-----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,
 HMY0coxj/r0p7EztWIJ9gLXaOCl23qW2CEE/oBSJBdPDu1nuHmbDkpv4LJle3lqE
 ZJb5VaiW3SnrSGaQa4NdKQ==

<SEC-DOCUMENT>0001145549-08-001294.txt : 20080714
<SEC-HEADER>0001145549-08-001294.hdr.sgml : 20080714
<ACCEPTANCE-DATETIME>20080714160245
ACCESSION NUMBER:		0001145549-08-001294
CONFORMED SUBMISSION TYPE:	F-3ASR
PUBLIC DOCUMENT COUNT:		14
FILED AS OF DATE:		20080714
DATE AS OF CHANGE:		20080714
EFFECTIVENESS DATE:		20080714

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Canadian Solar Inc.
		CENTRAL INDEX KEY:			0001375877
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-152325
		FILM NUMBER:		08950873

	BUSINESS ADDRESS:	
		STREET 1:		675 COCHRANE DRIVE, EAST TOWER
		STREET 2:		6TH FLOOR
		CITY:			MARKHAM
		STATE:			A6
		ZIP:			L3R 0B8
		BUSINESS PHONE:		(85-512) 6690-8088

	MAIL ADDRESS:	
		STREET 1:		NO. 199 LUSHAN ROAD, SUZHOU NEW DISTRICT
		STREET 2:		SUZHOU
		CITY:			JIANGSU
		STATE:			F4
		ZIP:			215129
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3ASR
<SEQUENCE>1
<FILENAME>h02300fv3asr.htm
<DESCRIPTION>CANADIAN SOLAR INC.
<TEXT>
<HTML>
<HEAD>
<TITLE>CANADIAN SOLAR INC.</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=0 -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=0 -->

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>As filed with the Securities and Exchange Commission on
    July&#160;14, 2008</B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Registration
    <FONT style="white-space: nowrap">No.&#160;333-&#160;&#160;&#160;&#160;&#160;&#160;</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">UNITED STATES</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">SECURITIES AND EXCHANGE
    COMMISSION</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Washington,&#160;D.C.
    20549</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt"><FONT style="white-space: nowrap">FORM&#160;F-3</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">REGISTRATION STATEMENT UNDER
    THE SECURITIES ACT OF 1933</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=84 -->

