have the effect of increasing the U.S.&nbsp;dollar
equivalent of our cost of sales and operating expenses and
capital expenditures. We also have some revenues in Euros and
British pounds. We are exposed to declines in the value of these
currencies compared to the U.S.&nbsp;dollar which could have the
effect of decreasing the U.S.&nbsp;dollar equivalent of our
revenues.
</FONT>

<!-- link2 "Because we are a Canadian company, it may be difficult for you to enforce liabilities against us based solely upon the federal securities laws of the United States." -->

<P align="left">
<B><FONT size="2">Because we are a Canadian company, it may be
difficult for you to enforce liabilities against us based solely
upon the federal securities laws of the United States.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are organized under the laws of Canada and our
principal executive office is located in Vancouver, British
Columbia. The majority of our directors and officers, and the
experts named in this prospectus, are residents of Canada, and a
substantial portion of their assets and our assets are located
outside the United States. As a result, it may be difficult for
you to effect service of process within the United States upon
the directors, officers and experts, or to enforce judgments of
United States courts based upon civil liability under the
federal securities laws of the United States against them. There
is doubt as to the enforceability in Canada of judgments against
us or against any of our directors, officers or experts, in
original actions or in actions for enforcement of judgments of
United States courts, based solely upon the federal securities
laws of the United States.
</FONT>

<P align="center"><FONT size="2">17
</FONT>

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<!-- link2 "Future sales of common shares by NOVA could adversely affect market prices." -->

<P align="left">
<B><FONT size="2">Future sales of common shares by NOVA could
adversely affect market prices.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">After completion of this offering, NOVA will
continue to hold 9,000,000 of our common shares. All of these
shares (representing approximately 7% of our outstanding common
shares) are to be purchased by us under the repurchase
transaction. NOVA has agreed under the Underwriting Agreement
not to sell any common shares for 90&nbsp;days following the
closing of this offering (except under the repurchase
transaction) and has agreed with us to the additional
restrictions on the sale of its common shares as described under
&#147;Repurchase Transaction&#148;. After completion of this
offering NOVA will be entitled to two remaining demand
registration rights as well as &#147;piggyback&#148;
registration rights that we granted to NOVA when it acquired
common shares in 1994.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If our shareholders do not approve the repurchase
transaction, NOVA would continue to hold a substantial number of
our common shares. Sales by NOVA of these common shares could
adversely affect the market prices of the common shares
prevailing from time to time. The perception among investors
that these sales may occur could also produce this effect.
</FONT>

<!-- link1 "LEGAL MATTERS" -->

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain legal matters relating to the Offered
Shares will be passed upon on our behalf by McCarthy
T&#233;trault LLP and Fried, Frank, Harris, Shriver &#38;
Jacobson, a partnership including professional corporations, on
behalf of NOVA by Osler, Hoskin &#38; Harcourt LLP and Orrick,
Herrington &#38; Sutcliffe LLP, and on behalf of the
Underwriters by Stikeman Elliott LLP and Skadden, Arps, Slate,
Meagher&nbsp;&#38; Flom LLP.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The partners and associates of each of McCarthy
T&#233;trault LLP, Osler, Hoskin &#38; Harcourt LLP and Stikeman
Elliott LLP, as a group, beneficially own, directly or
indirectly, less than 1% of our outstanding securities.
</FONT>

<!-- link1 "EXPERTS" -->

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consolidated financial statements as at
December&nbsp;31, 2002 and 2001 and for the years then ended
have been incorporated by reference in this prospectus in
reliance upon the report of KPMG LLP, independent auditors, as
stated in their reports also incorporated by reference in this
prospectus, and upon the authority of said firm as experts in
accounting and auditing.
</FONT>

<!-- link1 "TRANSFER AGENT AND REGISTRAR" -->

<P align="center">
<B><FONT size="2">TRANSFER AGENT AND REGISTRAR</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The transfer agent and registrar for our common
shares in Canada is CIBC Mellon Trust Company at its principal
offices in Vancouver and Toronto.
</FONT>

