-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LQ/U1SsXqkgYXtK3ZORG6poagnukB7uOtO+6y0uW71cZMp6J5LlsVc4MBuclQjsv
 zJW3n2w2I6PC0l5ukDC1VQ==

<SEC-DOCUMENT>0000945234-03-000318.txt : 20030529
<SEC-HEADER>0000945234-03-000318.hdr.sgml : 20030529
<ACCEPTANCE-DATETIME>20030528203044
ACCESSION NUMBER:		0000945234-03-000318
CONFORMED SUBMISSION TYPE:	F-10/A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20030529

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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-105451
		FILM NUMBER:		03722327

	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/A
<SEQUENCE>1
<FILENAME>o09961fv10za.htm
<DESCRIPTION>FORM F-10/A-1
<TEXT>
<HTML>
<HEAD>
<TITLE>fv10za</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;28, 2003</B>
</FONT>
</DIV>

<DIV align="right">
<B><FONT size="2">Registration No.&nbsp;333-105451</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>

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

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

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

<P align="center">
<B><FONT size="2">AMENDMENT NO. 1</FONT></B>

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

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

<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>

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

<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&nbsp;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&nbsp;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&nbsp;2J4<BR>
    (416) 777-4700
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

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

<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;<B><FONT face="wingdings">&#120;</FONT></B></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;<FONT face="wingdings">&#111;</FONT></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;<FONT face="wingdings">&#111;</FONT></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>

<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>

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

<DIV align="left">
<IMG src="o09961methanac.gif" alt="(METHANEX 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, indirectly, approximately
37% of our outstanding common shares. Following completion of
this offering, and assuming that we complete our indirect
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;28, 2003, the closing price of our
common shares on the TSX was $14.19 per share and the closing
price of our common shares on Nasdaq was US$10.24 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 US$2,200,000 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 Offered Shares are being offered in Canadian
dollars and in U.S. dollars, based on the prevailing
U.S.-Canadian dollar exchange rate as of May&nbsp;21, 2003, the
date upon which the preliminary prospectus for this offering was
filed. The Price to the Public, Underwriters&#146; Fee and Net
Proceeds are payable in the currency in which the Offered Shares
are sold.
</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 June&nbsp;5, 2003 or such other date as we, NOVA and
the Underwriters may mutually agree, but in any event not later
than July&nbsp;5, 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="2">Prospectus dated May&nbsp;28, 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="o09961o0996101.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="3%"></TD>
    <TD width="97%"></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 a wholly-owned subsidiary of NOVA that owns
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 subsidiary. We will then wind-up such
company and cancel the common shares held by it. 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 indirect 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 on June&nbsp;30, 2003. 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, subject to the
closing of this offering, 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, directly or indirectly, any
of 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, directly
or indirectly, any of our common shares from any person other
than an affiliate of NOVA for a period of two years
</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">following the date of the closing of this
offering. NOVA will, however, be permitted to sell or otherwise
dispose of any and all of our common shares owned by it into a
change of control transaction, which is a transaction made or
available to all holders of our common shares, which if
successful would result in a person or group of persons acting
jointly or in concert (other than NOVA and any of its
affiliates) 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, 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
US$356.6&nbsp;million 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. On
May&nbsp;22, 2003, our board of directors declared a quarterly
dividend of US$0.05&nbsp;per share that is payable on
June&nbsp;30, 2003 to holders of our common shares of record on
June&nbsp;16, 2003. 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="3%"></TD>
    <TD width="97%"></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>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<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>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<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). A U.S.&nbsp;Holder who is an
individual may be eligible for reduced rates of taxation on any
amount of such distributions treated as dividends. 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>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<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 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>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<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 June&nbsp;5, 2003 or on such other date as may be agreed
upon, but in any event not later than July&nbsp;5, 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 U.S. dollar offering price was determined
based upon the prevailing U.S.&nbsp;- Canadian dollar exchange
rate as of May&nbsp;21, 2003, the date upon which the
preliminary prospectus for this offering was filed. The
aggregate offering price and both the proceeds payable to NOVA
and the Underwriters&#146; fee will be partially in Canadian
dollars and partially in U.S. dollars, based on the currency in
which the Offered Shares are sold.
</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>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<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>

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

<!-- link1 "RISK FACTORS" -->

<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>

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

<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>

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

<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
these 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>

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

<!-- 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>

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

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

<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>

<!-- link1 "DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT" -->

<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>

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

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

<TR>
    <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>

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

<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>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<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, NOVA
    Petrochemicals Ltd., 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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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
    </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">previously filed
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">II-2
</FONT>
<!-- PAGEBREAK -->
<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;Prior to filing this Amendment
No.&nbsp;1 to the Registration Statement on Form F-10, the
Registrant has filed 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 Amendment
No.&nbsp;1 to the 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 28th&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="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, as amended, this Amendment No.&nbsp;1 to the
Registration Statement has been signed by or on behalf of the
following persons on this 28th&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">*<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">*<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">*<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">*<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>

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

<TR>
    <TD align="left" valign="top">
    <FONT size="2">*<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">*<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>

</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">*<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">*<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">*<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>

<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">Attorney-in-fact
    </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
Amendment No.&nbsp;1 to the 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;28th 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, NOVA
    Petrochemicals Ltd., 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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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 colspan="5"><FONT size="2">&nbsp;</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
    </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">previously filed
    </FONT></TD>
</TR>

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

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>3
<FILENAME>o09961exv3w1.htm
<DESCRIPTION>UNDERWRITING AGREEMENT DATED MAY 21, 2003
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="right"><FONT size="2">Exhibit&nbsp;3.1
</FONT>

<!-- link1 "COMMON SHARE UNDERWRITING AGREEMENT" -->
<P align="center"><FONT size="2"><B>COMMON SHARE UNDERWRITING AGREEMENT</B>
</FONT>