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">Canadian Solar Inc.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Exact name of registrant as
    specified in its charter)</FONT></I>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">Not Applicable</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Translation of
    Registrant&#146;s name into English)</FONT></I>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="35%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Canada</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>3674</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>Not Applicable</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(State or other jurisdiction
    of<BR>
    incorporation or organization)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(Primary Standard Industrial<BR>
    Classification Code Number)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(I.R.S. Employer<BR>
    Identification Number) </FONT></I>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>No.&#160;199 Lushan Road</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Suzhou New District</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Suzhou, Jiangsu 215129</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>People&#146;s Republic of China</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Address, including zip code,
    and telephone number, including area code, of registrant&#146;s
    principal executive offices)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CT Corporation System</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>111 Eighth Avenue</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>New York, New York 10011</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="white-space: nowrap">(212)&#160;664-1666</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Name, address, including zip
    code, and telephone number, including area code, of agent for
    service)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Copies to:</I></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>David T. Zhang,&#160;Esq.</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Eugene Y. Lee,&#160;Esq.</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Latham&#160;&#038; Watkins LLP</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>41st&#160;Floor, One Exchange Square</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>8 Connaught Place, Central</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Hong Kong</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="white-space: nowrap">(852)&#160;2912-2500</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Approximate date of commencement of proposed sale to the
    public: </B>From time to time after the effective date of this
    registration statement.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If only securities being registered on this Form are being
    offered pursuant to dividend or interest reinvestment plans,
    please check the following
    box.&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any of the securities being registered on this Form are to be
    offered on a delayed or continuous basis pursuant to
    Rule&#160;415 under the Securities Act of 1933, check the
    following
    box.&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is filed to register additional securities for an
    offering pursuant to Rule&#160;462(b) under the Securities Act,
    please check the following box and list the Securities Act
    registration statement number of the earlier effective
    registration statement for the same
    offering.&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment filed pursuant to
    Rule&#160;462(c) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a registration statement pursuant to General
    Instruction&#160;I.C. or a post-effective amendment thereto that
    shall become effective upon filing with the Commission pursuant
    to Rule&#160;462(e) under the Securities Act, check the
    following
    box.&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment to a registration
    statement filed pursuant to General Instruction&#160;I.C. filed
    to register additional securities or additional classes of
    securities pursuant to Rule&#160;413(b) under the Securities
    Act, check the following
    box.&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Amount of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Title of Each Class of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Amount to Be<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Maximum Offering<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registration<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Securities to Be Registered(1)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registered(2)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Price per Unit(2)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Offering Price(2)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fee(2)</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Common shares, with no par value
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Debt securities
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Includes (i)&#160;securities
    initially offered and sold outside the United States that may be
    resold from time to time in the United States either as part of
    their distribution or within 40&#160;days after the later of the
    effective date of this registration statement and the date the
    securities are first bona fide offered to the public and
    (ii)&#160;securities that may be purchased by underwriters
    pursuant to over-allotment options. These securities are not
    being registered for the purposes of sales outside of the United
    States.
    </FONT></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">An indeterminate aggregate number
    of securities is being registered as may from time to time be
    sold at indeterminate prices. In accordance with
    Rules&#160;456(b) and 457(r), the Registrant is deferring
    payment of all of the registration fee.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=0 -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=0 -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="h02300h0230005.gif" alt="(CSI LOGO)"><B> </B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Common
    Shares</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Debt Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may offer and sell the securities in any combination from
    time to time in one or more offerings, at prices and on terms
    described in one or more supplements to this prospectus. The
    debt securities may be convertible into or exercisable or
    exchangeable for our common shares or our other securities. Our
    common shares are listed on the NASDAQ Global Market under the
    symbol &#147;CSIQ.&#148; In addition, this prospectus may be
    used to offer securities for the account of persons other than
    us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus provides you with a general description of the
    securities that may be offered. Each time we or any selling
    security holder sell securities, we will provide a supplement to
    this prospectus that contains specific information about the
    offering and the terms of the securities. The supplement may
    also add, update or change information contained in this
    prospectus. We may also authorize one or more free writing
    prospectuses to be provided in connection with a specific
    offering. You should carefully read this prospectus, the
    applicable prospectus supplement and any related free writing
    prospectuses, as well as any documents incorporated by reference
    in this prospectus and the applicable prospectus supplement,
    before you invest in any of our securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Investing in our securities involves risks. See the
    &#147;Risk Factors&#148; section contained in the applicable
    prospectus supplement, any related free writing prospectus and
    in the documents we incorporate by reference in this prospectus
    to read about factors you should consider before investing in
    our securities.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or passed upon the accuracy or completeness of this
    prospectus. Any representation to the contrary is a criminal
    offense.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We or any selling security holder may sell the securities
    described in this prospectus and any prospectus supplement to or
    through one or more underwriters, dealers and agents, or
    directly to purchasers, or through a combination of these
    methods, on a continuous or delayed basis. See &#147;Plan of
    Distribution.&#148; If any underwriters, dealers or agents are
    involved in the sale of any of the securities, their names, and
    any applicable purchase price, fee, commission or discount
    arrangements between or among them, will be set forth, or will
    be calculable from the information set forth, in the applicable
    prospectus supplement.
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of this prospectus is July&#160;14, 2008.
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>ABOUT THIS PROSPECTUS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>WHERE YOU CAN FIND MORE INFORMATION ABOUT US</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>INCORPORATION OF DOCUMENTS BY REFERENCE</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>SPECIAL NOTE&#160;REGARDING FORWARD-LOOKING
    STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>OUR COMPANY</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>RISK FACTORS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>USE OF PROCEEDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>ENFORCEABILITY OF CIVIL LIABILITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>RATIO OF EARNINGS TO FIXED CHARGES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>DESCRIPTION OF SECURITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>DESCRIPTION OF COMMON SHARES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>DESCRIPTION OF DEBT SECURITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>DESCRIPTION OF SHARE CAPITAL</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>PLAN OF DISTRIBUTION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>VALIDITY OF THE SECURITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#117'>EXPERTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="h02300exv4w2.htm">EX-4.2 FORM OF INDENTURE</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="h02300exv5w1.htm">EX-5.1 OPINION OF LATHAM & WATKINS LLP REGARDING THE VALIDITY OF THE DEBT SECURITIES</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="h02300exv5w2.htm">EX-5.2 OPINION OF WEIRFOULDS LLP REGARDING THE VALIDITY OF THE COMMON SHARES</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="h02300exv12w1.htm">EX-12.1 STATEMENT REGARDING THE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="h02300exv21w1.htm">EX-21.1 LIST OF SUBSIDIARIES</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="h02300exv23w1.htm">EX-23.1 CONSENT OF DELOITTE TOUCHE TOHMATSU, INDEPENDENT AUDITORS</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="h02300exv23w4.htm">EX-23.4 CONSENT OF CHEN & CO. LAW FIRM</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="h02300exv25w1.htm">EX-25.1 FORM T-1 STATEMENT</A></FONT></TD></TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ABOUT
    THIS PROSPECTUS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should read this prospectus and any prospectus supplement
    together with the additional information described under the
    heading &#147;Where You Can Find More Information About Us&#148;
    and &#147;Incorporation of Documents by Reference.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In this prospectus, unless otherwise indicated or unless the
    context otherwise requires,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    &#147;we,&#148; &#147;us,&#148; &#147;our,&#148; and &#147;our
    company&#148; refer to Canadian Solar Inc. and its subsidiaries;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    &#147;China&#148; or &#147;PRC&#148; refers to the People&#146;s
    Republic of China, excluding Taiwan, Hong Kong and Macau;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    &#147;RMB&#148; or &#147;Renminbi&#148; refers to the legal
    currency of China, &#147;US$&#148; or
    &#147;U.S.&#160;dollars&#148; refers to the legal currency of
    the United States, &#147;C$&#148; and &#147;Canadian $&#148; are
    to the legal currency of Canada; and &#147;Euro&#148; refers to
    the legal currency of the European Union;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    &#147;shares&#148; or &#147;common shares&#148; refers to our
    common shares, with no par value.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus is part of an &#147;automatic shelf&#148;
    registration statement that we filed with the Securities and
    Exchange Commission, or SEC, as a &#147;well-known seasoned
    issuer&#148; as defined in Rule&#160;405 under the Securities
    Act of 1933, as amended or the Securities Act, using a
    &#147;shelf&#148; registration process. By using a shelf
    registration statement, we or any selling security holder may
    sell any combination of our common shares, and debt securities
    from time to time and in one or more offerings. Each time we or
    any selling security holder sell securities, we may provide a
    supplement to this prospectus that contains specific information
    about the securities being offered and the specific terms of
    that offering. The supplement may also add, update or change
    information contained in this prospectus. If there is any
    inconsistency between the information in this prospectus and any
    prospectus supplement, you should rely on the prospectus
    supplement. Before purchasing any securities, you should
    carefully read both this prospectus and any supplement, together
    with the additional information described under the heading
    &#147;Where You Can Find More Information About Us&#148; and
    &#147;Incorporation of Documents by Reference.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should rely only on the information contained or
    incorporated by reference in this prospectus, in any applicable
    prospectus supplement or any related free writing prospectus
    that we may authorize to be delivered to you. We have not
    authorized any other person to provide you with different
    information. If anyone provides you with different or
    inconsistent information, you should not rely on it. We will not
    make an offer to sell these securities in any jurisdiction where
    the offer or sale is not permitted. You should assume that the
    information appearing in this prospectus, the applicable
    supplement to this prospectus or in any related free writing
    prospectus is accurate as of its respective date, and that any
    information incorporated by reference is accurate only as of the
    date of the document incorporated by reference, unless we
    indicate otherwise. Our business, financial condition, results
    of operations and prospects may have changed since those dates.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION ABOUT US</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We file reports and other information with the SEC. Information
    filed with the SEC by us can be inspected and copied at the
    Public Reference Room maintained by the SEC at
    100&#160;F&#160;Street, N.E., Washington,&#160;D.C. 20549. You
    may also obtain copies of this information by mail from the
    Public Reference Section of the SEC at prescribed rates. Further
    information on the operation of the SEC&#146;s Public Reference
    Room in Washington,&#160;D.C. can be obtained by calling the SEC
    at
    <FONT style="white-space: nowrap">1-800-SEC-0330.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The SEC also maintains a web site that contains reports, proxy
    and information statements and other information about issuers,
    such as us, who file electronically with the SEC. The address of
    that site is
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our web site address is
    <FONT style="white-space: nowrap">http://www.csisolar.com.</FONT>
    The information on our web site, however, is not, and should not
    be deemed to be, a part of this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus and any prospectus supplement are part of a
    registration statement that we filed with the SEC and do not
    contain all of the information in the registration statement.
    The full registration statement may be obtained from the SEC or
    us, as indicated below. Forms of the indenture and other
    documents establishing the terms of the offered securities are
    filed as exhibits to the registration statement. Statements in
    this prospectus or any prospectus supplement about these
    documents are summaries and each statement is qualified in all
    respects by reference to the document to which it refers. You
    should refer to the actual documents for a more complete
    description of the relevant matters. You may inspect a copy of
    the registration statement at the SEC&#146;s Public Reference
    Room in Washington,&#160;D.C., as well as through the SEC&#146;s
    website.
</DIV>
<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF DOCUMENTS BY REFERENCE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The SEC allows us to &#147;incorporate by reference&#148; the
    information we file with them. This means that we can disclose
    important information to you by referring you to those
    documents. Each document incorporated by reference is current
    only as of the date of such document, and the incorporation by
    reference of such documents shall not create any implication
    that there has been no change in our affairs since the date
    thereof or that the information contained therein is current as
    of any time subsequent to its date. The information incorporated
    by reference is considered to be a part of this prospectus and
    should be read with the same care. When we update the
    information contained in documents that have been incorporated
    by reference by making future filings with the SEC, the
    information incorporated by reference in this prospectus is
    considered to be automatically updated and superseded. In other
    words, in the case of a conflict or inconsistency between
    information contained in this prospectus and information
    incorporated by reference into this prospectus, you should rely
    on the information contained in the document that was filed
    later.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We incorporate by reference the documents listed below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our annual report on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    for the fiscal year ended December&#160;31, 2007 filed with the
    SEC on June&#160;3, 2008.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our reports of foreign private issuer on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    filed with the SEC on June&#160;6, 2008 and July&#160;7, 2008.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    All future annual reports on
    <FONT style="white-space: nowrap">Form&#160;20-F,</FONT>
    and any report on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    that we indicate is incorporated by reference into this
    prospectus, until we sell all of the securities offered by this
    prospectus.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our annual report on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    for the fiscal year ended December&#160;31, 2007 filed on
    June&#160;3, 2008, contains a description of our business and
    audited consolidated financial statements with a report by our
    independent auditors. These financial statements are prepared in
    accordance with accounting principles generally accepted in the
    United States, or U.S.&#160;GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Copies of all documents incorporated by reference in this
    prospectus, other than exhibits to those documents unless such
    exhibits are specially incorporated by reference in this
    prospectus, will be provided at no cost to each
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    person, including any beneficial owner, who receives a copy of
    this prospectus on the written or oral request of that person
    made to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Canadian Solar Inc.
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No.&#160;199 Lushan Road
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Suzhou New District
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Suzhou, Jiangsu 215129
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    People&#146;s Republic of China
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Telephone:
    <FONT style="white-space: nowrap">(86-512)</FONT>
    <FONT style="white-space: nowrap">6690-8088</FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attention: Chief Financial Officer
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should rely only on the information that we incorporate by
    reference or provide in this prospectus and any supplement. We
    have not authorized anyone to provide you with different
    information. We are not making any offer of these securities in
    any jurisdiction where the offer is not permitted. You should
    not assume that the information in this prospectus is accurate
    as of any date other than the date on the front of those
    documents.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SPECIAL
    NOTE&#160;REGARDING FORWARD-LOOKING STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus, any accompanying prospectus supplement and the
    information incorporated herein and therein by reference may
    contain &#147;forward-looking&#148; statements intended to
    qualify for the safe harbor from liability established by the
    Private Securities Litigation Reform Act of 1995. These
    statements, which are not statements of historical fact, may
    contain estimates, assumptions, projections
    <FONT style="white-space: nowrap">and/or</FONT>
    expectations regarding future events, which may or may not
    occur. Words such as &#147;anticipate,&#148;
    &#147;believe,&#148; &#147;could,&#148; &#147;estimate,&#148;
    &#147;expect,&#148; &#147;intend,&#148; &#147;may,&#148;
    &#147;plan,&#148; &#147;potential,&#148; &#147;should,&#148;
    &#147;will,&#148; &#147;would,&#148; or similar expressions,
    which refer to future events and trends, identify
    forward-looking statements. We do not guarantee that the
    transactions and events described in this prospectus or in any
    prospectus supplement will happen as described or that they will
    happen at all. You should read this prospectus and any
    accompanying prospectus supplement completely and with the
    understanding that actual future results may be materially
    different from what we expect. The forward-looking statements
    made in this prospectus and any accompanying prospectus
    supplement relate only to events as of the date on which the
    statements are made. We undertake no obligation, beyond that
    required by law, to update any forward-looking statement to
    reflect events or circumstances after the date on which the
    statement is made, even though our situation will change in the
    future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Whether actual results will conform with our expectations and
    predictions is subject to a number of risks and uncertainties,
    many of which are beyond our control, and reflect future
    business decisions that are subject to change. Some of the
    assumptions, future results and levels of performance expressed
    or implied in the forward-looking statements we make inevitably
    will not materialize, and unanticipated events may occur which
    will affect our results. The &#147;Risk Factors&#148; section of
    this prospectus directs you to a description of the principal
    contingencies and uncertainties to which we believe we are
    subject.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus also contains or incorporates by reference data
    related to the solar power market in several countries,
    including China. This market data, including market data from
    Solarbuzz, an independent solar energy research firm, includes
    projections that are based on a number of assumptions. The solar
    power market may not grow at the rates projected by the market
    data, or at all. The failure of the market to grow at the
    projected rates may materially and adversely affect our business
    and the market price of our securities. In addition, the rapidly
    changing nature of the solar power market and related regulatory
    regimes subjects any projections or estimates relating to the
    growth prospects or future condition of our market to
    significant uncertainties. If any one or more of the assumptions
    underlying the market data proves to be incorrect, actual
    results may differ from the projections based on these
    assumptions. You should not place undue reliance on these
    forward-looking statements.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">OUR
    COMPANY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We design, develop, manufacture and sell solar cell and module
    products that convert sunlight into electricity for a variety of
    uses. We are incorporated in Canada and conduct all of our
    manufacturing operations in China. Our products include a range
    of standard solar modules built to general specifications for
    use in a wide range of residential, commercial and industrial
    solar power generation systems. In addition, we recently
    commenced commercial production of
    <FONT style="white-space: nowrap">e-Modules,</FONT> a
    cost-effective medium power solar module product using 100%
    upgraded metallurgical grade silicon, or UMgSi. We also design
    and produce specialty solar modules and products manufactured
    based on our customers&#146; requirements. Specialty solar
    modules and products consist of customized modules that our
    customers incorporate into their own products, such as
    solar-powered bus stop lighting, and complete specialty
    products, such as solar-powered car battery chargers. We sell
    our products under our &#147;CSI&#148; brand name and to OEM
    customers under their own brand names. We also implement solar
    power development projects, primarily in conjunction with
    government organizations to provide solar power generation in
    rural areas of China.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We currently sell our products to customers located in various
    markets worldwide, including Germany, Spain, Italy, the United
    States, South Korea, the Czech Republic, China and Canada. We
    sell our standard solar modules to distributors, system
    integrators and through OEM channels. We sell our
    <FONT style="white-space: nowrap">e-Modules</FONT> to
    distributors and system integrators. We sell our specialty solar
    modules and products directly to various manufacturers who
    integrate our specialty solar modules and products into their
    own products and sell and market them as part of their own
    product portfolio.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have historically manufactured our module products from solar
    cells purchased from third-party manufacturers. In 2007, we
    began to pursue a new business model that combines internal
    manufacturing capacity supplemented by direct material purchases
    and outsourced toll manufacturing relationships which we believe
    provides us with several competitive benefits. We believe that
    this approach allows us to benefit from the increased margin
    available to vertically integrated solar manufacturers while
    reducing the capital expenditures required relative to a fully
    vertically integrated business model and produce better returns
    on our invested capital. We also believe that this approach
    provides us with greater flexibility to respond to short-term
    demand patterns and longer-term to take advantage of the
    availability of low-cost outsourced manufacturing capacity.
    Additionally, it has enabled us to improve production yields,
    control our inventory more efficiently and improve cash
    management, which we believe has resulted in increased
    confidence in our forecasts for future revenue growth.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe that we have contractually secured 95% of our silicon
    and solar cell requirements to support solar module production
    of 230 to 260MW in 2008. For silicon material supplies, we have
    entered into a five-year supply agreement with Luoyang Zhong Gui
    High Tech Co. Ltd., or Luoyang Poly, for high purity silicon
    from 2006 to 2010. For silicon wafers, we have entered into a
    fixed price and volume agreement with LDK Solar Co., Ltd., or
    LDK, from 2008 to 2010 for specified quantities of solar wafers,
    including 50MW for delivery in 2008. We also have standby toll
    manufacturing arrangements with LDK and other ingot and wafer
    manufacturers to convert our virgin polysilicon and reclaimed
    silicon feedstock into wafers. In January 2007, we entered into
    a supply agreement with Deutsche Solar AG, or Deutsche Solar,
    for a supply of multi-crystalline silicon wafers through 2018.
    In November 2007, we entered into various agreements with China
    Sunergy Co., Ltd., or China Sunergy, for a supply of 25MW of
    solar cells for delivery in 2008, and an agreement with Gintech
    Energy Corporation, or Gintech, for a supply of 17MW of solar
    cells for delivery in 2008, with an option, subject to
    availability, for an extra 5MW. We have other silicon wafer and
    solar cell supply agreements in place, including a multi-year
    solar wafer supply contract with Jiangsu Shunda Group
    Corporation which should provide us with wafer supplies through
    2015, a solar cell supply contract with Neo Solar Power and a
    UMgSi materials supply contract with Timminco Limited, through
    its subsidiary Becancour Silicon Inc., or BSI. We believe these
    contracts have diversified our silicon wafer and cell supply
    sources and also provide an option of securing additional wafer
    and cell supplies from multiple sources, helping us to meet
    demand for our solar products.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have expanded our in-house manufacturing capacity for both
    solar cells and solar modules. As of March&#160;31, 2008, we had
    400MW of combined annual module manufacturing capacity and 100MW
    of annual cell manufacturing capacity. Currently, we intend to
    use all of our solar cells in the manufacturing of our own solar
    module products.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We recently announced our new capacity expansion plan which we
    intend to complete during Q1 2009, which includes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Increasing our annual internal module capacity to 800MW.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Expansion of our annual solar cell manufacturing capacity to
    400MW.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Construction of a solar ingot and wafer plant in Luoyang, China,
    which will give us an annual solar ingot and wafer capacity of
    150 to 200MW.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We recently commenced commercial production of
    <FONT style="white-space: nowrap">e-Modules,</FONT> a
    cost-effective medium power solar module product using 100%
    UMgSi, in March 2008. We converted one of our solar cell lines
    and dedicated it to upgraded metallurgical grade cells in early
    April 2008 and ramped up to full production shortly thereafter.
    Delivery of
    <FONT style="white-space: nowrap">e-Modules</FONT> to
    some of our European and U.S. customers began in early May. We
    have announced sales contracts for 24.5MW of
    <FONT style="white-space: nowrap">e-Modules</FONT>
    for shipment in 2008 and believe that we are on track to achieve
    our prior estimate of shipping 30 to 40MW of
    <FONT style="white-space: nowrap">e-Modules</FONT> in
    2008. We believe our
    <FONT style="white-space: nowrap">e-Module</FONT>
    product gives us access to more price-sensitive markets such as
    the United States and South Korea where traditional silicon
    modules may not be as cost-competitive. We will continue to
    receive shipments of UMgSi through 2011 and expect to increase
    production of our UMgSi modules in the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe that the substantial industry and international
    experience of our management team has helped us foster strategic
    relationships with suppliers throughout the solar power industry
    value chain. We also take advantage of our flexible and low cost
    manufacturing capability in China to lower our manufacturing and
    operating costs. We believe we have a proven track record of low
    cost and rapid expansion of solar cell and solar module
    manufacturing capacity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have grown rapidly since March 2002, when we sold our first
    solar module products. Our net revenues increased from
    US$9.7&#160;million in 2004 to US$302.8&#160;million in 2007,
    and from US$17.5&#160;million for the three month period ended
    March&#160;31, 2007 to US$171.2&#160;million for the three
    months ended March&#160;31, 2008. We sold 2.2MW, 4.1MW, 14.9MW
    and 83.5MW of our solar module products in 2004, 2005, 2006 and
    2007, respectively, and 3.9MW and 41.8MW for the three months
    ended March&#160;31, 2007 and 2008, respectively.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Please see the factors set forth under the heading &#147;Risk
    Factors&#148; in our most recently filed Annual Report on
    <FONT style="white-space: nowrap">Form&#160;20-F,</FONT>
    which is incorporated in this prospectus by reference, and, if
    applicable, in any accompanying prospectus supplement, before
    investing in any securities that may be offered pursuant to this
    prospectus.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We intend to use the net proceeds from the sale of the
    securities as set forth in the applicable prospectus supplement.
    We will not receive proceeds from sales of securities by persons
    other than us except as may otherwise be stated in any
    applicable prospectus supplement.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ENFORCEABILITY
    OF CIVIL LIABILITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We were incorporated as an Ontario corporation in October 2001
    and were continued as a Canadian corporation under the Canadian
    federal corporate statute, the Canada Business Corporations Act,
    or CBCA, in June 2006.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a corporation organized under the federal laws of Canada.
    Most of our directors and officers and some of the experts named
    in this prospectus reside principally outside the United States.
    Because these persons are located outside the United States, it
    may not be possible for you to effect service of process within
    the United States upon those persons. Furthermore, it may not be
    possible for you to enforce against us or them, in the United
    States, judgments obtained in U.S.&#160;courts, because all or a
    substantial portion of our assets and the assets of those
    persons are located outside the United States. We have been
    advised by WeirFoulds LLP, our Canadian counsel, that there are
    defenses that can be raised to the enforceability, in original
    actions in Canadian courts, of liabilities based upon the
    U.S.&#160;federal securities laws and to the enforceability in
    Canadian courts of judgments of U.S.&#160;courts obtained in
    actions based upon the civil liability provisions of
    U.S.&#160;federal securities laws, such that the enforcement in
    Canada of such liabilities and judgments is not certain.
    Therefore, it may not be possible to enforce those actions
    against us, our directors and officers or the experts named in
    this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our constituent documents do not contain provisions requiring
    that disputes, including those arising under the securities laws
    of the United States, between us, our officers, directors and
    shareholders, be arbitrated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Substantially all of our current operations are conducted in
    China, and substantially all of our assets are located in China.
    A majority of our directors and officers are nationals or
    residents of jurisdictions other than the United States and a
    substantial portion of their assets are located outside the
    United States. As a result, it may be difficult for a
    shareholder to effect service of process within the United
    States upon us or such persons, or to enforce against us or them
    judgments obtained in U.S.&#160;courts, including judgments
    predicated upon the civil liability provisions of the securities
    laws of the United States or any state in the United States.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Chen&#160;&#038; Co. Law Firm, our counsel as to PRC law, has
    advised us that there is uncertainty as to whether the courts of
    the PRC would:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    recognize or enforce judgments of U.S.&#160;courts obtained
    against us or our directors or officers predicated upon the
    civil liability provisions of the securities laws of the United
    States or any state in the United States;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    entertain original actions brought in each respective
    jurisdiction against us or our directors or officers predicated
    upon the securities laws of the United States or any state in
    the United States.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Chen&#160;&#038; Co. Law Firm has advised us further that the
    recognition and enforcement of foreign judgments are provided
    for under the PRC Civil Procedures Law. PRC courts may recognize
    and enforce foreign judgments in accordance with the
    requirements of the PRC Civil Procedures Law based either on
    treaties between the PRC and the country where the judgment is
    made or on reciprocity between jurisdictions. China does not
    have any treaties or other arrangements that provide for the
    reciprocal recognition and enforcement of foreign judgments with
    the United States or Canada. As a result, it is generally
    difficult to recognize and enforce in China a judgment rendered
    by a court in either of these two jurisdictions.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RATIO OF
    EARNINGS TO FIXED CHARGES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth our ratio of earnings to fixed
    changes on a historical basis for the period indicated. The
    ratios are calculated by dividing earnings by fixed charges. For
    this purpose, earnings consist of pre-tax income from continuing
    operations before adjustment for minority interests, plus fixed
    charges. Fixed charges represent interest, amortization of debt
    discount and expense, and the estimated interest portion of
    rental charges.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="70%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2003</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of earnings to fixed charges
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    149X
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    166X
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17X
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
    (1)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
    (2)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Earnings for 2006 were insufficient to cover fixed charges by
    approximately $9.0&#160;million.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Earnings for 2007 were insufficient to cover fixed charges by
    approximately $0.4&#160;million.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF SECURITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may issue from time to time, in one or more offerings, the
    following securities:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    common shares;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    debt securities.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will set forth in the applicable prospectus supplement a
    description of the debt securities and the common shares that
    may be offered under this prospectus. The terms of the offering
    of securities, the initial offering price and the net proceeds
    to us will be contained in the prospectus supplement, and other
    offering material, relating to such offer. The supplement may
    also add, update or change information contained in this
    prospectus. You should carefully read this prospectus and any
    supplement before you invest in any of our securities.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF COMMON SHARES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may issue our common shares either alone or underlying other
    securities convertible into or exercisable or exchangeable for
    our common shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of our common shares are entitled to certain rights and
    subject to certain conditions as set forth in our articles and
    bylaws and the CBCA. See &#147;Description of Share
    Capital.&#148;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF DEBT SECURITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may issue series of debt securities, which may include debt
    securities convertible into common shares. When we offer to sell
    a particular series of debt securities, we will describe the
    specific terms of that series in a supplement to this
    prospectus. The following description of debt securities will
    apply to the debt securities offered by this prospectus unless
    we provide otherwise in the applicable prospectus supplement.
    The applicable prospectus supplement for a particular series of
    debt securities may specify different or additional terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The debt securities offered hereby may be secured or unsecured,
    and may be either senior debt securities, senior subordinated
    debt securities or subordinated debt securities. The debt
    securities offered hereby will be issued under an indenture
    between us and The Bank of New&#160;York Mellon, as trustee. The
    indenture will be qualified under, subject to, and governed by,
    the Trust&#160;Indenture Act of 1939, as amended. We have
    summarized selected portions of the indenture below. The summary
    is not complete. The form of the indenture has been incorporated
    by reference as an exhibit to this registration statement and
    you should read the indenture for provisions that may be
    important to you.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The terms of each series of debt securities will be established
    by or pursuant to a resolution of our board of directors and
    detailed or determined in the manner provided in a board of
    directors&#146; resolution, an officers&#146; certificate or by
    a supplemental indenture. The particular terms of each series of
    debt securities will be described in a prospectus supplement
    relating to the series, including any pricing supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We can issue an unlimited amount of debt securities under an
    indenture that may be in one or more series with the same or
    various maturities, at par, at a premium or at a discount. We
    will set forth in a prospectus supplement, including any pricing
    supplement, relating to any series of debt securities being
    offered the initial offering price, the aggregate principal
    amount and the terms of the debt securities, including the
    following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the title of the debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the price or prices (expressed as a percentage of the aggregate
    principal amount) at which we will sell the debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any limit on the aggregate principal amount of the debt
    securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date or dates on which we will pay the principal on the debt
    securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the rate or rates (which may be fixed or variable) per annum or
    the method used to determine the rate or rates (including any
    commodity, commodity index, stock exchange index or financial
    index) at which the debt securities will bear interest and the
    right, if any, to extend the maturity of the debt securities,
    the date or dates from which interest will accrue, the date or
    dates on which interest will commence and be payable and any
    regular record date for the interest payable on any interest
    payment date;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the place or places where the principal of, premium, and
    interest on the debt securities will be payable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the terms and conditions upon which we may redeem the debt
    securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any obligation we have to redeem or purchase the debt securities
    pursuant to any sinking fund or analogous provisions or at the
    option of a holder of debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the dates on which and the price or prices at which we will
    repurchase the debt securities at the option of the holders of
    debt securities and other detailed terms and provisions of these
    repurchase obligations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the denominations in which the debt securities will be issued,
    if other than denominations of $1,000 and any integral multiple
    thereof;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the debt securities will be issued in the form of
    certificated debt securities or global debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the portion of principal amount of the debt securities payable
    upon declaration of acceleration of the maturity date, if other
    than the principal amount;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the currency of denomination of the debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation of the currency, currencies or currency units in
    which payment of principal of, premium and interest on the debt
    securities will be made;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if payments of principal of, premium or interest on the debt
    securities will be made in one or more currencies or currency
    units other than that or those in which the debt securities are
    denominated, the manner in which the exchange rate with respect
    to these payments will be determined;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the manner in which the amounts of payment of principal of,
    premium or interest on the debt securities will be determined,
    if these amounts may be determined by reference to an index
    based on a currency or currencies other than that in which the
    debt securities are denominated or designated to be payable or
    by reference to a commodity, commodity index, stock exchange
    index or financial index;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any provisions relating to any security provided for the debt
    securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any addition to or change in the events of default described in
    the indenture with respect to the debt securities and any change
    in the acceleration provisions described in the indenture with
    respect to the debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any addition to or change in the covenants described in the
    indenture with respect to the debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the debt securities will be senior or subordinated and
    any applicable subordination provisions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other terms of the debt securities, which may modify or
    delete any provision of the indenture as it applies to that
    series;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any depositaries, interest rate calculation agents, exchange
    rate calculation agents or other agents with respect to the debt
    securities.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may issue debt securities that are exchangeable
    <FONT style="white-space: nowrap">and/or</FONT>
    convertible into our common shares. The terms, if any, on which
    the debt securities may be exchanged for
    <FONT style="white-space: nowrap">and/or</FONT>
    converted will be set forth in the applicable prospectus
    supplement. Such terms may include provisions for conversion,
    either mandatory, at the option of the holder or at our option,
    in which case the number of common shares or other securities to
    be received by the holders of debt securities would be
    calculated as of a time and in the manner stated in the
    prospectus supplement. Neither the trustee nor the conversion
    agent shall have any duty to verify calculations respecting
    conversions. All such calculations shall be performed by us and
    our agents. Neither the trustee nor the conversion agent shall
    have any liability for not verifying our calculations and shall
    be entitled to rely upon them.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may issue debt securities that provide for an amount less
    than their stated principal amount to be due and payable upon
    declaration of acceleration of their maturity pursuant to the
    terms of the indenture. We will provide you with information on
    the U.S.&#160;federal income tax considerations, Canadian
    federal income tax considerations and other special
    considerations applicable to any of these debt securities in the
    applicable prospectus supplement. If we denominate the purchase
    price of any of the debt securities in a foreign currency or
    currencies or a foreign currency unit or units, or if the
    principal of and any premium and interest on any series of debt
    securities is payable in a foreign currency or currencies or a
    foreign currency unit or units, we will provide you with
    information on the restrictions, elections, specific terms and
    other information with respect to that issue of debt securities
    and such foreign currency or currencies or foreign currency unit
    or units in the applicable prospectus supplement.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Global
    Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The debt securities of a series may be issued in whole or in
    part in the form of one or more global securities that will be
    deposited with, or on behalf of, a depositary (the
    &#147;depositary&#148;) identified in the prospectus supplement.
    Global securities will be issued in registered form and in
    either temporary or definitive form. Unless and until it is
    exchanged in whole or in part for the individual debt
    securities, a global security may not be transferred except as a
    whole by the depositary for such global security to a nominee of
    such depositary or by a nominee of such depositary to such
    depositary or another nominee of such depositary or by such
    depositary or any such nominee to a successor of such depositary
    or a nominee of such successor. The specific terms of the
    depositary arrangement with respect to any debt securities of a
    series and the rights of and limitations upon owners of
    beneficial interests in a global security will be described in
    the applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Governing
    Law</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture and the debt securities will be governed by, and
    construed in accordance with, the internal laws of the State of
    New York.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF SHARE CAPITAL</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a Canadian corporation, and our affairs are governed by
    our articles of continuance, as amended from time to time (the
    &#147;articles&#148;), bylaws as effective from time to time,
    and the CBCA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of the date of this prospectus, our authorized share capital
    consists of an unlimited number of common shares and an
    unlimited number of preferred shares issuable in series. As of
    the date of this registration statement, 32,129,138 common
    shares were issued and outstanding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following summary description of our share capital does not
    purport to be complete and is qualified in its entirety by
    reference to our articles and our amended bylaws. If you would
    like more information on our common shares, you should review
    our articles and bylaws and the CBCA.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Common
    Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">General</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All of our common shares are fully paid and non-assessable. Our
    common shares are issued in registered form and may or may not
    be certificated although every shareholder is entitled at their
    option to a share certificate that complies with the CBCA. There
    are no limitations on the rights of shareholders who are not
    residents of Canada to hold and vote common shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Dividends</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of our common shares are entitled to receive, from funds
    legally available therefor, dividends when and as declared by
    the board of directors. The CBCA restricts the directors&#146;
    ability to declare, and our ability to pay, dividends by
    requiring that certain solvency tests be satisfied at the time
    of such declaration and payment. See the section entitled
    &#147;&#151;&#160;Directors&#160;&#151; Sources of
    Dividends.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Voting
    Rights</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each common share is entitled to one vote on all matters upon
    which the common shares are entitled to vote.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Liquidation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to a distribution of assets in the event of our
    liquidation, dissolution or
    <FONT style="white-space: nowrap">winding-up,</FONT>
    whether voluntary or involuntary, or any other distribution of
    our assets for the purposes of winding up our affairs, assets
    available for distribution among the holders of common shares
    shall be distributed among the holders of the common shares on a
    <I>pro rata </I>basis.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Variations
    of Rights of Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All or any of the rights attached to our common shares, or any
    other class of shares duly authorized may, subject to the
    provisions of the CBCA, be varied either with the unanimous
    written consent of the holders of the issued shares of that
    class or by a special resolution passed at a meeting of the
    holders of the shares of that class.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Preferred
    Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors has the authority, without shareholder
    approval, to issue an unlimited number of preferred shares in
    one or more series. Our board of directors may establish the
    number of shares to be included in each such series and may set
    the designations, preferences, powers and other rights of the
    shares of a series of preferred shares. While the issuance of
    preferred shares provides us with flexibility in connection with
    possible acquisitions or other corporate purposes, it could,
    among other things, have the effect of delaying, deferring or
    preventing a change of control transaction and could adversely
    affect the market price of our common shares and debt securities
    in this prospectus. We have no current plan to issue any
    preferred shares.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Transfer
    Agent and Registrar</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BNY Mellon Shareowner Services is the transfer agent and
    registrar for our common shares. BNY Mellon Shareowner
    Services&#146; address is 480 Washington Boulevard,
    29th&#160;Floor, Jersey City, NJ 07310.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Shareholders&#146;
    Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The CBCA and our articles and bylaws govern us and our relations
    with our shareholders. The following is a summary of certain
    rights of holders of our common shares under the CBCA. This
    summary is not intended to be complete and is qualified in its
    entirety by reference to the CBCA and to our articles and bylaws.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Stated
    Objects or Purposes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our articles do not contain any stated objects or purposes and
    do not place any limitations on the business that we may carry
    on.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Shareholder
    Meetings</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We must hold an annual meeting of our shareholders at least once
    every year at a time and place determined by our board of
    directors, provided that the meeting must not be held later than
    15&#160;months after the preceding annual meeting or later than
    six months after the end of our preceding financial year. A
    meeting of our shareholders may be held at a place within Canada
    determined by our directors or, if determined by our directors,
    in New York, New York, United States of America, Los Angeles,
    California, United States of America, London, England, the Hong
    Kong Special Administrative Region of The People&#146;s Republic
    of China or Shanghai, The People&#146;s Republic of China.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Voting at any meeting of shareholders is by show of hands unless
    a poll or ballot is demanded. A poll or ballot may be demanded
    by the chairman of our board of directors or by any shareholder
    present in person or by proxy.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A special resolution is a resolution passed by not less than
    two-thirds of the votes cast by the shareholders entitled to
    vote on the resolution at a meeting at which a quorum is
    present. An ordinary resolution is a resolution passed by not
    less than a simple majority of the votes cast by the
    shareholders entitled to vote on the resolution at a meeting at
    which a quorum is present.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Notice
    of Meeting of Shareholders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our bylaws provide that written notice stating the place, day
    and time of a shareholder meeting and the purpose for which the
    meeting is called, shall be delivered not less than 21&#160;days
    nor more than 60&#160;days before the date of the meeting.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Quorum</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the CBCA, unless a corporation&#146;s bylaws provide
    otherwise, a quorum is present at a meeting of the shareholders,
    irrespective of the number of shareholders actually present at
    the meeting, if the holders of a majority of the shares entitled
    to vote at the meeting are present in person or represented by
    proxy. Our bylaws provide that a quorum shall be at least two
    shareholders entitled to vote at the meeting represented in
    person or by proxy and holding at least one-third of our total
    issued and outstanding common shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Record
    Date for Notice of Meeting of Shareholders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our directors may fix in advance a date as the record date for
    the determination of shareholders entitled to receive notice of
    a meeting of shareholders, but such record date shall not
    precede by more than 60&#160;days or by less than 21&#160;days
    the date on which the meeting is to be held. If no record date
    is fixed, the record date for the determination of shareholders
    entitled to receive notice of a meeting of shareholders shall be
    at the close of business on the day immediately preceding the
    day on which the notice is given or, if no notice is given, the
    day on which the meeting is held. If a record date is fixed,
    notice thereof shall be given, not less than seven days before
    the date so
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    fixed by newspaper advertisement in the manner provided by the
    CBCA and by written notice to each stock exchange in Canada on
    which our shares are listed for trading.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Ability
    to Requisition Special Meetings of the
    Shareholders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The CBCA provides that the holders of not less than five percent
    of the issued shares of a corporation that carry the right to
    vote at a meeting sought to be held may give notice to the
    directors requiring them to call a meeting.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Shareholder
    Proposals</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A shareholder entitled to vote at a meeting of shareholders who
    has held common shares with a fair market value of at least
    C$2,000 for at least six months may submit to us notice of a
    proposal and discuss at the meeting any matter in respect of
    which the shareholder would have been entitled to submit a
    proposal. A proposal may include nominations for the election of
    directors if the proposal is signed by one or more holders of
    shares representing in the aggregate not less than five percent
    of the shares entitled to vote at the meeting to which the
    proposal is to be presented. This requirement does not preclude
    nominations being made at a meeting of shareholders. The
    proposal must be submitted to us at least 90&#160;days before
    the anniversary date of the notice of meeting that was sent to
    shareholders in connection with the last annual meeting.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Vote
    Required for Extraordinary Transactions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the CBCA, certain extraordinary corporate actions are
    required to be approved by special resolution. Such
    extraordinary corporate actions include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amendments to articles;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    arrangements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amalgamations other than amalgamations involving a holding body
    corporate, one or more wholly owned subsidiaries
    <FONT style="white-space: nowrap">and/or</FONT> one
    or more sister corporations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    continuances under the laws of another jurisdiction;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    voluntary dissolutions;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    sales, leases or exchanges of all or substantially all the
    property of a corporation other than in the ordinary course of
    business.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Related
    Party Transactions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The CBCA does not prohibit related party transactions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Dissent
    Rights</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The CBCA provides that our shareholders are entitled to exercise
    dissent rights and demand payment of the fair value of their
    shares in certain circumstances. For this purpose, there is no
    distinction between listed and unlisted shares. Dissent rights
    exist when we resolve to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amalgamate with a corporation other than a holding body
    corporate, one or more wholly owned subsidiaries
    <FONT style="white-space: nowrap">and/or</FONT> one
    or more sister corporations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amend the our articles of incorporation to add, change or remove
    any provisions restricting the issue, transfer or ownership of
    shares;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amend the ours articles to add, change or remove any restriction
    upon the business or businesses that the we may carry on;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    continue under the laws of another jurisdiction;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    sell, lease or exchange of all or substantially all our property
    other than in the ordinary course of business;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    carry out a going-private or squeeze-out transaction.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, a court order in connection with an arrangement
    proposed by us may permit shareholders to dissent if the
    arrangement is adopted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    However, a shareholder is not entitled to dissent if an
    amendment to the articles of incorporation is effected by a
    court order approving a reorganization or by a court order made
    in connection with an action for an oppression remedy.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Action
    by Written Consent</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the CBCA, shareholders can take action by written
    resolution and without a meeting only if all shareholders sign
    the written resolution.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Directors</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Number
    of Directors and Election</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the CBCA the number of directors of a corporation must be
    specified in the corporation&#146;s articles. The articles may
    provide for a minimum and maximum number of directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our articles provide that the number of directors will not be
    less than three or more than ten. Our board of directors
    currently consists of six directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our articles provide that our board of directors shall fix and
    may change the number of directors within the minimum and
    maximum number of directors provided for in our articles. In
    addition, our board of directors may appoint one or more
    additional directors, who shall hold office for a term expiring
    not later than the close of the next annual meeting of
    shareholders, but the total number of directors so appointed may
    not exceed one-third of the number of directors elected at the
    previous annual meeting of shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders of a corporation governed by the CBCA elect
    directors by ordinary resolution at each annual meeting of
    shareholders at which such an election is required.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Director
    Qualifications</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the CBCA, at least 25% of the directors must be Canadian
    residents. A director must not be:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    under eighteen years of age;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    adjudicated as mentally unsound;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a person that is not an individual;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a person who has the status of a bankrupt.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Removal
    of Directors; Staggered Term</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the CBCA, a corporation&#146;s shareholders may remove at
    a special meeting any director before the expiration of his or
    her term of office and may elect any qualified person in such
    director&#146;s stead for the remainder of such term by ordinary
    resolution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the CBCA, directors may be elected for a term expiring not
    later than the third annual meeting of shareholders following
    the election. If no term is specified, a director&#146;s term
    expires at the next annual meeting of shareholders. A director
    may be nominated for re-election to the board of directors at
    the end of the director&#146;s term.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Vacancies
    on the Board of Directors</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the CBCA, vacancies that exist on the board of directors,
    except a vacancy resulting from an increase in the number or the
    minimum or maximum number of directors or a failure to elect the
    number or minimum number
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of directors provided for in the articles, may be filled by the
    board if the remaining directors constitute a quorum. In the
    absence of a quorum, the remaining directors shall call a
    meeting of shareholders to fill the vacancy.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitation
    of Personal Liability of Directors and Officers</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the CBCA, in exercising their powers and discharging their
    duties, directors and officers must act honestly and in good
    faith with a view to the best interests of the corporation and
    exercise the care, diligence and skill that a reasonably prudent
    person would exercise in comparable circumstances. No provision
    in the corporation&#146;s articles, bylaws, resolutions or
    contracts can relieve a director or officer from the duty to act
    in accordance with the CBCA or relieve a director from liability
    for a breach thereof. However, a director will not be liable for
    breaching his or her duty to act in accordance with the CBCA if
    the director relied in good faith on:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    financial statements represented to him by an officer or in a
    written report of the auditor to fairly reflect the financial
    condition of the corporation;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a report of a person whose profession lends credibility to a
    statement made by such person.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of Directors and Officers</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the CBCA and pursuant to our bylaws, we may indemnify any
    present or former director or officer or an individual who acts
    or acted at our 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 the
    individual is involved because of that association with the
    corporation or other entity. In order to qualify for
    indemnification such director or officer must:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    have 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 a director or officer or in a similar capacity at the
    corporation&#146;s request;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the case of a criminal or administrative action or proceeding
    enforced by a monetary penalty, have had reasonable grounds for
    believing that his or her conduct was lawful.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Indemnification will be provided to an eligible director or
    officer who meets both these tests and was substantially
    successful on the merits in his or her defense of the action.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A director or officer is entitled to indemnification from us as
    a matter of right if he or she is 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
    fulfilled the conditions set forth above.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Sources
    of Dividends</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dividends may be declared at the discretion of the board of
    directors. Under the CBCA, the directors may not declare, and we
    may not pay, dividends if there are reasonable grounds for
    believing that (i)&#160;we are, or would after such payment be
    unable to pay our liabilities as they become due or
    (ii)&#160;the realizable value of our assets would thereby be
    less than the aggregate of our liabilities and of our stated
    capital of all classes of shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Amendments
    to the Bylaws</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The directors may by resolution make, amend or repeal any bylaw
    unless the articles or bylaws provide otherwise. Our articles
    and bylaws do not restrict the power of our directors to make,
    amend or repeal bylaws. When the directors make, amend or repeal
    a bylaw, they are required under the CBCA to submit the change
    to the shareholders at the next meeting of shareholders.
    Shareholders may confirm, reject or amend the bylaw, amendment
    or repeal by ordinary resolution.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Interested
    Directors Transactions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the CBCA, if a director or officer of a corporation has
    any interest in a material contract or material transaction,
    whether made or proposed, with the corporation if such director
    or officer is a party to the contract or transaction or is a
    director or an officer, or an individual acting in a similar
    capacity, of a party to the contract or transaction or has a
    material interest in a party to the contract or transaction, the
    director generally may not vote on any resolution to approve the
    contract or transaction, but the contract is not invalid by
    reason only of the relationship if such interest is disclosed in
    accordance with the requirements set out in the CBCA, the
    contract or transaction is approved by the other directors or by
    the shareholders and the contract or transaction was fair and
    reasonable to the corporation at the time it was approved.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Where a director or officer has an interest in a material
    contract or transaction or a proposed material contract or
    transaction that, in the ordinary course of the
    corporation&#146;s business, would not require approval by the
    directors or shareholders, the interested director or officer
    shall disclose in writing to the corporation or request to have
    entered in the minutes of meetings of directors, the nature and
    the extent of the interest forthwith after the director or
    officer becomes aware of the contract or transaction or proposed
    contract or transaction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Committees</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the CBCA, directors of a corporation may appoint from
    their number a committee of directors and delegate to such
    committee certain powers of the directors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Derivative
    Actions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the CBCA, a complainant (as defined below) may apply to
    the court for leave to bring an action in the name of and on
    behalf of a corporation or any of its subsidiaries, or to
    intervene in an existing action to which such body corporate is
    a party for the purpose of prosecuting, defending or
    discontinuing the action. A complainant includes a present or
    former shareholder, a present or former officer or director of
    the corporation or any of its affiliates, the Director appointed
    under the CBCA or any other person who in the discretion of the
    court is a proper person to make such an application. Under the
    CBCA, no such action may be brought and no such intervention in
    an action may be made unless the court is satisfied that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the complainant has given notice to the directors of the
    corporation or its subsidiary of the complainant&#146;s
    intention to apply to the court for such leave not less than
    14&#160;days before bringing the application, or as otherwise
    directed by the court, if the directors of the corporation or
    its subsidiary do not bring, diligently prosecute or defend or
    discontinue the action;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the complainant is acting in good faith;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it appears to be in the interests of the corporation or its
    subsidiary that the action be brought, prosecuted, defended or
    discontinued.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the CBCA, the court in a derivative action may make any
    order it thinks fit, including orders pertaining to the conduct
    of the action, the making of payments to former and present
    shareholders and payment of reasonable legal fees incurred by
    the complainant.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Oppression
    Remedy</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The CBCA provides an oppression remedy that enables a court to
    make any intention or final order it thinks fit to rectify the
    matters complained of, if the court is satisfied upon
    application of a complainant (as defined below) that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any act or omission of the corporation or any of its affiliates
    effects a result;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the business or affairs of the corporation or any of its
    affiliates are or have been conducted in a manner;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the powers of the directors of the corporation or any of its
    affiliates are or have been exercised in a manner,
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    that is oppressive or unfairly prejudicial to or that unfairly
    disregards the interests of any security holder, creditor,
    director or officer of the corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A complainant for this purpose includes a present or former
    shareholder, a present or former officer or director of the
    corporation or any of its affiliates, the Director appointed
    under the CBCA and any other person who in the discretion of the
    court is a proper person to make such an application.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The exercise of the court&#146;s jurisdiction does not depend on
    a finding of a breach of such legal and equitable rights.
    Furthermore, the court may order a corporation to pay the
    interim costs of a complainant seeking an oppression remedy, but
    the complainant may be held accountable for such interim costs
    on final disposition of the complaint.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Inspection
    of Books and Records</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the CBCA, our shareholders and creditors, their personal
    representatives and the Director appointed under the CBCA may
    examine, free of charge during our usual business hours:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our articles, bylaws and all amendments thereto;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the minutes and resolutions of shareholders;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    copies of all notices of directors filed under the CBCA;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our securities register.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any of our shareholders may request a copy of the articles,
    bylaws and all amendments thereto free of charge.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We or any selling security holder may sell or distribute the
    securities offered by this prospectus, from time to time, in one
    or more offerings, as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through agents;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to dealers or underwriters for resale;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    directly to purchasers;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through a combination of any of these methods of sale.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we may issue the securities as a dividend or
    distribution or in a subscription rights offering to our
    existing security holders. In some cases, we or dealers acting
    for us or on our behalf may also repurchase securities and
    reoffer them to the public by one or more of the methods
    described above. This prospectus may be used in connection with
    any offering of our securities through any of these methods or
    other methods described in the applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our securities distributed by any of these methods may be sold
    to the public, in one or more transactions, either:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at a fixed price or prices, which may be changed;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at market prices prevailing at the time of sale;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at prices related to prevailing market prices;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at negotiated prices.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Sale
    through Underwriters or Dealers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If underwriters are used in the sale, the underwriters will
    acquire the securities for their own account, including through
    underwriting, purchase, security lending or repurchase
    agreements with us or any selling security holder. The
    underwriters may resell the securities from time to time in one
    or more transactions, including negotiated transactions.
    Underwriters may sell the securities in order to facilitate
    transactions in any of our other securities (described in this
    prospectus or otherwise), including other public or private
    transactions and short sales. Underwriters may offer securities
    to the public either through underwriting syndicates represented
    by one or more managing underwriters or directly by one or more
    firms acting as underwriters. Unless otherwise indicated in the
    applicable prospectus supplement, the obligations of the
    underwriters to purchase the securities will be subject to
    certain conditions, and the underwriters will be obligated to
    purchase all the offered securities if they purchase any of
    them. The underwriters may change from time to time any initial
    public offering price and any discounts or concessions allowed
    or reallowed or paid to dealers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If dealers are used in the sale of securities offered through
    this prospectus, we or any selling security holder will sell the
    securities to them as principals. They may then resell those
    securities to the public at varying prices determined by the
    dealers at the time of resale. The applicable prospectus
    supplement will include the names of the dealers and the terms
    of the transaction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Direct
    Sales and Sales through Agents</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We or any selling security holder may sell the securities
    offered through this prospectus directly. In this case, no
    underwriters or agents would be involved. Such securities may
    also be sold through agents designated from time to time. The
    applicable prospectus supplement will name any agent involved in
    the offer or sale of the offered securities and will describe
    any commissions payable to the agent. Unless otherwise indicated
    in the applicable prospectus supplement, any agent will agree to
    use its commonly reasonable efforts to solicit purchases for the
    period of its appointment.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    23
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We or any selling security holder may sell the securities
    directly to institutional investors or others who may be deemed
    to be underwriters within the meaning of the Securities Act with
    respect to any sale of those securities. The terms of any such
    sales will be described in the applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Delayed
    Delivery Contracts</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the applicable prospectus supplement indicates, we or any
    selling security holder may authorize agents, underwriters or
    dealers to solicit offers from certain types of institutions to
    purchase securities at the public offering price under delayed
    delivery contracts. These contracts would provide for payment
    and delivery on a specified date in the future. The contracts
    would be subject only to those conditions described in the
    prospectus supplement. The applicable prospectus supplement will
    describe the commission payable for solicitation of those
    contracts.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Market
    Making, Stabilization and Other Transactions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless the applicable prospectus supplement states otherwise,
    each series of offered securities will be a new issue and will
    have no established trading market. We may elect to list any
    series of offered securities on an exchange. Any underwriters
    that we or any selling security holder uses in the sale of
    offered securities may make a market in such securities, but may
    discontinue such market making at any time without notice.
    Therefore, we cannot assure you that the securities will have a
    liquid trading market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any underwriter may also engage in stabilizing transactions,
    syndicate covering transactions and penalty bids in accordance
    with Rule&#160;104 under the Securities Exchange Act of 1934.
    Stabilizing transactions involve bids to purchase the underlying
    security in the open market for the purpose of pegging, fixing
    or maintaining the price of the securities. Syndicate covering
    transactions involve purchases of the securities in the open
    market after the distribution has been completed in order to
    cover syndicate short positions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Penalty bids permit the underwriters to reclaim a selling
    concession from a syndicate member when the securities
    originally sold by the syndicate member are purchased in a
    syndicate covering transaction to cover syndicate short
    positions. Stabilizing transactions, syndicate covering
    transactions and penalty bids may cause the price of the
    securities to be higher than it would be in the absence of the
    transactions. The underwriters may, if they commence these
    transactions, discontinue them at any time.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Derivative
    Transactions and Hedging</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We, any selling security holder and the underwriters may engage
    in derivative transactions involving the securities. These
    derivatives may consist of short sale transactions and other
    hedging activities. The underwriters may acquire a long or short
    position in the securities, hold or resell securities acquired
    and purchase options or futures on the securities and other
    derivative instruments with returns linked to or related to
    changes in the price of the securities. In order to facilitate
    these derivative transactions, we or any selling security holder
    may enter into security lending or repurchase agreements with
    the underwriters. The underwriters may effect the derivative
    transactions through sales of the securities to the public,
    including short sales, or by lending the securities in order to
    facilitate short sale transactions by others. The underwriters
    may also use the securities purchased or borrowed from us or
    others (or, in the case of derivatives, securities received from
    us in settlement of those derivatives) to directly or indirectly
    settle sales of the securities or close out any related open
    borrowings of the securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Loans of
    Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We or a selling shareholder may loan or pledge securities to a
    financial institution or other third party that in turn may sell
    the securities using this prospectus and an applicable
    prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General
    Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Agents, underwriters, and dealers may be entitled, under
    agreements entered into with us, to indemnification by us,
    against certain liabilities, including liabilities under the
    Securities Act. Our agents, underwriters, and dealers, or their
    affiliates, may be customers of, engage in transactions with or
    perform services for us or our affiliates, in the ordinary
    course of business for which they may receive customary
    compensation.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    24
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">VALIDITY
    OF THE SECURITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The validity of the debt securities offered hereby will be
    passed upon for us by Latham&#160;&#038; Watkins LLP. The
    validity of the common shares offered hereby will be passed upon
    for us by WeirFoulds LLP.
</DIV>
<A name='117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The financial statements and the related financial statement
    schedule of Canadian Solar Inc. and subsidiaries (the
    &#147;Company&#148;) incorporated in this prospectus by
    reference from the Company&#146;s Annual Report on
    Form&#160;20-F for the year ended December&#160;31, 2007, and
    the effectiveness of internal control over financial reporting
    as of December&#160;31, 2007 have been audited by Deloitte
    Touche Tohmatsu CPA Ltd., an independent registered public
    accounting firm, as stated in their reports which are
    incorporated herein by reference (which reports (1)&#160;express
    an unqualified opinion on the consolidated financial statements
    and related financial statement schedule and include an
    explanatory paragraph referring to the adoption of FASB
    Interpretation No.&#160;48, &#147;Accounting for Uncertainty in
    Income Taxes,&#148; effective January&#160;1, 2007 and
    (2)&#160;express an unqualified opinion on the effectiveness of
    internal control over financial reporting).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The offices of Deloitte Touche Tohmatsu CPA Ltd. are located at
    30th&#160;Floor, Bund Center, 222&#160;Yan An Road East,
    Shanghai, People&#146;s Republic of China.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    25
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;II</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>INFORMATION NOT REQUIRED IN PROSPECTUS</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;8.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">INDEMNIFICATION
    OF DIRECTORS AND OFFICERS</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the CBCA, we may indemnify a present or former director or
    officer or a person who acts or acted at our request as a
    director or officer or an individual acting in a similar
    capacity, of another corporation or entity, and his or her heirs
    and legal representatives, against all costs, charges and
    expenses, including an amount paid to settle an action or
    satisfy a judgment, reasonably incurred by him or her in respect
    of any civil, criminal, administrative, investigative or other
    proceeding in which the individual is involved because of that
    association with the corporation or other entity, provided that
    the director or officer acted honestly and in good faith with a
    view to the best interests of the corporation or other entity
    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 or her conduct was
    lawful. We may advance monies to such an individual for such
    costs, charges and expenses. Such indemnification may be made in
    connection with a derivative action only with court approval. A
    director or officer or other individual described above is
    entitled to indemnification from us in respect of all costs,
    charges and expenses reasonably incurred by him or her in
    connection with the defense of any civil, criminal,
    administrative, investigative or other proceeding to which he or
    she is subject because of his or her association with the
    corporation or other entity described above as a matter of right
    if he or she is 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 fulfilled the
    conditions set forth above. Our directors and officers are
    covered by directors&#146; and officers&#146; insurance policies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any underwriting agreement entered into in connection with an
    offering of securities will also provide for indemnification of
    us and our officers and directors in certain cases.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;9.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">EXHIBITS</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The exhibits to this registration statement are listed on the
    Index to Exhibits to this registration statement, which Index to
    Exhibits is hereby incorporated by reference.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">ITEM&#160;10.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">UNDERTAKINGS</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (A)&#160;&#160;The undersigned Registrant hereby undertakes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;&#160;To file, during any period in which offers or
    sales are being made, a post-effective amendment to this
    registration statement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;To include any prospectus required by
    Section&#160;10(a)(3) of the Securities Act of 1933;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;To reflect in the prospectus any facts or events
    arising after the effective date of the registration statement
    (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change
    in the information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or any decrease in
    volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered)
    and any deviation from the low or high end of the estimated
    maximum offering range may be reflected in the form of
    prospectus filed with the SEC pursuant to Rule&#160;424(b) if,
    in the aggregate, the changes in volume and price represent no
    more than a 20% change in the maximum aggregate offering price
    set forth in the &#147;Calculation of Registration Fee&#148;
    table in the effective registration statement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;To include any material information with respect to
    the plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and
    (a)(1)(iii) of this section do not apply if the registration
    statement is on
    <FONT style="white-space: nowrap">Form&#160;F-3</FONT>
    and the information required to be included in a post-effective
    amendment by those paragraphs is contained in periodic reports
    filed with or furnished to the SEC by the Registrant pursuant to
    Section&#160;13 or Section 15(d) of the Securities Exchange Act
    of 1934 that are incorporated
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    by reference in the registration statement, or is contained in a
    form of prospectus filed pursuant to Rule&#160;424(b) that is
    part of the registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;&#160;That, for the purpose of determining any
    liability under the Securities Act of 1933, each such
    post-effective amendment shall be deemed to be a new
    registration statement relating to the securities offered
    therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;&#160;To remove from registration by means of a
    post-effective amendment any of the securities being registered
    which remain unsold at the termination of the offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;&#160;To file a post-effective amendment to the
    registration statement to include any financial statements
    required by Item&#160;8.A of
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    at the start of any delayed offering or throughout a continuous
    offering. Financial statements and information otherwise
    required by Section 10(a)(3) of the Act need not be furnished,
    provided that the Registrant includes in the prospectus, by
    means of a post-effective amendment, financial statements
    required pursuant to this paragraph (a)(4) and other information
    necessary to ensure that all other information in the prospectus
    is at least as current as the date of those financial
    statements. Notwithstanding the foregoing, with respect to
    registration statements on
    <FONT style="white-space: nowrap">Form&#160;F-3,</FONT>
    a post-effective amendment need not be filed to include
    financial statements and information required by
    Section&#160;10(a)(3) of the Act or
    <FONT style="white-space: nowrap">Rule&#160;3-19</FONT>
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-K</FONT>
    if such financial statements and information are contained in
    periodic reports filed with or furnished to the SEC by the
    Registrant pursuant to Section&#160;13 or Section&#160;15(d) of
    the Securities Act of 1934 that are incorporated by reference in
    this Form&#160;F-3.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;&#160;That, for the purpose of determining liability
    under the Securities Act of 1933 to any purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Each prospectus filed by the Registrant pursuant to
    Rule 424(b)(3) shall be deemed to be part of the registration
    statement as of the date the filed prospectus was deemed part of
    and included in the registration statement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Each prospectus required to be filed pursuant to Rule
    424(b)(2), (b)(5), or (b)(7) as part of a registration statement
    in reliance on Rule&#160;430B relating to an offering made
    pursuant to Rule 415(a)(1)(i), (vii), or (x)&#160;for the
    purpose of providing the information required by
    section&#160;10(a) of the Securities Act of 1933 shall be deemed
    to be part of and included in the registration statement as of
    the earlier of the date such form of prospectus is first used
    after effectiveness or the date of the first contract of sale of
    314 securities in the offering described in the prospectus. As
    provided in Rule&#160;430B, for liability purposes of the issuer
    and any person that is at that date an underwriter, such date
    shall be deemed to be a new effective date of the registration
    statement relating to the securities in the registration
    statement to which that prospectus relates, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof. Provided, however, that no statement
    made in a registration statement or prospectus that is part of
    the registration statement or made in a document incorporated or
    deemed incorporated by reference into the registration statement
    or prospectus that is part of the registration statement will,
    as to a purchaser with a time of contract of sale prior to such
    effective date, supersede or modify any statement that was made
    in the registration statement or prospectus that was part of the
    registration statement or made in any such document immediately
    prior to such effective date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;&#160;That, for the purpose of determining liability of
    the Registrant under the Securities Act of 1933 to any purchaser
    in the initial distribution of the securities:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned Registrant undertakes that in a primary offering
    of securities of the undersigned Registrant pursuant to this
    registration statement, regardless of the underwriting method
    used to sell the securities to the purchaser, if the securities
    are offered or sold to such purchaser by means of any of the
    following communications, the undersigned Registrant will be a
    seller to the purchaser and will be considered to offer or sell
    such securities to such purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Any preliminary prospectus or prospectus of the
    undersigned Registrant relating to the offering required to be
    filed pursuant to Rule&#160;424;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Any free writing prospectus relating to the offering
    prepared by or on behalf of the undersigned Registrant or used
    or referred to by the undersigned Registrant;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;The portion of any other free writing prospectus
    relating to the offering containing material information about
    the undersigned Registrant or its securities provided by or on
    behalf of the undersigned Registrant;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;Any other communication that is an offer in the
    offering made by the undersigned Registrant to the purchaser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (B)&#160;&#160;The undersigned Registrant hereby undertakes
    that, for purposes of determining any liability under the
    Securities Act of 1933, each filing of the Registrant&#146;s
    annual report pursuant to Section&#160;13(a) or
    Section&#160;15(d) of the Securities Exchange Act of 1934 that
    is incorporated by reference in the registration statement shall
    be deemed to be a new registration statement relating to the
    securities offered therein, and the offering of such securities
    at that time shall be deemed to be the initial bona fide
    offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (C)&#160;&#160;Insofar as indemnification for liabilities
    arising under the Securities Act of 1933&#160;may be permitted
    to directors, officers and controlling persons of the Registrant
    pursuant to the foregoing provisions, the Registrant has been
    advised that in the opinion of the Securities and Exchange
    Commission such indemnification is against public policy as
    expressed in the Securities Act of 1933 and is, therefore,
    unenforceable. In the event that a claim for indemnification
    against such liabilities (other than the payment by the
    Registrant of expenses incurred or paid by a director, officer
    or controlling person of the Registrant in the successful
    defense of any action, suit or proceeding) is asserted by such
    director, officer or controlling person in connection with the
    securities being registered, the Registrant will, unless in the
    opinion of its counsel the matter has been settled by
    controlling precedent, submit to a court of appropriate
    jurisdiction the question whether such indemnification by it is
    against public policy as expressed in the Securities Act of 1933
    will be governed by the final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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
    <FONT style="white-space: nowrap">Form&#160;F-3</FONT>
    and has duly caused this registration statement to be signed on
    its behalf by the undersigned, thereunto duly authorized, in
    Suzhou, People&#146;s Republic of China, on July&#160;14, 2008.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CANADIAN SOLAR INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Shawn
    (Xiaohua) Qu</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name: Shawn (Xiaohua) Qu
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title: Chairman and Chief Executive Officer
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each person whose signature appears below constitutes and
    appoints Mr.&#160;Shawn (Xiaohua) Qu as his or her true and
    lawful attorney-in-fact and agent, with full power of
    substitution and resubstitution, for him or her and in his or
    her name, place and stead, in any and all capacities, to sign
    any or all amendments (including post-effective amendments) to
    this registration statement and any and all related registration
    statements pursuant to Rule&#160;462(b) of the Securities Act,
    and to file the same, with all exhibits thereto, and other
    documents in connection therewith, with the SEC, hereby
    ratifying and confirming all that said attorney-in-fact and
    agent, or its substitute or substitutes, may lawfully do or
    cause to be done by virtue hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act, this
    registration statement has been signed by the following persons
    in the capacities and on July&#160;14, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="56%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="42%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Shawn
    (Xiaohua) Qu</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=228 length=0 -->Shawn
    (Xiaohua) Qu
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Chairman and Chief Executive Officer<BR>
    (principal executive officer)
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Arthur
    Chien</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=228 length=0 -->Arthur
    Chien
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and Chief Financial Officer<BR>
    (principal financial and accounting officer)
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Robert
    McDermott</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=228 length=0 -->Robert
    McDermott
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Lars-Eric
    Johansson</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=228 length=0 -->Lars-Eric
    Johansson
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Michael
    G. Potter</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=228 length=0 -->Michael
    G. Potter
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Yan
    Zhuang</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=228 length=0 -->Yan
    Zhuang
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Donald
    J. Puglisi</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=228 length=0 -->Donald
    J. Puglisi<BR>
    Managing Director<BR>
    Puglisi&#160;&#038; Associates
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Authorized U.S. Representative<BR>
    <BR>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INDEX TO
    EXHIBITS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="left" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description of Document</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Underwriting Agreement.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Registrant&#146;s Specimen Certificate for Common shares
    (incorporated by reference to Exhibit 4.11 of the Registration
    Statement on Form F-1 (file no. 333-138144) filed with the SEC)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Indenture
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .3*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Note
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Latham &#038; Watkins LLP regarding the validity of
    the debt securities
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of WeirFoulds LLP regarding the validity of the common
    shares
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    12
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Statement regarding the computation of ratio of earnings to
    fixed charges
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    21
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    List of Subsidiaries
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Deloitte Touche Tohmatsu, Independent Registered
    Public Accounting Firm
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Latham &#038; Watkins LLP (included in Exhibit 5.1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of WeirFoulds LLP (included in Exhibit 5.2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Chen &#038; Co. Law Firm
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of Attorney (included as part of signature page)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    25
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form T-1 Statement of Eligibility and Qualification under the
    Trust Indenture Act of 1939 of the Trustee under the Indenture
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed as an exhibit to a post-effective amendment to this
    registration statement or as an exhibit to a report filed under
    the Securities Exchange Act of 1934 and incorporated herein by
    reference.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>2
<FILENAME>h02300exv4w2.htm
<DESCRIPTION>EX-4.2 FORM OF INDENTURE
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-4.2 FORM OF INDENTURE</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;4.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Canadian Solar Inc.</B><BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 20%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">INDENTURE
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Dated as of &#091;<B>&#149;</B>&#093;, 200&#091;<B>&#149;</B>&#093;<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 20%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">The Bank of New York Mellon
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><A href="#701">ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE</A></TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#702">Section&nbsp;1.1
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#702">Definitions.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#703">Section&nbsp;1.2
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#703">Other Definitions.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#704">Section&nbsp;1.3
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#704">Incorporation by Reference of Trust Indenture Act.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#705">Section&nbsp;1.4
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#705">Rules of Construction.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><A href="#706">ARTICLE II. THE SECURITIES</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#707">Section&nbsp;2.1
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#707">Issuable in Series.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#708">Section&nbsp;2.2
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#708">Establishment of Terms of Series of Securities.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#709">Section&nbsp;2.3
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#709">Execution and Authentication.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#710">Section&nbsp;2.4
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#710">Registrar and Paying Agent.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#711">Section&nbsp;2.5
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#711">Paying Agent to Hold Money in Trust.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#712">Section&nbsp;2.6
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#712">Securityholder Lists.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#713">Section&nbsp;2.7
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#713">Transfer and Exchange.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#714">Section&nbsp;2.8
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#714">Mutilated, Destroyed, Lost and Stolen Securities.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#715">Section&nbsp;2.9
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#715">Outstanding Securities.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#716">Section&nbsp;2.10
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#716">Treasury Securities.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#717">Section&nbsp;2.11
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#717">Temporary Securities.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#718">Section&nbsp;2.12
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#718">Cancellation.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#719">Section&nbsp;2.13
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#719">Defaulted Interest.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#720">Section&nbsp;2.14
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#720">Global Securities.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#721">Section&nbsp;2.15
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#721">CUSIP Numbers.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><A href="#722">ARTICLE III. REDEMPTION</A></TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#723">Section&nbsp;3.1
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#723">Notice to Trustee.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#724">Section&nbsp;3.2
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#724">Selection of Securities to be Redeemed.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#725">Section&nbsp;3.3
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#725">Notice of Redemption.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#726">Section&nbsp;3.4
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#726">Effect of Notice of Redemption.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#727">Section&nbsp;3.5
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#727">Deposit of Redemption Price.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#728">Section&nbsp;3.6
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#728">Securities Redeemed in Part.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><A href="#729">ARTICLE IV. COVENANTS</A></TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#730">Section&nbsp;4.1
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#730">Payment of Principal and Interest.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#731">Section&nbsp;4.2
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#731">SEC Reports.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#732">Section&nbsp;4.3
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#732">Compliance Certificate.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#733">Section&nbsp;4.4
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#733">Stay, Extension and Usury Laws.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#734">Section&nbsp;4.5
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#734">Corporate Existence.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><A href="#735">ARTICLE V. SUCCESSORS</A></TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#736">Section&nbsp;5.1
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#736">When Company May Merge, Etc.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#737">Section&nbsp;5.2
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#737">Successor Corporation Substituted.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->ii&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><A href="#738">ARTICLE VI. DEFAULTS AND REMEDIES</A></TD>
<TD>&nbsp;</TD>