<!-- link1 "WHERE YOU CAN FIND MORE INFORMATION" -->

<P align="center">
<B><FONT size="2">WHERE YOU CAN FIND MORE INFORMATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have filed a registration statement on
Form&nbsp;F-10 with the U.S.&nbsp;Securities and Exchange
Commission, or the SEC, with respect to the Offered Shares
offered hereby. This prospectus, which constitutes a part of the
registration statement, does not contain all of the information
in the registration statement or the exhibits that are a part of
such registration statement. For further information about us
and the Offered Shares being offered, you should review the
entire registration statement, including the exhibits that were
filed as part of the registration statement. The registration
statement, including the exhibits, may be inspected, without
charge, at the public reference facilities maintained by the SEC
at Judiciary Plaza, 450 Fifth Street, N.W.,
Washington,&nbsp;D.C. 20549. Copies of all or any part of the
registration statement may be obtained from this office after
payment at prescribed rates. You will also be able to obtain a
free copy of the registration statement, including the exhibits,
from the SEC&#146;s website at http://www.sec.gov. In addition,
we are subject to the filing requirements prescribed by the
securities legislation of all Canadian provinces or territories.
You are invited to read and copy any reports, statements or
other information that we file with the Canadian provincial
securities commissions or other similar regulatory authorities
at their respective public reference
</FONT>

<P align="center"><FONT size="2">18
</FONT>

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<DIV align="left">
<FONT size="2">rooms. These filings are also electronically
available from the Canadian System for Electronic Document
Analysis and Retrieval (http://www.sedar.com), which is commonly
known by the acronym &#147;SEDAR&#148;. The Canadian System for
Electronic Document Analysis and Retrieval is the Canadian
equivalent of the SEC&#146;s EDGAR system. Reports and other
information about us should also be available for inspection at
the offices of the TSX.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are subject to certain of the informational
requirements of the U.S.&nbsp;Securities Exchange Act of 1934,
as amended, or the Exchange Act, and in accordance therewith,
file reports and other information with the SEC. Under a
multijurisdictional disclosure system, or MJDS, adopted by the
United States, some reports and other information may be
prepared in accordance with the disclosure requirements of
Canada, which requirements are different from those of the
United States. Under MJDS, we are exempt from the rules under
the Exchange Act prescribing the furnishing and content of proxy
statements, and our officers, directors and principal
shareholders are exempt from the reporting and short-swing
profit recovery provisions contained in Section&nbsp;16 of the
Exchange Act. Our Exchange Act reports and other information
filed with the SEC may be inspected and copied at the public
reference facility maintained by the SEC at its location
referred to above.
</FONT>

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<P align="center">
<B><FONT size="2">DOCUMENTS FILED AS PART OF THE REGISTRATION
STATEMENT</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following documents have been or will be
filed with the SEC as part of the registration statement of
which this prospectus forms a part: the Underwriting Agreement;
our Annual Information Form dated March&nbsp;7, 2003; our
Information Circular dated March&nbsp;7, 2003 distributed in
connection with our annual general meeting to be held on
May&nbsp;22, 2003 (excluding the sections entitled &#147;Report
on Executive Compensation&#148; and &#147;Total Shareholder
Return Comparison&#148;); our audited annual consolidated
financial statements as at and for the years ended
December&nbsp;31, 2002 and 2001; our unaudited interim
consolidated financial statements as at March&nbsp;31, 2003 and
for the three months ended March&nbsp;31, 2003 and 2002;
management&#146;s discussion and analysis for the year ended
December&nbsp;31, 2002; management&#146;s discussion and
analysis for the three months ended March&nbsp;31, 2003;
material change report dated May&nbsp;20, 2003; material change
report dated February&nbsp;14, 2003; supplemental
information&nbsp;&#151; Item&nbsp;18 reconciliation with United
States generally accepted accounting principles for the years
ended December&nbsp;31, 2002 and 2001 and report of independent
accountants thereon; supplemental information&nbsp;&#151;
reconciliation with United States generally accepted accounting
principles for the three months ended March&nbsp;31, 2003 and
2002 (unaudited); additional information&nbsp;&#151;
supplemental non-GAAP measures; consent of KPMG LLP; and powers
of attorney.
</FONT>