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


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


<P align="left"><FONT size="2"> Commission) and shall use its best efforts to cause the Registration
Statement to become effective under the Act.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall prepare and file with the Commission an Appointment of
Agent for Service of Process and Undertaking for the Company on Form&nbsp;F-X in
conjunction with the initial filing of the Registration Statement (the &#147;Company
Form&nbsp;F-X&#148;).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any reference herein to the Canadian Prospectus shall be deemed to refer
to and include the documents incorporated by reference therein pursuant to
Canadian Securities Laws which were filed under Canadian Securities Laws on or
before the date of such prospectus; any reference herein to the Registration
Statement, the U.S. Preliminary Prospectus or the U.S. Prospectus, shall be
deemed to refer to and include the documents incorporated by reference therein
pursuant to Item&nbsp;4 of Form&nbsp;F-10 which were filed under the Exchange Act (as
hereinafter defined) on or before the Effective Time of such registration
statement or the date of such preliminary prospectus or prospectus, as the case
may be; any reference herein to the Prospectuses shall be deemed to refer to
and include each of the Canadian Prospectus, the U.S. Preliminary Prospectus
and the U.S. Prospectus and any reference herein to the terms &#147;amend&#148;,
&#147;amendment&#148; or &#147;supplement&#148; with respect to any of the Prospectuses, as the
case may be, shall be deemed to refer to and include all documents deemed to be
incorporated by reference therein, the filing of any document under Canadian
Securities Laws or the Exchange Act that are filed after the date of the
Prospectuses or after their respective Effective Time, as the case may be,
deemed to be incorporated therein by reference. Certain terms used herein are
defined in Section&nbsp;20 hereof.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>1.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Representations and Warranties</B>. The Company represents and warrants to,
and agrees with, each Underwriter and each Selling Shareholder as set
forth below in this Section&nbsp;1.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company meets the general eligibility requirements for
use of a short form prospectus under National Instrument 44-101 and
for use of Form&nbsp;F-10 under the Act. At the time the Registration
Statement becomes effective, an MRRS Decision Document will have
been obtained from the Reviewing Authority evidencing the issuance
by the Qualifying Authorities of a receipt for the Canadian Final
Prospectus and no order suspending the distribution of the Offered
Shares will have been issued by any Qualifying Authority, any stock
exchange in Canada or any court and no proceedings for that purpose
will have been instituted or will be pending or, to the knowledge of
the Company, will be contemplated by any Qualifying Authority, and
any request on the part of any Qualifying Authority for additional
information will have been complied with. As of the Closing Time,
the</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">3</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Registration Statement and any post-effective amendment thereto,
each in the form delivered or to be delivered to the Underwriters,
will have become effective under the Act in such form; no stop
order suspending the effectiveness of the Registration Statement
will have been issued under the Act and no proceedings for that
purpose will have been instituted or will be pending, or to the
knowledge of the Company, will be contemplated by the Commission;
and any request on the part of the Commission for additional
information, if any, will have been complied with.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The acquisition by the Company of the Titan methanol facility
in Trinidad described in the Prospectus is not a &#147;significant
acquisition&#148;, as such term is defined for the purposes of National
Instrument 44-101, nor does Part 5 thereof apply to the Company.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">(A)&nbsp;The Canadian Prospectus, when filed, complied and will,
on the Closing Date, comply in all material respects with Canadian
Securities Laws, as interpreted and applied by the Qualifying
Authorities; (B)&nbsp;at the respective time that the Reviewing Authority
will have issued an MRRS Decision Document for the Canadian
Prospectus, no other document with respect to such Prospectus was
required to be filed with the Qualifying Authorities by or on behalf
of the Company; (C)&nbsp;the U.S. Prospectus included in the Registration
Statement, at the time it will have become effective, will conform
to the Canadian Prospectus, except for such deletions therefrom and
additions thereto as are permitted or required by Form&nbsp;F-10 and the
applicable rules and regulations of the Commission; (D)&nbsp;the
Registration Statement and any amendments or supplements thereto,
when it will have become effective, and the Company Form&nbsp;F-X and any
amendments or supplements thereto, as of its filing date, and on the
Closing Date, will comply in all material respects with the
requirements of the Act; (E)&nbsp;neither the Registration Statement nor
any amendment or supplement thereto, when it will have become
effective and on the Closing Date, will contain an untrue statement
of a material fact or will omit to state a material fact required to
be stated therein or necessary in order to make the statements
therein not misleading; and (F)&nbsp;each of the Prospectuses and any
Supplementary Material, together with any amendment or supplement
thereto, on its date or on the Closing Date, will constitute full,
true and plain disclosure of all material facts relating to the
Company and its subsidiaries considered as one enterprise and the
Offered Shares and did not and will not include a misrepresentation,
and did not and will not include any untrue statement of a material
fact or omit to state a material fact necessary in</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">4</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided,
however, that for clauses (E)&nbsp;and (F)&nbsp;above, the Company makes no
representations or warranties as to the information contained in or
omitted from the Registration Statement, any of the Prospectuses or
any Supplementary Material (or any amendment or supplement thereto)
in reliance upon and in conformity with information furnished in
writing to the Company by (i)&nbsp;NOVA specifically for inclusion in
such material (or any amendment or supplement thereto) relating to
NOVA and its subsidiaries or (ii)&nbsp;the Representatives on behalf of
any Underwriter specifically for inclusion in such material (or any
amendment or supplement thereto) relating to the Underwriters.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Each document filed or to be filed with the Qualifying
Authorities and incorporated by reference in the Canadian Prospectus
complied or will comply when so filed in all material respects with
applicable Canadian Securities Laws and none of such documents
contained or will contain any untrue statement of a material fact or
omitted or will omit to state a material fact required to be stated
therein or necessary to make the statements therein, in light of the
circumstances under which they were or are made, not misleading; and
the documents incorporated or deemed to be incorporated by reference
in the Registration Statement, the U.S. Prospectus, at the time they
were or hereafter are filed with the Commission, complied and will
comply in all material respects with the applicable requirements of
the Act and the Exchange Act and none of such documents contained or
will contain any untrue statement of a material fact or omitted or
will omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the
circumstances under which they were or are made, not misleading.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">There are no reports or other information that, in accordance
with the requirements of the Qualifying Authorities, must be made
publicly available in connection with the offering of the Offered
Shares that have not been made publicly available as required; there
are no documents required to be filed with the Qualifying
Authorities in connection with the Canadian Prospectus that have not
been filed as required; there are no contracts, documents or other
materials required to be described or referred to in the
Registration Statement, or the Prospectuses which would have to be
filed or incorporated by reference as exhibits to the Registration
Statement, that are not described, referred to or filed or
incorporated by reference as required</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">5</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">and, in the case of those documents filed, delivered to the
Underwriters.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(f)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Neither the Company nor any of its subsidiaries has
sustained, since the date of the latest audited financial statements
included or incorporated by reference in the Prospectuses, any
material loss or interference with its business from fire,
explosion, flood or other calamity, whether or not covered by
insurance, or from any labour dispute or court or governmental
action, order or decree, otherwise than as set forth or contemplated
in the Prospectuses, except where such event has not had or would
not have a Material Adverse Effect (as defined herein); and, since
the respective dates as of which information is given in the
Registration Statement and the Prospectuses, there has not been any
change in the share capital or long-term debt of the Company or any
of its subsidiaries or any material adverse change, or any
development involving a prospective material adverse change, in or
affecting the general affairs, management, financial position,
shareholders&#146; equity or results of operations of the Company and its
subsidiaries taken as a whole (&#147;Material Adverse Effect&#148;), otherwise
than as set forth or contemplated in the Prospectuses.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(g)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company or one of its subsidiaries has good and
marketable title in fee simple to all real property and good and
marketable title to all personal property owned by it and that is
material to the business of the Company and its subsidiaries, taken
as a whole, in each case free and clear of all liens, encumbrances
and defects except such as are described in the Prospectuses or such
as do not individually or in the aggregate materially affect the
value of such property and do not individually or in the aggregate
interfere with the use made and proposed to be made of such property
by the Company or its subsidiaries; and any real property and
buildings, that are material to the business of the Company and its
subsidiaries, taken as a whole, held under lease by the Company or
one of its subsidiaries is held by it under valid, subsisting and
enforceable leases with such exceptions as are not material and do
not interfere with the use made and proposed to be made of such
property and buildings by the Company or its subsidiaries.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(h)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Each subsidiary of the Company, as that term is defined in
Rule&nbsp;1-02 of Regulation&nbsp;S-X under the Act (&#147;Rule&nbsp;1-02&#148;), that is a
&#147;significant subsidiary&#148; of the Company (as such term is defined in
Rule&nbsp;1-02) (each a &#147;Significant Subsidiary&#148; and, collectively, the
&#147;Subsidiaries&#148;) is listed in Schedule&nbsp;B to this Agreement.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">6</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Each of the Company and its Subsidiaries has been duly
incorporated, amalgamated or continued, as the case may be, has been
duly organized and is validly existing as a corporation in good
standing under the laws of its jurisdiction of incorporation,
amalgamation or continuance with the power and authority (corporate
and other) to own its properties and conduct its business as
described in the Prospectuses, and has been duly qualified as an
extra-provincial or foreign corporation for the transaction of
business and is in good standing under the laws of each other
jurisdiction in which it owns or leases properties or conducts any
business so as to require such qualification, or is subject to no
liability or disability by reason of the failure to be so qualified
in any such jurisdiction, except where such failure to be so
qualified would not have a Material Adverse Effect.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(j)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company has an authorized capitalization as set forth in
the Prospectuses, and all of the issued shares in the capital of the
Company have been duly and validly authorized and issued and are
fully paid and non-assessable; as of the Closing Time, the Offered
Shares will be duly and validly authorized and issued as fully paid
and non-assessable Common Shares and all of the issued and
outstanding shares of each Subsidiary have been duly and validly
authorized and issued, are fully paid and non-assessable and (except
for directors&#146; qualifying shares) are owned directly or indirectly
by the Company in the percentages set forth on Schedule&nbsp;B hereto,
free and clear of all liens, encumbrances, equities or claims and
there are no restrictions on transfers of the Common Shares,
subsequent to their issue, under the laws of Canada or of the United
States.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(k)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company has the corporate power and capacity to execute,
deliver and perform its obligations under this Agreement and the
Share Purchase Agreement. This Agreement and the Share Purchase
Agreement have been duly authorized, executed and delivered by the
Company and constitute legal, valid and binding obligations of the
Company, enforceable against the Company in accordance with their
respective terms, except as enforcement hereof or thereof may be
limited by bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the rights of creditors generally and except
as limited by the application of equitable principles when equitable
remedies are sought and subject to the fact that rights of indemnity
and contribution may be limited by applicable law.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(l)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Other than as provided under section 8.1 of the Registration
Rights Agreement, the holders of the outstanding Common Shares or
any other securities of the Company are not entitled to any
preemptive or</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">7</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">other rights to subscribe for Common Shares and the sale of the
Offered Shares will not be subject to any preemptive or other
rights to subscribe for any securities of the Company. Except as
provided under the Registration Rights Agreement, holders of
securities of the Company have no right to require the Company to
file a registration statement under the Act or a prospectus under
Canadian Securities Laws with respect to any securities of the
Company or to require the Company to include such securities with
the Offered Shares registered pursuant to the Registration
Statement or qualified under the Canadian Prospectus.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(m)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">All of the outstanding Common Shares are, and at the Closing
Time the Offered Shares will be, duly listed, and admitted and
authorized for trading, on the Toronto Stock Exchange and the Nasdaq
National Market.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(n)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Neither the sale and delivery of the Offered Shares, the
compliance by the Company with the provisions of this Agreement, nor
the consummation of any other of the transactions contemplated
herein, including the Reorganization Transaction and the Repurchase
Transaction, nor the fulfilment of the terms hereof will (i)
conflict with or result in a breach or violation of any of the terms
or provisions of, or constitute a default under, any indenture,
mortgage, deed of trust, loan agreement or other agreement or
instrument to which the Company or any of its subsidiaries is a
party or by which the Company or any of its subsidiaries is bound or
to which any of the property or assets of the Company or any of its
subsidiaries is subject (except for such conflicts, breaches,
violations or defaults which would not result in a Material Adverse
Effect), (ii)&nbsp;result in any violation of the provisions of the
Articles of Continuance or By-laws, as amended, of the Company or
(iii)&nbsp;contravene any statute or any order, rule or regulation of any
court, central bank, stock exchange or governmental agency or body
(&#147;Governmental Agency&#148;) having jurisdiction over the Company or any
of its subsidiaries or any of their properties that would have a
Material Adverse Effect; and no consent, approval, authorization,
order, registration, clearance or qualification (&#147;Governmental
Authorization&#148;) of or with any such Governmental Agency is required
for the issue and sale of the Offered Shares or the consummation by
the Company of the transactions contemplated by this Agreement,
including the Reorganization Transaction or the Repurchase
Transaction, except for the filing of the Prospectuses in respect of
the Offered Shares under Canadian Securities Laws and the Repurchase
Relief to be granted under Canadian Securities Laws, the
registration</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">8</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">under the Act of the Offered Shares and such Governmental
Authorizations as may be required under state securities or blue
sky laws in connection with the purchase and distribution of the
Offered Shares by the Underwriters.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(o)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Neither the Company nor any of its Subsidiaries is (A)&nbsp;in
violation of its Articles of Continuance or By-laws (or other
constating instrument, as applicable) or (B)&nbsp;in default in the
performance or observance of any obligation, covenant or condition
contained in any indenture, mortgage, deed of trust, loan agreement,
lease or other agreement or instrument to which it is a party or by
which it or any of its properties may be bound (except, in the case
of clause (B)&nbsp;above, for such defaults which would not result in a
Material Adverse Effect).</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(p)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The statements set forth in the Canadian Prospectus under the
headings &#147;Description of Share Capital&#148;, &#147;Certain Income Tax
Considerations&#148;, &#147;Plan of Distribution&#148;, &#147;Eligibility for
Investment&#148; and &#147;Purchasers&#146; Statutory Rights&#148; and in the
Registration Statement under the heading &#147;Indemnification of
Directors and Officers&#148;, insofar as they purport to describe the
provisions of the laws and documents referred to therein, are a fair
summary of such terms and provisions and insofar as such statements
constitute legal considerations, are accurate and correct in all
material respects.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(q)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Except as disclosed in the Prospectuses or as would not
individually or in the aggregate have a Material Adverse Effect (A)
the Company and its subsidiaries are each in compliance with all
applicable Environmental Laws (as defined herein), (B)&nbsp;the Company
and its subsidiaries have all permits, authorizations and approvals
required under any applicable Environmental Laws and are in
compliance with their requirements, (C)&nbsp;there are no pending or, to
the knowledge of the Company, threatened Environmental Claims (as
defined herein) against the Company or any of its subsidiaries, and
(D)&nbsp;to the knowledge of the Company, there are no circumstances with
respect to any property or operations of the Company or its
subsidiaries that could reasonably be anticipated to form the basis
of an Environmental Claim against the Company or its subsidiaries.
In addition, based upon the Company&#146;s reviews, conducted in the
ordinary course of its business, of the effect of Environmental Laws
on the business and operations of the Company and its subsidiaries,
the Company has reasonably concluded that, except as disclosed in
the Prospectuses, the costs and liabilities under Environmental Laws
(including, without limitation, any capital or operating
expenditures required for clean-up, remediation, closure of
properties or compliance with Environmental</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">9</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Laws or any permit, license or approval, any related constraints on
operating activities and potential liabilities to third parties)
would not, singularly or in the aggregate, have a Material Adverse
Effect, or be required to be disclosed in the Prospectuses.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">For purposes of this subsection, the following terms shall have the
following meanings: &#147;Environmental Law&#148; means any Canadian, United
States, Chilean, New Zealand or Trinidad (or other applicable
jurisdiction&#146;s) federal, provincial, state, local or municipal
statute, law, rule, regulation, ordinance, code, or rule of common
law and any judicial or administrative interpretation thereof,
including any judicial or administrative order, consent decree or
judgment, relating to the environment, health, safety or any
chemical, material or substance, exposure to which is prohibited,
limited or regulated by any governmental authority. &#147;Environmental
Claim&#148; means any administrative, regulatory or judicial action,
suit, demand, demand letter, claim, lien, notice of non-compliance
or violation, investigation or proceeding relating in any way to
any Environmental Law.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(r)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Other than as set forth in the Prospectuses, there are no
legal or governmental proceedings pending to which the Company or
any of its subsidiaries is a party or of which any property of the
Company or any of its subsidiaries is the subject which, if
determined adversely to the Company or any of its subsidiaries,
would individually or in the aggregate have a Material Adverse
Effect; and, to the best of the Company&#146;s knowledge, no such
proceedings are threatened or contemplated by any Governmental
Agency or threatened by others.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(s)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company is not and, after giving effect to the offering
and sale of the Offered Shares, will not be an &#147;investment company&#148;,
as such term is defined in the United States Investment Company Act
of 1940, as amended (the &#147;Investment Company Act&#148;).</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(t)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company and each of its subsidiaries have all licenses,
franchises, permits, authorizations, approvals and orders and other
concessions of and from all Governmental Agencies (collectively,
&#147;Permits&#148;) that are necessary to own or lease their properties and
conduct their businesses as described in the Prospectuses, except
where the failure to obtain such Permit would not have a Material
Adverse Effect.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(u)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company or one of its subsidiaries owns or possesses, or
can acquire on reasonable terms, adequate patents, patent rights,
licenses, inventions, copyrights, know how (including trade secrets
and other unpatented and/or unpatentable proprietary or confidential</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">10</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">information, systems or procedures), trademarks, service marks,
trade names or other intellectual property (collectively,
&#147;Intellectual Property&#148;) necessary to carry on the business now
operated by the Company and its subsidiaries, and neither the
Company nor any of its subsidiaries has received any notice or is
otherwise aware of any infringement of or conflict with asserted
rights of others with respect to any Intellectual Property or of
any facts or circumstances which would render any Intellectual
Property invalid or inadequate to protect the interest of the
Company or any of its subsidiaries therein, and which infringement
or conflict (if the subject of any unfavourable decision, ruling or
finding) or invalidity or inadequacy, individually or in the
aggregate, would result in a Material Adverse Effect.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Neither the Company nor any of its subsidiaries has taken,
directly or indirectly, any action which was designed to or which
has constituted or which might reasonably be expected to cause or
result in stabilization or manipulation of the price of any security
of the Company or, except as permitted by this Agreement, facilitate
the sale or resale of the Offered Shares.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(w)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">KPMG LLP, who have audited and reported on certain annual
consolidated financial statements of the Company and its
subsidiaries, are independent public accountants as required by the
Act and the rules and regulations thereunder and are independent
with respect to the Company within the meaning of the Canada
Business Corporations Act and Canadian Securities Laws.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(x)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The consolidated financial statements included in the
Prospectuses, together with the related schedules, if any, and
notes, present fairly the financial position of the Company and its
consolidated subsidiaries at the dates indicated and the
consolidated statements of income and retained earnings and cash
flows of the Company and its consolidated subsidiaries for the
periods specified; such financial statements have been prepared in
accordance with generally accepted accounting principles in Canada
(&#147;Canadian GAAP&#148;) applied on a consistent basis throughout the
periods involved and, except for the interim consolidated financial
statements included in the Prospectuses, have been reconciled to
generally accepted accounting principles in the United States of
America (&#147;U.S. GAAP&#148;) in accordance with Item&nbsp;18 of Form&nbsp;20-F under
the Exchange Act.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(y)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">No labour dispute with the employees of the Company or any
subsidiary exists or, to the knowledge of the Company, is imminent,
and the Company is not aware of any existing or imminent labour</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">11</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">disturbance by the employees of any of its or any subsidiary&#146;s
principal suppliers, manufacturers, customers or contractors,
which, in either case, may reasonably be expected to result in a
Material Adverse Effect.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(z)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Except as disclosed in the Prospectuses, neither the Company
nor any of its subsidiaries is a party to any contract, agreement or
understanding with any officer, director, employee, insider or any
other person not dealing at arm&#146;s length with the Company which is
required to be disclosed under the Act or applicable Canadian
Securities Laws.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(aa)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Neither the Company nor any of its subsidiaries has conducted
any transactions with the government of Cuba, Libya, Iran, Iraq,
Sudan, Angola, North Korea, Syria, or Myanmar (Burma) (the
&#147;Prohibited Countries&#148;) or with any person or entity located in any
of the Prohibited Countries.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(bb)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">CIBC Mellon Trust Company at its principal offices in the
cities of Toronto and Vancouver has been duly appointed as the
registrar and transfer agent in respect of the Common Shares.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(cc)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The French language version of the Canadian Prospectus,
including the financial statements and other financial data
contained therein, is in all material respects a complete and proper
translation of the English language versions thereof, and is not
susceptible of any materially different interpretation with respect
to any material matter contained therein.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate signed by any officer of the Company and delivered to the
Representatives or a Selling Shareholder or counsel for the Underwriters or the
Selling Shareholders in connection with the offering of the Offered Shares
shall be deemed a representation and warranty by the Company, as to matters
covered thereby, to each Underwriter or to each Selling Shareholder, as the
case may be.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>2.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Representations and Warranties of the Selling Shareholders</B>. Each of the
Selling Shareholders represents and warrants to, and agrees with, the
Company and each Underwriter as set forth below in this Section&nbsp;2.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Each Selling Shareholder is duly incorporated and organized
and is validly existing under the laws of the Province of Alberta
and has all requisite corporate power and authority to own or lease
its properties
and assets, to carry on its business and to sell and deliver the
Offered Shares to be sold by it hereunder.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">12</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Neither Selling Shareholder is selling the Offered Shares to
be sold by it hereunder based on information that it holds that has
not otherwise been made publicly available, which, if such
information was made publicly available, could reasonably have a
material impact on the price or value of the Common Shares.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Each Selling Shareholder has the corporate power and capacity
to execute, deliver and perform its obligations under this Agreement
and the Share Purchase Agreement. This Agreement and the Share
Purchase Agreement have been duly authorized, executed and delivered
by each Selling Shareholder and constitute legal, valid and binding
obligations of each Selling Shareholder enforceable against them in
accordance with their respective terms, except as enforcement hereof
or thereof may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the rights of creditors
generally and except as limited by the application of equitable
principles when equitable remedies are sought and subject to the
fact that rights of indemnity and contribution may be limited by
applicable law.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Neither the sale or delivery of the Offered Shares, nor the
consummation of the Reorganization Transaction, the Repurchase
Transaction or any other of the transactions contemplated herein,
nor the fulfilment of the terms hereof will (i)&nbsp;conflict with or
result in a breach or violation of any of the terms or provisions
of, or constitute a default under, any indenture, mortgage, deed of
trust, loan agreement or other agreement or instrument to which
either Selling Shareholder or any of their respective subsidiaries
is a party or by which either Selling Shareholder or any of their
respective subsidiaries is bound or to which any of the property or
assets of either Selling Shareholder or any of their respective
subsidiaries is subject, (ii)&nbsp;result in any violation of the
articles, by-laws or other constating documents of either Selling
Shareholder, (iii)&nbsp;contravene any statute or any order, rule or
regulation of any Governmental Agency having jurisdiction over
either Selling Shareholder or any of their respective subsidiaries
or over the properties or assets of either Selling Shareholder or
their respective subsidiaries; and no Governmental Authorization of
or with any such Governmental Agency is required for the issue and
sale of the Offered Shares or the consummation by the Selling
Shareholders of the Reorganization Transaction, the Repurchase
Transaction or any of the other transactions contemplated by this
Agreement, except for the
filing of the Prospectuses in respect of the Offered Shares under
Canadian Securities Laws and the Repurchase Relief to be granted</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">13</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">under Canadian Securities Laws, the registration under the Act of
the Offered Shares and such Governmental Authorizations as may be
required under state securities or Blue Sky laws in connection with