    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#739">Section&nbsp;6.1
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#739">Events of Default.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#740">Section&nbsp;6.2
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#740">Acceleration of Maturity; Rescission and Annulment.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#741">Section&nbsp;6.3
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#741">Collection of Indebtedness and Suits for Enforcement by Trustee.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#742">Section&nbsp;6.4
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#742">Trustee May File Proofs of Claim.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">20</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#743">Section&nbsp;6.5
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#743">Trustee May Enforce Claims Without Possession of Securities.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#744">Section&nbsp;6.6
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#744">Application of Money Collected.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#745">Section&nbsp;6.7
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#745">Limitation on Suits.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#746">Section&nbsp;6.8
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#746">Unconditional Right of Holders to Receive Principal and Interest.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">22</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#747">Section&nbsp;6.9
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#747">Restoration of Rights and Remedies.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">22</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#748">Section&nbsp;6.10
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#748">Rights and Remedies Cumulative.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">22</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#749">Section&nbsp;6.11
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#749">Delay or Omission Not Waiver.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">22</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#750">Section&nbsp;6.12
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#750">Control by Holders.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#751">Section&nbsp;6.13
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#751">Waiver of Past Defaults.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#752">Section&nbsp;6.14
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#752">Undertaking for Costs.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><A href="#753">ARTICLE VII. TRUSTEE</A></TD>