<!-- link1 "DOCUMENTS INCORPORATED BY REFERENCE" -->

<P align="center">
<B><FONT size="2">DOCUMENTS INCORPORATED BY REFERENCE</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We file annual and quarterly financial
information, material change reports and other information with
the securities commission or similar authority in each of the
provinces of Canada, or the Commissions. The Commissions allow
us to &#147;incorporate by reference&#148; the information we
file with them, which means that we can disclose important
information to you by referring you to those documents.
<B>Information that is incorporated by reference is an important
part of this prospectus. We incorporate by reference the
documents listed below, which were filed with the Commissions
under the various securities legislation:</B>
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">our Annual Information Form dated March&nbsp;7,
    2003;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">our Information Circular dated March&nbsp;7, 2003
    relating to the Annual General Meeting of our shareholders to be
    held on May&nbsp;22, 2003 (excluding the sections entitled
    &#147;Report on Executive Compensation&#148; and &#147;Total
    Shareholder Return Comparison&#148;);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">our audited annual consolidated financial
    statements as at and for the years ended December&nbsp;31, 2002
    and 2001, together with the notes thereto and the auditors&#146;
    report thereon;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">our unaudited interim consolidated financial
    statements as at March&nbsp;31, 2003 and for the three months
    ended March&nbsp;31, 2003 and 2002, together with the notes
    thereto;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">management&#146;s discussion and analysis for the
    year ended December&nbsp;31, 2002;
    </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>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">management&#146;s discussion and analysis for the
    three months ended March&nbsp;31, 2003;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">material change report dated February&nbsp;14,
    2003 relating to the New Zealand natural gas situation. See
    &#147;Risk Factors&#148;; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">material change report dated May&nbsp;20, 2003
    relating to our acquisition of the Titan methanol facility in
    Trinidad. See &#147;Recent Developments&#148;.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any document of the types referred to in the
preceding paragraph (including material change reports other
than confidential material change reports) filed by us with the
Commissions after the date of this prospectus and prior to the
termination of this distribution shall be deemed to be
incorporated by reference into this prospectus. In addition, to
the extent indicated in any Form&nbsp;6-K filed with the SEC,
any information included therein shall be deemed to be
incorporated by reference in this prospectus. Our supplemental
information (Reconciliation with United States Generally
Accepted Accounting Principles) which is included in our annual
report for the year ended December&nbsp;31, 2002 on
Form&nbsp;40-F filed with the SEC shall be deemed to be
incorporated by reference in this prospectus. Further, we are
incorporating by reference into this prospectus, the following
information which is included in our Form&nbsp;6-K, dated
May&nbsp;20, 2003, filed with the SEC:
</FONT>
<P>

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

<TR>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">supplemental information&nbsp;&#151; Item 18
    reconciliation with United States generally accepted accounting
    principles and report of independent accountants thereon in
    respect of the annual consolidated financial statements referred
    to above;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">supplemental information&nbsp;&#151;
    reconciliation with United States generally accepted accounting
    principles in respect of the unaudited interim consolidated
    financial statements referred to above; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;</FONT></TD>
    <TD align="left">
    <FONT size="2">additional information&nbsp;&#151; supplemental
    non-GAAP measures.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any statement contained in this prospectus or in
a document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded,
for purposes of this prospectus, to the extent that a statement
contained or incorporated by reference in this prospectus or in
any other subsequently filed document which also is or is deemed
to be incorporated by reference herein modifies or supersedes
such statement. The modifying or superseding statement need not
state that it has modified or superseded a prior statement or
include any other information set forth in the document that it
modifies or supersedes. The making of a modifying or superseding
statement is not to be deemed an admission for any purposes that
the modified or superseded statement, when made, constituted a
misrepresentation, an untrue statement of a material fact or an
omission to state a material fact that is required to be stated
or that is necessary to make a statement not misleading in light
of the circumstances in which it was made. Any statement so
modified or superseded shall not, except as so modified or
superseded, be deemed to constitute a part of this prospectus.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Copies of documents incorporated by reference in
with this prospectus may be obtained upon request without charge
from Randy Milner, our Corporate Secretary, at the
Company&#146;s principal business office: Methanex Corporation,
1800&nbsp;Waterfront Centre, 200&nbsp;Burrard Street, Vancouver,
British Columbia, Canada V6M&nbsp;3M1; telephone number
(604)&nbsp;661-2600. For the purposes of the Province of
Qu&#233;bec, this simplified prospectus contains information to
be completed by consulting the permanent information record, a
copy of which may be obtained from our Corporate Secretary at
the above-mentioned address and telephone number.
</FONT>