the purchase and distribution of the Offered Shares by the
Underwriters.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">(A)&nbsp;Each Selling Shareholder, directly or indirectly, has,
and on the Closing Date, will directly have, valid marketable title
to a number of Common Shares equivalent to the number of Offered
Shares to be sold by it, free and clear of any hypothec, lien,
charge, claim, encumbrance, pledge, security interest, defect or
other restriction on transfer of any kind; (B)&nbsp;each Selling
Shareholder has the full right, power and authority to sell, assign
and transfer a number of Common Shares equivalent to the number of
Offered Shares to be sold by it to the Underwriters; and (C)&nbsp;upon
the delivery of the Offered Shares, the holders thereof will obtain
good and marketable title to such Offered Shares, free and clear of
any hypothec, lien, charge, claim, encumbrance, pledge, security
interest, defect or other restriction on transfer of any kind.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(f)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Neither Selling Shareholder nor any of their respective
subsidiaries has taken, directly or indirectly, any action which was
designed to or which has constituted or which might reasonably be
expected to cause or result in stabilization or manipulation of the
price of any security of the Company or, except as permitted by this
Agreement, facilitate the sale or resale of the Offered Shares.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(g)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Neither Selling Shareholder nor any of their respective
subsidiaries has conducted any transactions with the government of
any Prohibited Country or with any person or entity located in any
of the Prohibited Countries. The net proceeds from the sale of the
Offered Shares (as described in the Prospectus under the caption
&#147;Use of Proceeds&#148;) have not been and will not be, directly or
indirectly, invested in or committed to any business activities in
any of the Prohibited Countries.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(h)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Other than as contemplated by this Agreement, there is no
broker, finder, agent or other party that is entitled to receive
from either Selling Shareholder any brokerage or finder&#146;s fee or
other fee or commission as a result of any of the transactions
contemplated by this Agreement, and in the event that any such
person acting for and on behalf of or representing a Selling
Shareholder would be entitled to receive any such fee from the
Underwriters by operation of law, the
Selling Shareholders jointly and severally agree to indemnify and
hold</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">14</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">harmless each Underwriter from such fee and as well as from
any costs and expenses reasonably incurred in respect thereof.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The information relating to NOVA and its subsidiaries
contained in the Prospectuses and any Supplementary Material,
together with any amendments or supplements thereto, on its date
and, on the Closing Date, constituted and will constitute full, true
and plain disclosure of all material facts relating thereto and did
not and will not include any misrepresentation, and did not and will
not include any untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements therein,
in the light of the circumstances in which they were made, not
misleading. Neither the Registration Statement, nor any amendment
or supplement thereto when they will have become effective and on
the Closing Date, will contain an untrue statement of a material
fact relating to NOVA and its subsidiaries or omit to state a
material fact relating thereto required to be stated therein or
necessary in order to make the statements therein not misleading.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(j)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">No withholding tax imposed under the federal laws of Canada
or the laws of the Province of Alberta will be payable in respect of
the payment of the Underwriting Fee by the Selling Shareholders to
an Underwriter that is not resident in Canada for the purposes of
the <I>Income Tax Act </I>(Canada), provided that such Underwriter deals at
arm&#146;s length with the Selling Shareholders (as such term is
understood for the purposes of the Income Tax Act (Canada)), such
Underwriting Fee is payable in respect of services rendered by such
Underwriter wholly outside of Canada that are performed in the
ordinary course of business carried on by the Underwriter that
includes the performance of such services for a fee and the amount
of such Underwriting Fee is reasonable in the circumstances.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(k)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">No goods and services tax imposed under the federal laws of
Canada will be payable by a Selling Shareholder in respect of the
payment of the Underwriting Fee to an Underwriter that is not
resident in Canada, provided that such Underwriting Fee is in
respect of services performed by such Underwriter wholly outside of
Canada.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(l)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">No stamp duty, documentary taxes or similar taxes are payable
by the Company under the federal laws of Canada or the laws of the
Province of Alberta in connection with the sale and delivery of the
Offered Shares pursuant to this Agreement by either Selling
Shareholder.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">15</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate signed by any officer of a Selling Shareholder and
delivered to the Representatives or to the Company or counsel for the
Underwriters or for the Company in connection with the offering of the Offered
Shares shall be deemed a representation and warranty by the Selling
Shareholder, as to matters covered thereby, to each Underwriter or to the
Company, as the case may be.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>3.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Purchase and Sale</B>.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Subject to the terms and conditions and in reliance upon the
representations and warranties herein set forth NPL agrees to sell
and deliver 37,946,876 Offered Shares, and the Underwriters agree,
severally and not jointly, to purchase all, but not less than all,
of the Offered Shares, in the respective percentages set forth
opposite each Underwriter&#146;s name in Schedule&nbsp;A hereto, at a purchase
price of Cdn$13.30 per Offered Share in the case of Offered Shares
sold by the Underwriters in Canadian dollars and a purchase price of
US$9.85 per Offered Share in the case of Offered Shares sold by the
Underwriters in U.S. dollars (collectively the &#147;Purchase Price&#148;), to
be paid in the manner described in Section&nbsp;4.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">For greater certainty, it is the intention of the parties
that the Offered Shares to be delivered and sold by each Selling
Shareholder pursuant to the terms of this Agreement shall be Common
Shares that will be issued to NOVA and NPL following the date of
this Agreement and prior to the Closing Date, pursuant to a series
of transactions to be entered into among NOVA, NPL and the Company
(the &#147;Reorganization Transaction&#148;). In the event that the
Reorganization Transaction is not completed on or before the Closing
Date, in order to meet their respective obligations hereunder, each
Selling Shareholder shall be entitled to sell Common Shares
otherwise acquired by them, including any Common Shares owned by
them on the date hereof. Nothing in this Agreement shall be
construed so as to preclude a Selling Shareholder from dealing in
any way with the Common Shares held by it between the date of this
Agreement and the Closing Date, including without limitation, a
disposition of its currently owned Common Shares pursuant to the
Reorganization Transaction.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">In consideration for the Underwriters&#146; agreement to purchase
the Offered Shares, and in consideration for their services
hereunder, NOVA, on its own behalf and on behalf of NPL, shall pay
to the Representatives, for the account of the Underwriters, a fee
of Cdn$0.532 per Offered Share in the case of Offered Shares sold by
the Underwriters in Canadian dollars and a fee of US$0.394 per
Offered</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">16</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Share in the case of Offered Shares sold by the Underwriters in
U.S. dollars (collectively, the &#147;Underwriting Fee&#148;).</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>4.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Delivery and Payment</B>.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Delivery of and payment for the Offered Shares hereof shall
be made at 6:00 a.m. (Vancouver time) on June&nbsp;5, 2003, or at such
time on such later date not more than three Business Days after the
foregoing date as the Underwriters shall designate, which date and
time may be postponed by agreement between the Underwriters, the
Selling Shareholders and the Company or as provided in Section&nbsp;10
hereof, provided that such date shall not in any event be later than
July&nbsp;5, 2003 (such date and Closing Date and payment for the Offered
Shares being herein called the &#147;Closing Date&#148;).</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Delivery of the Offered Shares shall be made to the
Representatives for the respective accounts of the Underwriters
against payment through the Representatives of the Canadian and U.S.
dollar amounts representing the Purchase Price to NOVA by electronic
funds transfers, wire transfers, or through the facilities of The
Depository Trust Company and/or The Canadian Depository for
Securities Ltd., at the option of the Representatives, payable in
same-day funds to the accounts specified by NOVA. It is understood
that (i)&nbsp;NPL has authorized NOVA, for its own account, to accept
delivery of, and provide a receipt for, the purchase price for the
Offered Shares, and (ii)&nbsp;each Underwriter has authorized the
Representatives, for its account, to accept delivery of, provide a
receipt for, and make payment of the purchase price for, the Offered
Shares which it has agreed to purchase. The Representatives,
individually and not as representative of the Underwriters, may (but
shall not be obligated to) make payment of the purchase price for
the Offered Shares to be purchased by any Underwriter whose funds
have not been received by the Closing Time, but such payment shall
not relieve such Underwriter from its obligations hereunder.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">At the Closing Time, delivery of the Offered Shares by the
Selling Shareholders shall be made through the facilities of The
Depository Trust Company and/or The Canadian Depository for
Securities Ltd., or, in the event not practicable, the Selling
Shareholders shall duly and validly deliver to the Underwriters one
or more definitive share certificate(s) representing the Offered
Shares to be sold by them hereunder, endorsed in such name or names
as the Representatives will direct the Selling Shareholders in
writing not less than 24 hours prior to such Closing Time. The
Company and the Selling</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">17</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Shareholders shall, prior to the Closing Time, make all necessary
arrangements for the exchange of such definitive certificate(s), at
the principal offices of CIBC Mellon Trust Company in the City of
Vancouver for one or more global share certificates representing
the Offered Shares registered in the name of The Canadian
Depository for Securities Ltd. or The Depository Trust Company or
such other names as shall be designated by the Underwriters not
less than 24 hours prior to the Closing Time. NOVA shall pay all
fees and expenses payable to CIBC Mellon Trust Company in
connection with the preparation, delivery, certification and
exchange of the definitive share certificates contemplated by this
paragraph and the fees and expenses payable to or incurred by CIBC
Mellon Trust Company in connection with the initial or additional
transfers as may be required in the course of the distribution of
the Offered Shares. For greater certainty, the Company shall not
be entitled to receive any portion of the purchase price of any
Offered Shares to be paid by the Underwriters hereunder.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Concurrently with the payment by the Representatives of the
purchase price for the Offered Shares, NOVA, on its own behalf and
on behalf of NPL, shall pay to the Underwriters the Canadian and
U.S. dollar amounts representing the Underwriting Fee with respect
to the Offered Shares, through and as requested by the
Representatives, by certified cheques, bank drafts, wire transfers,
or through the facilities of The Depository Trust Company and/or The
Canadian Depository for Securities Ltd., at the option of the
Representatives, payable in same-day funds to the accounts specified
by the Representatives.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>5.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Offering by Underwriters</B>. It is understood that the Underwriters propose
to offer the Offered Shares for sale to the public as set forth in the
Canadian Prospectus and U.S. Prospectus. The Representatives shall give
prompt written notice, on behalf of the Underwriters, to the Company when,
in the opinion of the Underwriters, they have ceased distribution to the
public of the Offered Shares. Such notice will specify the total proceeds
realized in each of the Provinces of Canada from such distribution.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>6.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Agreements</B>.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Prior to the filing of each of the Registration Statement and
the Prospectuses, the Company shall permit the Underwriters to
participate fully in the preparation of such documents and shall
allow the Underwriters to conduct all due diligence investigation
which they reasonably require in order to fulfil their obligations
as underwriters under the Canadian Securities Laws and the Act,
including in order to</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">18</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">enable them responsibly to execute the certificates in the
Prospectuses required to be executed by them.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Contemporaneously with, or immediately prior to, the filing
of the Canadian Prospectus, the Company shall deliver to the
Underwriters, without charge, in Vancouver: (i)&nbsp;a copy of the
Canadian Prospectus, including all documents incorporated by
reference, in each of the English and French language, as
applicable, signed and certified as required by the Canadian
Securities Laws in the Qualifying Provinces; (ii)&nbsp;a copy of any
other document filed by the Company under the Canadian Securities
Laws; (iii)&nbsp;opinions of McCarthy T&#233;trault LLP, Canadian counsel to
the Company, dated, in the case of the Canadian Preliminary
Prospectus, as of the date of the Canadian Preliminary Prospectus
and, in the case of the Canadian Final Prospectus, as of the date of
the Canadian Final Prospectus, in form and substance satisfactory to
the Underwriters, addressed to the Company, the Selling Shareholder,
its Canadian counsel, the Underwriters and their Canadian counsel,
to the effect that the French language version of the Canadian
Preliminary Prospectus or the Canadian Final Prospectus, as the case
may be, including all documents incorporated by reference, except
for the unaudited financial statements and audited financial
statements of the Company, the schedules and notes thereto and the
related auditors&#146; report on such statements as well as the other
financial information forming part of the management&#146;s discussion
and analysis of financial condition and result of operations
included in the documents incorporated by reference (collectively,
&#147;Financial Information&#148;) as to which no opinion need be expressed by
such counsel, is in all material respects a complete and accurate
translation of the English language version thereof; (iv)&nbsp;an opinion
of KPMG LLP dated, in the case of the Canadian Preliminary
Prospectus, as of the date of the Canadian Preliminary Prospectus
and, in the case of the Canadian Final Prospectus, as of the date of
the Canadian Final Prospectus, in form and substance satisfactory to
the Underwriters, addressed to the Underwriters, the Company, the
Selling Shareholders and their respective Canadian counsel, to the
effect that the French language version of the Financial Information
contained in the Preliminary Canadian Prospectus or the Canadian
Final Prospectus, as the case may be is, in all material respects, a
complete and proper translation of the English language version
thereof; and (v)&nbsp;a &#147;long-form&#148; comfort letter of KPMG LLP, dated as
of the date of the Canadian Final Prospectus (with the requisite
procedures to be completed by such auditors no later than two
Business Days prior to the date of the Canadian Final Prospectus),
addressed to the</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">19</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Underwriters, the Selling Shareholders and the directors of the
Company, in form and substance satisfactory to the Underwriters,
with respect to certain financial and accounting information
relating to the Company in the Canadian Final Prospectus, including
all documents incorporated by reference into the Canadian Final
Prospectus and the auditors&#146; comfort letters addressed to the
Qualifying Authorities in the Qualifying Provinces. The deliveries
set forth in (i)&nbsp;and (ii)&nbsp;above shall also constitute the Company&#146;s
consent to the Underwriters&#146; use of the Canadian Prospectus for
the
distribution of the Offered Shares in the Qualifying Provinces in
compliance with the provisions of this Agreement and the Canadian
Securities Laws.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">During the period from the date of this Agreement to the date
of completion of the distribution of the Offered Shares, the Company
will notify the Underwriters and the Selling Shareholders promptly,
and confirm the notice in writing, (i)&nbsp;when any amendment to the
Registration Statement shall have been filed with the Commission or
shall have become effective, and when any amended Canadian
Prospectus, U.S. Prospectus or any Supplementary Material shall have
been filed, in which case the Company shall deliver to the
Underwriters all signed and certified copies of such amendment in
the English and French languages, as applicable, along with all
documents similar to those referred to in Section&nbsp;6(b)(i), (ii),
(iii)&nbsp;and (iv); (ii)&nbsp;of the receipt of any comments from any
Qualifying Authority or the Commission; (iii)&nbsp;of any request by any
Qualifying Authority to amend or supplement the Canadian Prospectus
or for additional information or of any request by the Commission to
amend the Registration Statement or to amend or supplement the U.S.
Prospectus or for additional information; (iv)&nbsp;of the issuance by
the Commission of any stop order suspending the effectiveness of the
Registration Statement or of any order from any Qualifying Authority
preventing or suspending the use of the Canadian Prospectus; or of
the prevention or suspension of the qualification of the Offered
Shares for offer or sale in any jurisdiction, or of the institution
or threatening of any proceeding for that purpose; and (v)&nbsp;of the
issuance by any Qualifying Authority or any stock exchange or any
court of any order having the effect of ceasing or suspending the
distribution of the Offered Shares or the trading in the Common
Shares of the Company, or of the institution or threatening of any
proceeding for any such purpose. The Company will use its best
efforts to prevent the issuance of any such stop order or of any
order preventing or suspending such use or such order ceasing or
suspending the distribution of the Offered Shares or</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">20</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the trading in the
Common Shares of the Company and, if any such order is issued, to
obtain as soon as possible the withdrawal thereof.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">During the period from the date of this Agreement to the date
of completion of the distribution of the Offered Shares, the Company
will give the Underwriters and the Selling Shareholders notice of
its intention to file or prepare any amendment to the Registration
Statement, any amendment or supplement to the Canadian Prospectus or
any amendment, supplement or revision to any of the prospectuses
included in the Registration Statement and any Supplementary
Material, or any documents incorporated therein, whether pursuant to
the Act, the Exchange Act, Canadian Securities Laws or otherwise,
will furnish the Underwriters with copies of any such documents a
reasonable amount of time prior to such proposed filing or use, as
the case may be, and will not file or use any such document to which
the Underwriters or counsel for the Underwriters shall reasonably
object.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">As soon as practicable, the Company will make generally
available to its security holders and to the Underwriters an
earnings statement or statements of the Company and its subsidiaries
which will satisfy the provisions of Section&nbsp;11(a) of the Act and
Rule&nbsp;158 under the Act.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(f)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company and the Selling Shareholders will furnish to the
Underwriters and counsel for the Underwriters, without charge,
signed copies of the Registration Statement (including any exhibits
thereto) and so long as delivery of a prospectus by an Underwriter
or dealer may be required by the Act, as many commercial copies of
each Canadian Preliminary Prospectus and the U.S. Preliminary
Prospectus and the Canadian Final Prospectus and the U.S. Prospectus
and any amendment or supplement thereto as the Underwriters may
reasonably request, including any amendment pursuant to Section&nbsp;6(m)
of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(g)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company will arrange, if necessary, for the qualification
of the Offered Shares for distribution under the laws of such
jurisdictions as the Underwriters may designate and will maintain
such qualifications in effect so long as required for the
distribution of the Offered Shares; provided that in no event shall
the Company be obligated to qualify to do business in any
jurisdiction where it is not now so qualified or to take any action
that would subject it to service of process in suits, other than
those arising out of the offering or sale of the Offered Shares in
any jurisdiction where it is not now so subject. The Company will
also supply the Underwriters with such information as is necessary
for the determination of the legality of the Offered Shares for
investment</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">21</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">under the laws of such jurisdictions as the Underwriters may
reasonably request.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(h)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company will not, without the prior written consent of
the Representatives, which consent shall not be unreasonably
withheld, offer, sell, contract to sell, pledge, or otherwise
dispose of (or enter into any transaction which is designed to, or
might reasonably be expected to, result in the disposition (whether
by actual disposition or effective economic disposition due to cash
settlement or otherwise) by the Company or any of its subsidiaries
or any person acting on behalf of the Company or any of its
subsidiaries, directly or indirectly, any Common Shares or rights
thereto including: (i)&nbsp;the filing (or participation in the filing)
of (A)&nbsp;any preliminary prospectus or prospectus under Canadian
Securities Laws, (B)&nbsp;any registration statement with the Commission,
and (C)&nbsp;any offering memorandum or other offering document, and (ii)
establish or increase a put equivalent position or liquidate or
decrease a call equivalent position within the meaning of Section&nbsp;16
of the Exchange Act, in respect of any Common Shares or any
securities convertible into, or exercisable, or exchangeable for,
Common Shares; or publicly announce an intention to effect any such
transaction, for a period from the date of this Agreement until 90
days after the Closing Date (the &#147;Lock-Up Period&#148;), provided,
however, that the Company may (iii)&nbsp;grant stock options, award
restricted share units and deferred shares units and issue and sell
Common Shares pursuant to any director, officer or employee stock
compensation, stock option or stock ownership plans of the Company
in effect at the Execution Time; (iv)&nbsp;issue Common Shares issuable
upon the conversion of securities or the exercise of warrants
outstanding at the Execution Time; (v)&nbsp;complete the Reorganization
Transaction; and (vi)&nbsp;purchase Common Shares, directly or
indirectly, as contemplated by the Repurchase Transaction.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Selling Shareholders will not, without the prior written
consent of the Representatives, which consent shall not be
unreasonably withheld, offer, sell, contract to sell, hypothecate,
pledge, or otherwise dispose of (or enter into any transaction which
is designed to, or might reasonably be expected to, result in the
disposition (whether by actual disposition or effective economic
disposition due to cash settlement or otherwise) by the Selling
Shareholders or any entity controlled directly or indirectly by
them), directly or indirectly of any Common Shares or rights thereto
including: (i)&nbsp;the filing (or participation in the filing) of (A)
any preliminary prospectus or prospectus under Canadian Securities
Laws, (B)&nbsp;any registration statement with the Commission,</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">22</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">and (C)&nbsp;any offering memorandum or other offering document, and
(ii)&nbsp;establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of
Section&nbsp;16 of the Exchange Act, in respect of any Common Shares or
any securities convertible into, or exercisable, or exchangeable
for, Common Shares; or publicly announce an intention to effect any
such transaction (collectively, &#147;Restricted Activities&#148;), for the
duration of the Lock-Up Period, provided, however, that the Selling
Shareholders (iii)&nbsp;may complete the Reorganization Transaction;
(iv)&nbsp;may (and shall) sell the Offered Shares as contemplated
hereunder; and (v)&nbsp;may sell the Common Shares to be sold by them,
directly or indirectly, as contemplated by and pursuant to the
Repurchase Transaction.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(j)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company will not take, directly or indirectly, any action
designed to or that would constitute or that might reasonably be
expected to cause or result in, under the Exchange Act or otherwise,
stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of the Offered Shares.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(k)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">NOVA, on behalf of the Selling Shareholders, agrees to pay
the costs and expenses relating to the following matters: (i)&nbsp;the
preparation, printing or reproduction and filing with the Qualifying
Authorities and the Commission, as the case may be, of the
Registration Statement (including financial statements and exhibits
thereto), the Company Form&nbsp;F-X, the Prospectuses and each amendment
or supplement to any of them; (ii)&nbsp;the printing (or reproduction)
and delivery (including postage, air freight charges and charges for
counting and packaging) of such copies of such documents, and all
amendments or supplements to any of them, as may, in each case, be
reasonably requested for use in connection with the offering and
sale of the Offered Shares; (iii)&nbsp;the preparation, printing,
authentication, issuance and delivery of certificates for the
Offered Shares, including any stamp or transfer taxes in connection
with the original issuance and sale of the Offered Shares; (iv)&nbsp;the
printing (or reproduction) and delivery of this Agreement, any blue
sky memorandum and all other agreements or documents printed (or
reproduced) and delivered in connection with the offering of the
Offered Shares; (v)&nbsp;the listing of the Offered Shares on the Toronto
Stock Exchange and on the Nasdaq National Market; (vi)&nbsp;any
registration or qualification of the Offered Shares for offer and
sale under the Offered Shares or blue sky laws of the several States
(including filing fees and the reasonable fees and expenses of
counsel for the Underwriters relating to such registration and
qualification); (vii)&nbsp;any filings required to be made with the
National Association of</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">23</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Securities Dealers, Inc. (&#147;NASD&#148;) (including filing fees and the
reasonable fees and expenses of counsel for the Underwriters
relating to such filings); (viii)&nbsp;the fees and expenses of the
Company&#146;s accountants, the fees and expenses of the Company&#146;s
financial advisors, and the fees and expenses of counsel (including
local and special counsel) for the Company; and (ix)&nbsp;all other
costs and expenses incident to the performance by the Selling
Shareholders and the Company of their respective obligations
hereunder.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(l)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">For a period of three years after the Closing Date, the
Company shall furnish to the Representatives, the Selling
Shareholders and, upon request, to each Underwriter, copies of all
reports filed with the Commission on Forms 40-F, 20-F and 6-K, as
applicable, or such similar forms as may be designated by the
Commission, annual information forms, management proxy circulars and
such other documents as shall be furnished by the Company to its
shareholders generally (collectively, the &#147;Filings&#148;), except for all
such Filings filed by the Company with the Commission in electronic
format on the Electronic Data Gathering, Analysis and Retrieval
system.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(m)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">During the period from the date of this Agreement to the date
of completion of the distribution of the Offered Shares, the Company
and the Selling Shareholders shall: (i)&nbsp;promptly notify the
Underwriters in writing of (A)&nbsp;any material change (actual,
anticipated, contemplated or threatened) in the business, affairs,
operations, assets (in each case, financial or otherwise),
liabilities (contingent or otherwise) or capital of the Company and
its subsidiaries taken as a whole; (B)&nbsp;any material fact that has
arisen or been discovered and would have been required to have been
stated in the Canadian Prospectus and the U.S. Prospectus had the
fact arisen or been discovered on, or prior to, the date of such
Canadian Prospectus and U.S. Prospectus; (C)&nbsp;any event occurs as a
result of which the Canadian Prospectus or the U.S. Prospectus as
then supplemented would include any untrue statement of a material
fact or omit to state any material fact necessary to make the
statements therein in the light of the circumstances under which
they were made not misleading, or if it shall be necessary to amend
the Registration Statement or supplement the Canadian Prospectus or
the U.S. Prospectus to comply with the Act, the Exchange Act, or
Canadian Securities Laws or the respective rules thereunder; and (D)
any change in any material fact (which for the purposes of this
Agreement shall be deemed to include the disclosure of any
previously undisclosed material fact) contained in the Canadian
Prospectus and the U.S. Prospectus, including all documents
incorporated by reference, which</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">24</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">fact or change is, or may be, of such a nature as to render any
statement in the Canadian Prospectus or the U.S. Prospectus
misleading or untrue or which would result in any of such document
not complying (to the extent that such compliance is required) with
the Canadian Securities Laws, the Act or the Exchange Act, (ii)
promptly, and in any event within any applicable time limitation,
comply, to the satisfaction of the Underwriters, with all
applicable filings and other requirements under the Canadian
Securities Laws, the Act and the Exchange Act and as a result of
such fact or change, and (iii)&nbsp;supply any amended Canadian
Prospectus or U.S. Prospectus to the Underwriters in such
quantities as the Underwriters may reasonably request. The Company
and the Selling Shareholders shall in good faith discuss with the
Underwriters any fact or change in circumstances (actual,