    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24</TD>
    <TD nowrap valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#754">Section&nbsp;7.1
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#754">Duties of Trustee.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#755">Section&nbsp;7.2
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#755">Rights of Trustee.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#756">Section&nbsp;7.3
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#756">Individual Rights of Trustee.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">26</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#757">Section&nbsp;7.4
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#757">Trustee&#146;s Disclaimer.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">26</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#758">Section&nbsp;7.5
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#758">Notice of Defaults.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#759">Section&nbsp;7.6
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#759">Reports by Trustee to Holders.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#760">Section&nbsp;7.7
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#760">Compensation and Indemnity.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">27</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#761">Section&nbsp;7.8
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#761">Replacement of Trustee.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">28</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#762">Section&nbsp;7.9
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#762">Successor Trustee by Merger, etc.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">29</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#763">Section&nbsp;7.10
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#763">Eligibility; Disqualification.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">29</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#764">Section&nbsp;7.11
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#764">Preferential Collection of Claims Against Company.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">29</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><A href="#765">ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE</A></TD>

    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">29</TD>
    <TD nowrap valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#766">Section&nbsp;8.1
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#766">Satisfaction and Discharge of Indenture.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">29</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#767">Section&nbsp;8.2
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#767">Application of Trust Funds; Indemnification.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">30</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#768">Section&nbsp;8.3
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#768">Legal Defeasance of Securities of any Series.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">31</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#769">Section&nbsp;8.4
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#769">Covenant Defeasance.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#770">Section&nbsp;8.5
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#770">Repayment to Company.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">33</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><A href="#771">ARTICLE IX. AMENDMENTS AND WAIVERS</A></TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">34</TD>
    <TD nowrap valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#772">Section&nbsp;9.1
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#772">Without Consent of Holders.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">34</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#773">Section&nbsp;9.2
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#773">With Consent of Holders.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">34</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#774">Section&nbsp;9.3
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#774">Limitations.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">35</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#775">Section&nbsp;9.4
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#775">Compliance with Trust Indenture Act.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">35</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#776">Section&nbsp;9.5
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#776">Revocation and Effect of Consents.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">35</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#777">Section&nbsp;9.6
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#777">Notation on or Exchange of Securities.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">36</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#778">Section&nbsp;9.7
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#778">Trustee Protected.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">36</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->iii&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><A href="#779">ARTICLE X. MISCELLANEOUS</A></TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">36</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#780">Section&nbsp;10.1
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#780">Trust Indenture Act Controls.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">36</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#781">Section&nbsp;10.2
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#781">Notices.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">36</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#782">Section&nbsp;10.3
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#782">Communication by Holders with Other Holders.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">37</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#783">Section&nbsp;10.4
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#783">Certificate and Opinion as to Conditions Precedent.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">37</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#784">Section&nbsp;10.5
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#784">Statements Required in Certificate or Opinion.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">37</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#785">Section&nbsp;10.6
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#785">Rules by Trustee and Agents.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#786">Section&nbsp;10.7
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#786">Legal Holidays.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#787">Section&nbsp;10.8
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#787">No Recourse Against Others.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#788">Section&nbsp;10.9
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#788">Counterparts.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#789">Section&nbsp;10.10
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#789">Governing Laws.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#790">Section&nbsp;10.11
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#790">No Adverse Interpretation of Other Agreements.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#791">Section&nbsp;10.12
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#791">Successors.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">39</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#792">Section&nbsp;10.13
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#792">Severability.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">39</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#793">Section&nbsp;10.14
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#793">Table of Contents, Headings, Etc.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">39</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#794">Section&nbsp;10.15
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#794">Securities in a Foreign Currency or in ECU.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">39</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#795">Section&nbsp;10.16
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#795">Judgment Currency.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">40</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><A href="#796">ARTICLE XI. SINKING FUNDS</A></TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">40</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#797">Section&nbsp;11.1
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#797">Applicability of Article.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">40</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#798">Section&nbsp;11.2
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#798">Satisfaction of Sinking Fund Payments with Securities.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">40</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#799">Section&nbsp;11.3
</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><A href="#799">Redemption of Securities for Sinking Fund.
</A></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">41</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->iv&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Canadian Solar Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reconciliation and tie between Trust Indenture Act of 1939 and Indenture, dated as of &#091;<B>&#149;</B>&#093;, 200&#091;<B>&#149;</B>&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Note: This reconciliation and tie shall not, for any purpose, be deemed to be part of the
Indenture.
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 310(a)(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.10</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(a)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.10</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(a)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(a)(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(a)(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.10</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.10</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 311(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.11</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.11</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 312(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.6</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.3</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 313(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(b)(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.6</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(b)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(c)(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.6</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 314(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.2, 10.5</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(c)(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.4</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(c)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(c)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.5</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(f)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 315(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.1</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.1</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.14</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 316(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.10</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(a)(1)(A)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.12</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(a)(1)(B)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.13</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.8</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 317(a)(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(a)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.4</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#167; 318(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.1</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indenture
dated as of
&#91;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#93;, 200&#91;<U>&nbsp;&nbsp;</U>&#93; between Canadian Solar Inc., a company incorporated in Canada
(&#147;Company&#148;), and The Bank of New York Mellon, a banking corporation organized under the laws of the
State of New York (&#147;Trustee&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each party agrees as follows for the benefit of the other party and for the equal and ratable
benefit of the Holders of the Securities issued under this Indenture.
</DIV>
<DIV align="left">
<A name="701"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DEFINITIONS AND INCORPORATION BY REFERENCE</B>
</DIV>

<DIV align="left">
<A name="702"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Additional Amounts</I>&#148; means any additional amounts which are required hereby or by any
Security, under circumstances specified herein or therein, to be paid by the Company in respect of
certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Affiliate</I>&#148; of any specified person means any other person directly or indirectly controlling
or controlled by or under common control with such specified person. For the purposes of this
definition, &#147;control&#148; (including, with correlative meanings, the terms &#147;controlled by&#148; and &#147;under
common control with&#148;), as used with respect to any person, shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of such
person, whether through the ownership of voting securities or by agreement or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Agent</I>&#148; means any Registrar, Paying Agent or Service Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Board of Directors</I>&#148; means the Board of Directors of the Company or any duly authorized
committee thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Board Resolution</I>&#148; means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company to have been adopted by the Board of Directors or pursuant to
authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Business Day</I>&#148; means, unless otherwise provided by Board Resolution, Officers&#146; Certificate or
supplemental indenture hereto for a particular Series, any day except a Saturday, Sunday or a legal
holiday in The City of New York on which banking institutions are authorized or required by law,
regulation or executive order to close or a day the Corporate Trust Office is closed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Capital Stock</I>&#148; means any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Company</I>&#148; means the party named as such above until a successor replaces it and thereafter
means the successor.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Company Order</I>&#148; means a written order signed in the name of the Company by two Officers, one
of whom must be the Company&#146;s principal executive officer, principal financial officer or principal
accounting officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Company Request</I>&#148; means a written request signed in the name of the Company by its Chairman,
its Chief Executive Officer, or any Vice President and by its Chief Financial Officer and delivered
to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Corporate Trust Office</I>&#148; means the office of the Trustee at which at any particular time its
corporate trust business shall be principally administered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Default</I>&#148; means any event which is, or after notice or passage of time or both would be, an
Event of Default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Depositary</I>&#148; means, with respect to the Securities of any Series issuable or issued in whole
or in part in the form of one or more Global Securities, the person designated as Depositary for
such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person,
&#147;Depositary&#148; as used with respect to the Securities of any Series shall mean the Depositary with
respect to the Securities of such Series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Discount Security</I>&#148; means any Security that provides for an amount less than the stated
principal amount thereof to be due and payable upon declaration of acceleration of the maturity
thereof pursuant to Section&nbsp;6.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Dollars</I>&#148; and &#147;$&#148; means the currency of The United States of America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>ECU</I>&#148; means the European Currency Unit as determined by the Commission of the European Union.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Exchange Act</I>&#148; means the Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Foreign Currency</I>&#148; means any currency or currency unit issued by a government other than the
government of The United States of America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Foreign Government Obligations</I>&#148; means, with respect to Securities of any Series that are
denominated in a Foreign Currency, (i)&nbsp;direct obligations of the government that issued or caused
to be issued such currency for the payment of which obligations its full faith and credit is
pledged or (ii)&nbsp;obligations of a person controlled or supervised by or acting as an agency or
instrumentality of such government the timely payment of which is unconditionally guaranteed as a
full faith and credit obligation by such government, which, in either case under clauses (i)&nbsp;or
(ii), are not callable or redeemable at the option of the issuer thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>GAAP</I>&#148; means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as have been approved by a significant segment of the
accounting profession, which are in effect as of the date of determination.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Global Security</I>&#148; or &#147;<I>Global Securities</I>&#148; means a Security or Securities, as the case may be,
in the form established pursuant to Section&nbsp;2.2 evidencing all or part of a Series of Securities,
issued to the Depositary for such Series or its nominee, and registered in the name of such
Depositary or nominee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Holder</I>&#148; or &#147;<I>Securityholder</I>&#148; means a person in whose name a Security is registered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Indenture&#148; means this Indenture as amended or supplemented from time to time and shall include the
form and terms of particular Series of Securities established as contemplated hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>interest</I>&#148; with respect to any Discount Security which by its terms bears interest only after
Maturity, means interest payable after Maturity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Maturity</I>,&#148; when used with respect to any Security, means the date on which the principal of
such Security becomes due and payable as therein or herein provided, whether at the Stated Maturity
or by declaration of acceleration, call for redemption or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Officer</I>&#148; means the Chairman, the Chief Executive Officer, any Vice President, or the Chief
Financial Officer of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Officers&#146; Certificate</I>&#148; means a certificate signed by two Officers, one of whom must be the
Company&#146;s principal executive officer, principal financial officer or principal accounting officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Opinion of Counsel</I>&#148; means a written opinion of legal counsel, which opinion, is acceptable to
the Trustee. The counsel may be an employee of or counsel to the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>person</I>&#148; means any individual, corporation, partnership, joint venture, association, limited
liability company, joint-stock company, trust, unincorporated organization or government or any
agency or political subdivision thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>principal</I>&#148; of a Security means the principal of the Security plus, when appropriate, the
premium, if any, on, and any Additional Amounts in respect of, the Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Responsible Officer</I>&#148; means any officer of the Trustee in its Corporate Trust Office and also
means, with respect to a particular corporate trust matter, any other officer to whom any corporate
trust matter is referred because of his or her knowledge of and familiarity with a particular
subject and who shall in each case have direct responsibility for the administration of this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>SEC</I>&#148; means the Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Securities</I>&#148; means the debentures, notes or other debt instruments of the Company of any
Series authenticated and delivered under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Series</I>&#148; or &#147;<I>Series of Securities</I>&#148; means each series of debentures, notes or other debt
instruments of the Company created pursuant to Sections&nbsp;2.1 and 2.2 hereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Stated Maturity</I>&#148; when used with respect to any Security, means the date specified in such
Security as the fixed date on which the principal of such Security or interest is due and payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Subsidiary</I>&#148; of any specified person means any corporation, association or other business
entity of which more than 50% of the total voting power of shares of Capital Stock entitled
(without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or
indirectly, by such person or one or more of the other Subsidiaries of that person or a combination
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>TIA</I>&#148; means the Trust Indenture Act of 1939 (15 U.S. Code &#167;&#167; 77aaa-77bbbb) as in effect on the
date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is
amended after such date, &#147;TIA&#148; means, to the extent required by any such amendment, the Trust
Indenture Act as so amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Trustee</I>&#148; means the person named as the &#147;Trustee&#148; in the first paragraph of this instrument
until a successor Trustee shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter &#147;Trustee&#148; shall mean or include each person who is then a Trustee hereunder, and if at any time there is more than one such person, &#147;Trustee&#148;
as used with respect to the Securities of any Series shall mean the Trustee with respect to
Securities of that Series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>U.S. Government Obligations</I>&#148; means securities which are (i)&nbsp;direct obligations of The United
States of America for the payment of which its full faith and credit is pledged or (ii)&nbsp;obligations
of a person controlled or supervised by and acting as an agency or instrumentality of The United
States of America the payment of which is unconditionally guaranteed as a full faith and credit
obligation by The United States of America, and which in the case of (i)&nbsp;and (ii)&nbsp;are not callable or redeemable at the option of the issuer thereof, and shall also include a
depository receipt issued by a bank or trust company as custodian with respect to any such U.S.
Government Obligation or a specific payment of interest on or principal of any such U.S. Government
Obligation held by such custodian for the account of the holder of a depository receipt, provided
that (except as required by law) such custodian is not<BR>
authorized to make any deduction from the amount payable to the holder of such depository receipt
from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by
such depository receipt.
</DIV>
<DIV align="left">
<A name="703"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Definitions</U>.
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>TERM</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>DEFINED IN SECTION</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">"<I>Bankruptcy Law</I>&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">"<I>Custodian</I>&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.1</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">"<I>Event of Default</I>&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">"<I>Journal</I>&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.15</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">"<I>Judgment Currency</I>&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.16</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">"<I>Legal Holiday</I>&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.7</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">"<I>mandatory sinking fund payment</I>&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">"<I>Market Exchange Rate</I>&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.15</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>TERM</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>DEFINED IN SECTION</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">"<I>New York Banking Day</I>&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.16</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">"<I>optional sinking fund payment</I>&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.1</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">"<I>Paying Agent</I>&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">"<I>Registrar</I>&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.4</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">"<I>Required Currency</I>&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.16</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">"<I>Service Agent</I>&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.4</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">"<I>successor person</I>&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.1</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="704"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Incorporation by Reference of Trust Indenture Act</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by
reference in and made a part of this Indenture. The following TIA terms used in this Indenture have
the following meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Commission</I>&#148; means the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>indenture securities</I>&#148; means the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>indenture security holder</I>&#148; means a Securityholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>indenture to be qualified</I>&#148; means this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>indenture trustee</I>&#148; or &#147;<I>institutional trustee</I>&#148; means the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>obligor</I>&#148; on the indenture securities means the Company and any successor obligor upon the
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other terms used in this Indenture that are defined by the TIA, defined by TIA reference
to another statute or defined by SEC rule under the TIA and not otherwise defined herein are used
herein as so defined.
</DIV>
<DIV align="left">
<A name="705"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rules of Construction</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the context otherwise requires:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a term has the meaning assigned to it;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an accounting term not otherwise defined has the meaning assigned to it in
accordance with GAAP;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;or&#148; is not exclusive;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>words in the singular include the plural, and in the plural include the
singular; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provisions apply to successive events and transactions.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left">
<A name="706"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE SECURITIES</B>
</DIV>