<P align="center"><FONT size="2">20
</FONT>

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

<P align="center">
<B><FONT size="2">INFORMATION NOT REQUIRED TO BE DELIVERED
TO</FONT></B>

<DIV align="center">
<B><FONT size="2">OFFEREES OR PURCHASERS</FONT></B>
</DIV>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the <I>Canada Business Corporations Act
</I>(the &#147;CBCA&#148;), which governs Methanex Corporation
(the &#147;Registrant&#148;), except in respect of an action by
or on behalf of a corporation or other entity to procure a
judgment in its favor, a corporation may indemnify a present or
former director or officer of such corporation or a person who
acts or acted at the corporation&#146;s request as a director or
officer or an individual acting in a similar capacity, of
another entity, against all costs, charges and expenses,
including an amount paid to settle an action or satisfy a
judgment, reasonably incurred by such individual in respect of
any civil, criminal, administrative, investigative or other
proceeding in which he or she is involved because of that
association with the corporation or other entity and provided
that such individual acted honestly and in good faith with a
view to the best interests of the corporation or, as the case
may be, to the best interests of the other entity for which the
individual acted as director or officer or in a similar capacity
at the corporation&#146;s request, and, in the case of a
criminal or administrative action or proceeding that is enforced
by a monetary penalty, had reasonable grounds for believing that
his conduct was lawful. Such indemnification may be made in
connection with a derivative action only with court approval. A
director or officer (or other individual as described above) is
entitled to indemnification from the corporation as a matter of
right in respect of all costs, charges and expenses reasonably
incurred by such individual in connection with the defence of a
civil, criminal, administrative, investigative or other
proceeding to which he or she is made a party because of their
association with the corporation or other entity if such
individual was not judged by the court or other competent
authority to have committed any fault or omitted to do anything
that the individual ought to have done and has fulfilled the
conditions set forth above.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In accordance with and subject to the CBCA, the
by-laws of the Registrant provide that except in respect of any
action by or on behalf of the Registrant to procure a judgment
in its favor, the Registrant may indemnify a director or officer
of the Registrant, a former director or officer of the
Registrant, or a person who acts or acted at the
Registrant&#146;s request as a director or officer of a body
corporate, or an individual acting in a similar capacity, or
another entity against all costs, charges and expenses,
including an amount paid to settle an action or satisfy a
judgment, reasonably incurred by him in respect of any civil,
criminal or administrative action or proceeding to which he is
made a party by reason of his being or having been a director or
officer of the Registrant or such body corporate, if the
director or officer (a)&nbsp;acted honestly and in good faith
with a view of the best interests of the Registrant, and
(b)&nbsp;in the case of a criminal or administrative action or
proceeding that is enforced by a monetary penalty, had
reasonable grounds for believing that his or her conduct was
lawful. The Registrant has also entered into indemnity
agreements with its directors and officers which provide
substantially the same rights as provided for in the CBCA.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Registrant maintains directors&#146; and
officers&#146; liability insurance which insures the directors
and officers of the Registrant and its subsidiaries against
certain losses resulting from any wrongful act committed in
their official capacities for which they become obligated to pay
to the extent permitted by applicable law.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Insofar as indemnification for liabilities
arising under the Securities Act of 1933 as amended (the
&#147;Act&#148;) may be permitted to directors, officers or
persons controlling the Registrant pursuant to the foregoing
provisions, the Registrant has been informed that in the opinion
of the U.S. Securities and Exchange Commission
(the&nbsp;&#147;Commission&#148;) such indemnification is
against public policy as expressed in the Act, and is therefore
unenforceable.
</FONT>

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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following exhibits have been filed as part of
the registration statement:
</FONT>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="85%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
</TR>