anticipated, contemplated or threatened, financial or otherwise)
which is of such a nature that there is reasonable doubt whether
written notice need be given under this paragraph.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(n)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company, during the period when the U.S. Prospectus, is
required to be delivered under the Act or the Exchange Act in
respect of the offer and sale of the Offered Shares, will file all
documents required to be filed by the Company with the Commission
pursuant to the Exchange Act within the time periods required by the
Exchange Act and the rules and regulations of the Commission
thereunder.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(o)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company agrees to apply forthwith following the Execution
Time for, and to use its best efforts to obtain (to the extent not
already applied for or obtained) such exemptive relief from Canadian
Securities Laws applicable in the Province of Alberta from the
issuer bid requirements as is necessary or desirable to enable the
Company and the Selling Shareholders to complete the Repurchase
Transaction and the Reorganization Transaction (the &#147;Repurchase
Relief&#148;). Forthwith following the Execution Time, the Company shall
give notice, in compliance with Canadian Securities Laws, of a
special meeting of the holders of Common Shares, to be held as soon
as reasonably practical following the giving of such notice but in
any event no later than July&nbsp;15, 2003, for the purpose of obtaining
the approval of the Repurchase Transaction (the &#147;Repurchase
Approval&#148;). As soon as practical thereafter, the Company shall
prepare and deliver, in accordance with Canadian Securities Laws, an
information circular containing information regarding the Repurchase
Transaction in sufficient detail to permit holders of the Common
Shares to form a reasoned judgment whether to approve the Repurchase
Transaction, including an opinion of a Canadian investment dealer as
to the</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">25</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">fairness, from a financial perspective, of the Repurchase
Transaction, to the holders of Common Shares other than the Selling
Shareholders.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(p)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">In order to document the Underwriters&#146; compliance with the
reporting and withholding provisions of the Tax Equity and Fiscal
Responsibility Act of 1982 with respect to the transactions
contemplated herein, the Selling Shareholders will deliver to the
Representatives prior to or at the Closing Time a properly completed
and executed United States Treasury Department Form&nbsp;W-8 (or other
applicable form or statement specified by Treasury Department
regulations in lieu thereof).</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>7.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Conditions to the Obligations of the Underwriters</B>. The obligations of
the Underwriters to purchase the Offered Shares shall be subject to the
accuracy of the representations and warranties on the part of the Company
and the Selling Shareholders contained herein as of the Execution Time and
the Closing Date, to the accuracy of the statements of the Company and the
Selling Shareholders made in any certificates pursuant to the provisions
hereof, to the performance by the Company and the Selling Shareholders of
their respective obligations hereunder and to the following additional
conditions:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">As of the Closing Time, the Canadian Prospectus shall have
been filed with the Qualifying Authorities and an MRRS Decision
Document shall have been obtained from the Reviewing Authority
evidencing issuance by each of the Qualifying Authorities of a
receipt in respect of the Canadian Prospectus, and no order having
the effect of ceasing or suspending the distribution of or the
trading in the Common Shares or any other securities of the Company
shall have been issued by any Qualifying Authority or any stock
exchange and no proceedings for that purpose shall have been
instituted or threatened by any Qualifying Authority or any stock
exchange and any request for additional information shall have been
complied with.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Registration Statement, and any amendment thereto, shall
have been filed with the Commission and shall have become effective
under the Act on the Business Day prior to the Closing Date and no
stop order suspending the effectiveness of the Registration
Statement shall have been issued and no proceedings for that purpose
shall have been instituted or threatened by the Commission and any
request for additional information shall have been complied with.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">McCarthy T&#233;trault LLP, Canadian counsel for the Company,
shall have furnished to the Underwriters, their counsel, the Selling
Shareholders</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">26</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">and their counsel their written opinion dated the Closing Date, in
form and substance satisfactory to the Underwriters, to the effect
that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">The Company has been duly continued and is
validly existing as a corporation under the federal laws of
Canada, with corporate power and authority to own its
properties and conduct its business as described in the
Canadian Prospectus and the U.S. Prospectus; the Company has
all requisite corporate power and authority to execute,
deliver and perform its obligations under this Agreement;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company has an authorized capitalization as
set forth in the Canadian Prospectus and the U.S. Prospectus
and all of the issued and outstanding shares in the capital of
the Company, including the Offered Shares, have been duly
authorized and validly issued and are fully paid and
non-assessable (such counsel being entitled to rely in respect
of matters of fact upon certificates of the Company and the
transfer agent of the Company);</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company has been extra-provincially
registered or otherwise duly qualified as an extra-provincial
or as a foreign corporation for the transaction of business
under the laws of each jurisdiction in which it owns or leases
properties or conducts any business so as to require such
qualification, or is subject to no material liability or
disability by reason of the failure to be so qualified in any
such jurisdiction (such counsel being entitled to rely in
respect of the opinion in this clause upon opinions of local
counsel and in respect of matters of fact upon certificates of
officers of the Company, provided that such counsel shall
state that they believe that both they and the Underwriters
are justified in relying upon such opinions);</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, based solely upon
documents provided to such counsel by the Company and
conferences with officers and other representatives of the
Company in connection with the offering of the Offered Shares,
and other than as set forth in the Prospectuses, there are no
legal or governmental proceedings pending to which the Company
or any of its subsidiaries is a party or of which any property
of the Company or any of its subsidiaries is the subject which
are of a character required by the Canadian Securities Laws to
be described or referred to in the Canadian Prospectus or the
U.S. Prospectus,</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">27</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">and no such proceedings are threatened or contemplated by
any Governmental Agency or threatened by others;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Each of this Agreement and the Share Purchase
Agreement has been duly authorized, executed and delivered by
the Company and constitutes a legal, valid and binding
obligation of the Company enforceable against it in accordance
with its terms;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vi)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The compliance by the Company with all of the
provisions of this Agreement and the consummation by the
Company of the transactions herein contemplated, including the
Repurchase Transaction, will not (A)&nbsp;conflict with or result
in a breach or violation of any of the terms or provisions of,
or constitute a default under, any of the agreements or
instruments set forth in the Company&#146;s officer&#146;s certificate
prepared in support of such counsel&#146;s opinion, (B)&nbsp;result in
any violation of the provisions of the Articles of Continuance
or the By-laws, as amended of the Company or (C)&nbsp;contravene
any federal, provincial or local law, rule or regulation of
the Province of British Columbia or Canada applicable to the
transactions contemplated by the issue and sale of the Offered
Shares or the provisions of this Agreement or, to the best of
such counsel&#146;s knowledge, any order applicable to the Company
of any court or of any other governmental body or
instrumentality having jurisdiction over it or any of its
property that would have a Material Adverse Effect (it being
understood that for the purpose of the opinion in this clause
(C), such counsel is not passing upon compliance with respect
to antifraud or similar provisions of any Canadian Securities
Laws applicable therein);</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">No Governmental Authorization of or with any
Governmental Agency in Canada is required for the issue and
sale of the Offered Shares or the consummation by the Company
of the transactions contemplated by this Agreement, except
such as have been obtained;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(viii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, the Company is not in violation
of its constating documents or in default in the performance
or observance of any material obligation, covenant or
condition contained in any of the agreements or instruments
set forth in the Company&#146;s officer&#146;s certificate prepared in
support of such counsel&#146;s opinion;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">28</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ix)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">To such counsel&#146;s knowledge, all descriptions in
the Canadian Prospectus and the U.S. Prospectus of contracts,
agreements, arrangements and other documents to which the
Company or its subsidiaries are a party are correct in all
material respects;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(x)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The information in the Registration Statement
under &#147;Part II &#151; Indemnification of Directors and
Officers&#148; and the statements set forth in the Canadian Prospectus under
the captions &#147;Eligibility for Investment&#148; and
&#147;Purchasers Statutory Rights&#148; and the statements set for in the Canadian
Prospectus and the U.S. Prospectus under the captions &#147;Risk
Factors &#151; Because we are a Canadian company...&#148; and
&#147;Tax Considerations &#151; Certain Canadian Federal Income Tax
Considerations&#148;, insofar as they purport to describe the
provisions of the laws of the Province of British Columbia or
the federal laws of Canada applicable therein, and under the
captions &#147;Plan of Distribution&#148; and &#147;Description of Share
Capital&#148; have been reviewed by such counsel and, to the extent
that such statements constitute matters of law or legal
conclusions, such statements fairly present the information
disclosed therein and, insofar as such statements purport to
describe the provisions of laws or documents referred to
therein, such statements are correct in all material respects;
</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xi)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Insofar as matters of the laws of the Province of
British Columbia and the federal laws of Canada applicable
therein are concerned, the Registration Statement, and the
filing of the Registration Statement with the Commission have
been duly authorized by and on behalf of the Company; and the
Registration Statement have been duly executed pursuant to
such authorization by and on behalf of the Company;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company is a &#147;reporting issuer&#148; under
Canadian Securities Legislation in each of the Qualifying
Provinces (where such notion exists), and is not on the list
of defaulting issuers maintained under such legislation; and
the Company meets the general requirements to use a short form
prospectus under National Instrument 44-101-Short Form
Prospectus Distributions;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xiii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, there are no franchises,
contracts, indentures, mortgages, loan agreements, notes,
leases or other instruments that in accordance with the
requirements of the Qualifying Authority are required to be
made publicly available</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">29</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">in connection with the offering of the Offered Shares that
have not been made publicly available as would be required;
and there are no documents required to be filed with the
Qualifying Authority in connection with the offering of the
Offered Shares that have not been filed as required;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xiv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Canadian Prospectus (including the documents
incorporated by reference, but excluding the financial
statements and other financial data included or incorporated
therein or omitted therefrom, as to which such counsel need
express no opinion) each appear on their face to be
appropriately responsive as to form in all material respects
to the requirements of Canadian Securities Laws as interpreted
and applied by the Qualifying Authorities;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Common Shares are listed on the Toronto Stock
Exchange and admitted for trading on the Nasdaq National
Market;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xvi)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, after due inquiry,
no order having the effect of ceasing or suspending the
distribution or trading of the Common Shares has been issued
by the Qualifying Authorities, the Toronto Stock Exchange or
any court and no proceedings for that purpose have been
instituted or threatened;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xvii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">An MRRS Decision Document for the Canadian Prospectus has
been obtained from the Reviewing Authority and the Reviewing
Authority has not revoked such MRRS Decision Document or
receipt; there are no other documents, reports or other
information that in accordance with the requirements of the
Qualifying Authorities must be filed or made publicly
available in connection with the offering of the Offered
Shares;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xviii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">CIBC Mellon Trust Company has been duly appointed as the
registrar and transfer agent in Canada in respect of the
Common Shares;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xix)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Offered Shares are eligible investments as
described under the heading &#147;Eligibility for Investment&#148; in
the Canadian Prospectus; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(xx)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">For the purposes of the Income Tax Act (Canada),
the Offered Shares, as of the date of issue, are qualified
investments under the Income Tax Act (Canada) and the
Regulations thereunder</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">30</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">for a trust governed by a registered retirement savings
plan, registered retirement income fund, a deferred profit
sharing plan or a registered educations savings plan; and as
of the date of issue, the Offered Shares will not constitute
&#147;foreign property&#148; for the purposes of Part XI of the Income
Tax Act (Canada).</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="86%"><FONT size="2">Such written opinion shall additionally state that such counsel
has participated in the preparation of the Registration
Statement and the Prospectuses and in conferences with officers
and other representatives of the Company, representatives of
the independent chartered accountants for the Company, officers
and other representatives of the Selling Shareholders, and
representatives of the Underwriters, at which the contents of
the Registration Statement and the Prospectuses, and related
matters were discussed and, although they are not passing upon
and do not assume any responsibility for the accuracy,
completeness or fairness of the statements contained in the
Registration Statement or the Prospectuses, except for those
referred to in the opinion in subsection (x)&nbsp;of this Section
7(c), such counsel has no reason to believe that, as of their
effective dates, the Registration Statement or any further
amendment thereto made by the Company prior to the Closing Date
(other than the financial statements and related schedules
therein, as to which such counsel need express no opinion)
contained an untrue statement of a material fact or omitted to
state a material fact required to be stated therein or
necessary to make the statements therein not misleading or
that, as of their dates, the Prospectuses or any further
amendment or supplement thereto made by the Company prior to
the Closing Date (other than the financial statements and
related schedules therein, as to which such counsel need
express no opinion) contained an untrue statement of a material
fact or omitted to state a material fact necessary to make the
statements therein, in the light of the circumstances under
which they were made, not misleading or that, as of the Closing
Date, the Prospectuses or any further amendment or supplement
thereto made by the Company prior to the Closing Date (other
than the financial statements and related schedules therein, as
to which such counsel need express no opinion) contained an
untrue statement of a material fact or omitted to state a
material fact necessary to make the statements therein, in the
light of the circumstances under which they were made, not
misleading.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">31</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="86%"><FONT size="2">In giving such opinion, such counsel may rely, as to all
matters governed by the laws of jurisdictions other than the
laws of the Provinces of British Columbia, Alberta, Ontario and
Quebec and the federal laws of Canada applicable therein, upon
opinions of local counsel, who shall be counsel satisfactory to
counsel for the Underwriters, in which case the opinion shall
state that they believe the Underwriters and they are entitled
to rely upon such opinions of local counsel. Such counsel may
also state that, insofar as such opinion involves factual
matters, they have relied, to the extent they deem proper, upon
certificates of officers of the Company and certificates of
public officials; provided that such certificates have been
delivered to the Underwriters. Such opinion may be subject to
assumptions, qualifications and limitations as are reasonable
and customary in legal opinions of this type and as shall be
satisfactory to counsel for the Underwriters but shall not
state that it is to be governed or qualified by, or that it is
otherwise subject to, any treatise, written policy or other
document relating to legal opinions.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Fried, Frank, Harris, Shriver &#038; Jacobson, U.S. counsel for
the Company, shall have furnished to the Underwriters, their
counsel, the Selling Shareholders and their counsel, their written
opinion dated the Closing Date, in form and substance satisfactory
to the Underwriters, to the effect that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">The Registration Statement is effective under the
Act, the Company Form&nbsp;F-X was filed with the Commission prior
to the effectiveness of the Registration Statement; and no
stop order suspending the effectiveness of the Registration
Statement has been issued and, no proceedings for that purpose
have been instituted or are pending or threatened under the
Act;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Registration Statement and the U.S.
Prospectus and any further amendments and supplements thereto
made by the Company prior to the Closing Date (other than the
financial statements, notes and schedules and the financial or
accounting data included therein or omitted therefrom, as to
which such counsel need express no opinion) appear on their
face to be responsive as to form in all material respects with
the requirements of the Act;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company Form&nbsp;F-X, as of its date, appears on
its face to be responsive as to form in all material respects
with the requirements of the Act;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">32</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">No consent, approval, authorization, order,
registration, clearance or qualification of or with any
Governmental Agency of the United States or the State of New
York is required for the issue and sale of the Offered Shares
or the consummation by the Company of the transactions
contemplated by this Agreement (other than the Reorganization
Transaction or the Repurchase Transaction), except such as
have been obtained under the Act and such consents, approvals,
authorizations, orders, registrations, clearances or
qualifications as may be required under state securities or
blue sky laws or by requirements of the National Association
of Securities Dealers, Inc. in connection with the purchase
and distribution of the Offered Shares by the Underwriters;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The statements set forth in the U.S. Prospectus,
as amended or supplemented, under the captions &#147;Certain Income
Tax Considerations &#151;United States Federal Income Tax
Considerations&#148;, insofar as such statements purport to
summarize the provisions of the laws and documents referred to
therein, fairly summarize the matters referred to therein;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vi)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company is not an &#147;investment company&#148;, as
such term is defined in the United States Investment Company
Act of 1940, as amended; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Under the laws of the State of New York relating
to personal jurisdiction, the Company has, pursuant to Section
13 of this Agreement, validly submitted to the personal
jurisdiction of any state or federal court located in the
Borough of Manhattan, The City of New York, New York (each a
&#147;New York Court&#148;) in any action arising out of or relating to
this Agreement or the transactions contemplated hereby, and
has validly appointed the CT Corporation System as its
authorized agent for the purpose described in Section&nbsp;13 of
this Agreement; and service of process effected on such agent
in the manner set forth in Section&nbsp;13 of this Agreement will
be effective to confer valid personal jurisdiction over the
Company.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Philippi, Yrarrazaval, Pulido &#038; Brunner, special Chilean
counsel for the Company, shall have furnished to the Underwriters,
their counsel, the Selling Shareholders and their counsel their
written opinion dated the Closing Date, in form and substance
satisfactory to the Underwriters, to the effect that:</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">33</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Methanex Chile Limited (Agencia) is registered or
otherwise qualified as a corporation in good standing to own,
lease and operate its properties and assets in conducting its
business in Chile;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To the best of such counsel&#146;s knowledge, there
are no Chilean statutes or regulations or any pending or
threatened legal or governmental proceedings that are material
to the Company or its subsidiaries taken as a whole that are
not described under the caption headings &#147;Natural Gas Supply&#148;,
&#147;Foreign Operations and Government Regulation&#148; and &#147;Our
Business &#151; Environmental Matters&#148; in the Company&#146;s Annual
Information Form dated March&nbsp;7, 2003 (the &#147;AIF&#148;) which is
incorporated by reference into and forms part of the
Prospectuses; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The descriptions contained in the AIF of the
Chilean statutes, regulations, orders, governmental franchises
and licenses and legal or governmental proceedings with
respect to the Company and its subsidiaries taken as a whole
are accurate and fairly summarize such statutes, regulations,
orders, franchises, licenses and proceedings.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(f)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Buddle Findlay, special New Zealand counsel for the Company,
shall have furnished to the Underwriters, their counsel, the Selling
Shareholders and their counsel their written opinion dated the
Closing Date, in form and substance satisfactory to the
Underwriters, to the effect that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">The descriptions contained in the AIF of the New
Zealand statutes, regulations, orders, governmental franchises
and licences and legal or governmental proceedings with
respect to the Company and its subsidiaries taken as a whole
are accurate and fairly summarise in all material respects
such statutes, regulations, orders, franchises, licences and
proceedings;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge there are no New
Zealand statutes or regulations or any pending or threatened
legal or governmental proceedings that are material to the
Company or its subsidiaries taken as a whole that are not
described under the caption headings &#147;Natural Gas Supply&#148;,
&#147;Foreign Operations and Government Regulation&#148; and &#147;Our
Business &#151; Environmental Matters&#148; in the AIF;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">34</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Each of Methanex New Zealand Limited, Methanex
Waitara Valley Limited and Methanex Motunui Limited (the &#147;New
Zealand Subsidiaries&#148;) has been duly incorporated and is
validly existing and in good standing (in respect of the
filing of annual returns where required) under the laws of New
Zealand as of the Closing Date and has full corporate power
and authority to own, lease and operate its properties and
assets and conduct its businesses in New Zealand;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">All of the issued and outstanding shares in the
capital of Methanex New Zealand Limited and Methanex Waitara
Valley Limited have been duly authorized and validly issued
and are fully paid and non-assessable. In the case of
Methanex Motunui Limited 300,000,900 &#147;A&#148; ordinary shares are
fully paid. All of the &#147;B&#148; ordinary shares are paid only as
to 62.9943 cents. One redeemable preference share is
uncalled;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge after due enquiry,
Cape Horn Holdings Limited is the registered holder of all of
the issued and outstanding ordinary shares and Methanex
Netherlands BV is the registered holder of all issued and
outstanding redeemable preference shares in Methanex New
Zealand Limited and with respect to both Methanex Motunui
Limited and Methanex Waitara Valley Limited, Methanex New
Zealand Limited is the registered holder of all of the issued
shares;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vi)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge based solely upon a
review of the corporate minute books of the New Zealand
Subsidiaries, there are no rights granted to or in favour of
any person to acquire any unissued shares or other securities
of the New Zealand Subsidiaries;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, no default exists
in the performance or observance of any material obligation,
agreement, covenant or condition contained in any contract,
indenture, loan agreement, note, lease or other agreement or
instrument to which the New Zealand Subsidiaries, jointly or
severally, are a party;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(viii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The issue and sale of the Offered Shares and the entering
into, execution and delivery of this Agreement by the Company,
and the compliance by the Company with and the consummation by
the Company of the transactions contemplated in this Agreement
and the Registration Statement, do not and will not</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">35</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">result in any violation of the articles or memoranda of
association of the New Zealand Subsidiaries, and do not and
will not conflict with, or result in a breach of any of the
terms or provisions of, or constitute a default (or an event
which with notice or lapse of time, or both, would
constitute a default or permit acceleration) under or result
in the creation or imposition of any lien, charge or
encumbrance upon any properties or assets of the New Zealand
Subsidiaries under (i)&nbsp;to such counsel&#146;s knowledge, any
indenture, mortgage, loan agreement or other agreement or
instrument to which the New Zealand Subsidiaries, jointly or
severally, are a party or by which they may be bound or to
which any of their properties or assets may be subject, (ii)
any existing applicable New Zealand statute, regulation or
rule, or (iii)&nbsp;to such counsel&#146;s knowledge, any judgment,
order or decree of any government, governmental, regulatory
or administration agency, authority, commission or
instrumentality or court having jurisdiction over the New
Zealand Subsidiaries or any of their properties or assets;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ix)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, the New Zealand
Subsidiaries have not failed to obtain any licence, permit,
franchise or other administrative, governmental or regulatory
approval necessary to the ownership of their property or to
the conduct of their businesses, which failure to obtain has
or could have a material adverse effect on the businesses of
the New Zealand Subsidiaries, taken as a whole; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(x)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, other than as
described in the Prospectuses, no revocation or limitation of
any permit, licence, franchise or approval held by the New
Zealand Subsidiaries is pending or threatened and the New
Zealand Subsidiaries are not in default or violation of any
thereof, and the authorization, issuance and delivery of the
Offered Shares and the compliance by the Company with the
terms hereof do not and will not conflict with, or result in a
breach of any of the terms or provisions of, or constitute a
default under, any of such permits, licences, franchises and
approvals, where such revocation, limitation, default,
violation, conflict or breach has or could have a material
adverse effect on the New Zealand Subsidiaries, taken as a
whole; to such counsel&#146;s knowledge, other than as described in
the Prospectuses, there is not threatened or pending any
change in any law, rule or regulation which would</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">36</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">have a material adverse effect on the businesses of the New
Zealand Subsidiaries, taken as a whole.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(g)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Chancery Chambers, special Barbados counsel for the Company,
shall have furnished to the Underwriters, their counsel, the Selling
Shareholders and their counsel their written opinion dated the
Closing Date, in form and substance satisfactory to the
Underwriters, to the effect that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Each of Methanex Chile Limited, Cape Horn Finance
Limited, Waterfront Shipping Company Limited and Methanex
Holdings (Barbados) Limited, Methanex Titan Holdings Limited
and Methanex Titan Limited (the &#147;Barbados Subsidiaries&#148;) has
been duly incorporated and is validly existing and in good
standing under the laws of Barbados as of the Closing Date and
has full corporate power and authority to own, lease and
operate its properties and assets and conduct its business;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">All of the issued and outstanding shares in the
capital of each of the Barbados Subsidiaries have been duly
authorized and validly issued and are fully paid and
non-assessable;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Other than as disclosed in the Prospectuses, to
such counsel&#146;s knowledge after due inquiry, Cape Horn Holdings
Limited is the registered holder of all of the issued and
outstanding shares of the Barbados Subsidiaries;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge based solely upon a
review of the corporate minute books of the Barbados
Subsidiaries, there are no rights granted to or in favour of
any person to acquire any unissued share or other securities