<DIV align="left">
<A name="707"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuable in Series</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate principal amount of Securities that may be authenticated and delivered under
this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities of
a Series shall be identical except as may be set forth or determined in the manner provided in a
Board Resolution, supplemental indenture or Officers&#146; Certificate detailing the adoption of the
terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of
a Series to be issued from time to time, the Board Resolution, Officers&#146; Certificate or
supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted
under a Board Resolution may provide for the method by which specified terms (such as interest
rate, maturity date, record date or date from which interest shall accrue) are to be determined.
Securities may differ between Series in respect of any matters, provided that all Series of
Securities shall be equally and ratably entitled to the benefits of the Indenture.
</DIV>
<DIV align="left">
<A name="708"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Establishment of Terms of Series of Securities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At or prior to the issuance of any Securities within a Series, the following shall be
established (as to the Series generally, in the case of Subsection 2.2.1 and either as to such
Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through
2.2.21) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in
a Board Resolution, supplemental indenture or Officers&#146; Certificate:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1. the title of the Series (which shall distinguish the Securities of that particular
Series from the Securities of any other Series);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2. the price or prices (expressed as a percentage of the principal amount thereof) at
which the Securities of the Series will be issued;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3. any limit upon the aggregate principal amount of the Securities of the Series which may
be authenticated and delivered under this Indenture (except for Securities authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of
the Series pursuant to Section&nbsp;2.7, 2.8, 2.11, 3.6 or 9.6);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4. the date or dates on which the principal of the Securities of the Series is payable;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5. the rate or rates (which may be fixed or variable) per annum or, if applicable, the
method used to determine such rate or rates (including, but not limited to, any commodity,
commodity index, stock exchange index or financial index) at which the Securities of the Series
shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the
date or dates on which such interest, if any, shall commence and be payable and any regular record
date for the interest payable on any interest payment date;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6. the place or places where the principal of and interest, if any, on the Securities of
the Series shall be payable, where the Securities of such Series may be surrendered for
registration of transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities of such Series and this Indenture may be served, and the method of such
payment, if by wire transfer, mail or other means;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.7. if applicable, the period or periods within which, the price or prices at which and the
terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part,
at the option of the Company;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.8. the obligation, if any, of the Company to redeem or purchase the Securities of the
Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof
and the period or periods within which, the price or prices at which and the terms and conditions
upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant
to such obligation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.9. the dates, if any, on which and the price or prices at which the Securities of the
Series will be repurchased by the Company at the option of the Holders thereof and other detailed
terms and provisions of such repurchase obligations;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.10. if other than denominations of $1,000 and any integral multiple thereof, the
denominations in which the Securities of the Series shall be issuable;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.11. the forms of the Securities of the Series and whether the Securities will be issuable
as Global Securities;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.12. if other than the principal amount thereof, the portion of the principal amount of the
Securities of the Series that shall be payable upon declaration of acceleration of the maturity
thereof pursuant to Section&nbsp;6.2;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.13. the currency of denomination of the Securities of the Series, which may be Dollars or
any Foreign Currency, including, but not limited to, the ECU, and if such currency of denomination
is a composite currency other than the ECU, the agency or organization, if any, responsible for
overseeing such composite currency;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.14. the designation of the currency, currencies or currency units in which payment of the
principal of and interest, if any, on the Securities of the Series will be made;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.15. if payments of principal of or interest, if any, on the Securities of the Series are
to be made in one or more currencies or currency units other than that or those in which such
Securities are denominated, the manner in which the exchange rate with respect to such payments
will be determined;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.16. the manner in which the amounts of payment of principal of or interest, if any, on the
Securities of the Series will be determined, if such amounts may be determined by reference to an
index based on a currency or currencies or by reference to a commodity, commodity index, stock
exchange index or financial index;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.17. the provisions, if any, relating to any security provided for the Securities of the
Series;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.18. any addition to or change in the Events of Default which applies to any Securities of
the Series and any change in the right of the Trustee or the requisite Holders of such Securities
to declare the principal amount thereof due and payable pursuant to Section&nbsp;6.2;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.19. any addition to or change in the covenants set forth in Articles IV or V which applies
to Securities of the Series;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.20. any other terms of the Securities of the Series (which may supplement, modify or
delete any provision of this Indenture insofar as it applies to such Series); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.21. any depositaries, interest rate calculation agents, exchange rate calculation agents
or other agents with respect to Securities of such Series if other than those appointed herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities of any one Series need not be issued at the same time and may be issued from
time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the
Board Resolution, supplemental indenture hereto or Officers&#146; Certificate referred to above.
</DIV>
<DIV align="left">
<A name="709"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Execution and Authentication</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Two Officers shall sign the Securities for the Company by manual or facsimile signature.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Officer whose signature is on a Security no longer holds that office at the time the
Security is authenticated, the Security shall nevertheless be valid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Security shall not be valid until authenticated by the manual or facsimile signature of the
Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security
has been authenticated under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall at any time, and from time to time, authenticate Securities for original
issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or
Officers&#146; Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may
authorize authentication and delivery pursuant to oral or electronic instructions from the Company
or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in
writing. Each Security shall be dated the date of its authentication unless otherwise provided by a
Board Resolution, a supplemental indenture hereto or an Officers&#146; Certificate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate principal amount of Securities of any Series outstanding at any time may not
exceed any limit upon the maximum principal amount for such Series set forth in the Board
Resolution, supplemental indenture hereto or Officers&#146; Certificate delivered pursuant to Section
2.2, except as provided in Section&nbsp;2.8.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the issuance of Securities of any Series, the Trustee shall have received and
(subject to Section&nbsp;7.2) shall be fully protected in relying on: (a)&nbsp;the Board Resolution,
supplemental indenture hereto or Officers&#146; Certificate establishing the form of the Securities of
that Series or of Securities within that Series and the terms of the Securities of that Series
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or of Securities within that Series, (b)&nbsp;an Officers&#146; Certificate complying with Section&nbsp;10.4,
and (c)&nbsp;an Opinion of Counsel complying with Section&nbsp;10.4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall have the right to decline to authenticate and deliver any Securities of such
Series: (a)&nbsp;if the Trustee, being advised by counsel, determines that such action may not be taken
lawfully; or (b)&nbsp;if the Trustee in good faith by its board of directors or trustees, executive
committee or a trust committee of directors and/or vice-presidents shall determine that such action
would expose the Trustee to personal liability to Holders of any then outstanding Series of
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may appoint an authenticating agent acceptable to the Company to authenticate
Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so.
Each reference in this Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to deal with the Company or an
Affiliate of the Company.
</DIV>
<DIV align="left">
<A name="710"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registrar and Paying Agent</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall maintain, with respect to each Series of Securities, at the place or places
specified with respect to such Series pursuant to Section&nbsp;2.2, an office or agency where Securities
of such Series may be presented or surrendered for payment (&#147;<I>Paying Agent</I>&#148;), where Securities of
such Series may be surrendered for registration of transfer or exchange (&#147;<I>Registrar</I>&#148;) and where
notices and demands to or upon the Company in respect of the Securities of such Series and this
Indenture may be served (&#147;<I>Service Agent</I>&#148;). The Trustee or Service Agent, as applicable, shall
deliver such notices and demands to the Company in accordance with Section&nbsp;10.2 hereof. The
Registrar shall keep a register with respect to each Series of Securities and to their transfer and
exchange. The Company will give prompt written notice to the Trustee of the name and address, and
any change in the name or address, of each Registrar, Paying Agent or Service Agent. If at any time
the Company shall fail to maintain any such required Registrar, Paying Agent or Service Agent or
shall fail to furnish the Trustee with the name and address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee,
and the Company hereby appoints the Trustee as its agent to receive all such presentations,
surrenders, notices and demands.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may also from time to time designate one or more co-registrars, additional paying
agents or additional service agents and may from time to time rescind such designations; provided,
however, that no such designation or rescission shall in any manner relieve the Company of its
obligations to maintain a Registrar, Paying Agent and Service Agent in each place so specified
pursuant to Section&nbsp;2.2 for Securities of any Series for such purposes. The Company will give
prompt written notice to the Trustee of any such designation or rescission and of any change in the
name or address of any such co-registrar, additional paying agent or additional service agent. The
term &#147;<I>Registrar</I>&#148; includes any co-registrar; the term &#147;<I>Paying Agent</I>&#148; includes any additional paying
agent; and the term &#147;<I>Service Agent</I>&#148; includes any additional service agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby appoints the Trustee the initial Registrar, Paying Agent and Service Agent
for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is
appointed prior to the time Securities of that Series are first issued.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby appoints The Depository Trust Company to act as Depositary with respect to
the Securities.
</DIV>
<DIV align="left">
<A name="711"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Paying Agent to Hold Money in Trust</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall require each Paying Agent other than the Trustee to agree in writing that
the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of
Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or
interest on the Series of Securities, and will notify the Trustee of any default by the Company in
making any such payment. While any such default continues, the Trustee may require a Paying Agent
to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to
pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if
other than the Company or a Subsidiary of the Company) shall have no further liability for the
money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and
hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all
money held by it as Paying Agent.
</DIV>
<DIV align="left">
<A name="712"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Securityholder Lists</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of Securityholders of each Series of Securities and
shall otherwise comply with TIA &#167; 312(a). If the Trustee is not the Registrar, the Company shall
furnish to the Trustee at least ten days before each interest payment date and at such other times
as the Trustee may request in writing a list, in such form and as of such date as the Trustee may
reasonably require, of the names and addresses of Securityholders of each Series of Securities.
</DIV>
<DIV align="left">
<A name="713"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer and Exchange</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where Securities of a Series are presented to the Registrar or a co-registrar with a request
to register a transfer or to exchange them for an equal principal amount of Securities of the same
Series, the Registrar shall register the transfer or make the exchange if its requirements for such
transactions are met. To permit registrations of transfers and exchanges, the Trustee shall
authenticate Securities upon receipt of a Company Order. No service charge shall be made for any
registration of transfer or exchange (except as otherwise expressly permitted herein), but the
Company may require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer tax or similar governmental
charge payable upon exchanges pursuant to Sections&nbsp;2.11, 3.6 or 9.6).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Company nor the Registrar shall be required (a)&nbsp;to issue, register the transfer
of, or exchange Securities of any Series for the period beginning at the opening of business
fifteen days immediately preceding the mailing of a notice of redemption of Securities of that
Series selected for redemption and ending at the close of business on the day of such mailing, or
(b)&nbsp;to register the transfer of or exchange Securities of any Series selected, called or being
called for redemption as a whole or the portion being redeemed of any such Securities selected,
called or being called for redemption in part.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="714"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mutilated, Destroyed, Lost and Stolen Securities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any mutilated Security is surrendered to the Trustee, the Company shall execute and the
Trustee, upon receipt of a Company Order, shall authenticate and deliver in exchange therefor a new
Security of the same Series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there shall be delivered to the Company and the Trustee (i)&nbsp;evidence to their satisfaction
of the destruction, loss or theft of any Security and (ii)&nbsp;such security or indemnity as may be
required by them to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and the Trustee, upon receipt of a Company Order, shall
authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen
Security, a new Security of the same Series and of like tenor and principal amount and bearing a
number not contemporaneously outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new Security, pay
such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of any new Security under this Section, the Company may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every new Security of any Series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security shall constitute an original additional contractual obligation of the
Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Securities of that Series duly issued hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Securities.
</DIV>
<DIV align="left">
<A name="715"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Outstanding Securities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities outstanding at any time are all the Securities authenticated by the Trustee
except for those canceled by it, those delivered to it for cancellation, those reductions in the
interest on a Global Security effected by the Trustee in accordance with the provisions hereof and
those described in this Section as not outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Security is replaced pursuant to Section&nbsp;2.8, it ceases to be outstanding until the
Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide
purchaser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of
the Company) holds on the Maturity of Securities of a Series money sufficient to pay such
Securities payable on that date, then on and after that date such Securities of the Series cease to
be outstanding and interest on them ceases to accrue.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Security does not cease to be outstanding because the Company or an Affiliate of the Company
holds the Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In determining whether the Holders of the requisite principal amount of outstanding Securities
have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the
principal amount of a Discount Security that shall be deemed to be outstanding for such purposes
shall be the amount of the principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the Maturity thereof pursuant to Section&nbsp;6.2.
</DIV>
<DIV align="left">
<A name="716"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Treasury Securities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In determining whether the Holders of the required principal amount of Securities of a Series
have concurred in any request, demand, authorization, direction, notice, consent or waiver,
Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded,
except that for the purposes of determining whether the Trustee shall be protected in relying on
any such request, demand, authorization, direction, notice, consent or waiver only Securities of a
Series that the Trustee knows are so owned shall be so disregarded.
</DIV>
<DIV align="left">
<A name="717"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Temporary Securities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until definitive Securities are ready for delivery, the Company may prepare and the Trustee,
upon receipt of a Company Order, shall authenticate temporary Securities upon a Company Order.
Temporary Securities shall be substantially in the form of definitive Securities but may have
variations that the Company considers appropriate for temporary Securities. Without unreasonable
delay, the Company shall prepare and the Trustee, upon receipt of a Company Order, shall
authenticate definitive Securities of the same Series and date of maturity in exchange for
temporary Securities. Until so exchanged, temporary securities shall have the same rights under
this Indenture as the definitive Securities.
</DIV>
<DIV align="left">
<A name="718"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cancellation</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar
and the Paying Agent shall forward to the Trustee any Securities surrendered to them for
registration of transfer, exchange or payment. Upon receipt of written instruction from the
Company, the Trustee shall cancel all Securities surrendered for transfer, exchange, payment,
replacement or cancellation and shall destroy such canceled Securities and deliver a certificate of
such destruction to the Company, unless the Company otherwise directs. The Company may not issue
new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.
</DIV>
<DIV align="left">
<A name="719"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defaulted Interest</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company defaults in a payment of interest on a Series of Securities, it shall pay the
defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted
interest, to the persons who are Securityholders of the Series on a subsequent special record date.
The Company shall fix the record date and payment date. At least 10&nbsp;days before the record date,
the Company shall mail to the Trustee and to each Securityholder of the Series a notice that states
the record date, the payment date and the amount of interest to be paid. The Company may pay
defaulted interest in any other lawful manner.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="720"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Global Securities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14.1. <U>Terms of Securities</U>. A Board Resolution, a supplemental indenture hereto or an
Officers&#146; Certificate shall establish whether the Securities of a Series shall be issued in whole
or in part in the form of one or more Global Securities and the Depositary for such Global Security
or Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14.2. <U>Transfer and Exchange</U>. Notwithstanding any provisions to the contrary
contained in Section&nbsp;2.7 of the Indenture and in addition thereto, any Global Security shall be
exchangeable pursuant to Section&nbsp;2.7 of the Indenture for Securities registered in the names of
Holders other than the Depositary for such Security or its nominee only if (i)&nbsp;such Depositary
notifies the Company that it is unwilling or unable to continue as Depositary for such Global
Security or if at any time such Depositary ceases to be a clearing agency registered under the
Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered
as a clearing agency under the Exchange Act within 90&nbsp;days of such event or (ii)&nbsp;the Company
executes and delivers to the Trustee an Officers&#146; Certificate to the effect that such Global
Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the
preceding sentence shall be exchangeable for Securities registered in such names as the Depositary
shall direct in writing in an aggregate principal amount equal to the principal amount of the
Global Security with like tenor and terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in this Section&nbsp;2.14.2, a Global Security may not be transferred except as
a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by
a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such a successor
Depositary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance
with any restrictions on transfer imposed under this Indenture or under applicable law with respect
to any transfer of any interest in any Security other than to require delivery of such certificates
and other documentation or evidence as are expressly required by, and to do so if and when
expressly required by the terms of, this Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14.3. <U>Legend</U>. Any Global Security issued hereunder shall bear a legend in
substantially the following form:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;This Security is a Global Security within the meaning of the Indenture hereinafter referred
to and is registered in the name of the Depositary or a nominee of the Depositary. This Security is
exchangeable for Securities registered in the name of a person other than the Depositary or its
nominee only in the limited circumstances described in the Indenture, and may not be transferred
except as a whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary
to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to
a successor Depositary or a nominee of such a successor Depositary.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14.4. <U>Acts of Holders</U>. The Depositary, as a Holder, may appoint agents and otherwise
authorize participants to give or take any request, demand, authorization, direction, notice,
consent, waiver or other action which a Holder is entitled to give or take under the Indenture.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14.5. <U>Payments</U>. Notwithstanding the other provisions of this Indenture, unless
otherwise specified as contemplated by Section&nbsp;2.2, payment of the principal of and interest, if
any, on any Global Security shall be made to the Holder thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14.6. <U>Consents, Declaration and Directions</U>. Except as provided in Section&nbsp;2.14.5,
the Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount
of outstanding Securities of such Series represented by a Global Security as shall be specified in
a written statement of the Depositary with respect to such Global Security, for purposes of
obtaining any consents, declarations, waivers or directions required to be given by the Holders
pursuant to this Indenture.
</DIV>
<DIV align="left">
<A name="721"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CUSIP Numbers</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company in issuing the Securities may use &#147;CUSIP&#148; numbers (if then generally in use), and,
if so, the Trustee shall use &#147;CUSIP&#148; numbers in notices of redemption as a convenience to Holders;
<U>provided</U> that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Securities or as contained in any notice of a
redemption and that reliance may be placed only on the other elements of identification printed on
the Securities, and any such redemption shall not be affected by any defect in or omission of such
numbers.
</DIV>
<DIV align="left">
<A name="722"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REDEMPTION</B>
</DIV>

<DIV align="left">
<A name="723"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice to Trustee</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may, with respect to any Series of Securities, reserve the right to redeem and pay
the Series of Securities or may covenant to redeem and pay the Series of Securities or any part
thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such
Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem
prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms
of such Securities, it shall notify the Trustee of the redemption date and the principal amount of
Series of Securities to be redeemed. The Company shall give the Trustee notice at least 45&nbsp;days
before the redemption date (or such shorter notice as may be acceptable to the Trustee).
</DIV>
<DIV align="left">
<A name="724"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Selection of Securities to be Redeemed</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental
indenture hereto or an Officers&#146; Certificate, if less than all the Securities of a Series are to be
redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner that
the Trustee deems fair and appropriate and in accordance with its customary practices or the
selection shall be in accordance with DTC procedures, as applicable. The Trustee shall make the
selection from Securities of the Series outstanding not previously called for redemption. The
Trustee may select for redemption portions of the principal of Securities of the Series that have
denominations larger than $1,000. Securities of the Series and portions of them it selects shall be
in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series
issuable in other denominations pursuant to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.2.10, the minimum principal denomination for each Series and integral multiples
thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption
also apply to portions of Securities of that Series called for redemption.
</DIV>
<DIV align="left">
<A name="725"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Redemption</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated for a particular Series by Board Resolution, a supplemental
indenture hereto or an Officers&#146; Certificate, at least 15&nbsp;days but not more than 60&nbsp;days before a
redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder
whose Securities are to be redeemed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice shall identify the Securities of the Series to be redeemed and shall state:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the redemption date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the redemption price;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the name and address of the Paying Agent;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that Securities of the Series called for redemption must be surrendered to
the Paying Agent to collect the redemption price;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that interest on Securities of the Series called for redemption ceases to
accrue on and after the redemption date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the CUSIP number, if any; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other information as may be required by the terms of the particular
Series or the Securities of a Series being redeemed.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Company&#146;s request, the Trustee shall give the notice of redemption prepared by the
Company, in the Company&#146;s name and at its expense.
</DIV>
<DIV align="left">
<A name="726"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect of Notice of Redemption</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once notice of redemption is mailed or published as provided in Section&nbsp;3.3, Securities of a
Series called for redemption become due and payable on the redemption date and at the redemption
price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent, such
Securities shall be paid at the redemption price plus accrued interest to the redemption date.
</DIV>
<DIV align="left">
<A name="727"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Deposit of Redemption Price</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the redemption date, the Company shall deposit with the Paying Agent money
sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be
redeemed on that date.
</DIV>
<DIV align="left">
<A name="728"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Securities Redeemed in Part</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon surrender of a Security that is redeemed in part, the Trustee, upon receipt of a Company
Order, shall authenticate for the Holder a new Security of the same Series and the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">same maturity equal in principal amount to the unredeemed portion of the Security surrendered.
</DIV>
<DIV align="left">
<A name="729"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COVENANTS</B>
</DIV>

<DIV align="left">
<A name="730"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment of Principal and Interest</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants and agrees for the benefit of the Holders of each Series of Securities
that it will duly and punctually pay the principal of and interest, if any, on the Securities of
that Series in accordance with the terms of such Securities and this Indenture.
</DIV>
<DIV align="left">
<A name="731"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>SEC Reports</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall deliver to the Trustee within 15&nbsp;days after it files them with the SEC
copies of the annual reports and of the information, documents, and other reports (or copies of
such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the
Company is required to file with the SEC pursuant to Section&nbsp;13 or 15(d) of the Exchange Act. The
Company also shall comply with the other provisions of TIA &#167; 314(a).
</DIV>
<DIV align="left">
<A name="732"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance Certificate</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall deliver to the Trustee, within 120&nbsp;days after the end of each fiscal year of
the Company, an Officers&#146; Certificate stating that a review of the activities of the Company and
its Subsidiaries during the preceding fiscal year has been made under the supervision of the
signing Officers with a view to determining whether the Company has kept, observed, performed and
fulfilled its obligations under this Indenture, and further stating, as to each such Officer
signing such certificate, that to the best of his/her knowledge the Company has kept, observed,
performed and fulfilled each and every covenant contained in this Indenture and is not in default
in the performance or observance of any of the terms, provisions and conditions hereof (or, if a
Default or Event of Default shall have occurred, describing all such Defaults or Events of Default
of which he may have knowledge).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will, so long as any of the Securities are outstanding, deliver to the Trustee,
forthwith upon becoming aware of any Default or Event of Default, an Officers&#146; Certificate
specifying such Default or Event of Default and what action the Company is taking or proposes to
take with respect thereto.
</DIV>
<DIV align="left">
<A name="733"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stay, Extension and Usury Laws</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any
stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this Indenture or the Securities; and the Company (to
the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law
and covenants that it will not, by resort to any such law,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">hinder, delay or impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law has been enacted.
</DIV>
<DIV align="left">
<A name="734"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Corporate Existence</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Article&nbsp;V, the Company will do or cause to be done all things necessary to preserve
and keep in full force and effect its corporate existence and the rights (charter and statutory),
licenses and franchises of the Company; provided, however, that the Company shall not be required
to preserve any such right, license or franchise if the Board of Directors shall determine that the
preservation thereof is no longer desirable in the conduct of the business of the Company and its
Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to
the Holders.
</DIV>
<DIV align="left">
<A name="735"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUCCESSORS</B>
</DIV>

<DIV align="left">
<A name="736"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>When Company May Merge, Etc</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall not consolidate with or merge with or into, or convey, transfer or lease all
or substantially all of its properties and assets to, any person (a &#147;<I>successor person</I>&#148;) unless:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company is the surviving corporation or the successor person (if other
than the Company) is a corporation organized and validly existing under the laws of
any U.S. domestic jurisdiction and expressly assumes the Company&#146;s obligations on the
Securities and under this Indenture and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately after giving effect to the transaction, no Default or Event of
Default, shall have occurred and be continuing.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall deliver to the Trustee prior to the consummation of the proposed transaction
an Officers&#146; Certificate to the foregoing effect and an Opinion of Counsel stating that the
proposed transaction and any supplemental indenture comply with this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the above, any Subsidiary of the Company may consolidate with, merge into or
transfer all or part of its properties to the Company. Neither an Officers&#146; Certificate nor an
Opinion of Counsel shall be required to be delivered in connection therewith.
</DIV>
<DIV align="left">
<A name="737"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor Corporation Substituted</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all
or substantially all of the assets of the Company in accordance with Section&nbsp;5.1, the successor
corporation formed by such consolidation or into or with which the Company is merged or to which
such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for,
and may exercise every right and power of, the Company under this Indenture with the same effect as
if such successor person has been named as the Company herein; <U>provided</U>, <U>however</U>,
that the predecessor Company in the case of a sale, conveyance or other disposition (other than a
lease) shall be released from all obligations and covenants under this Indenture and the
Securities.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="738"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DEFAULTS AND REMEDIES</B>
</DIV>