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

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3.1*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Underwriting Agreement dated May&nbsp;21, 2003
    among Methanex Corporation, NOVA Chemicals Corporation, RBC
    Dominion Securities Inc., CIBC World Markets Inc., Scotia
    Capital Inc., TD&nbsp;Securities Inc., Citigroup Global Markets
    Canada Inc. and UBS&nbsp;Securities Canada&nbsp;Inc.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Annual Information Form of the Registrant dated
    March&nbsp;7, 2003 (incorporated by reference to the
    Registrant&#146;s Form&nbsp;40-F for the year ended
    December&nbsp;31, 2002, SEC file number&nbsp;0-20115 (the
    &#147;2002&nbsp;40-F&#148;))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Information Circular dated as of March&nbsp;7,
    2003 issued in connection with the Registrant&#146;s annual
    meeting of shareholders to be held on May&nbsp;22, 2003,
    excluding the sections entitled &#147;Report on Executive
    Compensation&#148; and &#147;Total Shareholder Return
    Comparison&#148; (incorporated by reference to the
    Registrant&#146;s Form&nbsp;6-K dated March&nbsp;28, 2003, SEC
    file number&nbsp;0-20115)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Annual Consolidated Financial Statements and
    Auditors&#146; Report for the years ended December&nbsp;31, 2002
    and 2001, contained in the Registrant&#146;s 2002 Annual Report
    (incorporated by reference to the 2002 40-F)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Interim consolidated financial statements of the
    Registrant for the three months ended March&nbsp;31, 2003 and
    2002 (unaudited) (incorporated by reference to the
    Registrant&#146;s Form&nbsp;6-K dated April&nbsp;23, 2003, as
    amended, SEC file number 0-20115 (the &#147;First Quarter
    6-K&#148;))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Management&#146;s Discussion and Analysis for the
    year ended December&nbsp;31, 2002 contained in the
    Registrant&#146;s 2002 Annual Report (incorporated by reference
    to the 2002 40-F)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Management&#146;s Discussion and Analysis for the
    three months ended March&nbsp;31, 2003 (incorporated by
    reference to the First Quarter&nbsp;6-K)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Material Change Report dated May&nbsp;20, 2003
    (incorporated by reference to the Registrant&#146;s
    Form&nbsp;6-K dated May&nbsp;20, 2003, SEC file
    number&nbsp;0-20115 (the &#147;May&nbsp;20 6-K&#148;))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Material Change Report dated February&nbsp;14,
    2003 (incorporated by reference to the Registrant&#146;s
    Form&nbsp;6-K dated February&nbsp;14, 2003, as amended, SEC file
    number&nbsp;0-20115)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Supplemental Information&nbsp;&#151; Item&nbsp;18
    Reconciliation with United States Generally Accepted Accounting
    Principles for the years ended December&nbsp;31, 2002 and 2001
    and Report of Independent Accountants thereon (incorporated by
    reference to the May&nbsp;20 6-K)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Supplemental Information&nbsp;&#151;
    Reconciliation with United States Generally Accepted Accounting
    Principles for the three months ended March&nbsp;31, 2003 and
    2002 (unaudited) (incorporated by reference to the May&nbsp;20
    6-K)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Additional Information&nbsp;&#151; Supplemental
    Non-GAAP Measures (incorporated by reference to the May&nbsp;20
    6-K)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Consent of KPMG LLP
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">6.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Powers of Attorney (included on signature pages)
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">*</FONT></TD>
    <TD align="left">
    <FONT size="2">to be filed by amendment
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">II-2
</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<P align="center">
<B><FONT size="2">UNDERTAKING AND CONSENT TO SERVICE OF
PROCESS</FONT></B>

<P align="left">
<B><FONT size="2">Item&nbsp;1.&nbsp;Undertaking.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Registrant undertakes to make available, in
person or by telephone, representatives to respond to inquiries
made by the Commission staff, and to furnish promptly, when
requested to do so by the Commission staff, information relating
to the securities registered pursuant to this Form&nbsp;F-10 or
to transactions in said securities.
</FONT>

<P align="left">
<B><FONT size="2">Item&nbsp;2.&nbsp;Consent to Service of
Process.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(a)&nbsp;Concurrently with the filing of this
Registration Statement on Form F-10, the Registrant is filing
with the Commission a written irrevocable consent and power of
attorney on Form&nbsp;F-X.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;Any change to the name or address of the
agent for service of the Registrant will be communicated
promptly to the Commission by amendment to Form F-X referencing
the file number of this Registration Statement.
</FONT>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for
filing on Form&nbsp;F-10 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Vancouver, Province of
British Columbia, Country of Canada, on this 21st&nbsp;day of
May, 2003.
</FONT>
<P>