of any of the Barbados Subsidiaries;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, no default exists in
the performance or observance of any material obligation,
agreement, covenant or condition contained in any contract,
indenture, loan agreement, note, lease or other agreement or
instrument to which the Barbados Subsidiaries, jointly or
severally, are a party;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vi)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The issue and sale of the Offered Shares and the
entering into, execution and delivery of this Agreement by the
Company, and the compliance by the Company with and the
consummation by</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">37</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">the Company of the transactions contemplated in this
Agreement and Registration Statement, do not and will not
result in any violation of the Articles of Incorporation or
the By-Laws (as amended) of the Barbados Subsidiaries, and
do not and will not conflict with, or result in a breach of
any of the terms or provisions of, or constitute a default
(or an event which with notice or lapse of time, or both,
would constitute a default or permit acceleration) under or
result in the creation or imposition of any lien, charge or
encumbrance upon any properties or assets of the Barbados
Subsidiaries under (a)&nbsp;to such counsel&#146;s knowledge, any
indenture, mortgage, loan agreement or other agreement or
instrument to which the Barbados Subsidiaries, jointly or
severally, are a party or by which they may be bound or to
which any of their properties or assets may be subject, (b)
any existing applicable Barbados statute, regulation or
rule, or (c)&nbsp;to such counsel&#146;s knowledge, any judgment,
order or decree of any government, governmental, regulatory
or administration agency, authority, commission or
instrumentality or court having jurisdiction over the
Barbados Subsidiaries or any of their properties or assets;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, the Barbados
Subsidiaries have not failed to obtain any licence, permit,
franchise or other administrative, governmental or regulatory
approval necessary to the ownership of their property or to
the conduct of their businesses, which failure to obtain has
or could have a material adverse effect on the businesses of
the Barbados Subsidiaries, taken as a whole;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(viii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, other than as described in the
Prospectuses, no revocation or limitation of any permit,
license, franchise or approval held by the Barbados
Subsidiaries is pending or threatened and the Barbados
Subsidiaries are not in default or violation of any thereof,
and the authorization, issuance and delivery of the Offered
Shares do not and will not conflict with, or result in a
breach of any of the terms or provisions of, or constitute a
default under, any of such permits, licences, franchises and
approvals, where such revocation, limitation, default,
violation, conflict or breach has or could have a material
adverse effect on the Barbados Subsidiaries, taken as a whole;
and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ix)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">To such counsel&#146;s knowledge, other than as
described in the Prospectuses, there is no threatened or
pending change in any</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">38</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">law, rule or regulation which would have a material adverse
effect on the businesses of the Barbados Subsidiaries, taken
as a whole.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(h)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Truman Bodden &#038; Company, special Cayman Islands counsel for
the Company, shall have furnished to the Underwriters, their
counsel, the Selling Shareholders and their counsel their written
opinion dated the Closing Date, in form and substance satisfactory
to the Underwriters, to the effect that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Methanex International Holdings Limited (&#147;MIHL&#148;)
has been duly incorporated and is validly existing and in good
standing (in respect of the filing of annual returns where
required) under the laws of the Cayman Islands as of the date
hereof and has full corporate power and authority to own,
lease and operate its properties and assets and conduct its
business in the jurisdictions in which such business is
transacted as described in the Prospectuses;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">All of the issued and outstanding shares in the
capital of MIHL have been duly authorized and validly issued
and are fully paid and non-assessable;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The issue and sale of the Offered Shares and the
entering into, execution and delivery of this Agreement by the
Company, and the compliance by the Company with and the
consummation by the Company of the transactions contemplated
in this Agreement and Registration Statement, do not and will
not result in any violation of the Memorandum and Articles of
Association of MIHL, and do not and will not conflict with, or
result in a breach of any of the terms or provisions of (i)
any existing applicable Cayman Islands statute, regulation or
rule; or (ii)&nbsp;to such counsel&#146;s knowledge, any order or decree
of any Cayman Islands government, governmental, regulatory or
administration agency, authority, commission or
instrumentality having jurisdiction over MIHL or any of its
properties or assets;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">MIHL has not failed to obtain any licence,
permit, franchise or other administrative, governmental or
regulatory approval in the Cayman Islands necessary to the
ownership of its property or to the conduct of its business,
which failure to obtain has or could have a material adverse
effect on the business of MIHL, taken as a whole; and</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">39</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Based solely on such counsel&#146;s search of the
Cause List at the office of the Clerk of the Grand Court,
George Town, Grand Cayman on or immediately prior to the
Closing Date and on a certificate of the Secretary of MIHL in
support of such counsel&#146;s opinion, a copy of which shall be
provided to you, MIHL is not the subject of any legal
proceedings before any Court of the Cayman Islands; there is
no mechanism for identifying whether MIHL is the subject of
proceedings before any arbitrator or governmental body in the
Cayman Islands, but such counsel has not been informed or
notified of any such proceedings.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The opinion shall make reference to, and have annexed, a
certified true copy of the Register of Members of MIHL,
showing who are the current shareholders of MIHL as of the
Closing Date.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Loyens &#038; Loeff, special Netherlands counsel for the Company,
shall have furnished to the Underwriters, their counsel, the Selling
Shareholders and their counsel, their written opinion dated the
Closing Date, in form and substance satisfactory to the
Underwriters, to the effect that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Methanex Netherlands BV has been duly
incorporated and is validly existing under the law of the
Netherlands as a legal entity in the form of a private company
with limited liability (&#147;besloten vennootschap met beperkte
aansprakelijkheid&#148;);</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Upon the incorporation of Methanex Netherlands BV
178,000 (one hundred and seventy-eight thousand) shares with a
nominal value of NLG 1 (one guilder) each in the capital of
Methanex Netherlands BV were duly issued; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">According to the Shareholders Register, all of
the issued and outstanding shares in the capital of Methanex
Netherlands BV are held by Cape Horn Holdings Limited.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(j)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Hamil, Smith &#038; Co., special Trinidad counsel for the Company,
shall have furnished to the Underwriters, their counsel, the Selling
Shareholders and their counsel their written opinion dated the
Closing Date, in form and substance satisfactory to the
Underwriters, to the effect that:</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">40</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Titan Methanol Company and Atlas Methanol Company
Unlimited have been duly incorporated and is validly existing
under the law of Trinidad;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">All of the issued and outstanding shares in the
capital of Titan Methanol Company and Atlas Methanol Company
Unlimited have been duly authorized and validly issued and are
fully paid and non-assessable;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">According to the Shareholders Register, all of
the issued and outstanding shares in the capital of Titan
Methanol Company and Atlas Methanol Company Unlimited are held
by the Company or a specified subsidiary of the Company.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(k)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Osler, Hoskin &#038; Harcourt LLP, counsel for the Selling
Shareholders, or to the extent acceptable to the Underwriters,
acting reasonably, Jack Mustoe, General Counsel of NOVA, shall have
furnished to the Underwriters, their counsel, the Company and their
counsel their respective written opinions dated the Closing Date, in
form and substance satisfactory to the Underwriters, to the effect
that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Each Selling Shareholder has been duly
incorporated and is validly existing as a corporation under
the Alberta Business Corporations Act and has the requisite
corporate power and authority to own the Offered Shares and to
execute, deliver and perform its obligations under this
Agreement;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">This Agreement has been duly authorized and
executed by or on behalf of each Selling Shareholder and
constitutes a legal, valid and binding obligation of the
Selling Shareholders enforceable against each of them in
accordance with its terms;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Selling Shareholders have valid marketable
title to the Offered Shares, free and clear of any hypothec,
lien, charge, claim, encumbrance, pledge, security interest,
defect or other restriction on transfer of any kind and such
Offered Shares shall be sold and delivered by the Selling
Shareholders free and clear of any hypothec, lien, charge,
claim, encumbrance, pledge, security interest, defect or other
restriction on transfer of any kind;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The execution and delivery by the Selling
Shareholders of this Agreement and the Share Purchase
Agreement and the compliance by the Selling Shareholders with
the provisions</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">41</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">hereof and the consummation of the Reorganization
Transaction, the Repurchase Transaction and the other
transactions contemplated herein and therein do not conflict
with, result in a breach or violation of or constitutes or
will constitute a default under or results or will result in
the creation or imposition of any lien, charge or
encumbrance upon any property or assets of the Selling
Shareholders pursuant to: (i)&nbsp;the constating documents,
by-laws or resolutions of the directors or shareholders of
either Selling Shareholder, (ii)&nbsp;any material agreements of
either Selling Shareholder, or (iii)&nbsp;any law, judgment or
decree applicable to either Selling Shareholder;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">No filing with, or consent, approval,
authorization, license, order, registration, qualification or
decree of, any court or governmental authority or agency, in
Canada or federally, other than those that have been validly
obtained and continue in effect, is necessary or required to
be obtained by either Selling Shareholder for the performance
by the Selling Shareholders of their respective obligations
under this Agreement, or in connection with the offer, sale or
delivery of the Offered Shares; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vi)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">No withholding tax imposed under the federal laws
of Canada or the laws of the Province of Alberta will be
payable in respect of the payment of the Underwriting Fee by
the Selling Shareholders to an Underwriter that is not
resident in Canada for the purposes of the Income Tax Act
(Canada), provided that such Underwriter deals at arm&#146;s length
with the Selling Shareholders (as such term is understood for
the purposes of the Income Tax Act (Canada)), such
Underwriting Fee is payable in respect of services rendered by
such Underwriter wholly outside of Canada that are performed
in the ordinary course of business carried on by the
Underwriter that includes the performance of such services for
a fee and the amount of such Underwriting Fee is reasonable in
the circumstances.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(vii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">No goods and services tax imposed under the
federal laws of Canada will be payable by a Selling
Shareholder in respect of the payment of the Underwriting Fee
to an Underwriter that is not resident in Canada, provided
that such Underwriting Fee is in respect of services performed
by such Underwriter wholly outside of Canada.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">42</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(viii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">No stamp duty, documentary taxes or similar taxes, are
payable by the Company under the federal laws of Canada or the
laws of the Province of Alberta in connection with the sale,
and delivery of the Offered Shares pursuant to this Agreement
by the Selling Shareholder.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">In giving such opinions, such counsel may rely, as to all matters
governed by the laws of jurisdictions other than the laws of the
Provinces of Alberta, Ontario and Quebec and the federal laws of
Canada applicable therein, upon opinions of local counsel, who
shall be counsel satisfactory to counsel for the Underwriters, in
which case the opinion shall state that they believe the
Underwriters and they are entitled to rely upon such opinions of
local counsel. Such counsel may also state that, insofar as such
opinion involves factual matters, they have relied, to the extent
they deem proper, upon certificates of officers of the Selling
Shareholders and certificates of public officials; provided that
such certificates have been delivered to the Underwriters. Such
opinion may be subject to assumptions, qualifications and
limitations as are reasonable and customary in legal opinions of
this type and as shall be satisfactory to counsel for the
Underwriters but shall not state that it is to be governed or
qualified by, or that it is otherwise subject to, any treatise,
written policy or other document relating to legal opinions.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(l)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Orrick, Herrington &#038; Sutcliffe LLP, U.S. counsel for the
Selling Shareholders, shall have furnished to the Underwriters,
their counsel, the Company and their counsel their written opinion
dated the Closing Date, in form and substance satisfactory to the
Underwriters, to the effect that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Under the laws of the State of New York relating
to submission of personal jurisdiction, the Selling
Shareholders have, pursuant to Section&nbsp;13 of this Agreement,
validly appointed CT Corporation as its authorized agent for
purposes described in Section&nbsp;13 of this Agreement; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">No filing with, or authorization, approval,
consent, license, order, registration, qualification or decree
of any U.S. federal or New York state court or governmental
authority or agency of the United States in necessary or
required for the performance by either Selling Shareholder of
its obligations under this Agreement, or the Repurchase
Transaction in connection with the offering, issuance or sale
of the Offered Shares or the consummation of the transactions
contemplated in this</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">43</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">Agreement, or the Repurchase Transaction, except such as
have been obtained under the Act and such consents,
approvals, authorizations, orders, registrations, clearances
or qualifications as may be required under state securities
or blue sky laws or by requirements of the National
Association of Securities Dealers, Inc. in connection with
the purchase and distribution of the Offered Shares by the
Underwriters in the United States.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(m)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Underwriters shall have received from Skadden, Arps,
Slate Meagher &#038; Flom LLP, U.S. counsel for the Underwriters, such
opinion or opinions, dated the Closing Date and addressed to the
Underwriters, with respect to such matters as the Underwriters may
reasonably require, and the Company and the Selling Shareholders
shall have furnished to such counsel such documents as they request
for the purpose of enabling them to pass upon such matters.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(n)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Underwriters shall have received from Stikeman Elliott
LLP, Canadian counsel for the Underwriters, such opinion or
opinions, dated the Closing Date and addressed to the Underwriters,
with respect to the issuance and sale of the Offered Shares, the
Canadian Prospectus (together with any supplement thereto) and other
related matters the Underwriters may reasonably require and the
Company and the Selling Shareholders shall have furnished to such
counsel such documents as they request for the purpose of enabling
them to pass upon such matters.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(o)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company shall have furnished to the Underwriters and to
the Selling Shareholders a certificate of the Company, signed by the
President and Chief Executive Officer and the Senior Vice President
and Chief Financial Officer of the Company, dated the Closing Date,
to the effect that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">the signers of such certificate have carefully
examined the Registration Statement, the Canadian Prospectus
and the U.S. Prospectus, any amendments thereto and this
Agreement;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the representations and warranties of the Company
in this Agreement are true and correct on and as of the
Closing Date with the same effect as if made on the Closing
Date and the Company has complied with its obligations under
this Agreement and satisfied all the conditions on its part to
be performed or satisfied at or prior to the Closing Date;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">44</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">no stop order suspending the effectiveness of
the Registration Statement or stop order preventing or
suspending the use of any prospectus relating to the Offered
Shares has been issued and no proceedings for that purpose
have been instituted or, to the Company&#146;s knowledge,
threatened by any Qualifying Authority, stock exchange or the
Commission; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iv)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">since the date of the most recent financial
statements included in the Canadian Prospectus and the U.S.
Prospectus, there has been no material adverse effect on the
condition (financial or otherwise), prospects, earnings,
business or properties of the Company and its subsidiaries,
taken as a whole, whether or not arising from transactions in
the ordinary course of business, except as set forth in or
contemplated in the Canadian Prospectus and the U.S.
Prospectus.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(p)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Selling Shareholders shall have furnished to the
Underwriters and to the Company a certificate of each of the Selling
Shareholders, signed by such officers of the Selling Shareholders as
are acceptable to the Underwriters, dated the Closing Date, to the
effect that:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">the signers of such certificate have carefully
examined the Registration Statement, the Canadian Prospectus
and U.S. Prospectus, any amendments to the Canadian Prospectus
and U.S. Prospectus and this Agreement; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the representations and warranties of the Selling
Shareholders in this Agreement are true and correct on and as
of the Closing Date with the same effect as if made on the
Closing Date and the Selling Shareholders have complied with
their respective obligations under this Agreement and
satisfied all the conditions on their part to be performed or
satisfied at or prior to the Closing Date.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(q)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company shall have requested and caused KPMG LLP,
independent chartered accountants of the Company to have furnished
to the Underwriters, at the Execution Time and on the Closing Date,
letters, dated respectively as of the Execution Time and on the
Closing Date, in form and substance satisfactory to the Underwriters
and their counsel, together with signed or reproduced copies of such
letter for each of the Underwriters containing statements and
information of the type ordinarily included in accountants&#146; &#147;comfort
letters&#148; to underwriters with respect to the financial statements
and certain</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">45</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">financial information contained in the Registration Statement, the
Canadian Prospectus and the U.S. Prospectus.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(r)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Underwriters and the Selling Shareholders shall have
received on the Closing Date an opinion of KPMG LLP dated as of the
Closing Date, to the effect that the French language version of the
audited consolidated financial statements for the fiscal years ended
December&nbsp;31, 2002 and 2001; and the sections of the Company&#146;s Annual
Information Form dated March&nbsp;7, 2003 entitled &#147;Selected Consolidated
Financial Information&#148; and &#147;Management&#146;s Discussion and Analysis&#148; is
in all material respects a complete and proper translation of the
English language version thereof and the financial statements of the
Company is in all material respects a complete and proper
translation thereof.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(s)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Subsequent to the Execution Time or, if earlier, the dates as
of which information is given in the Registration Statement
(exclusive of any amendment thereof), the Canadian Prospectus and
the U.S. Prospectus (each, exclusive of any supplement thereto),
there shall not have been (i)&nbsp;any change specified in the letter or
letters referred to in paragraph (q)&nbsp;of this Section&nbsp;7 or (ii)&nbsp;any
change, or any development involving a prospective change, in or
affecting the condition (financial or otherwise), earnings, business
or properties of the Company and its subsidiaries taken as a whole,
whether or not arising from transactions in the ordinary course of
business, except as set forth in or contemplated in the Canadian
Prospectus and the U.S. Prospectus (each, exclusive of any
supplement thereto) the effect of which, in any case referred to, in
clause (i)&nbsp;or (ii)&nbsp;above, is, in the sole judgment of the
Underwriters, so material and adverse as to make it impractical or
inadvisable to proceed with the offering or delivery of the Offered
Shares as contemplated by the Registration Statement (exclusive of
any amendment thereof), the Canadian Prospectus and the U.S.
Prospectus (each, exclusive of any supplement thereto).</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(t)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Subsequent to the Execution Time or, if earlier, the dates as
of which information is given in the Registration Statement
(exclusive of any amendment thereof), the Canadian Prospectus and
the U.S. Prospectus (each, exclusive of any supplement thereto),
there shall not have been any change, or any development involving a
prospective change, in or affecting the condition (financial or
otherwise), earnings, business or properties of the Selling
Shareholders or their respective subsidiaries, whether or not
arising from transactions in the ordinary course of business, the
effect of which, in the sole judgment of the Underwriters,
acting reasonably, has a material adverse effect on the Selling</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">46</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Shareholders&#146; valid marketable title to the Offered Shares, free
and clear of any hypothec, lien, charge, claim, encumbrance,
pledge, security interest, defect or other restriction on transfer
of any kind and their ability to deliver such Offered Shares free
and clear of any hypothec, lien, charge, claim, encumbrance,
pledge, security interest, defect or other restriction on transfer
of any kind to the Underwriters hereunder.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(u)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Prior to the Closing Date, the Company shall have furnished
to the Representatives such further information, certificates and
documents as the Underwriters may reasonably request.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Each of the Company and the Selling Shareholders shall have
furnished to the Underwriters on or prior to the Closing Date
satisfactory evidence of its due and valid authorization of CT
Corporation System as its agent to receive service of process to
Section&nbsp;13 hereof, and satisfactory evidence from CT Corporation
System accepting its appointment as such agent.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(w)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company shall have obtained the Repurchase Relief on
terms satisfactory to the Company, the Selling Shareholders and the
Underwriters, each acting reasonably.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(x)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Offered Shares shall be listed and admitted and
authorized for trading on the Toronto Stock Exchange and the Nasdaq
National Market and satisfactory evidence of such actions shall have
been provided to the Underwriters.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the conditions specified in this Section&nbsp;7 shall not have been
fulfilled in all material respects when and as provided in this Agreement, or
if any of the opinions and certificates mentioned above or elsewhere in this
Agreement shall not be in all material respects reasonably satisfactory in form
and substance to the Underwriters and counsel for the Underwriters, this
Agreement and all obligations of the Underwriters hereunder may be cancelled
at, or at any time prior to, the Closing Date by the Underwriters. Notice of
such cancellation shall be given to the Company and the Selling Shareholders in
writing or by telephone or facsimile confirmed in writing.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents required to be delivered by this Section&nbsp;7 shall be
delivered at the office of McCarthy T&#233;trault LLP, Suite&nbsp;1300, 777 Dunsmuir
Street, Vancouver, British Columbia V7Y 1K2 on the Closing Date.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>8.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Reimbursement of Underwriters&#146; Expenses</B>. If the sale of the Offered
Shares provided for herein is not consummated because any condition to the</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">47</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">obligations of the Underwriters set forth in Section&nbsp;7 of this Agreement
is not satisfied (otherwise than by reason of a failure of the Company, as
a result of its wilful misconduct or negligence, to perform any agreement
herein or comply with any provision hereof), because of any termination
pursuant to Section&nbsp;11 of this Agreement or because of any refusal,
inability or failure on the part of the Selling Shareholders to perform
any agreement herein or comply with any provision hereof other than by
reason of a default by any of the Underwriters, NOVA, on behalf of the
Selling Shareholders, will reimburse the Underwriters through the
Representatives on demand for all out-of-pocket expenses (including
reasonable fees and disbursements of counsel to the Underwriters) that
shall have been incurred by them in connection with the proposed sale of
the Offered Shares. The Company will make such reimbursement to the
Underwriters if the sale of the Offered Shares is not consummated by
reason of a failure of the Company, as a result of its wilful misconduct
or negligence, to perform any agreement herein or comply with any
provision hereof, other than by reason of a default by any of the
Underwriters.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>9.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Indemnification and Contribution</B></FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Company agrees to indemnify and hold harmless each
Underwriter, the Selling Shareholders and their respective
directors, officers, employees, agents and affiliates and each
person who controls any Underwriter or Selling Shareholder within
the meaning of either the Act or the Exchange Act against any and
all losses, claims, damages or liabilities, jointly or severally, to
which they or any of them may become subject under the Act, Canadian
Securities Laws, the Exchange Act or other Canadian federal or
provincial, United States federal or state statutory law or
regulation, at common law or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) (i)
arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact contained in the Registration
Statement, as originally filed or in any amendment thereof, or in
any of the Prospectuses, or in any amendment thereof or supplement
thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading,
(ii)&nbsp;any misrepresentation or alleged misrepresentation contained in
the Canadian Prospectus; and (iii)&nbsp;any breach by the Company of its
representations, warranties, covenants or obligations to be complied
with under this Agreement, and agrees to reimburse each such
indemnified party, as incurred, for any legal or other expenses
reasonably incurred by them in connection with investigating or</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">48</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">defending any such loss, claim, damage, liability or action;
provided, however, that the Company will not be liable in any such
case to the extent that any such loss, claim, damage or liability
arises out of or is based upon any such untrue statement or alleged
untrue statement or omission or alleged omission made therein in
reliance upon and in conformity with written information furnished
to the Company by (A)&nbsp;NOVA specifically for inclusion in such
material (or any amendment or supplement thereto) relating to NOVA
and its subsidiaries or (B)&nbsp;the Representatives on behalf of any
Underwriter specifically for inclusion in such material (or any
amendment or supplement thereto) relating to the Underwriters;
provided further, that with respect to any untrue statement or
omission of material fact made in any Canadian Preliminary
Prospectus, U.S. Preliminary Prospectus, the Canadian Final
Prospectus, or the U.S. Prospectus, the indemnity contained in this
Section&nbsp;9(a) shall not enure to the benefit of any Underwriter from
whom the person asserting any such loss, claim, damage or liability
purchased the Offered Shares concerned, to the extent that any such
loss, claim, damage or liability of such Underwriter occurs under
the circumstance where it shall have been determined by a court of
competent jurisdiction by final and nonappealable judgment that (w)
the Company had previously furnished copies of the Canadian
Prospectus or the U.S. Prospectus to the Underwriters, (x)&nbsp;delivery
of the Canadian Prospectus or the U.S. Prospectus was required by
the Act to be made to such person, (y)&nbsp;the untrue statement or
omission of a material fact contained in the Canadian Preliminary
Prospectus or the U.S. Preliminary Prospectus was corrected in the
Canadian Final Prospectus or the U.S. Prospectus and (z)&nbsp;there was
not sent or given to such person, at or prior to the written
confirmation of the sale of such securities to such person, a copy
of the Canadian Final Prospectus or the U.S. Prospectus. This
indemnity will be in addition to any liability which the Company
may otherwise have.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">NOVA, on behalf of the Selling Shareholders, agrees to
indemnify and hold harmless each Underwriter, the Company and their
respective directors, officers, employees, agents and affiliates and
each person who controls any Underwriter or the Company within the