<DIV align="left">
<A name="739"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Events of Default</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<I>Event of Default</I>,&#148; wherever used herein with respect to Securities of any Series, means any
one of the following events, unless in the establishing Board Resolution, supplemental indenture or
Officers&#146; Certificate, it is provided that such Series shall not have the benefit of said Event of
Default:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>default in the payment of any interest on any Security of that Series when
it becomes due and payable, and continuance of such default for a period of 30&nbsp;days
(unless the entire amount of such payment is deposited by the Company with the
Trustee or with a Paying Agent prior to the expiration of such period of 30&nbsp;days); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>default in the payment of principal of any Security of that Series at its
Maturity; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>default in the performance or breach of any covenant or warranty of the
Company in this Indenture (other than a covenant or warranty that has been included
in this Indenture solely for the benefit of Series of Securities other than that
Series), which default continues uncured for a period of 60&nbsp;days after there has been
given, by registered or certified mail, to the Company by the Trustee or to the
Company and the Trustee by the Holders of at least 25% in principal amount of the
outstanding Securities of that Series a written notice specifying such default or
breach and requiring it to be remedied and stating that such notice is a &#147;Notice of
Default&#148; hereunder; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company pursuant to or within the meaning of any Bankruptcy Law:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>commences a voluntary case,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>consents to the entry of an order for relief against it in an
involuntary case,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>consents to the appointment of a Custodian of it or for all or
substantially all of its property,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>makes a general assignment for the benefit of its creditors, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>generally is unable to pay its debts as the same become due; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is for relief against the Company in an involuntary case,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>appoints a Custodian of the Company or for all or
substantially all of its property, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>orders the liquidation of the Company,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and the order or decree remains unstayed and in effect for 60&nbsp;days; or</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other Event of Default provided with respect to Securities of that
Series, which is specified in a Board Resolution, a supplemental indenture hereto or
an Officers&#146; Certificate, in accordance with Section&nbsp;2.2.18.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;<I>Bankruptcy Law</I>&#148; means title 11, U.S. Code or any similar Federal or State law for
the relief of debtors. The term &#147;<I>Custodian</I>&#148; means any receiver, trustee, assignee, liquidator or
similar official under any Bankruptcy Law.
</DIV>
<DIV align="left">
<A name="740"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acceleration of Maturity; Rescission and Annulment</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default with respect to Securities of any Series at the time outstanding occurs
and is continuing (other than an Event of Default referred to in Section&nbsp;6.1(d) or (e)) then in
every such case the Trustee or the Holders of not less than 25% in principal amount of the
outstanding Securities of that Series may declare the principal amount (or, if any Securities of
that Series are Discount Securities, such portion of the principal amount as may be specified in
the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities
of that Series to be due and payable immediately, by a notice in writing to the Company (and to the
Trustee if given by Holders), and upon any such declaration such principal amount (or specified
amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an
Event of Default specified in Section&nbsp;6.1(d) or (e)&nbsp;shall occur, the principal amount (or specified
amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall <I>ipso facto</I>
become and be immediately due and payable without any declaration or other act on the part of the
Trustee or any Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time after such a declaration of acceleration with respect to any Series has been made
and before a judgment or decree for payment of the money due has been obtained by the Trustee as
hereinafter in this Article provided, the Holders of a majority in principal amount of the
outstanding Securities of that Series, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences if all Events of Default with respect to
Securities of that Series, other than the non-payment of the principal and interest, if any, of
Securities of that Series which have become due solely by such declaration of acceleration, have
been cured or waived as provided in Section&nbsp;6.13.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No such rescission shall affect any subsequent Default or impair any right consequent thereon.
</DIV>
<DIV align="left">
<A name="741"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Collection of Indebtedness and Suits for Enforcement by Trustee</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants that if
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>default is made in the payment of any interest on any Security when such
interest becomes due and payable and such default continues for a period of 30&nbsp;days,
or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>default is made in the payment of principal of any Security at the Maturity
thereof, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>default is made in the deposit of any sinking fund payment when and as due
by the terms of a Security,</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>then, </I>the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders
of such Securities, the whole amount then due and payable on such Securities for principal and
interest and, to the extent that payment of such interest shall be legally enforceable, interest on
any overdue principal and any overdue interest at the rate or rates prescribed therefor in such
Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own
name and as trustee of an express trust, may institute a judicial proceeding for the collection of
the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may
enforce the same against the Company or any other obligor upon such Securities and collect the
moneys adjudged or deemed to be payable in the manner provided by law out of the property of the
Company or any other obligor upon such Securities, wherever situated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Indenture, if an Event of Default with respect to
any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of Securities of such Series by
pursuing any available remedy by proceeding at law or in equity as the Trustee shall deem most
effectual to protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or
to enforce any other proper remedy.
</DIV>
<DIV align="left">
<A name="742"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trustee May File Proofs of Claim</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
Company or any other obligor upon the Securities or the property of the Company or of such other
obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities
shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Trustee shall have made any demand on the Company for the payment of overdue
principal or interest) shall be entitled and empowered, by intervention in such proceeding or
otherwise,
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to file and prove a claim for the whole amount of principal and interest
owing and unpaid in respect of the Securities and to file such other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel) and of the Holders allowed in such
judicial proceeding, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to collect and receive any moneys or other property payable or deliverable
on any such claims and to distribute the same,</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Holder to make such payments
to the Trustee and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts
due the Trustee under Section&nbsp;7.7.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Securities or the rights of any Holder thereof or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding.
</DIV>
<DIV align="left">
<A name="743"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trustee May Enforce Claims Without Possession of Securities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All rights of action and claims under this Indenture or the Securities may be prosecuted and
enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in
respect of which such judgment has been recovered.
</DIV>
<DIV align="left">
<A name="744"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Application of Money Collected</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any money collected by the Trustee pursuant to this Article shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on
account of principal or interest, upon presentation of the Securities and the notation thereon of
the payment if only partially paid and upon surrender thereof if fully paid:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First: To the payment of all amounts due the Trustee under Section&nbsp;7.7; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second: To the payment of the amounts then due and unpaid for principal of and interest on the
Securities in respect of which or for the benefit of which such money has been collected, ratably,
without preference or priority of any kind, according to the amounts due and payable on such
Securities for principal and interest, respectively; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third: To the Company or to such party as a court of competent jurisdiction shall direct.
</DIV>
<DIV align="left">
<A name="745"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation on Suits</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Holder of any Security of any Series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Holder has previously given written notice to the Trustee of a
continuing Event of Default with respect to the Securities of that Series;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Holders of not less than 25% in principal amount of the outstanding
Securities of that Series shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee hereunder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Holder or Holders have offered to the Trustee indemnity satisfactory
to the Trustee against the costs, expenses and liabilities to be incurred in
compliance with such request;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trustee for 60&nbsp;days after its receipt of such notice, request and offer
of indemnity has failed to institute any such proceeding; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no direction inconsistent with such written request has been given to the
Trustee during such 60-day period by the Holders of a majority in principal amount of
the outstanding Securities of that Series;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it being understood and intended that no one or more of such Holders shall have any right in
any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain
priority or preference over any other of such Holders or to enforce any right under this Indenture,
except in the manner herein provided and for the equal and ratable benefit of all such Holders.
</DIV>
<DIV align="left">
<A name="746"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Unconditional Right of Holders to Receive Principal and Interest</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment of the principal of and
interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such
Security (or, in the case of redemption, on the redemption date) and to institute suit for the
enforcement of any such payment, and such rights shall not be impaired without the consent of such
Holder.
</DIV>
<DIV align="left">
<A name="747"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restoration of Rights and Remedies</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee or to such Holder, then and in every such case, subject to
any determination in such proceeding, the Company, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and
remedies of the Trustee and the Holders shall continue as though no such proceeding had been
instituted.
</DIV>
<DIV align="left">
<A name="748"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights and Remedies Cumulative</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in Section&nbsp;2.8, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy,
and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not,
to the extent permitted by law, prevent the concurrent assertion or employment of any other
appropriate right or remedy.
</DIV>
<DIV align="left">
<A name="749"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delay or Omission Not Waiver</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No delay or omission of the Trustee or of any Holder of any Securities to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a
waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by
this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="750"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Control by Holders</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Holders of a majority in principal amount of the outstanding Securities of any Series
shall have the right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with
respect to the Securities of such Series, provided that
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such direction shall not be in conflict with any rule of law or with this
Indenture,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trustee may take any other action deemed proper by the Trustee which is
not inconsistent with such direction, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the provisions of Section&nbsp;6.1, the Trustee shall have the right
to decline to follow any such direction if the Trustee in good faith shall, by a
Responsible Officer of the Trustee, determine that the proceeding so directed would
involve the Trustee in personal liability.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="751"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver of Past Defaults</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Holders of not less than a majority in principal amount of the outstanding Securities of
any Series may on behalf of the Holders of all the Securities of such Series waive any past Default
hereunder with respect to such Series and its consequences, except a Default in the payment of the
principal of or interest on any Security of such Series (provided, however, that the Holders of a
majority in principal amount of the outstanding Securities of any Series may rescind an
acceleration and its consequences, including any related payment default that resulted from such
acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.
</DIV>
<DIV align="left">
<A name="752"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;6.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Undertaking for Costs</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit
of an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys&#146; fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section shall not apply to any suit instituted by the Company,
to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders,
holding in the aggregate more than 10% in principal amount of the outstanding Securities of any
Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal
of or interest on any Security on or after the Stated Maturity or Stated Maturities expressed in
such Security (or, in the case of redemption, on the redemption date).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="753"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TRUSTEE</B>
</DIV>

<DIV align="left">
<A name="754"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties of Trustee</U>.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If an Event of Default has occurred and is continuing, the Trustee shall
exercise the rights and powers vested in it by this Indenture and use the same degree
of care and skill in their exercise as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except during the continuance of an Event of Default:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee need perform only those duties that are
specifically set forth in this Indenture and no others.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the absence of bad faith on its part, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon Officers&#146; Certificates or Opinions of
Counsel furnished to the Trustee and conforming to the requirements of this
Indenture; however, in the case of any such Officers&#146; Certificates or Opinions
of Counsel which by any provisions hereof are specifically required to be
furnished to the Trustee, the Trustee shall examine such Officers&#146;
Certificates and Opinions of Counsel to determine whether or not they conform
to the requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee may not be relieved from liability for its own negligent
action, its own negligent failure to act or its own willful misconduct, except that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This paragraph does not limit the effect of paragraph (b)&nbsp;of
this Section.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall not be liable for any error of judgment
made in good faith by a Responsible Officer, unless it is proved that the
Trustee was negligent in ascertaining the pertinent facts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall not be liable with respect to any action
taken, suffered or omitted to be taken by it with respect to Securities of any
Series in good faith in accordance with the direction of the Holders of a
majority in principal amount of the outstanding Securities of such Series
relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred
upon the Trustee, under this Indenture with respect to the Securities of such
Series.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Every provision of this Indenture that in any way relates to the Trustee is
subject to paragraph (a), (b)&nbsp;and (c)&nbsp;of this Section.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee may refuse to perform any duty or exercise any right or power
unless it receives indemnity satisfactory to it against any loss, liability or
expense.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall not be liable for interest on any money received by it
except as the Trustee may agree in writing with the Company. Money held in trust by
the Trustee need not be segregated from other funds except to the extent required by
law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No provision of this Indenture shall require the Trustee to risk its own
funds or otherwise incur any financial liability in the performance of any of its
duties, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity
against such risk is not reasonably assured to it.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Paying Agent, the Registrar, the Service Agent and any authenticating
agent shall be entitled to the protections, immunities and standard of care as are
set forth in paragraphs (a), (b)&nbsp;and (c)&nbsp;of this Section with respect to the Trustee.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="755"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights of Trustee</U>.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee may rely on and shall be protected in acting or refraining from
acting upon any document believed by it to be genuine and to have been signed or
presented by the proper person. The Trustee need not investigate any fact or matter
stated in the document.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Before the Trustee acts or refrains from acting, it may require an
Officers&#146; Certificate or an Opinion of Counsel, or both. The Trustee shall not be
liable for any action it takes or omits to take in good faith in reliance on such
Officers&#146; Certificate or Opinion of Counsel. No such Officers&#146; Certificate or Opinion
of Counsel shall be at the expense of the Trustee. Any request or direction of the
Company mentioned herein shall be sufficiently evidenced by an Officers&#146; Certificate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee may act through agents and shall not be responsible for the misconduct or negligence
of any agent appointed with due care. No Depositary shall be deemed an
agent of the Trustee and the Trustee shall not be responsible for any act or omission
by any Depositary.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall not be liable for any action it takes or omits to take in
good faith which it believes to be authorized or within its rights or powers,
provided that the Trustee&#146;s conduct does not constitute
negligence or bad faith. The Trustee shall not be liable for any special or consequential damages, even if
they were reasonably foreseeable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee may consult with counsel of its selection and the advice of
such counsel or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder
without negligence and in good faith and in reliance thereon.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Indenture at the request or direction of any of the
Holders of Securities unless such Holders shall have offered to the Trustee security
or indemnity satisfactory to the Trustee against the costs, expenses and liabilities
which might be incurred by it in compliance with such request or direction.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters
as it may see fit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall not be deemed to have notice of any Default or Event of
Default (other than a payment default under Section&nbsp;6.1 or 6.2) unless a Responsible
Officer of the Trustee has received written notice of any event which is in fact such
a default is received by the Trustee at the Corporate Trust Office of the Trustee,
and such notice references the Securities generally or the Securities of a particular
Series and this Indenture.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The rights, privileges, protections, immunities and benefits given to the
Trustee, including without limitation its right to be indemnified, are extended to,
and shall enforceable by, the Trustee in each of its capacities hereunder, and to
each agent, custodian and other Person employed to act hereunder.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee may request that the Issuer deliver an Officers&#146; Certificate
setting forth the names of individuals and/or titles of officers authorized at such
time to take specified actions pursuant to this Indenture, which Officers&#146;
Certificate may be signed by any person authorized to sign an Officers&#146; Certificate,
including any person specified as so authorized in any such certificate previously
delivered and not superseded.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall have no duty to inquire as to or monitor the performance
of the Issuer with respect to the covenants contained in Article&nbsp;IV.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall not be required to give any note, bond or surety in
respect of the execution of the trusts and powers under this Indenture.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing herein shall be deemed to require the Trustee to submit to the
jurisdiction or venue of a non-U.S. court.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="756"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Individual Rights of Trustee</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee in its individual or any other capacity may become the owner or pledgee of
Securities and may otherwise deal with the Company or an Affiliate of the Company with the same
rights it would have if it were not Trustee. Any Agent may do the same with like rights. The
Trustee is also subject to Sections&nbsp;7.10 and 7.11.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="757"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trustee&#146;s Disclaimer</U>.<U> </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee makes no representation as to the validity or adequacy of this Indenture or the
Securities, it shall not be accountable for the Company&#146;s use of the proceeds from the Securities,
and it shall not be responsible for any statement in the Securities other than its authentication.
</DIV>
<DIV align="left">
<A name="758"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Defaults</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Default or Event of Default occurs and is continuing with respect to the Securities of
any Series and if it is known to a Responsible Officer of the Trustee, the Trustee shall mail to
each Securityholder of the Securities of that Series notice of a Default or Event of Default within
90&nbsp;days after it occurs or, if later, after a Responsible Officer of the Trustee has written notice
of such Default or Event of Default. Except in the case of a Default or Event of Default in payment
of principal of or interest on any Security of any Series, the Trustee may withhold the notice if
and so long as its corporate trust committee or a committee of its Responsible Officers in good
faith determines that withholding the notice is in the interests of Securityholders of that Series.
</DIV>
<DIV align="left">
<A name="759"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reports by Trustee to Holders</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within 60&nbsp;days after May&nbsp;15 in each year, the Trustee shall transmit by mail to all
Securityholders, as their names and addresses appear on the register kept by the Registrar, a brief
report dated as of such May&nbsp;15, in accordance with, and to the extent required under, TIA &#167; 313.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of each report at the time of its mailing to Securityholders of any Series shall be
filed with the SEC and each stock exchange on which the Securities of that Series are listed. The
Company shall promptly notify the Trustee when Securities of any Series are listed on any stock
exchange.
</DIV>
<DIV align="left">
<A name="760"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation and Indemnity</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall pay to the Trustee from time to time compensation for its services as the
Company and the Trustee shall from time to time agree upon in writing. The Trustee&#146;s compensation
shall not be limited by any law on compensation of a trustee of an express trust. The Company shall
reimburse the Trustee upon request for all reasonable out of pocket expenses incurred by it. Such
expenses shall include the reasonable compensation and expenses of the Trustee&#146;s agents and
counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall indemnify each of the Trustee and any predecessor Trustee (including the
cost of defending itself) against any loss, liability or expense incurred by it except as set forth
in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent.
The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The
Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have
one separate counsel (in addition to local counsel, if applicable) and the Company shall pay the
reasonable fees and expenses of such counsel. The Company need not pay for any settlement made
without its consent, which consent shall not be unreasonably withheld. This indemnification shall
apply to officers, directors, employees, shareholders and agents of the Trustee.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company need not reimburse any expense or indemnify against any loss or liability incurred
by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through
negligence or bad faith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To secure the Company&#146;s payment obligations in this Section, the Trustee shall have a lien
prior to the Securities of any Series on all money or property held or collected by the Trustee,
except that held in trust to pay principal of and interest on particular Securities of that Series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the Trustee incurs expenses or renders services after an Event of Default specified in
Section&nbsp;6.1(d) or (e)&nbsp;occurs, the expenses and the compensation for the services (including the
fees and expenses of its agents and counsel) are intended to constitute expenses of administration
under any Bankruptcy Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Section shall survive the termination of this Indenture and the
resignation and removal of the Trustee.
</DIV>
<DIV align="left">
<A name="761"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Replacement of Trustee</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A resignation or removal of the Trustee and appointment of a successor Trustee shall become
effective only upon the successor Trustee&#146;s acceptance of appointment as provided in this Section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may resign with respect to the Securities of one or more Series by so notifying
the Company at least 30&nbsp;days prior to the date of the proposed resignation. The Holders of a
majority in principal amount of the Securities of any Series may remove the Trustee with respect to
that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with
respect to Securities of one or more Series if:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trustee fails to comply with Section&nbsp;7.10;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trustee is adjudged a bankrupt or an insolvent or an order for relief
is entered with respect to the Trustee under any Bankruptcy Law;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Custodian or public officer takes charge of the Trustee or its property;
or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trustee becomes incapable of acting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any
reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor
Trustee takes office, the Holders of a majority in principal amount of the then outstanding
Securities may appoint a successor Trustee to replace the successor Trustee appointed by the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a successor Trustee with respect to the Securities of any one or more Series does not take
office within 60&nbsp;days after the retiring Trustee resigns or is removed, the retiring Trustee, the
Company or the Holders of at least a majority in principal amount of the Securities of the
applicable Series may petition any court of competent jurisdiction for the appointment of a
successor Trustee.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer all
property held by it as Trustee to the successor Trustee subject to the lien provided for in Section
7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor
Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of
Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail a
notice of its succession to each Securityholder of each such Series. Notwithstanding replacement of
the Trustee pursuant to this Section&nbsp;7.8, the Company&#146;s obligations under Section&nbsp;7.7 hereof shall
continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred
by it prior to such replacement.
</DIV>
<DIV align="left">
<A name="762"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor Trustee by Merger, etc. </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee consolidates with, merges or converts into, or transfers all or substantially
all of its corporate trust business to, another corporation, the successor corporation without any
further act shall be the successor Trustee.
</DIV>
<DIV align="left">
<A name="763"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;7.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Eligibility; Disqualification</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture shall always have a Trustee who satisfies the requirements of TIA &#167; 310(a)(1),
(2)&nbsp;and (5). The Trustee shall always have a combined capital and surplus of at least $25,000,000
as set forth in its most recent published annual report of condition. The Trustee shall comply with
TIA &#167; 310(b).
</DIV>
<DIV align="left">
<A name="764"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;7.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Preferential Collection of Claims Against Company</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee is subject to TIA &#167; 311(a), excluding any creditor relationship listed in TIA &#167;
311(b). A Trustee who has resigned or been removed shall be subject to TIA &#167; 311(a) to the extent
indicated.
</DIV>
<DIV align="left">
<A name="765"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SATISFACTION AND DISCHARGE; DEFEASANCE</B>
</DIV>