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

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

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

</TABLE>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">/s/ IAN CAMERON <BR>
     ______________________________________ <BR>
     Name:&nbsp;Ian Cameron <BR>
     Title:&nbsp;Senior Vice President, Finance and Chief Financial
    Officer
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints Pierre
Choquette and Ian Cameron, and each of them, his or her true and
lawful attorney-in-fact and agent, with full powers of
substitution and resubstitution, for him or her and in his or
her name, place and stead, in and all capacities, to sign any or
all amendments to this Registration Statement, including
post-effective amendments, and to file the same, with all
exhibits thereto, and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said
attorney-in-fact and agent, full power and authority to do and
perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and
purposes as he or she might or could do in person, and hereby
ratifies and confirms all his or her said attorney-in-fact and
agent or his or her substitute or substitutes may lawfully do or
cause to be done by virtue thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, as amended, this Registration Statement has been
signed by or on behalf of the following persons on this
21st&nbsp;day of May, 2003:
</FONT>

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

<TR>
    <TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

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

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

<TR>
    <TD align="left" valign="top">
    <FONT size="2">/s/ PIERRE CHOQUETTE<BR>
    <HR size="1" noshade>Pierre Choquette
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">President, Chief Executive Officer and
    Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <FONT size="2">/s/ IAN CAMERON<BR>
    <HR size="1" noshade>Ian Cameron
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Senior Vice-President, Finance and Chief
    Financial Officer (Principal Financial Officer and Accounting
    Officer)
    </FONT></TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <FONT size="2">/s/ ROBERT B. FINDLAY<BR>
    <HR size="1" noshade>Robert B. Findlay
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <FONT size="2">/s/ BRIAN D. GREGSON<BR>
    <HR size="1" noshade>Brian D. Gregson
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <FONT size="2">/s/ R.J. (JACK) LAWRENCE<BR>
    <HR size="1" noshade>R.J. (Jack) Lawrence
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">III-2
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<TR>
    <TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

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

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

<TR>
    <TD align="left" valign="top">
    <FONT size="2">/s/ JEFFREY M. LIPTON<BR>
    <HR size="1" noshade>Jeffrey M. Lipton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <FONT size="2">/s/ CHRISTOPHER D. PAPPAS<BR>
    <HR size="1" noshade>Christopher D. Pappas
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <BR>
    <HR size="1" noshade><FONT size="2">David Morton
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <FONT size="2">/s/ A. TERENCE POOLE<BR>
    <HR size="1" noshade>A. Terence Poole
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <FONT size="2">/s/ GRAHAM D. SWEENEY<BR>
    <HR size="1" noshade>Graham D. Sweeney
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <FONT size="2">/s/ ANNE L. WEXLER<BR>
    <HR size="1" noshade>Anne L. Wexler
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of Section&nbsp;6(a)
of the Securities Act of 1933, the undersigned has signed this
Registration Statement, solely in the capacity of the duly
authorized representative of Methanex Corporation in the United
States, in the City of Dallas, Texas on this&nbsp;21st day of
May, 2003.
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">METHANEX GULF COAST INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">/s/ VINCENT TONG <BR>
     ______________________________________ <BR>
     Name:&nbsp;Vincent Tong <BR>
     Title:&nbsp;Vice President
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">III-4
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="85%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
</TR>