meaning of either the Act or the Exchange Act against any and all
losses, claims, damages or liabilities, jointly or severally, to
which they or any of them may become subject under the Act, Canadian
Securities Laws, the
Exchange Act or other Canadian federal or provincial, United States
federal or state statutory law or regulation, at common law or
otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon: (i)
any untrue </FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">49</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">statement or alleged untrue statement of a material fact
contained in any information provided in writing by the Selling
Shareholders for inclusion in the Registration Statement for the
registration of the Offered Shares as originally filed or in any
amendment thereof, or in any of the Prospectuses, or in any
amendment thereof or supplement thereto, or arise out of or are
based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make
the statements therein not misleading, (ii)&nbsp;any misrepresentation
or alleged misrepresentation contained in any information provided
in writing by the Selling Shareholders for inclusion in the
Canadian Preliminary Prospectus or the Canadian Final Prospectus,
and (iii)&nbsp;any breach by the Selling Shareholders of their
respective representations, warranties, covenants or obligations to
be complied with under this Agreement, and agrees to reimburse each
such indemnified party, as incurred, for any legal or other
expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability
or action; provided, however, that with respect to any untrue
statement or omission of material fact made in any Canadian
Preliminary Prospectus, U.S. Preliminary Prospectus, the Canadian
Final Prospectus or the U.S. Prospectus, the indemnity contained in
this Section&nbsp;9(b) shall not enure to the benefit of any Underwriter
from whom the person asserting any such loss, claim, damage or
liability purchased the Offered Shares concerned, to the extent
that any such loss, claim, damage or liability of such Underwriter
occurs under the circumstance where it shall have been determined
by a court of competent jurisdiction by final and nonappealable
judgment that (w)&nbsp;the Company had previously furnished copies of
the Canadian Prospectus or the U.S. Prospectus to the
Representatives, (x)&nbsp;delivery of the Canadian Prospectus or the
U.S. Prospectus was required by the Act to be made to such person,
(y)&nbsp;the untrue statement or omission of a material fact contained
in the Canadian Preliminary Prospectus or the U.S. Preliminary
Prospectus was corrected in the Canadian Final Prospectus or the
U.S. Prospectus and (z)&nbsp;there was not sent or given to such person,
at or prior to the written confirmation of the sale of such
securities to such person, a copy of the Canadian Final Prospectus
or the U.S. Prospectus. This indemnity will be in addition to any
liability which the Selling Shareholders may otherwise have. The
Company and the Underwriters acknowledge that the information
included in the first and second paragraphs under the heading
&#147;Selling Shareholder&#148; contained in any Canadian Preliminary
Prospectus, U.S. Preliminary Prospectus, Canadian Prospectus and
U.S. Prospectus constitute the only information furnished in
writing by or on behalf of </FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">50</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">the Selling Shareholders for inclusion
in any Preliminary Canadian Prospectus, U.S. Preliminary
Prospectus, Canadian Prospectus or U.S. Prospectus.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Each of the Underwriters severally agrees to indemnify and
hold harmless the Company, the Selling Shareholders, their
respective directors, each of their officers who signs the
Registration Statement or the Canadian Prospectus, and each person
who controls the Company or the Selling Shareholders within the
meaning of either the Act or the Exchange Act, to the same extent as
the foregoing indemnity from the Company to each Underwriter,
including to reimburse each such indemnified party, as incurred, for
any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim,
damage, liability or action, but only with reference to written
information relating to such Underwriter furnished to the Company by
or on behalf of such Underwriter through the Representatives
specifically for inclusion in the documents referred to in the
foregoing indemnity. This indemnity agreement will be in addition
to any liability which any Underwriter may otherwise have. The
Company and the Selling Shareholders acknowledge that (i)&nbsp;the
statements set forth in the last paragraph of the cover page
regarding delivery of the Offered Shares and, under the heading
&#147;Plan of Distribution&#148;, and (ii)&nbsp;the paragraphs related to
stabilization, syndicate covering transactions and penalty bids
contained in any Canadian Preliminary Prospectus, U.S. Preliminary
Prospectus, Canadian Prospectus and U.S. Prospectus constitute the
only information furnished in writing by or on behalf of the
Underwriters for inclusion in any Preliminary Canadian Prospectus,
U.S. Preliminary Prospectus, Canadian Prospectus or U.S. Prospectus.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">Promptly after receipt by an indemnified party under this
Section&nbsp;9 of notice of the commencement of any action, such
indemnified party will, if a claim in respect thereof is to be made
against the indemnifying party under this Section&nbsp;9, notify the
indemnifying party in writing of the commencement thereof; but the
failure so to notify the indemnifying party (i)&nbsp;will not relieve it
from liability under paragraph (a)&nbsp;or (b)&nbsp;above unless and to the
extent it
did not otherwise learn of such action and such failure results in
the forfeiture by the indemnifying party of substantial rights and
defences and (ii)&nbsp;will not, in any event, relieve the indemnifying
party from any obligations to any indemnified party other than the
indemnification obligation provided in paragraph (a)&nbsp;or (b)&nbsp;above.
The indemnifying party shall be entitled to appoint counsel of the
indemnifying party&#146;s choice at the </FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">51</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">indemnifying party&#146;s expense to
represent the indemnified party in any action for which
indemnification is sought (in which case the indemnifying party
shall not thereafter be responsible for the fees and expenses of
any separate counsel retained by the indemnified party or parties
except as set forth below); provided, however, that such counsel
shall be satisfactory to the indemnified party. Notwithstanding
the indemnifying party&#146;s election to appoint counsel to represent
the indemnified party in an action, the indemnified party shall
have the right to employ separate counsel (including local
counsel), and the indemnifying party shall bear the reasonable
fees, costs and expenses of such separate counsel if (i)&nbsp;the use of
counsel chosen by the indemnifying party to represent the
indemnified party would present such counsel with a conflict of
interest, (ii)&nbsp;the actual or potential defendants in, or targets
of, any such action include both the indemnified party and the
indemnifying party and the indemnified party shall have reasonably
concluded that there may be legal defences available to it and/or
other indemnified parties which are different from or additional to
those available to the indemnifying party, (iii)&nbsp;the indemnifying
party shall not have employed counsel satisfactory to the
indemnified party to represent the indemnified party within a
reasonable time after notice of the institution of such action or
(iv)&nbsp;the indemnifying party shall authorize the indemnified party
to employ separate counsel at the expense of the indemnifying
party. It is understood, however, that the Company shall, in
connection with any one such action or separate but substantially
similar or related actions in the same jurisdiction arising out of
the same general allegations or circumstances, be liable for the
fees and expenses of only one separate firm of attorneys (in
addition to any local counsel) at any time for all such
Underwriters and controlling persons, which firm shall be
designated in writing by the Representatives. An indemnifying
party will not, without the prior written consent of the
indemnified parties, settle or compromise or consent to the entry
of any judgment with respect to any pending or threatened claim,
action, suit or proceeding in respect of which indemnification or
contribution may be sought hereunder (whether or not the
indemnified parties are actual or potential parties to such claim
or action) unless such settlement, compromise or consent includes
an
unconditional release of each indemnified party from all liability
arising out of such claim, action, suit or proceeding.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">In the event that the indemnity provided in this Section&nbsp;9 is
unavailable to or insufficient to hold harmless an indemnified party
for any reason, the Company, NOVA (on its behalf and on behalf of
NPL)</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">52</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">and the Underwriters, severally and not jointly, agree to
contribute to the aggregate losses, claims, damages and liabilities
(including legal or other expenses reasonably incurred in connection
with investigating or defending same) (collectively &#147;Losses&#148;) to
which the Company, the Selling Shareholders and one or more of the
Underwriters may be subject in such proportion as is appropriate to
reflect: (i)&nbsp;as between the Selling Shareholders and the
Underwriters, the relative benefits received by the Selling
Shareholders on the one hand and by the Underwriters on the other
hand from the offering of the Offered Shares; (ii)&nbsp;as between the
Company and the Selling Shareholders the relative fault of the
Company on the one hand and the Selling Shareholders on the other
hand; and (iii)&nbsp;as between the Company and the Underwriters, on the
relative fault of the Company on the one hand and the Underwriters
on the other hand; provided, however, that in no case shall any
Underwriter (except as may be provided in any agreement among
Underwriters relating to the offering of the Offered Shares) be
responsible for any amount in excess of the underwriting discount or
commission applicable to the Offered Shares purchased by such
Underwriter hereunder. If the allocation provided for in item (i)
in the immediately preceding sentence is unavailable for any reason,
NOVA (on its behalf and on behalf of NPL) on the one hand and the
Underwriters on the other hand, severally and not jointly, shall
contribute in such proportion as is appropriate to reflect not only
such relative benefits but also the relative fault of such Selling
Shareholders on the one hand and of the Underwriters on the other
hand in connection with the statements or omissions which resulted
in such Losses as well as any other relevant equitable
considerations. Benefits received by the Selling Shareholders shall
be deemed to be equal to the total net proceeds from the offering
(before deducting expenses) received by them, and benefits received
by the Underwriters shall be deemed to be equal to the total
underwriting discounts and commissions, in each case as set forth on
the cover page of the Canadian Prospectus and the U.S. Prospectus.
Relative fault shall be determined by reference to, among other
things, whether any untrue or any alleged untrue statement of a
material fact or the omission or alleged omission to state a
material fact relates to information
provided, with respect to item (ii)&nbsp;above, by the Company on the
one hand or the Selling Shareholders on the other, with respect to
item (iii)&nbsp;above, by the Company on the one hand or the
Underwriters on the other, and with respect to item (i)&nbsp;above, in
the event applicable, by the Selling Shareholders on the one hand
and the Underwriters on the other, the intent of the parties and
their relative knowledge, access to information and opportunity to
correct or prevent such untrue </FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">53</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">statement or omission. The Company,
the Selling Shareholders and the Underwriters agree that it would
not be just and equitable if contribution were determined by pro
rata allocation or any other method of allocation which does not
take account of the equitable considerations referred to above.
Notwithstanding the provisions of this paragraph (e), no person
guilty of fraudulent misrepresentation (within the meaning of
Section&nbsp;11(f) of the Act) or misrepresentation under Canadian
Securities Laws shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation or
misrepresentation. For purposes of this Section&nbsp;9, each person who
controls an Underwriter within the meaning of either the Act or the
Exchange Act and each director, officer, employee and agent of an
Underwriter shall have the same rights to contribution as such
Underwriter, and each person who controls the Company within the
meaning of either the Act or the Exchange Act, each officer of the
Company who shall have signed the Registration Statement or the
Canadian Prospectus and each director of the Company shall have the
same rights to contribution as the Company, subject in each case to
the applicable terms and conditions of this paragraph (e).</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>10.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Default by an Underwriter</B>. If any one or more Underwriters shall fail to
purchase and pay for any of the Offered Shares agreed to be purchased by
such Underwriter or Underwriters hereunder and such failure to purchase
shall constitute a default in the performance of its or their obligations
under this Agreement, the remaining Underwriters shall be obligated
severally and not jointly to take up and pay for (in the respective
proportions which the percentage of Offered Shares set forth opposite
their names in Schedule&nbsp;A hereto bears to the aggregate percentage of
Offered Shares set forth opposite the names of all the remaining
Underwriters) the Offered Shares which the defaulting Underwriter or
Underwriters agreed but failed to purchase; provided, however, that in the
event that the aggregate amount of Offered Shares which the defaulting
Underwriter or Underwriters agreed but failed to purchase shall exceed
12.5% of the aggregate amount of Offered Shares set
forth in Schedule&nbsp;A hereto, the remaining Underwriters shall have the
right to purchase all, but shall not be under any obligation to purchase
any, of the Offered Shares, and if such nondefaulting Underwriters do not
purchase all the Offered Shares, this Agreement will terminate without
liability to any nondefaulting Underwriter or the Company. In the event
of a default by any Underwriter as set forth in this Section&nbsp;10, the
Closing Date shall be postponed for such period, not exceeding five
Business Days, as the Representatives shall determine in order that the
required changes in the Registration Statement, the Canadian Prospectus
or the U.S. Prospectus, or in any other documents or arrangements may be
effected. Nothing contained in </FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">54</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">this Agreement shall relieve any
defaulting Underwriter of its liability, if any, to the Company, the
Selling Shareholders and any nondefaulting Underwriter for damages
occasioned by its default hereunder.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>11.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Termination</B>.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">This Agreement shall be subject to termination by any
Underwriter (with respect to itself only) in the absolute discretion
of such Underwriter, by notice given to the Company and the Selling
Shareholders at any time prior to the Closing Time in accordance
with paragraph 11(c), if, at any time prior to such Closing Time:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">any enquiry, action, suit, investigation or other
proceeding whether formal or informal is instituted,
threatened or announced or any order is made by any federal,
provincial or other governmental authority in relation to the
Selling Shareholders or the Company, which, in the reasonable
opinion of the Underwriters or any of them, operates to
prevent or restrict the distribution of the Offered Shares or
the trading of the Common Shares;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">there should occur any material change or a
change in any material fact such as is contemplated in
paragraph 6(m) of this Agreement which results or, in the
opinion of the Underwriters or any one of them, would be
expected to have a significant adverse effect on the market
price or value of the Offered Shares;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">(A)&nbsp;trading in any of the Company&#146;s common
shares shall have been suspended by the Commission, the
Reviewing Authority, or the Toronto Stock Exchange or the
Nasdaq National Market or trading in securities generally on
the Toronto Stock Exchange
or the Nasdaq National Market shall have been suspended or
limited or minimum prices shall have been established on any
such exchanges, (B)&nbsp;a banking moratorium shall have been
declared either by U.S. Federal, New York State or Canadian
federal authorities, (C)&nbsp;a change or development involving a
prospective change in Canadian taxation affecting the
Offered Shares or the transfer thereof or the imposition of
exchange controls by the United States or Canada, (D)&nbsp;there
should develop, occur or come into effect or existence any
event, action, state, condition or major financial
occurrence of national or international consequence or any
law or regulation which in the opinion of the Underwriters
or any one of them seriously </FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">55</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">adversely affects, involves, or
will seriously adversely affect, or involve, the financial
markets or the business, operations or affairs of the
Company and its subsidiaries taken as a whole.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The Selling Shareholders and the Company each agrees that all
terms and conditions of this Agreement shall be construed as
conditions and complied with so far as they relate to acts to be
performed or caused to be performed by them, that they will use
their best efforts to cause such conditions to be complied with, and
that any breach or failure by the Selling Shareholders or the
Company to comply with any such conditions shall entitle any of the
Underwriters to terminate their obligations to purchase the Offered
Shares by notice to that effect given to the Selling Shareholders
and the Company at or prior to the Closing Time, unless otherwise
expressly provided in this Agreement. The Underwriters may waive,
in whole or in part, or extend the time for compliance with, any
terms and conditions without prejudice to its rights in respect of
any other of such terms and conditions or any other or subsequent
breach or non-compliance, provided that any such waiver or extension
shall be binding upon the Underwriters only if such waiver or
extension is in writing and signed by the Representatives.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">The rights of termination contained in paragraphs 11(a) and
(b)&nbsp;may be exercised by any of the Underwriters and are in addition
to any other rights or remedies any of the Underwriters may have in
respect of any default, act or failure to act or non-compliance by
the Selling Shareholders or the Company in respect of any of the
matters contemplated by this Agreement or otherwise. In the event
of any such termination, there shall be no further liability on the
part of the Underwriters to the Selling Shareholders and the
Company or on the part of the Selling Shareholders and the Company
to the Underwriters except in respect of any liability which may
have arisen or may arise after such termination under paragraphs 8
and 9. A notice of termination given by an Underwriter under
paragraphs 11(a) and (b)&nbsp;shall not be binding upon any other
Underwriter.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>12.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Representations and Indemnities to Survive</B>. The respective agreements,
representations, warranties, indemnities and other statements of the
Company or its officers and of the Selling Shareholders or their officers
and of the Underwriters set forth in or made pursuant to this Agreement
will remain in full force and effect, regardless of any investigation made
by or on behalf of any Underwriter, the Selling Shareholders or the
Company or any of the officers, directors, employees, agents or
controlling persons referred to in Section&nbsp;9 of this Agreement, and will
survive delivery of and payment for the </FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">56</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">Offered Shares. The provisions of
Sections&nbsp;8, 9, 13, 14 and 15 of this Agreement shall survive the
termination or cancellation of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>13.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Agent for Service</B>. The Company and each of the Selling Shareholders has
appointed CT Corporation System, New York, New York, as its authorized
agent (the &#147;Authorized Agent&#148;) upon whom process may be served in any
action arising out of or based on this Agreement or the transactions
contemplated thereby which may be instituted in any New York Court
expressly consents to the jurisdiction of any such court in respect of any
such action, and waives any other requirements of or objections to
personal jurisdiction with respect thereto. Such appointment shall be
irrevocable. The Company and each of the Selling Shareholders represents
and warrants that the Authorized Agent has agreed to act as such agent for
service of process and agrees to take any and all action, including the
filing of any and all documents and instruments, that may be necessary to
continue such appointment in full force and effect as aforesaid. Service
of process upon the Authorized Agent and written notice of such service to
the Company or the Selling Shareholders, as the case may be, shall be
deemed, in every respect, effective service of process upon the Company or
the Selling Shareholders, as the case may be.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>14.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Authority of Representatives</B>. The Representatives are hereby authorized
by each of the other Underwriters to act on its behalf and the Selling
Shareholders and the Company shall be entitled to and shall act on any
notice
given in accordance with paragraph 14 or agreement entered into by or on
behalf of the Underwriters by the Representatives, each of which
represents and warrants that it has irrevocable authority to bind the
Underwriters, except in respect of: (i)&nbsp;any consent to a settlement
pursuant to paragraph 9(d) which consent shall be given by the
Indemnified Party, and (ii)&nbsp;a notice of termination pursuant to paragraph
11 which notice may be given by any of the Underwriters. The
Representatives shall consult with the other Underwriters concerning any
matter in respect of which they act as representatives of the
Underwriters.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>15.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Notices</B>. All communications hereunder will be in writing and effective
only on receipt, and, if sent to the Underwriters, will be mailed,
delivered or telefaxed to RBC Dominion Securities Inc., to the attention
of Stewart Burton, Managing Director (fax no.: (416)&nbsp;842-7555), at 200 Bay
Street, Royal Bank Plaza, Toronto, Ontario M5J 2W7; if sent to the
Company, will be mailed, delivered or telefaxed to Methanex Corporation,
to the attention of the Chief Financial Officer (fax no.: (604)&nbsp;661-2656),
at Suite&nbsp;1800 Waterfront Centre, 200 Burrard Street, Vancouver, British
Columbia V6C 3M1; or, if sent to either Selling Shareholder, will be
mailed, delivered or telefaxed to NOVA Chemicals Corporation, to the
attention of the Senior Vice-President, Legal </FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">57</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2">and General Counsel, (fax
no.: (412)&nbsp;490-4531) at 1550 Coraopolis Heights Road, Moon Township, PA,
15108.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>16.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Successors</B>. This Agreement will inure to the benefit of and be binding
upon the parties hereto and their respective successors (and, in the case
of the Underwriters, assigns) and the officers, directors, employees,
agents and controlling persons referred to in Section&nbsp;9 of this Agreement,
and no other person will have any right or obligation hereunder. To the
extent required, each party shall act as agent for its respective
indemnified officers, directors, employees, agents and controlling
persons, but shall be entitled to amend the provisions of Section&nbsp;9 or any
other provision of this Agreement without their consent. Neither the
Company nor the Selling Shareholders may assign its rights hereunder.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>17.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Applicable Law</B>. This Agreement will be governed by and construed in
accordance with the laws of the Province of Alberta and the federal laws
applicable therein applicable to contracts made and to be performed within
the Province of Alberta.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>18.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Counterparts</B>. This Agreement may be signed in one or more counterparts,
each of which shall constitute an original and all of which together shall
constitute one and the same agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>19.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Headings</B>. The section headings used herein are for convenience only and
shall not affect the construction hereof.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left" nowrap><FONT size="2"><B>20.</B></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="94%"><FONT size="2"><B>Definitions</B>. The terms which follow, when used in this Agreement, shall
have the meanings indicated.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;$&#148; means Canadian dollars unless specifically stated
otherwise.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Act&#148; has the meaning ascribed thereto in the second
paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Agreement&#148; means this underwriting agreement dated May&nbsp;21,
2003.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Authorized Agent&#148; has the meaning ascribed thereto in
Section&nbsp;13 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Business Day&#148; means any day other than a Saturday, a Sunday
or a legal holiday or a day on which banking institutions or trust
companies are authorized or obligated by law to close in New York
City or Vancouver, British Columbia.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">58</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(f)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Canadian Final Prospectus&#148; has the meaning ascribed thereto
in the third paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(g)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Canadian GAAP&#148; has the meaning ascribed thereto in paragraph
(x)&nbsp;of Section&nbsp;1 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(h)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Canadian Preliminary Prospectus&#148; has the meaning ascribed
thereto in the second paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Canadian Prospectus&#148; means the Canadian Preliminary
Prospectus, the Canadian Final Prospectus, and any amendment or
supplement thereto.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(j)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Canadian Securities Laws&#148; means all applicable securities
laws in each of the Qualifying Provinces and the respective rules or
regulations made thereunder together with applicable published
policy statements, blanket orders and applicable notices of the
securities regulatory authorities in such provinces.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(k)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Closing Date&#148; has the meaning ascribed thereto in paragraph
(a)&nbsp;of Section&nbsp;4 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(l)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Closing Time&#148; means 6:00 a.m. (Vancouver time) on the
Closing Date or such other time as the Underwriters may agree.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(m)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Commission&#148; has the meaning ascribed thereto in the second
paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(n)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Common Shares&#148; has the meaning ascribed thereto in the first
paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(o)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Company&#148; has the meaning ascribed thereto in the first
paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(p)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Company Form&nbsp;F-X&#148; has the meaning ascribed thereto in the
fourth paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(q)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Effective Time&#148; means each date and time that the
Registration Statement, any post-effective amendment or amendments
thereto became or becomes effective.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(r)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Environmental Laws&#148; has the meaning ascribed thereto in
paragraph (q)&nbsp;of Section&nbsp;1 of this Agreement.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">59</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(s)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Exchange Act&#148; means the United States Securities Exchange
Act of 1934, as amended, and the rules and regulations thereunder
adopted by the Commission.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(t)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Execution Time&#148; means the date and time that this Agreement
is executed and delivered by the parties hereto.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(u)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Filings&#148; has the meaning ascribed thereto in paragraph (l)
of Section&nbsp;6 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(v)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Financial Information&#148; has the meaning ascribed thereto in
paragraph (b)&nbsp;of Section&nbsp;6 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(w)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Intellectual Property&#148; has the meaning ascribed thereto in
paragraph (u)&nbsp;of Section&nbsp;1 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(x)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Lock-Up Period&#148; has the meaning ascribed thereto in
paragraph (h)&nbsp;of Section&nbsp;6 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(y)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Losses&#148; has the meaning ascribed thereto in paragraph (e)&nbsp;of
Section&nbsp;9 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(z)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Material Adverse Effect&#148; has the meaning ascribed thereto in
paragraph (f)&nbsp;of Section&nbsp;1 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(aa)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;MRRS Decision Document&#148; means a decision document issued
under the mutual reliance review system pursuant to NP 43-201.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(bb)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;NP 43-201&#148; means National Policy No.&nbsp;43-201 of Canadian
Securities laws.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(cc)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;NASD&#148; has the meaning ascribed thereto in paragraph (k)&nbsp;of
Section&nbsp;6 of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(dd)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;Offered Shares&#148; has the meaning ascribed thereto in the
first paragraph of this Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%" align="left" nowrap><FONT size="2">(ee)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&#147;preliminary prospectus&#148; means each prospectus relating to
the Offered Shares (i)&nbsp;used in the United States (A)&nbsp;before the time
such registration statement on Form&nbsp;F-10 becomes effective or (B)
after such effectiveness and prior to the execution and delivery of
this Agreement or (ii)&nbsp;filed in Canada, both in the English and
French languages, as applicable, (A)&nbsp;before a receipt for the
Canadian Final Prospectus has been obtained from the Reviewing
Authority or (B)&nbsp;after such receipt </FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">60</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