<DIV align="left">
<A name="766"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Satisfaction and Discharge of Indenture</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture shall upon Company Order cease to be of further effect (except as hereinafter
provided in this Section&nbsp;8.1), and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture, when
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>either</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all Securities theretofore authenticated and delivered (other
than Securities that have been destroyed, lost or stolen and that have been
replaced or paid) have been delivered to the Trustee for cancellation; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all such Securities not theretofore delivered to the Trustee
for cancellation</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>have become due and payable, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>will become due and payable at their Stated
Maturity within one year, or</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>have been called for redemption or are to be
called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption by the Trustee in
the name, and at the expense, of the Company, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are deemed paid and discharged pursuant to
Section&nbsp;8.3, as applicable;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and the Company, in the case of (1), (2)&nbsp;or (3)&nbsp;above, has irrevocably deposited or caused to
be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of
paying and discharging the entire indebtedness on such Securities not theretofore delivered to the
Trustee for cancellation, for principal and interest to the date of such deposit (in the case of
Securities which have become due and payable on or prior to the date of such deposit) or to the
Stated Maturity or redemption date, as the case may be;
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company has paid or caused to be paid all other sums payable hereunder
by the Company; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company has delivered to the Trustee an Officers&#146; Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided for
relating to the satisfaction and discharge of this Indenture have been complied with.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section&nbsp;7.7, and, if money shall have been deposited with the Trustee
pursuant to clause (a)&nbsp;of this Section, the provisions of Sections&nbsp;2.4, 2.7, 2.8, 8.2 and 8.5 shall
survive.
</DIV>
<DIV align="left">
<A name="767"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Application of Trust Funds; Indemnification</U>.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of Section&nbsp;8.5, all money deposited with the
Trustee pursuant to Section&nbsp;8.1, all money and U.S. Government Obligations or Foreign
Government Obligations deposited with the Trustee pursuant to Section&nbsp;8.3 or 8.4 and
all money received by the Trustee in respect of U.S. Government Obligations or
Foreign Government Obligations deposited with the Trustee pursuant to Section&nbsp;8.3 or
8.4, shall be held in trust and applied by it, in accordance with the provisions of
the Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the Trustee
may determine, to the persons entitled thereto, of the principal and interest for
whose payment such money has been deposited with or received by the Trustee or to
make mandatory sinking fund payments or analogous payments as contemplated by
Sections&nbsp;8.3 or 8.4.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall pay and shall indemnify the Trustee against any tax, fee
or other charge imposed on or assessed against U.S. Government Obligations or Foreign
Government Obligations deposited pursuant to Sections&nbsp;8.3 or 8.4 or the interest and
principal received in respect of such obligations other than any payable by or on
behalf of Holders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Trustee shall deliver or pay to the Company from time to time upon
Company Request any U.S. Government Obligations or Foreign Government</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Obligations or money held by it as provided in Sections&nbsp;8.3 or 8.4 which, in the
opinion of a nationally recognized firm of independent certified public accountants
expressed in a written certification thereof delivered to the Trustee, are then in
excess of the amount thereof which then would have been required to be deposited for
the purpose for which such U.S. Government Obligations or Foreign Government
Obligations or money were deposited or received. This provision shall not authorize
the sale by the Trustee of any U.S. Government Obligations or Foreign Government
Obligations held under this Indenture.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="768"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal Defeasance of Securities of any Series</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless this Section&nbsp;8.3 is otherwise specified, pursuant to Section&nbsp;2.2.20, to be inapplicable
to Securities of any Series, the Company shall be deemed to have paid and discharged the entire
indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the
deposit referred to in subparagraph (d)&nbsp;hereof, and the provisions of this Indenture, as it relates
to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at
the expense of the Company, shall, at Company Request, execute proper instruments acknowledging the
same), except as to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the rights of Holders of Securities of such Series to receive, from the
trust funds described in subparagraph (d)&nbsp;hereof, (i)&nbsp;payment of the principal of and
each installment of principal of and interest on the outstanding Securities of such
Series on the Stated Maturity of such principal or installment of principal or
interest and (ii)&nbsp;the benefit of any mandatory sinking fund payments applicable to
the Securities of such Series on the day on which such payments are due and payable
in accordance with the terms of this Indenture and the Securities of such Series;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the provisions of Sections&nbsp;2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the rights, powers, trust and immunities of the Trustee hereunder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD colspan="3">provided that, the following conditions shall have been satisfied:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company shall have deposited or caused to be irrevocably deposited
(except as provided in Section&nbsp;8.2(c)) with the Trustee as trust funds in trust for
the purpose of making the following payments, specifically pledged as security for
and dedicated solely to the benefit of the Holders of such Securities (i)&nbsp;in the case
of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S.
Government Obligations, or (ii)&nbsp;in the case of Securities of such Series denominated
in a Foreign Currency (other than a composite currency), money and/or Foreign
Government Obligations, which through the payment of interest and principal in
respect thereof in accordance with their terms, will provide (and without
reinvestment and assuming no tax liability will be imposed on such Trustee), not
later than one day before the due date of any payment of money, an amount in cash,
sufficient, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, to
pay and discharge each installment of principal of and interest, if any, on and any</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>mandatory sinking fund payments in respect of all the Securities of such Series on
the dates such installments of interest or principal and such sinking fund payments
are due;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such deposit will not result in a breach or violation of, or constitute a
default under, this Indenture or any other agreement or instrument to which the
Company is a party or by which it is bound;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no Default or Event of Default with respect to the Securities of such
Series shall have occurred and be continuing on the date of such deposit or during
the period ending on the 91st day after such date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company shall have delivered to the Trustee an Officers&#146; Certificate
and an Opinion of Counsel to the effect that (i)&nbsp;the Company has received from, or
there has been published by, the Internal Revenue Service a ruling, or (ii)&nbsp;since the
date of execution of this Indenture, there has been a change in the applicable
Federal income tax law, in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, the Holders of the Securities of such Series
will not recognize income, gain or loss for Federal income tax purposes as a result
of such deposit, defeasance and discharge and will be subject to Federal income tax
on the same amount and in the same manner and at the same times as would have been
the case if such deposit, defeasance and discharge had not occurred;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company shall have delivered to the Trustee an Officers&#146; Certificate
stating that the deposit was not made by the Company with the intent of preferring
the Holders of the Securities of such Series over any other creditors of the Company
or with the intent of defeating, hindering, delaying or defrauding any other
creditors of the Company; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company shall have delivered to the Trustee an Officers&#146; Certificate
and an Opinion of Counsel, each stating that all conditions precedent provided for
relating to the defeasance contemplated by this Section have been complied with.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="769"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenant Defeasance</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless this Section&nbsp;8.4 is otherwise specified pursuant to Section&nbsp;2.2.20 to be inapplicable
to Securities of any Series, the Company may omit to comply with respect to the Securities of any
Series with any term, provision or condition set forth under Sections&nbsp;4.2, 4.3, 4.4, 4.5, and 5.1
as well as any additional covenants specified in a supplemental indenture for such Series of
Securities or a Board Resolution or an Officers&#146; Certificate delivered pursuant to Section&nbsp;2.2.20
(and the failure to comply with any such covenants shall not constitute a Default or Event of
Default with respect to such Series under Section&nbsp;6.1) and the occurrence of any event specified in
a supplemental indenture for such Series of Securities or a Board Resolution or an Officers&#146;
Certificate delivered pursuant to Section&nbsp;2.2.18 and designated as an Event of Default shall not
constitute a Default or Event of Default hereunder, with respect to the Securities of such Series,
provided that the following conditions shall have been satisfied:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With reference to this Section&nbsp;8.4, the Company has deposited or caused to
be irrevocably deposited (except as provided in Section&nbsp;8.2(c)) with the Trustee as
trust funds in trust for the purpose of making the following payments specifically
pledged as security for, and dedicated solely to, the benefit of the Holders of such
Securities (i)&nbsp;in the case of Securities of such Series denominated in Dollars, cash
in Dollars and/or U.S. Government Obligations, or (ii)&nbsp;in the case of Securities of
such Series denominated in a Foreign Currency (other than a composite currency),
money and/or Foreign Government Obligations, which through the payment of interest
and principal in respect thereof in accordance with their terms, will provide (and
without reinvestment and assuming no tax liability will be imposed on such Trustee),
not later than one day before the due date of any payment of money, an amount in
cash, sufficient, in the opinion of a nationally recognized firm of independent
certified public accountants expressed in a written certification thereof delivered
to the Trustee, to pay and discharge each installment of principal of and interest,
if any, on and any mandatory sinking fund payments in respect of the Securities of
such Series on the dates such installments of interest or principal and such sinking
fund payments are due;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such deposit will not result in a breach or violation of, or constitute a
default under, this Indenture or any other agreement or instrument to which the
Company is a party or by which it is bound;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Default or Event of Default with respect to the Securities of such
Series shall have occurred and be continuing on the date of such deposit;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall have delivered to the Trustee an Opinion of Counsel to
the effect that Holders of the Securities of such Series will not recognize income,
gain or loss for federal income tax purposes as a result of such deposit and covenant
defeasance and will be subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such deposit and covenant
defeasance had not occurred;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall have delivered to the Trustee an Officers&#146; Certificate
stating the deposit was not made by the Company with the intent of preferring the
Holders of the Securities of such Series over any other creditors of the Company or
with the intent of defeating, hindering, delaying or defrauding any other creditors
of the Company; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall have delivered to the Trustee an Officers&#146; Certificate
and an Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the covenant defeasance contemplated by this Section have been
complied with.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="770"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Repayment to Company</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee and the Paying Agent shall pay to the Company upon written request any money held
by them for the payment of principal and interest that remains unclaimed for two years. After that,
Securityholders entitled to the money must look to the Company for
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">payment as general creditors unless an applicable abandoned property law designates another
person.
</DIV>
<DIV align="left">
<A name="771"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IX.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDMENTS AND WAIVERS</B>
</DIV>

<DIV align="left">
<A name="772"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Without Consent of Holders</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and the Trustee may amend or supplement this Indenture or the Securities of one or
more Series without the consent of any Securityholder:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to cure any ambiguity, defect or inconsistency;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to comply with Article&nbsp;V;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to provide for uncertificated Securities in addition to or in place of
certificated Securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to make any change that does not adversely affect the rights of any
Securityholder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to provide for the issuance of and establish the form and terms and
conditions of Securities of any Series as permitted by this Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to the Securities of one or more Series and to add to
or change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one
Trustee; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to comply with requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the TIA.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="773"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>With Consent of Holders</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and the Trustee may enter into a supplemental indenture with the written consent
of the Holders of at least a majority in principal amount of the outstanding Securities of each
Series affected by such supplemental indenture (including consents obtained in connection with a
tender offer or exchange offer for the Securities of such Series), for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or
of any supplemental indenture or of modifying in any manner the rights of the Securityholders of
each such Series. Except as provided in Section&nbsp;6.13, the Holders of at least a majority in
principal amount of the outstanding Securities of any Series by notice to the Trustee (including
consents obtained in connection with a tender offer or exchange offer for the Securities of such
Series) may waive compliance by the Company with any provision of this Indenture or the Securities
with respect to such Series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall not be necessary for the consent of the Holders of Securities under this Section&nbsp;9.2
to approve the particular form of any proposed supplemental indenture or waiver,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">but it shall be
sufficient if such consent approves the substance thereof. After a supplemental
indenture or waiver under this section becomes effective, the Company shall mail to the
Holders of Securities affected thereby, a notice briefly describing the supplemental indenture or
waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall
not, however, in any way impair or affect the validity of any such supplemental indenture or
waiver.
</DIV>
<DIV align="left">
<A name="774"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without the consent of each Securityholder affected, an amendment or waiver may not:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reduce the principal amount of Securities whose Holders must consent to an
amendment, supplement or waiver;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reduce the rate of or extend the time for payment of interest (including
default interest) on any Security;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reduce the principal or change the Stated Maturity of any Security or
reduce the amount of, or postpone the date fixed for, the payment of any sinking fund
or analogous obligation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reduce the principal amount of Discount Securities payable upon
acceleration of the maturity thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>waive a Default or Event of Default in the payment of the principal of or
interest, if any, on any Security (except a rescission of acceleration of the
Securities of any Series by the Holders of at least a majority in principal amount of
the outstanding Securities of such Series and a waiver of the payment default that
resulted from such acceleration);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make the principal of or interest, if any, on any Security payable in any
currency other than that stated in the Security;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make any change in Sections&nbsp;6.8, 6.13 or 9.3 (this sentence); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>waive a redemption payment with respect to any Security, provided that such
redemption is made at the Company&#146;s option.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="775"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance with Trust Indenture Act</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every amendment to this Indenture or the Securities of one or more Series shall be set forth
in a supplemental indenture hereto that complies with the TIA as then in effect.
</DIV>
<DIV align="left">
<A name="776"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Revocation and Effect of Consents</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until an amendment is set forth in a supplemental indenture or a waiver becomes effective, a
consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent
Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder&#146;s Security, even if notation of the consent is not made on any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Security. However, any such
Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the
date of the supplemental indenture or the date the waiver becomes effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any amendment or waiver once effective shall bind every Securityholder of each Series affected
by such amendment or waiver unless it is of the type described in any of clauses (a)&nbsp;through (h)&nbsp;of
Section&nbsp;9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has
consented to it and every subsequent Holder of a Security or portion of a Security that evidences
the same debt as the consenting Holder&#146;s Security.
</DIV>
<DIV align="left">
<A name="777"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notation on or Exchange of Securities</U>.<U> </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may place an appropriate notation about an amendment or waiver on any Security of
any Series thereafter authenticated. The Company in exchange for Securities of that Series may
issue and the Trustee shall authenticate upon receipt of a Company Order new Securities of that
Series that reflect the amendment or waiver.
</DIV>
<DIV align="left">
<A name="778"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trustee Protected</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be entitled to receive, and (subject to Section&nbsp;7.1) shall be fully protected in
relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee shall sign all supplemental indentures,
except that the Trustee need not sign any supplemental indenture that adversely affects its rights.
</DIV>
<DIV align="left">
<A name="779"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE X.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MISCELLANEOUS</B>
</DIV>

<DIV align="left">
<A name="780"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trust Indenture Act Controls</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any provision of this Indenture limits, qualifies, or conflicts with another provision
which is required or deemed to be included in this Indenture by the TIA, such required or deemed
provision shall control.
</DIV>
<DIV align="left">
<A name="781"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.<U> </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice or communication by the Company or the Trustee to the other, or by a Holder to the
Company or the Trustee, is duly given if in writing and delivered in person or mailed by
first-class mail:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">if to the Company:

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Canadian Solar Inc.<BR>
No.&nbsp;199 Lushan Road<BR>
Suzhou New District<BR>
Suzhou, Jiangsu 215129

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">People&#146;s Republic of China<BR>
(&#043;86) 512 6690 8088<BR>
Attention: Chief Financial Officer

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">if to the Trustee:

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">The Bank of New York Mellon<BR>
101 Barclay Street, Floor 4 East<BR>
New York, NY 10286<BR>
U.S.A.<BR>
(&#043;1) 212 815 5802 or (&#043;1) 212 815 5803<BR>
Attention: Global Trust Services<BR>
(Canadian Solar Inc. &#091;<B>&#149;</B>&#093;% Convertible Senior Notes due &#091;<B>&#149;</B>&#093;)

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with copy to:

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">The Bank of New York Mellon<BR>
Level 12/F<BR>
Three Pacific Place<BR>
1 Queen&#146;s Road East<BR>
Hong Kong<BR>
(&#043;852) 2295 3283<BR>
Attention: Global Corporate Trust<BR>
(Re: Canadian Solar Inc. &#091;<B>&#149;</B>&#093;% Convertible Senior Notes due &#091;<B>&#149;</B>&#093;)

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company or the Trustee by notice to the other may designate additional or different
addresses for subsequent notices or communications.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice or communication to a Securityholder shall be mailed by first-class mail to his
address shown on the register kept by the Registrar. Failure to mail a notice or communication to a
Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to
other Securityholders of that or any other Series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a notice or communication is mailed or published in the manner provided above, within the
time prescribed, it is duly given, whether or not the Securityholder receives it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company mails a notice or communication to Securityholders, it shall mail a copy to the
Trustee and each Agent at the same time.
</DIV>
<DIV align="left">
<A name="782"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Communication by Holders with Other Holders</U>.<U> </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securityholders of any Series may communicate pursuant to TIA &#167; 312(b) with other
Securityholders of that Series or any other Series with respect to their rights under this
Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar
and anyone else shall have the protection of TIA &#167; 312(c).
</DIV>
<DIV align="left">
<A name="783"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certificate and Opinion as to Conditions Precedent. </U>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any request or application by the Company to the Trustee to take any action under this
Indenture, the Company shall furnish to the Trustee:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Officers&#146; Certificate stating that, in the opinion of the signers, all
conditions precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Opinion of Counsel stating that, in the opinion of such counsel, all
such conditions precedent have been complied with.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="784"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Statements Required in Certificate or Opinion</U>.<U> </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than a certificate provided pursuant to TIA &#167; 314(a)(4)) shall comply
with the provisions of TIA &#167; 314(e) and shall include:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a statement that the person making such certificate or opinion has read
such covenant or condition;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or
opinion are based;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a statement that, in the opinion of such person, he has made such
examination or investigation as is necessary to enable him to express an informed
opinion as to whether or not such covenant or condition has been complied with; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a statement as to whether or not, in the opinion of such person, such
condition or covenant has been complied with.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="785"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rules by Trustee and Agents</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or
more Series. Any Agent may make reasonable rules and set reasonable requirements for its functions.
</DIV>
<DIV align="left">
<A name="786"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal Holidays</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise provided by Board Resolution, Officers&#146; Certificate or supplemental indenture
hereto for a particular Series, a &#147;Legal Holiday&#148; is any day that is not a Business Day. If a
payment date is a Legal Holiday at a place of payment, payment may be made at that place on the
next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening
period.
</DIV>
<DIV align="left">
<A name="787"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Recourse Against Others</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A director, officer, employee or stockholder, as such, of the Company shall not have any
liability for any obligations of the Company under the Securities or the Indenture or for any claim
based on, in respect of or by reason of such obligations or their creation. Each Securityholder by
accepting a Security waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Securities.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="788"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement.
</DIV>
<DIV align="left">
<A name="789"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;10.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Laws</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE CONFLICT OF
LAWS PROVISIONS THEREOF.</B>
</DIV>
<DIV align="left">
<A name="790"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;10.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Adverse Interpretation of Other Agreements</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture may not be used to interpret another indenture, loan or debt agreement of the
Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used
to interpret this Indenture.
</DIV>
<DIV align="left">
<A name="791"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;10.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All agreements of the Company in this Indenture and the Securities shall bind its successor.
All agreements of the Trustee in this Indenture shall bind its successor.
</DIV>
<DIV align="left">
<A name="792"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;10.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any provision in this Indenture or in the Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.
</DIV>
<DIV align="left">
<A name="793"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;10.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Table of Contents, Headings, Etc. </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not to be considered a
part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.
</DIV>
<DIV align="left">
<A name="794"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;10.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Securities in a Foreign Currency or in ECU</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an
Officers&#146; Certificate delivered pursuant to Section&nbsp;2.2 of this Indenture with respect to a
particular Series of Securities, whenever for purposes of this Indenture any action may be taken by
the Holders of a specified percentage in aggregate principal amount of Securities of all Series or
all Series affected by a particular action at the time outstanding and, at such time, there are
outstanding Securities of any Series which are denominated in a coin or currency other than Dollars
(including ECUs), then the principal amount of Securities of such Series which shall be deemed to
be outstanding for the purpose of taking such action shall be that amount of Dollars that could be
obtained for such amount at the Market Exchange Rate at such time. For purposes of this Section
10.15, &#147;<I>Market Exchange Rate</I>&#148; shall mean the noon Dollar buying rate in New York City for cable
transfers of that currency as published by the Federal Reserve Bank of New York; <U>provided</U>,
<U>however</U>, in the case of ECUs, Market
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exchange Rate shall mean the rate of exchange determined by the Commission of the European
Union (or any successor thereto) as published in the Official Journal of the European Union (such
publication or any successor publication, the &#147;<I>Journal</I>&#148;). If such Market Exchange Rate is not
available for any reason with respect to such currency, the Trustee shall use, in its sole
discretion and without liability on its part, such quotation of the Federal Reserve Bank of New
York or, in the case of ECUs, the rate of exchange as published in the Journal, as of the most
recent available date, or quotations or, in the case of ECUs, rates of exchange from one or more
major banks in The City of New York or in the country of issue of the currency in question or, in
the case of ECUs, in Luxembourg or such other quotations or, in the case of ECUs, rates of exchange
as the Trustee, upon consultation with the Company, shall deem appropriate. The provisions of this
paragraph shall apply in determining the equivalent principal amount in respect of Securities of a
Series denominated in currency other than Dollars in connection with any action taken by Holders of
Securities pursuant to the terms of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All decisions and determinations of the Trustee regarding the Market Exchange Rate or any
alternative determination provided for in the preceding paragraph shall be in its sole discretion
and shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all
purposes and irrevocably binding upon the Company and all Holders.
</DIV>
<DIV align="left">
<A name="795"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;10.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Judgment Currency</U>.<U> </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees, to the fullest extent that it may effectively do so under applicable law,
that (a)&nbsp;if for the purpose of obtaining judgment in any court it is necessary to convert the sum
due in respect of the principal of or interest or other amount on the Securities of any Series (the
"<I>Required Currency</I>&#148;) into a currency in which a judgment will be rendered (the &#147;<I>Judgment
Currency</I>&#148;), the rate of exchange used shall be the rate at which in accordance with normal banking
procedures the Trustee could purchase in The City of New York the Required Currency with the
Judgment Currency on the day on which final unappealable judgment is entered, unless such day is
not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance
with normal banking procedures the Trustee could purchase in The City of New York the Required
Currency with the Judgment Currency on the New York Banking Day preceding the day on which final
unappealable judgment is entered and (b)&nbsp;its obligations under this Indenture to make payments in
the Required Currency (i)&nbsp;shall not be discharged or satisfied by any tender, any recovery pursuant
to any judgment (whether or not entered in accordance with subsection (a)), in any currency other
than the Required Currency, except to the extent that such tender or recovery shall result in the
actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable
in respect of such payments, (ii)&nbsp;shall be enforceable as an alternative or additional cause of
action for the purpose of recovering in the Required Currency the amount, if any, by which such
actual receipt shall fall short of the full amount of the Required Currency so expressed to be
payable, and (iii)&nbsp;shall not be affected by judgment being obtained for any other sum due under
this Indenture. For purposes of the foregoing, &#147;<I>New York Banking Day</I>&#148; means any day except a
Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are
authorized or required by law, regulation or executive order to close.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="796"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XI.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SINKING FUNDS</B>
</DIV>

<DIV align="left">
<A name="797"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Applicability of Article</U>.<U> </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Article shall be applicable to any sinking fund for the retirement of
the Securities of a Series, except as otherwise permitted or required by any form of Security of
such Series issued pursuant to this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The minimum amount of any sinking fund payment provided for by the terms of the Securities of
any Series is herein referred to as a &#147;<I>mandatory sinking fund payment</I>&#148; and any other amount
provided for by the terms of Securities of such Series is herein referred to as an &#147;<I>optional
sinking fund payment</I>.&#148; If provided for by the terms of Securities of any Series, the cash amount of
any sinking fund payment may be subject to reduction as provided in Section&nbsp;11.2. Each sinking fund
payment shall be applied to the redemption of Securities of any Series as provided for by the terms
of the Securities of such Series.
</DIV>
<DIV align="left">
<A name="798"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Satisfaction of Sinking Fund Payments with Securities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may, in satisfaction of all or any part of any sinking fund payment with respect
to the Securities of any Series to be made pursuant to the terms of such Securities (1)&nbsp;deliver
outstanding Securities of such Series to which such sinking fund payment is applicable (other than
any of such Securities previously called for mandatory sinking fund redemption) and (2)&nbsp;apply as
credit Securities of such Series to which such sinking fund payment is applicable and which have
been repurchased by the Company or redeemed either at the election of the Company pursuant to the
terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the
application of permitted optional sinking fund payments or other optional redemptions pursuant to
the terms of such Securities, provided that such Securities have not been previously so credited.
Such Securities shall be received by the Trustee, together with an Officers&#146; Certificate with
respect thereto, not later than 15&nbsp;days prior to the date on which the Trustee begins the process
of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at
the price specified in such Securities for redemption through operation of the sinking fund and the
amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or
credit of Securities in lieu of cash payments pursuant to this Section&nbsp;11.2, the principal amount
of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be
less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon
receipt of a Company Order that such action be taken, and such cash payment shall be held by the
Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided,
however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company
Order pay over and deliver to the Company any cash payment so being held by the Trustee or such
Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by
the Company having an unpaid principal amount equal to the cash payment required to be released to
the Company.
</DIV>
<DIV align="left">
<A name="799"></A>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption of Securities for Sinking Fund</U>.<U> </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not less than 45&nbsp;days (unless otherwise indicated in the Board Resolution, supplemental
indenture hereto or Officers&#146; Certificate in respect of a particular Series of Securities) prior to
each sinking fund payment date for any Series of Securities, the Company
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">will deliver to the Trustee an Officers&#146; Certificate specifying the amount of the next ensuing
mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which
is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section
11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking
fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not
less than 30&nbsp;days (unless otherwise indicated in the Board Resolution, Officers&#146; Certificate or
supplemental indenture in respect of a particular Series of Securities) before each such sinking
fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the manner specified in Section&nbsp;3.2 and cause notice of the redemption thereof to
be given in the name of and at the expense of the Company in the manner provided in Section&nbsp;3.3.
Such notice having been duly given, the redemption of such Securities shall be made upon the terms
and in the manner stated in Sections&nbsp;3.4, 3.5 and 3.6.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
the day and year first above written.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Canadian Solar Inc.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">The Bank of New York Mellon,<BR>
as Trustee<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
<DIV align="Center" style="font-size: 10pt; margin-top: 86pt"><I>&#091;Signature Page to Indenture&#093;</I>

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>h02300exv5w1.htm
<DESCRIPTION>EX-5.1 OPINION OF LATHAM & WATKINS LLP REGARDING THE VALIDITY OF THE DEBT SECURITIES
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-5.1 OPINION OF LATHAM & WATKINS LLP</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 10pt; margin-top: 0"><B>Exhibit&nbsp;5.1</B>
</DIV>