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

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3.1*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Underwriting Agreement dated May&nbsp;21, 2003
    among Methanex Corporation, NOVA Chemicals Corporation, RBC
    Dominion Securities Inc., CIBC World Markets Inc., Scotia
    Capital Inc., TD&nbsp;Securities Inc., Citigroup Global Markets
    Canada Inc. and UBS&nbsp;Securities Canada&nbsp;Inc.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Annual Information Form of the Registrant dated
    March&nbsp;7, 2003 (incorporated by reference to the
    Registrant&#146;s Form&nbsp;40-F for the year ended
    December&nbsp;31, 2002, SEC file number&nbsp;0-20115 (the
    &#147;2002&nbsp;40-F&#148;))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Information Circular dated as of March&nbsp;7,
    2003 issued in connection with the Registrant&#146;s annual
    meeting of shareholders to be held on May&nbsp;22, 2003,
    excluding the sections entitled &#147;Report on Executive
    Compensation&#148; and &#147;Total Shareholder Return
    Comparison&#148; (incorporated by reference to the
    Registrant&#146;s Form&nbsp;6-K dated March&nbsp;28, 2003, SEC
    file number&nbsp;0-20115)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Annual Consolidated Financial Statements and
    Auditors&#146; Report for the years ended December&nbsp;31, 2002
    and 2001, contained in the Registrant&#146;s 2002 Annual Report
    (incorporated by reference to the 2002&nbsp;40-F)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Interim consolidated financial statements of the
    Registrant for the three months ended March&nbsp;31, 2003 and
    2002&nbsp;(unaudited) (incorporated by reference to the
    Registrant&#146;s Form&nbsp;6-K dated April&nbsp;23, 2003, as
    amended, SEC file number 0-20115 (the &#147;First Quarter
    6-K&#148;))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Management&#146;s Discussion and Analysis for the
    year ended December&nbsp;31, 2002 contained in the
    Registrant&#146;s 2002 Annual Report (incorporated by reference
    to the 2002&nbsp;40-F)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Management&#146;s Discussion and Analysis for the
    three months ended March&nbsp;31, 2003 (incorporated by
    reference to the First Quarter&nbsp;6-K)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Material Change Report dated May&nbsp;20, 2003
    (incorporated by reference to the Registrant&#146;s
    Form&nbsp;6-K dated May&nbsp;20, 2003, SEC file
    number&nbsp;0-20115 (the &#147;May&nbsp;20 6-K&#148;))
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Material Change Report dated February&nbsp;14,
    2003 (incorporated by reference to the Registrant&#146;s
    Form&nbsp;6-K dated February&nbsp;14, 2003, as amended, SEC file
    number&nbsp;0-20115)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Supplemental Information&nbsp;&#151; Item&nbsp;18
    Reconciliation with United States Generally Accepted Accounting
    Principles for the years ended December&nbsp;31, 2002 and 2001
    and Report of Independent Accountants thereon (incorporated by
    reference to the May&nbsp;20 6-K)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Supplemental Information&nbsp;&#151;
    Reconciliation with United States Generally Accepted Accounting
    Principles for the three months ended March&nbsp;31, 2003 and
    2002 (unaudited) (incorporated by reference to the May&nbsp;20
    6-K)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Additional Information&nbsp;&#151; Supplemental
    Non-GAAP Measures (incorporated by reference to the May&nbsp;20
    6-K)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Consent of KPMG LLP
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">6.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Powers of Attorney (included on signature pages)
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">*</FONT></TD>
    <TD align="left">
    <FONT size="2">to be filed by amendment
    </FONT></TD>
</TR>

</TABLE>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>o09627exv5w1.htm
<DESCRIPTION>CONSENT OF KPMG LLP.
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right">
<B><FONT size="2">Exhibit 5.1</FONT></B>

<P align="center">
<B><FONT size="2">Independent Accountants&#146;
Consent</FONT></B>

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We consent to the use of:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(a)</FONT></TD>
    <TD align="left">
    <FONT size="2">our report dated March&nbsp;7, 2003 on the
    consolidated balance sheets of Methanex Corporation as at
    December&nbsp;31, 2002 and 2001 and the consolidated statements
    of income and retained earnings and cash flows for the years
    then ended, incorporated by reference herein;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(b)</FONT></TD>
    <TD align="left">
    <FONT size="2">our report dated March&nbsp;7, 2003 on the
    Supplemental Information entitled &#147;Reconciliation with
    United States Generally Accepted Accounting Principles&#148; of
    Methanex Corporation as at December&nbsp;31, 2002 and 2001, and
    for the years then ended, incorporated by reference herein;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(c)</FONT></TD>
    <TD align="left">
    <FONT size="2">our report dated March&nbsp;7, 2003 on the
    Supplemental Information entitled &#147;Item&nbsp;18
    Reconciliation with United States Generally Accepted Accounting
    Principles&#148; of Methanex Corporation as at December&nbsp;31,
    2002 and 2001 and for the years then ended, incorporated by
    reference herein; and
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">to the reference to our firm under the heading
&#147;Experts&#148; in the prospectus contained in the
registration statement on Form&nbsp;F-10.
</FONT>

<P align="left">
<FONT size="2">(Signed) KPMG LLP
</FONT>

<DIV align="left">
<FONT size="2">Chartered Accountants
</FONT>
</DIV>

<P align="left">
<FONT size="2">Vancouver, Canada
</FONT>

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

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