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




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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>o09961exv5w1.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 for the Years Ended December&nbsp;31, 2002 and
    2001&#148; of Methanex Corporation, incorporated by reference
    herein; and
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<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;28, 2003
</FONT>
</DIV>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>o09961methanac.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o09961methanac.gif
M1TE&.#EAV`!S`,0?`$)"0F^,ODUQK@$!`6=G9R@H**2WUL#`P"I5G<//Y-+;
MZPP]D8:>R*"@H-#0T+3#W>'G\I6KSQ0R9(R8K/'T^3EAI1M)EP03+____X"`
M@/#P\.#@X+"PL)"0D._R^/___R'Y!`$``!\`+`````#8`',```7_X">.9&F>
M:*JN;.NJ2B(F\FO?>*[O?.^KCX@H(A`Q`@]!("`04#"4GW1*K5JE"871(&)V
M+='%(N$18S`(!#)Z;;O?\)U"^WG0@T,!1-&,!"QJ?Q5B"P(/<8B)BFX*;`Q<
M'T0B`A9="UIBAV(,&&(("0L6#&R+I::G+!!L#S4*AW4!(DES308!%;=_"(2$
M`1"HP,&EOS/$!D*1%4:5'P*7'V()&,Z<GF4+"`:CPMS=5HTBX!\)KPJ021\0
M#`()?KA)@H2[O!:0WO?X.@FK=)*1S,XF+1`BQ@.&00*N65!`*$(A4ODB2D1!
M[(,X5S-B?;#EP9P`5TT"&%!C81"ODQ9>_TU<R7(<L0>OF@P!^,P9P3$'"T'P
M9*"7&(TM@^)3%>[.JP2Q/"J(8,#0N@I*$#@38_*D&"="LP;;%ZZ&MB'*/C"H
M.:;9`@;0<.ZJ<"V;SP45(&J=BXCH!PK$(!`S%VX4A"00R`DX,EA)2:N(X])=
MG"B!L5=?_TUB%F"@66G.'G0*]8#0V).*&8MN8]?NG'!"(/B!8"`!.P9$*JS+
M=1@Q:+FC<_^P(\)6GB$++,D8BU:,@6D+`FQ>T'F3U2*ZH_^@P`:OB#TB**16
MP"`P]P>P;\T^/-5V+^GH<SQX"1FMY`^5C92E9E8SU>4.?UJUE[[_"E+4=77=
M(7-$0$$6#"20(/]AN"!0@1J$5&6>!17Y9R$*K<GRBC\.R:?%6%PX@UERUU2P
MW&>)7:CB?]71<2`%"JAV('=(,3";;!9<)8]YGJWH(PD8;01=!,R,)9\,E:'E
MS''.F+B+!:"(D9]5%/[XHW5W$0.C17^]V%T$"KK&!"ZX$%)>CCQ"9Z6%?_6F
M40)A]13%6+^,A>199G'2)$/&\1C-FA=JJ:6+-<QH(((*KC.85!:45Q6:MJD)
M:'^\;?1FD90%!]]\.#FCG"?-)>=G#9.F%V`Z+FJQAP$OSI%@!."Y(QX@<.TH
M!J3/E8I>8#,@,Q)PP(K%J9+)(<?6K:%69EZ%NDK78G:-:-'(/HC")D#_!0](
M5::.5/F97+/2M5G'D,QTN%%9E<E`#0:5!=!6E*+ZR0RXNCU[E[0P:C<C`TLE
M82-4.'*+#2&X(J82O:,M%0XS/1TI['!X)FDL&GWJQR-0"(]F;ZL<(\@=$>PT
M(<H\5<TC;\:BP32#>_X8*6R="X08,P9CF5A9!?"B."K*BYV:#K39R;`/JP:H
MYB\#LN'HH+*AV,JC>_<<`,#45!.PP@945XV"`UEW[?4)7H?=M0D9=&VU"01T
MW<`(O*;C7@(2A'T!Q.I&7&P,$&!`@P&A3H4S#>WP(ND(8H?M`-IA;U`"!6$?
M\$$&`T0N^0".IT#`Y)$#@,(!F'<^N0F<>R[Z_P":EP``YJ67<`'F&5"4W>F>
M4U!T!#1:&P"<9^2>^UJ"ZPZO&">,WGGE)'#@^=DC7(YY`2)`WGGJ)CC@.?0D
M."^\Y*!?_[P)L$M.O0B=MTZ":N$D-/HN7!!W&<VZZ^X0TV?Y?A(=)&@O.?$D
M=#^YXB*$CGGEUL,<_[@W/10$4'C,*X'_[$<Z`D[N>Q\(GPE(`8$&C(X`LU/0
MT09C@?;ES@-HF@<G<O<[YI1@`PRDW`FDUSGD%:"%(SB@Y)!'@@4^T(`,_)X-
MM?<]_370!!(<T'7<\T+1,0]$>=K4`CR8.V4I:X1G*"'4^I="_)%`>9@[G`P'
MH`'"C0XW/O0>#B<G/O\1;.``:#Q<"32`Q@-DH&S#0R,',J!&$A11C"5@(1E)
M0,$/Z%%T$V"-@C[6!*0P\0P0@!\4,1"JGRBP<R1@8QN[>`(-K`YU?Y1<!_(W
MNK45;W1E+,$!0WD#&;(`AH_$W-IBI*$97')T$CB$^FRBMT.>H2>>T9W."I%*
MR27P!AWPW!WQZ$4CEF"8K$.!#TEI`Q]>X)3)[.7][E(=4G3NE9$K`'?4X1IM
M%$9W>9/?/"*@RY,,SH80;`$R15='$81Q<L2S("B5&<T<^#"=]:OG"'9(O""I
M0YZ3`VCD+C"60R1I4P+PW7%T)Y5HE),781F!\6Z8@QT&T8X/'.;9-*!1?7+_
M<H\ZN"<T)U<`KZW3BFP+HP9\>(`L("$"3S$D"4VD.USB)'>[U%0,4;>#=_J2
MDOGTW@$5=T`;,M.=#&R!2%>0PO^EHU"Q0"'FK(;%R+5NEO$S"`EO>@80.A2G
M5A$E`U%J`JF*CJRH,ZM5+3DY`AB5GO93*D]58%'[54XN,N3`!R;JR^XD:#!(
M"P`YMZH<W2E+&DT,:_7&VH*JMA4%//6A8\_HT1&L4YCJG&L*ZJH]!]"!+Q:Y
MI@@TT+FRC*4($MOJ`L*)R*^>H3R$$*M=6\!7S`&U!%/=J_"L9D.R1M!^^`RJ
MY(Y:PZ9^#D`BJ&WD7,@Z!=S.1H74S%9QT3YGL!8Y_Q"5K?8&F`*.BFZ3V0/I
M92.GN-Y"%K@MN.CF6OC&]L(1<^%X!7@<.X"23JV%IQ46)[0:Q;.P17[5-:?I
MDLH"^DKN`K>E(DBW.("SF3=X\-V!>D_`3P=^+CO0,JXV"1,R`0SV#"A:Z.X"
M++@!!U0'`CU>>(<[6M'Q+\6^A:2$*UL"Y:K0Q),#K<*":=S#K<M.#\5&^T3\
MVI-@[`,LS<$&L'E6:0[`DQ^@+_**6DD9YX"TF`-O"F2(TC#>9011&.]NE<``
M;3V`OS0K1(ZDV]7V%6R*2'8J#M;)Y/K>%L;[[-P`J;QB[.F@PBJ0(7>1.KEG
MNDW!QKT`+]OEP;'\H1"V7/\.(0X69WCB@+X%R.1R%VMIRSYVIYUVLJ$K.KP5
MF-+"F6.;"`Q,M0O<MW/'N%82/A+D75RW?5:AGPB8[-O->LYQ!B8>GT7`8_)R
M6G*#1K3WQ,8"0&_9RA_UGCJN$P#/Q6P<UY9A`QR-`8<@%L0^*2P3%2O<;(JM
MG2-@:VX_H&Z24O*`[<1R@[4;N?42F*ZE#C2T1["]BL@0@X&AP)=2/``)L(,)
M"&``FFL6(33K3L"X92RJLPG48G_:L6@S]A4CW.?K-;MSZ";;OL$W5_!4>G(3
M.!?$'N`Y3IS6@^TRTR(?S@LX_W:V);#X-#$*\I/7.X\#8*8/QQA74X]\X@.`
M,$7_J:/6;+YH:-[QG%2RT002#TS('BPAJ?@M\1$L&97%W=[0N9=@GR?]!`S>
MGM$YG@)G*MU[H,UK3V30$R$$H,X2@$N:K5X>(O>78&6MXC$[5X"RFSUR#7!`
M&]%8R14NWK=G?+SDT\B"R"^>!8I??,@_(/D-8,D!$VACZ*DE.]:HPQP3,'@&
M))`&!UPKX4TH3(XD%(K8QUY"1V;W`10GR<FC,<&33_9H@\\S5/5%%F$!A18Z
M([1K]P0M^>5V91"0D[.\Q5N3+GX^L,3]5PA\'`<:ATMH]]<@@`Q.GII'>4QF
MLI-IWQMMTS%T&!(%4#1?"*"`/B^)D^8%>$!9$3`/CU8(_]B')^_7#=RG)=['
M!8W`*OL0`>I@-`O2%$A@&`-8,DZ#?<QR@*9P&A8A7RS##)VA!?:G7R;X?&E&
M?<JB`"919@+C+;E'`@[07IO'@=/!!MCQ@=F!#-J1'46S#WZE#A18(PF'`#ER
M)@6(&!LH`@[P0@``1P`@?#:H`U@"6B:7#+VQ6I&@A79B@NO2&393$"9A4SEU
M,5OC:@`"`!<@A5-X`QZX)3IH$9#0@P7R(A#H5V)29N)A$NM',$E("$N(9)K3
M/:TS-6W(`W`8)`^@$=D"'%'0$Q]B6GCB#*@%:<KB`2TH@'_X+2LT`(KSA%&6
M="C$AH>X`A[XAN6`#`IS%X<2@?\+4B,,T"BB4`&#4`$AE($%B`"X06RE`P!N
M98@?4`!05HHJ<"IP2`$@*`O0T1._H'S"(@3J$WV0]AF8N`DBI'X%2&G5TXN2
MXTF@2(RF2`?B$B0ZA@S3AA?=@2"LP1W:L`YJD'!041*W>"N;Z$@IT``)!(HE
M)0(%H%?@B`*G<HHUL(B]02[`$8D0HW^5F%#4.!4C\1/8B'T(X`$J,(I(UCIE
MPWE<](\IL!>?]5FIB!JH,@KJR"^/$![O6&:4@(3T6(\+46"%!XH=@&`%0$,<
M:0)9,`/GX!Z^$0D((!\PDY!F402>PBY"-A4/@"9,`S]^PA\I0`$%4`#$<P`E
M97@W&5__.CD#1X$,[3"2^Q(F`F`+1V`!?Q"+E&"+3^*']6B`+:`!D%-2+T0`
M5GF5(W"%!"DD,P&4#[,I:%$9E:@<#9D)2FDF21B#*]![<TF7(]"5<K@R(FD1
M)%D[2.%-#]`@@26/GK"61J:8B(`.XS(34>`06I`N201D+Z<L%*`LE>D<+^@G
MALF95>!<&:&,,.)<@8$4"D($VB`;`1"+?]`D$8*+A0F;BA"`>2DLHVD9E*A?
M:<:09C`5+&B-K<DC3DF<;_!]%L&5OB`8,+4.HM";L$>)AS$()E,P!?B2UKD(
M2?D%42`B220BR)%04U%]V5(Q!(A]6)&>I4`'3=$.3.!-M'$M_RI)@.VGF;>"
M#/IY"MUA%D(`G^M"B=BU'!`@0INH!PG*#91H`+R9+0$`(0AAH%;Q"1=Z#X/`
M)/&S"PE%",MA`$IIGK:1#2,Z%$Q09K:(@2!Z%5L7H_?@`7RS'!0S!H3PD-;G
M)PD7B#IZ#[)#"6E9CQZF:T<J%*SA`=<"I*W9*(*5HT^:&S$`.#2PBUGZI6`:
MIF(ZIF1:IF8*FYEGE0=0@]+!0FPX3%()#*&SII&#/Z'#ILUS21<PC#?0A`60
M`010`%JV:KZ$IZ.A/'R:;H0'#,[S`?)T6XVJ`LIS1SK`40W07AL@J"-@0?WX
MEA=24JYF;PW@7:,6#)?S2T@57%(UB/\_AP,=8#64XXM+YD7\\T(6(CT=<#J[
MZ#R'DVH:D*NR*@(-0#6'XT9OY(N4-*Q3HT9O!*QZ=0!I`P">]$:.\T(U*:V[
M-F\?`*P$4$<\=CAI8S7`"@#^V*S8JJP`<#@`X#A!)XQ(ID:GLZGBXP#1ZH^7
M6C;K&JY=M`$9X*PCP*ULD`$<H*_\6CD%2P67LP$6E*AQMH;*PP%0.0"7I#F7
M<P$O]$R3BGBA>&`:*;$#-5%%Y`!2M3:0)%5Z=3J7]$LH6P(56T0;H%8#.U`2
MBV3LF@$7<+*5$Z^+([&!JD*GJCSWQ5L\NSJ*$TR^J*W+=3IR^4,6Y(]2$)7L
M]D.#=V!K$TS_".8\(]NH3OA;=!0Y'#!1!\!C6%-?IY.N=3I1E/5D$Z5;GCA1
M#K"V)$<]B'>G()L!\H1&]48`K9-T>DM:7F0"QK,V*&0UD--%4!N,FL,Y:V,\
MFY21B`L^I;./I]-%:D@%@\N/&TD"4E4`EV0UI_.GGVM6&=!%6-8!)@LYSR1/
M<<8\<0D[Z]H\,\MC;IFW,ZL\[\6$5J5`4U-$CR.Q762[L/,!F<HUCMH`!(`\
M.KM8:A2JD.-.O9BX-Q9T_5,VH1I!XF.(QJ-7VBH%P61?+\2G$Z576[L]#:"G
M:?NVY%6VH<BZ#5:Z7",Y)]M`GQMGK*HYR)1`8,MY;R1/G"N_/^1#__C;8!S0
M`37)22)7JYK3O(+HO!I9.=+[EAFPC];+P!]P`020O53`N5DCM;"[D<O%0KOW
M1AN@>/0:.1W0J!5;P=(;EUC6`*'#`6VT.IJ3NW&IPGLKO;E+K1U<K?55PS6\
M.N*3PQE`/!1PPD,\8,F3=)#CP`E\=L!HB)SC.*15B/E8.M*[P*%(`*7J`Y?K
M:1`QORPTQ%ZK/%+E5I'SOEQ4P\L%MG?J/&_I7=WJM5A&`-\*PES+8Y7#8W1L
M558E3QS`0OZX7'?;`I"S25BFD9O$.1CIQ,^KD:W#N$C&/*1EQ==;.L9CP52P
ML!LWC*DVI^WV9,'X6$SVB8_5J&5K<87WJ+#HM*V18[B?)KS8Q#Q,Y@"/2FB;
MU@)?IX;:ZH1$V[L4#,69X[OK:ZW@4\E<Y[0_,$>W=;`Q=,3\F@&*\\S0;$;M
MY3A218.C9<3V:K>.*K#;VJQ=9*SZ*[#]&LYO-%K5?$+MY4ES1$?G+,[9K,,O
ML`'1"F5N^49JY$;"ZDD-L#:<8\1J]*MV>ZG-4SG]3#A;'!1HJY]1O`.D99-!
8D<(,?6,YT+1T$:X)RJ^DN`+Z_`(A```[
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>o09961o0996101.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o09961o0996101.gif
M1TE&.#EAH`(3`:(&`/___\S,S)F9F69F9C,S,P```/___P```"'Y!`$```8`
M+`````"@`A,!``/_:+K<_C#*2:N]..O-N_]@*(YD:9YHJJYLZ[YP+,^C8-]X
MKN]\[__`H'!(M`UHR*1RR6PZG]"E($HE3:O8K';+[7JKUZ_8$1Z;S^BT>JTL
ML[?NMWQ.K]O1\;LSK^_[_X"!(7R",H2%B(F*BV^'#`($`@`$1PL!EP0>D`0!
M'Y<!F1,#`9N.#*"/I@NJC*VNK[!(K`(%`[29-@`#D04V!J13EP*=N9^=!K0#
M`P4`I)W`P`8`Q:33DKNHSK^Y"I`!M<O"S]7``-8%R,/?`!:LL>_P\?(;LP6\
ME/8$!+7VO?K^^6[="[5+&JE^W_CMVZ3OUJY:"WOUNU5+@3):["XAG/@0_]+$
M?@9ZM9M'LJ3)DQ!F[=/'<B$G9I'^0;+1$MV^8P6;%>0U#-U#C9`,/(SY+2@O
M4J$BT5*@\68!4`(Z]J)%JX#-62BS:MWJ2N6^791F\C+`:]=,2!=?BD36:QE5
MB4#Q*?,7$NQ,B6^1*HCTS1;>IT_+QIR[:QE9K%P3*UY<9Y:MQZ#X4LKT.*RM
MJ`',1H7$3FA#790F->54*JKGM)P+BS8M]$BIR$0KIS4[^=LQ"NX8Z][-6PJ7
M;R5L#PI5(7?OX\B3GS!.HYF)2R$"="ZNO+KUZ\NQ1V"NO;OWZMQWA_].OKSB
M\8S1FU_/?EZ1]_"'7(Y/OSZ.]OCSZZ>A?K____\`-A+@@`06J$=_!B:HX((Q
M(,C@@Q!&"(*#$E9HX84/4(@A5S8X,\R''H8(XH@BEDCBB2:FB.***K;(XHLN
MQ@CCC#+62..--N:(XXXZ]LCCB6%<X>.0/Q)I)(P-=%CDDBTV<.233$9)Y#`;
M5NG";4+>MI4;6C+!Y6*^6"EF"D$RU65676H879*+03?FF\&M8N9Y3D+QY7EJ
MPCEFF;^<B5*:4`"JF)MZ%NH!EG,F=N<>=>*Y'W2$/B"=`Y%*X!P'A$8CZ2>)
MFL=GI2J`.JF3G$(@G3$P"-HG!)=2.BH%H#8JYPS&^*E%K)X^M12EZ#R59$45
MH,)!4&RM](`MD71#7'G_B*[J@E73[77F2FLYP$E#E;BP:+6K7`N!6^UDFY*L
M,:R4K!AAYG<++:#8`X!55NUC5;;+Z!JO5>VJ==-*"872;T*!Q6M1)E#-6U5,
M!L/;;L"`697G(I_::D)54\A;E,5[98+P4_5^(^]=W**@ZEI5U>L4O@J\2PE9
M]ZKEES\44VP)FS/H<\F[2%&<,+[\)H%K>0Q!-`E52[45RKM$PR616U/Y`Q4^
MRH8#&+L%'=9M0]>BU5=@7T$D=53+[M;LSR4H@PU$%R]3F+R!,9T9NTKI\Q@+
MVU[!D#>`0=4-7)28Q8_:4\F]&5BSSEQS/K:)5115UW;]\`7IX@?R3NP"IVLH
M_U79@W=(R?@5US2`1PT8YQP31,`T7L=T&"5]:?P587D3VUO$+;RK,#YO$;W)
M)_RPVQ-4FXSR^"DT<YXQUK9=91&\9[VT=D'!(\62X8672YS1036]DTO#!RLQ
M>48UG+?'EUOD&MJ]>C1^P_?XFGG1"_O+?+UT;<R+PQ]_I-=Q8W]?`S-U^0A%
MKJ`/IDS$8H&A2;W$A8)MP6LH%`%.LHKBF;@5)5Y!F=P_B+.H<C%/7JI;8.8`
MYK\51.X_K4I9"245+14R)5JO(AX#FG&,&,K069,BFWAFI<,4O.IGF6JA)58(
M`E7)RH872.$0#4(N9#3A3-#Q1F>0&(,>&NJ*IN(A$?_AT4$O-9$*I+!3][`8
M(=HEQHA,0*-6K$C&-OY"BW2Z81.ZJ)43NO&.Q<O2H(KW1#YNA8VPJI4@!TG(
M0AKRD(A,I"(7R<A&.O*1D(RD)"=)R4I.4AW.@(8E-\G)3GYB%,;`I"<A"<I/
MB'*4J(QD#1QTRE0FLI2N5&2'8BG+5M)RD+.\)2)AJ<M"\C*2O\QE+Q7YRV$>
M\I3%?*0P-VE+8!JSD0P\U!8G,$8,5/,"@%Q!-GTX31,R:DVD`@,6Z(BI;HY+
MCA/*`H7L.*QOIM&<(H/G<^29G3F*(`[;?,$U,>7'#N134OW4A#I'\,\,N7,)
M!9WG.P_:!A%`D9[>%"<Z_0G_T>J]L08#O2<K&>JSBA+4H]$!Z3TYVLYP4F&?
M&U!C.<%IT0^@E!X?':D]GRC2(M94FB3ECT-=)=&3?G&EZ9RH0,>YRE-T@H8S
M'`=3'N%#,V4DA\_HS$LGD-#@W)2B.9W!1DT:A:EB0*4I!2E82]I3FRY`&8,Y
MUTS(,A^F+@<=K6L=V";14B14E01WG14WBD$E/N259AU*AW3Z:M`13$,:N;!&
M,PA+AIURM9Z)Y2LQ"NM3=-I-$NE8[&0?VP$Z0LH7T0#MF:YY66(,PQK(:.$Z
MPS`59]A"616;FULGA@Y?*(5S9FG60G=[J`(.;G#(RHRI;FH8L8@EN-%THD,+
M:+;F_]*&G5LUJLA\^YC!$24/7L5F\2*#C.H^!KD\+:(?V<6YE\SD(@,08C6+
M&Q/C>B.:%")46Z9@EE4$X[=U%4%M8]N)TQDA*NS([G!I"H)F:*P3]D`P6-([
M8(+N]S!3\`?K*%M@HV""$Z`P6]CRJX&'HL#`9$$P)]Z%5@8WMJP7-<B!0\*)
MNLA-B'_M8F8P@0SJ-@2[+`".;7<LM]$650',B(IKLA6FS'BK&RFH[1':\BZ+
M;&8*`MX4@4.PX@2'I$]@@?%5'SQA@H&MQ;.-CL;,44"ZDH)P`84I9TM0Y1;#
M]<NJQ0(:VXQ@+.L#AF+MISIPX=L]@RO,24X'A,EB9S`CV?^AMP&+D8DB:*$@
MA<B!]M@H['&$S$RBQ5$.+T)%2IEAA$58D5"&ATF@Y**,@B!"=H.&4'&9BYA&
M%S09:P9&C8).9]C3>S&"K!N*3EM_.BE"UE*,OWA:F'`&TW!+<PF4C+1)._DR
M@-9$='TSY4V+H-+8B,PSKF%BZ9(@$Z"YQ@2Y'6>"5MIFVD;&)91QXJ!Z&P7G
MQK#-,LMN92/4C]B6=XNKH0P\L_30CR#&RM!BD1JKN@7@-DNXM]&::,57I)FV
M=Q6OBE5KS]2+_^Z4G8@JU+`.XJ>=S>@@ILUKWBKAKV:].+7=O<3*@E'BV,QS
MM(>*8IQ^7.4GISA0<YY50SCVW1O_1[%(A]UQLKI\0B1/0L2!WE&3EWSE+M5T
MT%\^<X^+M^I&[VI,A6*?^<2'R%VW#SNM;G%/>/T]KJ[/6>VC%/J`O3YM__HS
MI&Z%L-=G%`ULE-C3#A^\=_#L[XE[WR4@=L''IQM72*\Y%L_XQCO^\9"/O#F(
M+/G*6_[RYG`0RE/N">E@_O.@/RS`=3IZ6FV6Z34(O>HMO_DFVFWUL(<\I/BH
M^-C;?O*$O[WN1>^FVN]^]93_?>PUKW.R2U/XL.>3+#A\I;FO^9[(7WWK`7T,
M240_]%$DE^^O?_GDKH+[H;^L1<#_^>"3__+$K_;QSV]YY9->N78]?<LGQG[6
M%U]0UJ]__^1G'^;MZ[_QWM<-_R=Y>B04`PAYYG>`C9=^3E=."NAX[J=5S-<"
M_(=ZT/>`C#=]%E5]&)B!\I=B!MB!N+<=(KAXXA>"H'<SB^=YL)>`'<B`9;=^
M(AB!"W`IH@)2-/A&SM%#2F0!V?=\@U""2'4"^">$%3AZ_J>``9A:0EB`25AY
M=R8:3XAY+HB!,,AS-M6$^24<5<,4-W!S\,<`0?9@"X`.9+"$PA).M%8"^=>!
M&EAZ'%B"/T@]*-B!2]B&+XAXXY>"-J,VR!)J-D.%WZ>%(:5^%$6(87@*O7!I
M[0(V]>)I<=,+C=A6[98'E0$*BT85RW`ZFYA6K/,ZOA).^%1\>/_X@&\(@LI5
MB@IXA&$XA?]WAT+(>S@1>LTEA0K4-RQ8>57X@%?8=%E8@CGX"V8QC+X#8*2A
M&;>&-Z=#6=BEB3Z!-YCH%],`#*81:B&1AM*UAE9@A*2H=]R8B%KBBOH'BX08
M)N+H>'T#$T9F-C2ABH^WBY$G9(_Q>[T8?R&%B'ZU.WWC#5_8-[E%%I:A,N>4
MB`8T:>;U$E#A%^KV(17C"X$A9:/80-](A(#UC49TCNQ'CL"8*!BY@J<S-$8#
M%K4AB`+X>5%1"YC1D02(:(;H@!M9>I9`$ZN##6'!5G;17\'37LP(`2+!%[V3
M5CJ62;418<*AAG27>H^WB+;!>.GUD;K_=XIWXHX#.(=+=59"J)&--V,ZD94J
MJ'LGJ)*/QX*G0D/E-XB@QPPD%A/I&!HFR9(-&%;X&',O=`I*U$/!Z"K&,(1'
MB414J7';F)2<J"NBUC:2L!F980N@\R&Z('OW5Y%RZ'S5`Y;<AY49N(C+0)8)
M>3,J^`F8.9:/YX17:9:?AY8<(V1],PF@5X\T\%==F8<PV2`3F&.0.7]L"'D)
MUA`P,S6AECR*\Q)LZ7A0Z8V/"8X,()G71YD>>3K[XA9ET3:3=C:TT6^?J8=U
M"('6=UHK.`WEAX"BB7FD>9C(TF].B7YN&8.'&):>UYKFD(NV=Y=AQ'!`>)0`
M=PB:)"1\0"5?__6!SD)_2?EEG8@1RKD)@3$)(ID9:(F>(N.8(LB*96"<T8><
MZXDM_D"3EL8)BI9>7@,3X[F`'"EY=]879'DMFYF>)/HNW%F29VD.@`$6X(":
M;5F(;]EA[+EX45@+C/<2],AAPE%FVQ98SF*#Q&`K=PEA@7$J4W`ISD$ED]*#
M1AF?+F6;%\,XMJ&<?G-LWC`83QB<,N2.D96+@_5[?1F.LG>=7CJ-NP>A!I8[
M%AJ-!'IJE@8.H&`[,YIYU.F*-]$Y<@,1-H,/Y`,;Z_".W6F%Y8F%G0=Y=XJ2
M#M,/-Z%H",&H2PF!.OJ)OEEBE%8:E2HX0LI\K-,47(,UR+,1-Q$!??^YG[7Y
MCMJI#HBIF!\R']-HF-?`F`GJ5NZX#\U@HS=#%"7*F9C9#+!ZD0A(FNEU,\B"
MG9HYHKRJGB.8$K)W:JCY%4-S#1ZC%,T*#D8`>:`9>7V3CAH6I\T%&+JP"Z!S
MH``8J+PXJ+Y8J(]G&7-AFK;!CC@Z:?)HH]/YFDPQC/NH*[9UF$JA;4B3J?3J
MA2X18N@VL-YBC8;&4]J(E`O:C5MJJ-I38I,QC-"95G<!JW^'@'&#5A$K.&AU
M-QT[DHZ'I@?XE1X:/&X1:YP8#I/VK2DKKDQ)KHLW"EOI@5+)E?%HKO;XB^AH
MLN!P-BSKLW[A:HLXKP09D^&`BZ1A6Y?!%Y'_X6GX68D2L(RJTSB0"(FH8+`2
M,ZI0F9V\6GEY&99>NX*-*:N&6F)^2)/?BE;K0!@7,;3`.9NMB(#R6!B%@8G@
M61L&JK9N.ZXD2(B]YZ%OHV$6"JX:BP]I:S,N&[,PJZ+I=9G&@*MD24.G<BI3
MJ)JF=X_IFF&"*V3,0*F7>6K,R2Y$2PC`<&`-T1>Q)1.84!K^6K1GQ1(6]@\`
M012F&ZH#EK`7N)2)FY4LL;NB`;CKR;"&,ZL.<;)H.Q<SUKEN(1L6JWT(J&V%
M$6P8IK+99KQ9!JA]"WJD06:6!C9SNI*-YJ#(!X]DIIQ4.AC\D&'.LZ(6>K,P
M:IXN>7F;Z8%=*[;M_Q>;$>6Z%`!F!VL)P26J^KFUM7HZG1L6-U`-Z_D4VJ:/
MZQ@9C1N(>ADG9/N.;W,#"68VUO`Z_F4#%ZR5;XN*#6JM9^8,-[:I)VDVPG`+
MT3BG(FNMHZ!X":3`DGFM(DB^!.J]M7$M4KBH;=K#UHJSJRE6WSN`0]H"1;P=
MU2>D3RMEN!N$!G84UZ*QB$EFDN"/W[6;`QIJ.!.\>=>PPWFQ)=C"F6MI..,P
M9!9^=4J`GP%^-LP3(OK&0S-I%6J,`/;#[TNH,LB4%X&>WXNLX*N_ZRA$&/6O
MI1`J`4R*$=J(2,L2,0O#&K8VR9#%XDFBL:I7%DE[H9F]F'<Z9,R^W)N:'?\J
M>Q@FPT;J#)IURIFTGMC+A`B(FHUKHZ=Y:@:\F%^!P$3;>2T)EXY'K9$[PI.K
MRC-;HG:LOY$`:TA5*WTR#LH,*8(<C+;QS,7*F9PBS9R)BDO4Q!,2H;K`OIK[
MD9WC7*E3&$*SOI1<3\/+E`F&G9X&G-=9BMN+CF)+G%;)NR\F?1^IQ;K`GF*,
MCIA@9-S:E&@<OI$GG;7J-X"S-6BQOJVVRC7[?Y8K`ZPYIPJ<B2VA85Q#N9OX
MAURZA4>CO@EMT.WE/%/K)\%89%'Z-U/3-@HMDQ`IGT[<M9,;TR1*S9(;S9HI
MN?%,D1/\K=/@C\X09#([LSM`H,<X6!C!Q;[*NV+_*R*@A!F@DYXVZJUQRK?*
MFIKBUM23-]4O^K<(J'A"QK+-.L<7BC-AP="Q^-`3A[F-!Z=`/;UL"Z[K>1':
MYL>BY[K"HA=&%F(<G`X>$92JLY,98C>OA2R$9J&'<:'76)-,[-+9/)SF7)7Y
M-V*3Y],P\Y%D#+%M^URY&<]@G(&X"$H;:USMA9;:9FQ3_+*:O,F2=]J81[*B
M_#DQ$=9-*6KMJZ$GRLKOF&#GA]:I(L1)N7AMO6[(2Q,K*&ISO='_6LR>`S9Z
MC1%J^Q(+&3*%XU>C;*4:$V*S[:81QC*"O"H1N1RLQ[59N7_V5\F'%MF>)]>L
MHZ>DK7AH)85'RZ*(>:`,_UJ<P(EA,Y9AA]G#-7$J"`,ZDHW:5?V27(VQRLTZ
MC9O/I[N/5<S39MW5/0TZBP49U6K,U2H)=,W;+Q#1OYUY>ZH1@JO5A[FZ'PZI
M_^K`-=:XCL;!H4&WN*`1W7V7A5RW1U#C3:NYMM5=`&S-`@R\BYF53IV5YZBE
MYSQY+VS<ZYV2<2W<RGF8SAFX?XI4G>V1G^2((^PT<*IXW`JLJYPAEW>@&_JM
MJDC0[FN.3^F*4O3@F=O(CYRMSF6VV,#:C*?AS:?6KJF_%V"&$;`R`ZD>[YD2
M_2M=W\V?/NZ;+$'11O.;^S>VEARSH6%*ZQ9N<2W7A?E)^:QP&(S4F"SDZFT+
MPO\J&0=N?>3@U2R<>Y9WH,/P7#FSW\%SO\XBON.]Z`.]N)*-#20VXH&(,-6+
M+.[+>7A\GC.(OU1%5=T-?^K!I+2)L(S]I%#H>>W;Y+3-N1+NM<(+V=\XY=@'
MZXJ;VK9)HQJ&%F?#N1GFZF8>>6A)YCK<>.W+SVH>LD<^&[AN&8,[O2`ZS+@<
MH[,VIY`HYPY*QASZKPV@EGP.AJ80)DML$;&RA',RZ*5:Z!4*WWTQ%],N>:=8
MA,.9U#5LZI4'YJ*6W00L-RGKZ@7>X:[6E,"`7L`@F(5IZR&[N*#AWL'48^>%
M2;]K[S8'O[KLV:NAP*>UP<=ZK*=5#3T_HT<LC$#FA1__LI"GQ0W4%)LFG0/I
MD+1&O6'*[J2:8'DL$>>RO3:`**\47^T7I8KM4XK^#L\4_,'8/N<BN:'C&=2&
M.NO<GI2TW?%M>I",<XZNW>T_^]Q6[#>8.-JECJ*Q%^#O&.9S#L27J[,F"-"P
MAC98"J_A>9#84,>'#_#V=?2'S1!O$VIC-UL%;S<7=*6_M8]4+XK+?O7"-[_R
MR^CG#8',^EZ@I+'BQFV<J-S"XW_U/<_I^KND$1HIBZHTY%S&W.5DT'VB)DK3
M"`V(^39#;(*AK/?OS?<C?C;1:HR!C]O@U_QU?>\X+Z,AV^#?F@]QCBU\>J'1
MRJS_CN>K<`QF&!!%X:<-@1M._P_ZURVB#)'K@<3CB.S8$X,`IAHJ`.,(H9`R
MA!Y<D$`(4R$*Y#B$`T!$$64("S.O[ML2>@'V1/>K`$8>3D!TD\R6L:3S"8T^
M93&J[0D$#5.@CY%+^H1"/.=@\8#N"A;(Q-6"%)R_M)/*S.L7L+W_#YC7%^A'
MD<3!<L33,E'G46'"T1BPTJ)!F82'YZ>A4.!9\J-2I$$`J'DZ<01B8"I&"00$
M"+/)T$"(ZS"$.20%BW@7$'4),)@;>(NF>_.A59'RHUH)C3%=*8(!,'<#D^Q0
M\Z3UL64Q-AXT-\*RJV7&&441+^PT#V4(1=5WA94!\$`AX$A`>0$+]A/QYA`:
M?#:V=?_XY8_<%F$<Q.`[ML<8QHT9O7$T<,\%)AW]4JS((&J7JF@:_/T88B<"
MJEEG8C#(<*1*AH!&3BG[(W"@C*&K>+[I,*N!1Y!+/RX)^(&$-@C"JE:EVJ78
M/$/-MAJB,$:K4TY+;L5T`[6B"B,@BF0(8Z)M-"-Q1#:HY6T?,Q8<2(1I6Y%(
MU'43D+C;<U:DVA!/MD$Y<;&*`KU2*EM6N,S,O&TG((GI0**4I!R1QS(UC?JT
MZ9!PZEVV7-?%3$`?4C_]:1LC+28:;9?(.N='M0Y7/`S1@7!,$1X8F`_@H:HI
M:H]4$E."]2]#=!$4+Y7P]X:[8;L@;R^@'.$#PJH'877%N>+_WW4L[[#`DJ!#
MT=OC$TQV"1Z9/KZ\!@\4-37QQ#A33=7(+OEIXX$.YR0R16J]Y9;+A;JY1F"'
M5-V!&X89F6<3;P"(V%0WO$EGVB,@]%6$.4%0=4Y@)JVU"%^5P*)ABV5EUIJ'
ME<7VPET_GF</>C(AYPN1+AR81V(1I,/&(K"D\QPEC[10S50*9N*`%5$L%D<[
M$"B8$!S&'8:@&6EPYJ"#)0PW%VD53L>BB$#EB0MK0OXI6X@&E`/E`J8@<R@K
MYWDSVP(LF'!!+2!):J@>$ZQ8X@P]CN5B#G\UDM*9:82`37)&Y*A"(CCQ^1%U
M0`(*JXHS;*(DK!T6^M1C6Z2W!2//_\6("08/!,>A3+9,%D4<X4E2T7704/+2
MLU\^N5`X-ERKE7P/;*!E?)<X:2R>>FZT:9_%VNIAHX-Z<AQ/D9H4PP\&I%!$
M%_TU2\FL@L;0"+]='*'6`_0>QT@(T`*,Z5+E?J0!3\7DH`-,AD6(''(F@4;2
M22Q8T,/"'.'U*KH>[J8I."(#BNNL:D!;<:\FA?'K"HL\1R&(DLV;I!L4H43J
MC8^.(,Y]F+5)Q[D>I@FFN.,>XW%2)P.J;CFD;EG!H'(E`A=*CR+'RB>X2:I*
ME0TWC%);&G0&634M':JID66Q^O$Z3U_F#-SDFB?EW)7)&F*M>AM8GQG1Q:.5
M=@%I1;A58/\%>$NMO!P%5C,9;\W%CL#<<&#>?P]CH=U+\^%Y(49O?F>FGM`B
M2DZ?N`+I&//2RWI^K<S^-1.2@X2!(P"U\G(GI+8B@KQ>MUW>V^/^0WJ!8ND)
M,M')P^,V'R8_+T7*U6*!STN6'7YG)SB'HRQ%D4>^7._-:<FFYM0'JO3GA#2]
MY_I21(U&19TL`OP877O@0?YSK5N[)>!D+:(PF&?X![-%F``A_3*>I.!W#/7)
M#X(9PIO\H%>\OET0<(C9(..0I88/%0,K)%R%/P9B0G`-X7H>O`&ER!6ZSU%0
M#WYJH3\$E0Q_K$(IW2A&0,HCD&(PY47;@I*Z0+*">$S*A#X41L/_3JB4P[7$
M>\136`QQ(<'US9`0S<LB]4@F/239D%H='"/[O.>WEJ#K"/0)F0U?N"'WF0M/
M9@R7Z99VJ7DQ:E\X$]$*,/7`*W*QCE@9EZN<9T.^?4.,=;2>&UN8C\81<H6/
M]"`<F29(/6UQ19,\HAQ)=,E/*O)8S)OD)GU2,D2V$(PT8*09':E*2(8)A(UD
MH1E#.<=/)H6.A/2D+A=YQU^"+IBG_(,7GU?,0EB0D*.DU21A><SG19*6K[3E
M&''YODRB2)MMZR0?A>G+7XY2-2**)NF2B9@CF7-SK,S@]VI9QE[.\IW5K.0&
ML8D,;N8&G4SQ)C"%J:]_`O18@3R>*?4Y_Z*`KO-OS9Q>/?6PT+]-4X_RJ*A%
M+XK1C%[T0(/3J$<_ZE%\[G*@@D#H$D&*TI3*@Z,J;2E*6>K2F&;TAU8<5T=E
MBM-5'.](-\UI3'_8O,GX=*C0'.I0JQ/)G/:TI:!3JE$[1]*2H@9Q,KV$3YMJ
M5)QB-:LQ/5%!->G3I:KT1)HTSU%1*-,3'=(67)6IZ-KJ5G)R*JI1HBNF[#I,
MO,I5KWS%4$W[2B+`XA"J/DJE8`\+49$:$["*=1\_VV?7QR*VKU]%;&.%N=:Q
M\#.SD^WL8R^[--`:TJ20I:MD.XO7OUH6M4'5K$E;BUK+BI8)LRTG8$_K%-QR
M1+>Q'6AE#UM;Q_\&-K<FY6QO;TO:X.9&N;;A+0SYZMSCZE*UP&7MD5;SVNM*
ME[',#29=NUM:TY+6M=LM[W#WREC4&G>WQ3VO><6;&O`6%KKC):]>H_M>0]YU
MM9V%;:NR:]C\VI6*<Z4L<ON*WUP*6+J_%:Q\_>K>YZXFP@L69W+3B^#Z$I>^
M%98N=1ULW0!O>+ZM[#!)">R4!Z?XP!R^KX9-;%OC35;%S:4P)J=C8Q@O[;,8
M;K&+?:QCQ'ZXQ_P-(W91X]\@NP_%#"-R:E_,7B`KV<GH-;!G<ZS@W&)YRLV]
ML)6E#-\?<UFP0_YRD4MLWP(;><R?8_+'J!QF,3^9S53^[-CNC.<\YWG_)WKN
MLY^Y@^.`'GG"@J;S:.,+YZ@F.,MQ-G1D]ZMF]0)XS2..M#L=C2$W;X3&;\ZP
MI^6,Z:@VN,F]W>R6\QGH;X8ZS98>,(M!W>A5`[3,FSXN/Y,L84M#.=2:Q@BG
M:_UI6"MZU[)&)?&0;.OV%KK26EYVL5F]8C//&<PD7?2S>0/I:,?VUMIE-JDI
M?6V&=??7OG[UM,\=[D^.NM/;5K:J;TSH=Z<[FXB6-FIJPK]X"8PH,O;-74*@
M;W[YL-^1)?:\NUUE8+<;V2+^+\/!??!<]#J"B?[(!>+E&4CP#U>GS9(V>J!`
M()`UK^B.^$X)+IDBN.0DS:@%N078`'B99%<__SRV9D\]TIL[V^3T?KA>56P*
MWP'<''FT>7S!$J^@0X/)ULXYS\M*\`5:[2U:ZMG(!;HT-H#E:G,10;;9C69O
M@_W23P_$Q"5><8M+!CFM4,K2C8YDI$=(,GR1%\D+7O:3P]UW50AZA"Z!<].T
M_'4RX!E.4+[;P(LNU5C/^^)]CE>@ZQLN7FL$@7%[."M9*0:>@?NP'8^B;/.]
M%#<KX,['U8PS2*+M2&3[W;\==H>3F.R@3VR]^:KBZ@`\WSEIB>?)F^]\SZL*
MWFCZGFJ_7-'+0#G*T4G_Y)V;9OBE+7/0HPI^KQO%=X3QWD4^XL?NZF"7_//>
MY_Y>N]$)@7Q#I]#W=_\5AN(]&;`1^Q1O>)1G;W!#GQV+:9]U_AE-?N77:CQ6
M:N[6>+G6;.U7>P2(>^:&=\(F@-GW?0HG:9!'6MQF?Q%X,[,7?M16;?^':AH(
M>Z3$@4)F@-V7"SXT$#JG@*"'3A2@"D\6@W:E@B#H!S5X=2<V$#DH@LCP=>!G
M@A:X$>"Q$P2!$`]0;AD8@?LG"$>(0AMP>'($,$4($"60`9]$A%8E$(:#A0R$
M5E"(A')DA5H(ACS8@[1U5\RBAFO(AFWHAF^8)[_PAG-(AW48=HW%(S1QA7VB
M?4]'0;_Q!T2X:^N1"D67:3UA3(B((HJ8$8RX3T@!%)!XAH)P5Q$U-YM20[+_
M=$>>HR6^MH?&%GLBR(0.8(B!`![U!6@IF(KQ]8F$<(J/>%FK.!W]$$&M.(E8
MUP>6^#28.#H7E`];!A,I5HJ4>'H1Z#'7\1'!N!K#B`O@889,8XNU^(PI&(T2
MQXS'H(P?<XT:^%>Z>#*\Z$^XIBE_-!;9"%$()XJX5(VZL8UF1XZYU8ZI,(U]
M$H^).(^NN([O4X^`8(YG^%7>*#+@*$^7%DJCR$6PM%[<F">[8!L,N1'Y^)"B
M!9&^)EH&:785"4N>>(MDEXL')3KAB([GH6+Y<HY**("]YI"Y,9%,D`CE=%G[
M6(L8L9(:&4$CF9&U]X\>V1'^E)#SPFDDB6W%*(`:_](+-J58M<$\B@63%)D+
M,TDN-SDK/PF5>=>-.DE#O2@_U1&2%LF.=662Y:=I2_F0=B.6,DF6!C>*7%F3
M7$1N0*F!.<E,<8B5Z_.+.^>6Q_-`?<AS%U)SG(!O.=&4][B!>0`-J7-%]:B6
M9CD++\=Y-"&&C!ED53D%\X`T6A&0<FDM5$$9`!DN27:3]=('NT,(I2B.)_E`
MV,0&#S-%_S!Q=\D;4.DU^F-5@+<'E%2;4UF.&6F;[O..EB*8]V:#)@:7=)!$
M95`5T3`@>X.9]"`5-#-"#?("]+`]=TA;?/((&V<5GV`(@5@H/3F42P&51V@V
MAJ,_G)`GO;D'7@,S*,$_;/]C>WN`GCMV2679*I?4E^ZSF^4GF710,/_Q',\1
M#<AA`8MP`;`3#LN9!,^P,?8B(?FQ`Q7@H*+`/]W3;:YI._D0"3OA'.X)47OT
ME=Z'8O<)GQ+2=J40&AC`)XXTBNJY"A?P.QQ*F,\(F+ITC3.J;M*1GTL6G!4V
MG$E0!P%Z(XB@`L)!,%QP`48CD`F:'_\I'`W"+*CR,@IZ)YP5G[9S"^I'*F%P
MI(``)=ZIG]Z0HWF@#:=#*EY`%Z%DHS6`"RS:`?RS?(MI*?PR&;BR`7P`1V@T
M*S#HFXW(+WP&1YL2IHWI!X5)6R+*I=Q8B2M3)^XAI#A",-=QI`?ZD?0@H=7P
M(EK_T"Q>H",@IT(WM(DS$*A/<09N"CP+I'IFEPRE"9:;8*A-Z`#7<02C\!*'
M6JC\QWGL>7C8E#*]5P9MD'Y6*!!!(7\UYSV6`!6%QX-I6A9DX!YY1GR/8)XL
M>9-(&:RB4:VMFJ=+F*@)\C-=$!6-*B%8(B$B1P\(R@V#0:`\TRN3(P:IHSU)
MDUG8N@1#P#&=L!,%`Y6VZ:7>9PRXN5S@J8-,\$>10#&AT)YC\!8(%!=)AQP;
M`'#**J^X0P*\4P=^T9X;-X\Y&K$*X`@(NYYD$`2TJI_;6D=)>DL"E1=1E3DA
MN81XH*Q86"BARIL"2XH_6@X6T'=>HPA]MZ7<(1?E.7P"_P048;`UI!<[1ZJ.
M-$L;`V$*$.H_+@HW_IIN/3I&)GM-U,D`D!DE==F"CC<(V&IW$[LH,)J>A/D4
MTC&Q)@!S9.NJ2HL&2!6A`J%`[_(6?8>,Q4I`U5%\:&H*]O.CLT,2%8`)Q@2F
MV(24T)$"O$,72&E,6KM@^XD/%.%#+\`]?V*U"6H#O"!"T#,_*(L&*5(;BO*Y
M^/2R0:NJ((H'CG0!_D`"/(*P\?$2"+%R`'2V:JH'&#`OG\`_/SL4!A-\OALE
M*<M6!7$?]9(6NP,0`*<:HE$869NMA2`#4(030W&K7\`G-KJQKWH3S0L?I$*6
M)TFR!G(V`$,0!J0XF<@-YLJ<`O\S!X:`$U1U%83#.01Y'C2$N\]!?(#1";,)
M5$)1DON*?(.@ND.Z<;`#K%$1"EHR/)I"*WNPN@XJ%U0#-`A,!)3BJ0=(H[:K
MLAI\8D,9OE.@ALL1(?_I'.?C"^J;H-E0H`5$,WT1,]I0F4D35"_4!:V@0#<<
M%V5#!@A4NOC&LJ;IO'I`P*UCI#P;%4E7!0O,P7"TJ!+B`VWWH,OG.V')P;XE
ME')D1'8EM==&M91*H,>1.UYPI`53!ABTD_#P+AP#PT)0$3JRQIU+OY-!0W7P
M*P_J!5"<'S(0&J4*46JEER87FBSR&:5@L'Y'>4F,0"4Y*0Z\0&*P)?TS"GOL
MR+_CE0;_H$,\,"_N.0*$<"@1XA=Q:D3/E[AC2PBQ*2'/1[,-/"A#L<#-2QL<
M.ZY-T<D[^EZ0^Q@0XP/0D`*)\`K34JZ3:@_"\0S'&QR['`W/@)5::5@TO,.?
M8C;`PYYZ;+`T'#VA^)9ZBQ@[5(63(G_"VLWJ]T(NRR+4.ZQWL;\GM(+PIT1F
MRU83&S%`D*$N41",01>SA`T\LAZ4'":]:J8OPB3T<C#W$9LQ5S'QD05]207W
MFPX(RS5&(+NPP[$-8#$]0W4)]W1=["8GQ!_$81)(T-$G#,S6,A+_8BH>7;#)
MC+7=QT;DO'NT\`N[\1O2T5`;F8MX=2#&5\GQ4#D=N\/:D7'"_S)W\4(OH4'(
MS>*RHE&PP?/(11TA5\*Q,!($/>TBJ<JQP7',%0,)"NP63JNXP@(J&X#).%W+
M'YQ(**R),XQWIXM\\8=)/#1?\",/M)>$0T0*#0H&/+O';3`HG1R#8=P_L9HI
M``&@'D`H8I`_``T"VGEQP!,/!:2V4$%.5%`G#:H>%.LZ6ZH#'"M%3-IR.DO+
MYH71'G2YFKA6CBM5`+R`9G$,4D/%H_EZG'#*;&NABAP/9Z,C2JV[H'&%PS'*
M5&0!R3$IE6T+#ML%A0S-_E'<=<MZ(!$IPL%Y7?$3.RRK+\K0%!O42%G7G>W6
M_+JM[=`/$+`!D>L&AZ!&BE%(9RP%9?]R%K!Z"'.IS$:&31#Z%T)\8VJ-D]7Q
MFY4"(6?3KF0PE>*,14.QR_])"=6`R6:W54.AT>I7A8"W+=M"@@71,$PQX0J@
M0P"QTO"GX&,#$"=4(C7GS=U,O#]!SE4`19PW-BA>$-I+X0U3V]N]UB3+&#S`
M'6TL'CJT"SH#K$8M#;N\/%=I&=L`,!SN'P?!!97!M<`$E:Q`TKMW*M""333U
MQQ$7R+E`*"X>%55GJQ9-6SOP"!,,Q;APTZ;MMBBH;E4,4-E[</N9P"AA(WU!
M(0DA"C<RYP@;/.<-Y)4AY'4<I.TYU.[MN7(\"X4-J58CW;.--S^\JD',R6^;
M.U5#>HX2O=7_?"`7?`IXH!SX8]B@0U5+K$SK[(,05[^C3D-#Q(<6?IZ"5N4D
MJ"ED!>I`T;7A-IS#[*UD$J`Z<R9?P`(%M`8/@^<E%>2:22R!`:$D43/SNU9+
MW@S`4PZ`R\:93:NH[8)4C0ML0\B?3,AOVXEY9.FX244>"\D]8"C^++JFXT@*
M3"^E/`.,6^8JBMOXY)XMD$ZC#BWSU*?5*=375RD"VS@>+&,QT<)NWM%SD@:K
M<LR5,.?:H1UE8M9)P`,`,^P=34`]@.2!+JB%P#:9S@H(3`:!X,,?NM:I6T%L
M%==Q[0E().`L+N@A"$0E#Q)D)1YMMX<VZDCLR<T<\RP$[N4-:SW8__N,7!)%
M.H^BD>*MD-*)<?JY/MG)A#T&6HH-M;%[!6H!=7P"'',H6_QL/<I&OT"\1K`@
MQ2`):"6]/((=O\Y)E1'VF/"$`A$M,P+':U6ZH)H,3F15+R_AK`*8TNZUR8#U
M?9(HDKWR*N^2K>?A%V_X,_`)"[P!)B`Q&B>XW\&V]_FR+$"[UA?NI5"FBS_;
MEZ?'M%,*NW[*D,)ZB:T<<P(:>;W((_OO'O*N:]3P]V3Q03M0Y&C?H$=%!(9G
MK.Y)+:$H@'GU9<&J'/Y/J]XV\/<H\Q2SUK,Z\D<2'7_M]Q/VE8_FNVH*U?=W
MEQTCDB.AY3[]ZU(;*-$*=@T->M1'A3G4\/^<);K[V:!-LG-YB6;_-M%Y0?60
MY.8NF#RTW:\N#"*K]PA@NMS^,,I)*PR!C16($,6G8(RP%(]G%H`1F,'V.IOR
M"8.7&2:WSXT/X34`$89%5T\#&8)RS\(`A2-,!59I;DAX`&K,E"$'E4J[GNV6
M8"XN&^#%H!.S<@U'LI5<R)2Q;6=;(!UC%H>(B8J+%PXD/```.%)?`Y&7F))'
ME)E?`9V7'021CQ>?`%F?HZ"76WV@+*Q?5I$];RX,0!$Q'60B/""Y<0^_/`T[
MC,G*R\P+Q6,[208HTU8!!4<=1B%'0D<`5&]SA@X".Z-*+F9&*H-;=2$X>"T*
MJ`J6Y<@E,"08_B[_`/P)#(A!6A!](V[=XY=!8$,7&`@Z'$(,H1(1_QKZ(VB`
M(+V,#D&^,*>PF<F3RQ0^$A!I2($^`XI8N6'.$BF8M*#,@5*E9C=+I1Y$I(,-
MU2P<GN:TLI3C!2V8.V,ZM?.I!\);PVC$L`7H!@LV&RA&B',5I=FS*(,"$4N-
MA3D4<V9>PS&HT!!))=(Y^**@2[H8T^3%"R>S4)%"I4CP?9#U'K/&Y&AX*8E(
M5P._-!:C#:)YL^?/CASM8&F46TRH,6?>Q,#EQLPY6JZYX<)QUR>IW=+(!H'E
M4F_<.WG33=-TCR5;QXY15H!"+`]+*KA=\[3KS2V+H+-K!P8G`UOF/`J9_U.M
M!<MA--C'T,N')V&Z>(&#?0@1%U@A".;PI]^<7^ARM,_D\M]9EFUGX$DJC1;0
M*%]MDML1=Z'"$A9Y0)C:%#&!,TH'1@4E6B5$V5$AA*NA`J&%9]BQX"@Q96A5
M$)E%`)<)X(@0'18X\#)6<GD=Z*-G'@+V2UOA=3'>-6!M0F$7U#BR'%_HS#`#
M?/$,LDEJ[5P`F6/;=1:C=E["L5YV6_YHYB$6K=02.`&M0UP.D6`HTQ,7MJ@%
M."W2YN$Q5<7U!3>]`1H)-BW::1ZAJ05TQ1X3VL"C,!$,T<M,)D0G&WKZP9C+
MF9R:%&!X]S'S*9<1T&22<V)*4*!GX^Q2)DJM0O\0)G_[=6HK,:+9$&=$$A4A
MT2DA*>5&51\,)4E-+.V9RRD;DB*)4I^<\NNSBA:[E5($G5?5")H&01E&_6@4
M[H(7J-3MK>BBB=UQM1["$F/M0C.@NYE.$*MGHWJ;W:KES,L,8.D&W`B?NBHJ
MR\$('VR3LC[4(FW"$"/\0BV.;@HO!*\>Y$5CUPGLL02CVO-9O@U\,2:!_L[S
M&<`4W$M@QO?$J\RL'Z>;8,$1YZPSPR,\K///![_8X\5HF2S4N34GS3#++Z.)
M#EI,3V`TU)A1,/595[<L\R)9)QUPF@H"+;8L/$,T]MF=(&>Q%ZB:U+4SCWI=
M,\E1FU3W!#&<W,S=JN+_8Q:'B+S-C.`1H+)UX&W+C>[-D*#M>&VF/.ZXT'`7
M[O(R>>^"M.)?UYHY@C`[XK>GH9=\N3*?(WYX!:D?0MU).G(N,-@X2RYVV;S:
M+K;:'+2<,@5(@1RW[#8/&/LR7_R^U^F+D&RU02F5SICR((^N"/3*!$]\P(R3
MICO0N/O\?<245XPW\Q9L14%9VW=>@:^HH^^N]8H<GXSVC-C/2([Q4R^4_,_S
M7_M6EJO&C6]GGA/?`1'&.VY5X%FKJP?^A+>V`=K*><(0H/KL!K]$;'!O':Q,
M")%W&$50RVW\2P0$+<B]`GIO@1`+'PQS5CYCN`X'*:/+X=C'PDZ5370`E.`(
M_SD81!L,$81%?$Y_TA*3'$H%:SA,WQ-[F"[:&7"&$DL@%B'60%PH@B[FT`<&
MP*BW"72,BIS"H'^:^`D!Z1`TSSK,F,;81#B"42U$P!Z`V"C&/`HP$7?L(QG1
MV$*"C:%0B$RD(A?)2$9ZKI&0C*0D6^3`RC$B(#2Q5C)X2$@?_1!O(Z%)&ST9
MRAN,\D!CS.0I#91*44:P&9A4Y2L["1HKBHISGZS`&0O9.UKZ2(V^#*8PA\E+
M'W@*E[,,S="JN#EB0BV9SHRF-*>)N0+>4G&Y!-[P;K5+:IH%F-X,ISC'2<%E
M'1.;T*R@#;_63'+F+YWNC*<\:6G+E""S&=U<W#;G"?_(/_+SGP#='N.N*;=L
MXJV=G.)D0-6UT(8ZE)#US-X]"5I)F^WSH?CQ)T8WRM'M#-2>Z-P;0L^DT(Y:
MTZ0H32E)3RK1D%+4B\6$J4KW,=.:VA0T'VUI0>%9T74R<YDV->A-ATK4@QKR
MI343:JDNFD:FHA2<18VJ5"UI3'Q.M)I`O55)9ZK4J7HUJ"R]WU5UVE-N.M6D
M4/VJ6F>:4[&Z%*M41==65=K5M=IUHQ%UZTZMJDZS]I6M&KVK8/_9UOV-=9,C
M-=-<4UK7P3J6GWDU[%O)*E-]_E6E:7VL9N=9V.8=-G^)_=%B4=K8S9K6FY'U
M[&3U6M8+GK6CF3VM;*G9V2__?G81HU5L:#E:VMGZ-IBIM>UJ)=O+F/)4GK']
MK7)]65M`WK9^NT5E=#':V^5:UX+!=>YP55M<BUXVI<F]KG@'V%Q$!%8[U>WI
M>?\VW8>F=[SP55I8B>NU]^;3K]VU:7CCR]^DE9=>VX5N5FV5VXZ^M[\()O!\
MN5O?X][7M=]]ZGH33&$S_=<"$U[9<0OLR?8Z],`5#O%VLFO>YVHWO_AM+68S
M+.(6XVO!PMWKOSR\+QHO%,0NSC%[CPI2&?=8Q4V-,%I9K.,B([6Q1,`A3=CH
M0QRZX09,QJV-"3A@NA[7R%B&:U5O6,+"O=%`SUKB9*8(8!1#V,PKSK*:SW1A
M(:YN_X5V3*(SY,QAZ5:9L5=>LY[3!^,@R+D<]$-)"IM7Q`=WRM#@)?*>%XTK
M'LOJSX]6=/(&IT=EQE6K4P8HCAG-Z;[^L'4I8;'^LO<J1+/YM1S=;Z=7W6AS
MEDIZ&(:UJ\H8/U5E>C-UIFZ>6=WIX/+M7[(6':ZW9&H+HWJCJN:ULCO[:WP&
MFP//EN+`+JW@.Y-VU\I>=&1I)FA_!OJ;)2GVC\2=:D5G>\V%=5FX`+)E1'Q;
M:]H1LWH]EFOW8OO<:\[KI^1A!3P@0P@1Y'9UNI05<A_(X!A--KXYW=;&L"D;
M7%`!&SP`<8I[H%Z'B';S\FENU-T:LO=>.)8C*N\%[&$/(_^1>,JU082JP:$R
M'=\14$-.69K3-N8BSW%.M\23>%`<X+'I0IY*=3C(/**KJQ20.G$N96N;=-,Y
M-W(]21:,:TQ%"G1I@]"W(('0\8L'+,!#U=18<CG,W&,(?ZC"HX[ND\)Z(QV)
M5D`X,/>QT#I5Q`@!DHQ`H3">"`MC3)PSD%%O]'Y\GE!G>X[KJ7'4^8O8A>I&
MC:S5#5$$?C^Z2'N\CYUPIBN>P@/]>@D:8AW1MVQ]R_$&A3X1#Y)DP_(`[WI^
M/>_!P\LS\9\7L2W?92\3R(,$=^AJQLIN`QU:7`A+DA3%I2-[\P'YU$*&+>US
MS]^!PLPN,2B.-G)#!%UJ,XT_L'W_6L3O3MQ3G\*[M\`=D!_Q"P%>E^UJ/.9&
MPWF/UM^A:S^_SJT9.O,$IC#=D"-'D#[M0AE`\`P"@6'I`02%5V-.9V`VIW_]
ME7ZLTP=B1Q7'AP<I\T.000AB!Q&'5"P]`Q$_X!W[T441R&"555/Y)X$B-E!$
MUAL$:$;XH7?88!Y6TD1-E`?#\7[X,6^S0W[D9'XN&%\4B""_PX'X009J(!S%
MD@84QQH;D@U+Y5,K>&;/-V1%N'`PN(1&M"S$IQ6F0(/$T'>4\F12Z!I2N(95
MV("U)(3C1(1;*%ZVU($6.(`3TT0?4`O),C'<(7@@6$[>DB-QX7-A5`2"4!"K
MQSP'>'_9_Z%Y#=6"<XA@74@,UG"#)T=QB$0AB02(84@J%A9^#]AAHXA7*3B)
MRU6'2YB)2D)Y9BB%+0&(PW=WCT@/D(A3CKA0DHB*\06#V/$!BW(8:"@*:FAY
M=9`>&?-)G"@R?<88LT=O<"A.<LB+OV5+_`)EO``%++<5=C`'O)`-IX,74C-\
M?B`?850L@+>'[Q-7IWAB62A]U,AJ'R5_^R,SPS<G]($C/V<<\U(,;DAEU&9E
M\;AJ4]>.D@%_9N0&TR`**K"0\P&(8>!\5WAHN1A0NSB0UO51IB<'><`WN;21
M"R!PX7$"KB$"4`&,X[ATT%B*NH:1G!91[\8`%$%QQQ)+HO`^1?]'BZ4P'DR&
M+&2&<59HD&7VCN7FDHR64R`Y$X"B9$5`2><#<P?B)?\()-$83M-HE)J55S'9
M%V&T?2K`&FJTE42C'2YSBR-3D0!UD5@Y6VW5;/XV`C]Q&-KP*B"Y/"-F+BPY
M8E6)6D*YEG<56<[3'Z74E20A`2(Y<'#$,6C)'XO)3VKIEZ;569!V/;1H+REX
M.E.):WM)35<)F7\)8Q#Y&/`TF1GW+8UY%F:9EM/GF6M56Z]C%J19,J&9#)4&
MA.R4EQ_6EZSI5=EE."CQFB2$;;4ID;KY?6B6:+MI9/\UG!X4FV,Q8<!Y-+CI
M@`&)9\E99"1F1/"DCJCIG$94F4&)=J?6B5RK>9U2U6;)`YY",9LDQ'O-N8&;
M"5K3>6/%:9Y#E9W"D$1A-F(_:9A1-)03&63'*6'VZ6)MQ@!Q5'*8U)]@<D=[
MD4>OE)E0$Y_2U)D%6E3X61U+5BSJN2_`^*$B2%\!"GT#JH47&F('^F$4*F#5
M>6TG&F(9JG;C*6@SZD[H^`(X2A(YNJ,ZVJ,\^J,^&J1`.J1"6J1$>J1&FJ1(
MNJ1*VJ1,^J1.&J50.J526J54>J56ZJ-9,1)8VJ59ZJ5@6J3=\:5D>J3#4*9H
/&J9JBJ8OVJ9NR@P)```[
`
end

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