<DIV align="left">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%" valign="top">&nbsp;</TD>
    <TD width="50%" valign="top">&nbsp;</TD>
</TR>

<TR>
<TD align="left" valign="top"><IMG src="h02300h0230006.gif" alt="(LATHAM & WATKINS LLP LETTERHEAD)"></TD>
<TD align="right" valign="top" rowspan=2><IMG src="h02300h0230007.gif" alt="(LATHAM & WATKINS LLP LETTERHEAD)"></TD>
</TR>

<TR>
<TD align="left" valign="top"><BR><BR><BR>July&nbsp;14, 2008</TD>
<TD></TD>
</TR>

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

<TR>
<TD></TD>
<TD align="center" style="font-family: arial; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.
041300-0007</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Canadian Solar Inc.<BR>
No.&nbsp;199 Lushan Road<BR>
Suzhou New District<BR>
Suzhou, Jiangsu 215129<BR>
People&#146;s Republic of China

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re: <U>Registration Statement on Form&nbsp;F-3</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as special U.S. counsel to Canadian Solar Inc., a company organized under the
laws of Canada (the &#147;<B><I>Company</I></B>&#148;), in connection with the Company&#146;s filing on the date hereof with the
Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) of a registration statement on Form F-3 (the
&#147;<B><I>Registration Statement</I></B>&#148;) under the Securities Act of 1933, as amended (the &#147;<B><I>Act</I></B>&#148;), relating to the
registration for issue and sale by the Company of (a)&nbsp;common shares of the Company, with no par
value (the &#147;<B><I>Common Shares</I></B>&#148;), (b)&nbsp;one or more series of debt securities (the &#147;<B><I>Debt Securities</I></B>&#148;), and
(c)&nbsp;any combination of the foregoing. The Debt Securities will be issued pursuant to an indenture
by and among the Company, as issuer, and The Bank of New York Mellon, as trustee (the &#147;<B><I>Trustee</I></B>&#148;),
in the form most recently filed as an exhibit to the Registration Statement (as defined herein), as
such indenture may be supplemented from time to time (the &#147;<B><I>Indenture</I></B>&#148;). Any Debt Securities may be
exchangeable for and/or convertible into Common Shares or into other securities. The Common Shares
and Debt Securities are herein collectively called the &#147;<B><I>Securities</I></B>.&#148; This opinion is being
furnished in connection with the requirements of Item&nbsp;601(b)(5) of Regulation&nbsp;S-K under the Act,
and no opinion is expressed herein as to any matter pertaining to the contents of the Registration
Statement or related prospectus, other than as expressly stated herein with respect to issue of the
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As such counsel, we have examined such matters of fact and questions of law as we have
considered appropriate for purposes of this letter. With your consent, we have relied upon
certificates and other assurances of officers of the Company and others as to factual matters
without having independently verified such factual matters. We are opining herein as
</DIV>

<P align="center" style="font-size: 7pt">Resident partners:  Joseph A. Bevash (US), Patrick J. Flanagan (US), Z. Julie Gao (US), Eugene Y. S. Lee (US), John A. Otoshi (US), David Zhang (US)
<!-- Folio --><!-- /Folio -->

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 7pt; margin-top: 6pt"><B>July 14,
2008<BR>Page 2</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="h02300h0230008.gif" alt="(LATHAM & WATKINS LLP LETTERHEAD)"><B> </B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to the internal laws of the State of New York (which we have with your consent assumed will be
chosen to govern the Indenture), and we express no opinion with respect to the applicability
thereto, or the effect thereon, of the laws of any other jurisdiction, or as to any matters of
municipal law or the laws of any local agency within any state.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the foregoing and the other matters set forth herein, it is our opinion that as of
the date hereof, when the Indenture has been duly authorized, executed and delivered by all
necessary corporate action of the Company, and when the specific terms of any particular series of
Debt Securities have been duly established in accordance with the Indenture and applicable law and
authorized by all necessary corporate action of the Company (including, without limitation, by the
adoption by the board of directors of the Company of resolutions duly authorizing the issuance and
delivery of such Debt Securities and the Securities that such Debt Securities may be exchangeable
for and/or convertible into), and when any such Debt Securities have been duly executed and issued
by the Company, duly authenticated by the Trustee and duly delivered by or on behalf of the Company
against payment therefor in accordance with the Indenture and in the manner contemplated by the
Registration Statement and/or the related prospectus and by such corporate action, such Debt
Securities will be the legally valid and binding obligations of the Company, enforceable against
the Company in accordance with their terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our opinion is subject to: (i)&nbsp;the effect of bankruptcy, insolvency, reorganization,
preference, fraudulent transfer, moratorium or other similar laws relating to or affecting the
rights and remedies of creditors; (ii)&nbsp;the effect of general principles of equity, whether
considered in a proceeding in equity or at law (including the possible unavailability of specific
performance or injunctive relief), concepts of materiality, reasonableness, good faith and fair
dealing, and the discretion of the court before which a proceeding is brought; (iii)&nbsp;the invalidity
under certain circumstances under law or court decisions of provisions providing for the
indemnification of or contribution to a party with respect to a liability where such
indemnification or contribution is contrary to public policy; and (iv)&nbsp;we express no opinion as to
(a)&nbsp;any provision for liquidated damages, default interest, late charges, monetary penalties,
make-whole premiums or other economic remedies to the extent such provisions are deemed to
constitute a penalty, (b)&nbsp;consents to, or restrictions upon, governing law, jurisdiction, venue,
arbitration, remedies or judicial relief, (c)&nbsp;the waiver of rights or defenses set forth in Section
4.4 of the Indenture, (d)&nbsp;any provision requiring the payment of attorneys&#146; fees, where such
payment is contrary to law or public policy, (e)&nbsp;any provision permitting, upon acceleration of the
Debt Securities, collection of that portion of the stated principal amount thereof which might be
determined to constitute unearned interest thereon, (f)&nbsp;any provision to the extent it requires
that a claim with respect to a security denominated in other than U.S. dollars (or a judgment in
respect of such a claim) be converted into U.S. dollars at a rate of exchange at a particular date,
to the extent applicable law otherwise provides, (g)&nbsp;advance waivers of claims, defenses, rights
granted by law, or notice, opportunity for hearing, evidentiary requirements, statutes of
limitation, trial by jury or at law, or other procedural rights, (h)&nbsp;waivers of broadly or vaguely
stated rights, (i)&nbsp;provisions for exclusivity, election or cumulation of rights or remedies, (j)
provisions authorizing or validating conclusive or discretionary determinations, (k)&nbsp;grants of
setoff rights, (l)&nbsp;proxies, powers and trusts, (m)&nbsp;provisions prohibiting, restricting, or
requiring consent to assignment or transfer of any right or property, and (m)&nbsp;the severability, if
invalid, of provisions to the foregoing effect.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 7pt; margin-top: 6pt"><B>July 14,
2008<BR>Page 3</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="h02300h0230008.gif" alt="(LATHAM & WATKINS LLP LETTERHEAD)"><B> </B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With your consent, we have assumed (a)&nbsp;that each of the Debt Securities and the Indenture
(collectively, the &#147;<B><I>Documents</I></B>&#148;) will be duly authorized, executed and delivered by the parties
thereto, (b)&nbsp;that the Documents will constitute legally valid and binding obligations of the
parties thereto other than the Company, enforceable against each of them in accordance with their
respective terms, (c)&nbsp;that the status of the Documents as legally valid and binding obligations of
the parties will not be affected by any (i)&nbsp;breaches of, or defaults under, agreements or
instruments, (ii)&nbsp;violations of statutes, rules, regulations or court or governmental orders, or
(iii)&nbsp;failures to obtain required consents, approvals or authorizations from, or to make required
registrations, declarations or filings with, governmental authorities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion is for your benefit in connection with the Registration Statement and may be
relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of
the Act. We consent to your filing this opinion as an exhibit to the Registration Statement and to
the reference to our firm contained in the Prospectus under the heading &#147;Validity of the
Securities.&#148; In giving such consent, we do not thereby admit that we are in the category of
persons whose consent is required under Section&nbsp;7 of the Act or the rules and regulations of the
Commission thereunder.
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Very truly yours,</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/
Latham &#038; Watkins LLP</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>h02300exv5w2.htm
<DESCRIPTION>EX-5.2 OPINION OF WEIRFOULDS LLP REGARDING THE VALIDITY OF THE COMMON SHARES
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-5.2 OPINION OF WEIRFOULDS LLP</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 6pt">Exhibit
5.2
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="75%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">July&nbsp;14, 2008
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Wayne T. Egan</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">T: 416-947-5086</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">wegan@weirfoulds.com</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Canadian Solar Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">199 Lushan Road
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">File 11628.00001</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Suzhou New District</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Suzhou 215129</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">People&#146;s Republic of China</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sirs/Mesdames:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Re: Canadian Solar Inc. (the &#147;Company&#148;)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have acted as special legal counsel to the Company in Canada in connection with the filing with
the U.S. Securities and Exchange Commission (the &#147;<B>SEC</B>&#148;) on July&nbsp;14, 2008 of a registration
statement on Form F-3 (the &#147;<B>Registration Statement</B>&#148;) relating to the registration under the <I>U.S.
Securities Act of 1933</I>, as amended (the &#147;<B>U.S. Securities Act</B>&#148;), of a proposed issuance of common
shares (the &#147;<B>Common Shares</B>&#148;) and debt securities (the &#147;<B>Debt Securities</B>&#148;), some or all of which Debt
Securities may be convertible into common shares of the Company (the &#147;<B>Debt Shares</B>&#148;) issuable upon
due exercise of any conversion rights granted pursuant to the Debt Securities, as described in the
prospectus (the &#147;<B>Prospectus</B>&#148;) contained in the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the purposes of rendering the opinions set out below, we have examined a copy of the
Registration Statement and the Prospectus. We have also reviewed the Articles of Continuance of
the Company dated June&nbsp;1, 2006 (and all amendments thereto), the by-laws of the Company dated June
1, 2006, a certificate of an officer of the Company dated July&nbsp;14, 2008 (a copy of which is annexed
hereto) (the &#147;<B>Officer&#146;s Certificate</B>&#148;) and made such inquiries and examined such questions of law as
we have deemed necessary in order to render such opinions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In rendering the opinion expressed in Paragraph&nbsp;1 below, we have relied solely, as to the existence
of the Company, upon a Certificate of Compliance issued in respect of the Company by Industry
Canada on July&nbsp;14, 2008 (the &#147;<B>Certificate of Compliance</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have assumed (a)&nbsp;the genuineness and authenticity of all signatures and the conformity to
originals of all copies (whether or not certified) examined by us, and the authenticity and
completeness of the originals from which such copies were taken, (b)&nbsp;that where a document has been
examined by us in draft form, it will be or has been executed and/or filed in the form of that
draft, and where a number of drafts of a document have been examined by us, that all changes
thereto have been marked or otherwise drawn to our attention, and (c)&nbsp;the accuracy
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="83%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD rowspan="2" valign="middle" align="left"><DIV style="margin-left:0px; text-indent:-0px">The Exchange Tower, Suite&nbsp;1600 P.O. Box 480, 130 King Street West Toronto, Ontario, Canada M5X 1J5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top"><B>T: 416-365-1110 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F: 416-365-1876</B></TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD align="center" valign="top">www.weirfoulds.com</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and completeness of all factual representations made in the Registration Statement and other
documents reviewed by us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have not been instructed to undertake and have not undertaken any further inquiry or due
diligence in relation to the transaction or transactions which are the subject of this opinion.
The opinions set out below are given only as to and based on circumstances and matters of fact
existing as at the date hereof and of which we are aware consequent upon the instructions we have
received in relation to the subject matter hereof and as to the laws of Canada as the same are in
force at the date hereof. In giving this opinion, we have relied upon the completeness and
accuracy (and assumed the continuing completeness and accuracy as of the date hereof) of the
Officer&#146;s Certificate as to matters of fact and the Certificate of Compliance without further
verification, and have relied upon the foregoing assumptions, which we have not independently
verified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have made no investigation of and express no opinion in relation to the laws of any jurisdiction
other than Canada. This opinion is to be governed by and construed in accordance with the laws of
Canada and is limited to and is given on the basis of the current law and practice in Canada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On the basis and subject to the foregoing, we are of the opinion that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is a company organized, existing and in good standing under the <I>Canada Business
Corporations Act</I>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On the assumption that the Common Shares (which includes the Debt Shares issuable upon due
exercise of the conversion rights granted to holders of the Debt Securities) have been duly
authorised prior to the issuance of such Common Shares, and when the Common Shares have
issued, delivered and paid for in the manner described in and pursuant to the terms of the
Registration Statement and related prospectus supplement to the Prospectus, the Common Shares
will be validly issued, fully paid and non-assessable common shares in the capital of the
Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The statements contained under the heading &#147;Description of Share Capital&#148; of the Prospectus
insofar and to the extent that they constitute a summary or description of the applicable laws
and regulations of Canada under the <I>Canada Business Corporations Act </I>and a summary of the
terms of the share capital and the Articles of Continuance of the Company, are true and
correct in all respects</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and nothing has been omitted from such statements which would make them misleading
in any material respect.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to
the references to our firm under the captions &#147;Enforceability of Civil Liabilities&#148; and &#147;Validity
of the Securities&#148; in the prospectus forming part of the Registration Statement. In giving such
consent, we do not hereby admit that we are experts within the meaning of Section&nbsp;11 of the
Securities Act, or that we are within the category of persons whose consent is required under
Section&nbsp;7 of the Securities Act or the Rules and Regulations of the SEC promulgated thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Yours truly,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/ WeirFoulds LLP
</DIV>

<DIV align="left" style="font-size: 10pt"><B>WeirFoulds LLP</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>5
<FILENAME>h02300exv12w1.htm
<DESCRIPTION>EX-12.1 STATEMENT REGARDING THE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-12.1 STATEMENT REGARDING THE COMPUTATION</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;12.1</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B>Canadian Solar Inc.</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B>Ratio of Earnings to Fixed Charges</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000"><B>Year Ended December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Computation of Earnings:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,998</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(395</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest capitalized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(47</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,588</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,731</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,146</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Computation of Fixed Charges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,414</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest portion of operating lease</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,588</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of Earnings to Fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">149</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">166</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deficiency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">442</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>6
<FILENAME>h02300exv21w1.htm
<DESCRIPTION>EX-21.1 LIST OF SUBSIDIARIES
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-21.1 LIST OF SUBSIDIARIES</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 21.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LIST OF SUBSIDIARIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">CSI Solartronics (Changshu) Co., Ltd., incorporated in the People&#146;s Republic of China
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CSI Solar Manufacture Inc., incorporated in the People&#146;s Republic of China
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CSI Solar Technologies Inc., incorporated in the People&#146;s Republic of China
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CSI Central Solar Power Co., Ltd., incorporated in the People&#146;s Republic of China
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CSI Cells Co., Ltd., incorporated in the People&#146;s Republic of China
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Changshu CSI Advanced Solar Inc., incorporated in the People&#146;s Republic of China
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CSI Solar Power Inc. , incorporated in the People&#146;s Republic of China
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CSI Solar Inc., incorporated in Delaware, USA
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>7
<FILENAME>h02300exv23w1.htm
<DESCRIPTION>EX-23.1 CONSENT OF DELOITTE TOUCHE TOHMATSU, INDEPENDENT AUDITORS
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-23.1 CONSENT OF DELOITTE TOUCHE TOHMATSU</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;23.1</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the incorporation by reference in this Registration Statement on Form F-3 of our
reports dated June&nbsp;3, 2008, relating to the consolidated financial statements and financial
statement schedule of Canadian Solar Inc. and subsidiaries (the &#147;Company&#148;), and the effectiveness
of the Company&#146;s internal control over financial reporting (which reports 1) express an unqualified
opinion on the financial statements and financials statement schedule and includes an explanatory
paragraph relating to the adoption of FASB Interpretation No.&nbsp;48, &#147;Accounting for Uncertainty in
Income Taxes&#151; an Interpretation of FASB Statement 109,&#148; effective January&nbsp;1, 2007 and 2) express
an unqualified opinion on the effectiveness of internal control over financial reporting),
appearing in the Annual Report on Form 20-F of the Company for the year ended December&nbsp;31, 2007,
and to the reference to us under the heading &#147;Experts&#148; in the Prospectus, which is part of this
Registration Statement.
</DIV>





<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
Deloitte Touche Tohmatsu CPA Ltd.</TD>
    <TD>&nbsp;</TD>
</TR><TR>
<TD colspan="2" align="left">Deloitte Touche Tohmatsu CPA Ltd.</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
<TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR>
<TD colspan="2" align="left">Shanghai, China</TD>
    <TD>&nbsp;</TD>
</TR>



<TR>
<TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR>
<TD colspan="2" align="left">July&nbsp;14, 2008</TD>
    <TD>&nbsp;</TD>
</TR>
</table>




<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>8
<FILENAME>h02300exv23w4.htm
<DESCRIPTION>EX-23.4 CONSENT OF CHEN & CO. LAW FIRM
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-23.4 CONSENT OF CHEN & CO. LAW FIRM</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;23.4</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="h02300h0230001.gif" alt="(CHEN AND CO. LAW FIRM LETTER HEAD)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">July 14, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Canadian Solar Inc.<BR>
No.&nbsp;199 Lu Shan Road<BR>
Suzhou New District<BR>
Suzhou, Jiangsu 215129<BR>
People&#146;s Republic of China

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the use of our name under the caption &#147;Enforceability of Civil Liabilities&#148; in
the prospectus supplement to the Registration Statement on Form F-3, originally filed by Canadian
Solar Inc. on July&nbsp;14, 2008, with the Securities and Exchange Commission under the Securities
Act of 1933, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
In giving such consent, we do not hereby admit that we come within the
category of persons whose consent is required under Section&nbsp;7 of the Securities Act of 1933, as
amended, or the regulations promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely yours,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>/s/ Chen &#038; Co. Law Firm</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>9
<FILENAME>h02300exv25w1.htm
<DESCRIPTION>EX-25.1 FORM T-1 STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-25.1 FORM T-1 STATEMENT</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>


<DIV align="RIGHT" style="font-size: 10pt; margin-top: 12pt">Exhibit
25.1
</DIV>



<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM T-1</B>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>STATEMENT OF ELIGIBILITY<BR>
UNDER THE TRUST INDENTURE ACT OF 1939 OF A<BR>
CORPORATION DESIGNATED TO ACT AS TRUSTEE</B></DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CHECK IF AN APPLICATION TO DETERMINE<BR>
ELIGIBILITY OF A TRUSTEE PURSUANT TO<BR>
SECTION 305(b)(2)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="Wingdings">&#111;</FONT></B></DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 10pt"><B>THE BANK OF NEW YORK MELLON</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of trustee as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">New York
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13-5160382</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State of incorporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">if not a U.S. national bank)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">identification no.)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">One Wall Street, New York, N.Y.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10286</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 10pt"><B>Canadian Solar Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of obligor as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">identification no.)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">No.&nbsp;199 Lushan Road</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Suzhou New District</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Suzhou, Jiangsu 215129</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">People&#146;s Republic of China</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Debt Securities<BR>
(Title of the indenture securities)</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General information. Furnish the following information as to the Trustee:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Name and address of each examining or supervising authority to which it is
subject.</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Address</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Superintendent of Banks of the State of New York
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One State Street, New
York, N.Y. 10004-1417,
and Albany, N.Y. 12223</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Federal Reserve Bank of New York
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33 Liberty Street, New
York, N.Y. 10045</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Federal Deposit Insurance Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Washington, D.C. 20429</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">New York Clearing House Association
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, New York 10005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Whether it is authorized to exercise corporate trust powers.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Yes.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Affiliations with Obligor.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>If the obligor is an affiliate of the trustee, describe each such affiliation.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>16.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>List of Exhibits.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exhibits identified in parentheses below, on file with the Commission, are incorporated
herein by reference as an exhibit hereto, pursuant to Rule&nbsp;7a-29 under the Trust Indenture
Act of 1939 (the &#147;Act&#148;) and 17 C.F.R. 229.</B><B>10(d)</B><B>.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the Organization Certificate of The Bank of New York Mellon
(formerly known as The Bank of New York, itself formerly Irving Trust Company) as now
in effect, which contains the authority to commence business and a grant of powers to
exercise corporate trust powers. (Exhibit&nbsp;1 to Amendment No.&nbsp;1 to Form T-1 filed with
Registration Statement No.&nbsp;33-6215, Exhibits 1a and 1b to Form T-1 filed with
Registration Statement No.&nbsp;33-21672, Exhibit&nbsp;1 to Form T-1 filed with Registration
Statement No.&nbsp;33-29637 and Exhibit&nbsp;1 to Form T-1 filed with Registration Statement No.
333-121195.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the existing By-laws of the Trustee. (Exhibit&nbsp;4 to Form T-1 filed
with Registration Statement No.&nbsp;333-121195.)</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The consent of the Trustee required by Section 321(b) of the Act. (Exhibit&nbsp;6
to Form T-1 filed with Registration Statement No.&nbsp;333-106702.)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the latest report of condition of the Trustee published pursuant to
law or to the requirements of its supervising or examining authority.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Act, the Trustee, The Bank of New York Mellon, a
corporation organized and existing under the laws of the State of New York, has duly caused this
statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized,
all in The City of New York, and State of New York, on the 11th day of July, 2008.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="53%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">THE BANK OF NEW YORK MELLON<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ FRANCA M. FERRERA
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">FRANCA M. FERRERA&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">ASSISTANT VICE PRESIDENT&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 4 -<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B><U>EXHIBIT 7</U></B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Consolidated Report of Condition of
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THE BANK OF NEW YORK

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">of One Wall Street, New York, N.Y. 10286<BR>
And Foreign and Domestic Subsidiaries,

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">a member of the Federal Reserve System, at the close of business March&nbsp;31, 2008, published in
accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions
of the Federal Reserve Act.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Dollar Amounts</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">In Thousands</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and balances due from depository institutions:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Noninterest-bearing balances and currency and coin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,545,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest-bearing balances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,795,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Held-to-maturity securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,739,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Available-for-sale securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,149,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal funds sold and securities purchased under
agreements to resell:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Federal funds sold in domestic offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,850,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities purchased under agreements to
resell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans and lease financing receivables:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans and leases held for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans and leases, net of unearned
income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,834,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">LESS: Allowance for loan and
lease losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans and leases, net of unearned
income and allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,597,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trading assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,456,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premises and fixed assets (including capitalized leases)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">908,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other real estate owned</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments in unconsolidated subsidiaries and associated
companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">781,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Not applicable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,445,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">987,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,086,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Dollar Amounts</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">In Thousands</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,342,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">In domestic offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,973,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Noninterest-bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,760,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest-bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,213,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">In foreign offices, Edge and Agreement subsidiaries, and
IBFs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,040,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Noninterest-bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,544,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest-bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,496,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal funds purchased and securities sold under
agreements to repurchase:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Federal funds purchased in domestic
offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,001,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities sold under agreements to
repurchase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trading liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,981,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other borrowed money:<BR>
(includes mortgage indebtedness and obligations under
capitalized leases)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,200,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Not applicable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Not applicable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Subordinated notes and debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,955,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,465,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,701,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest in consolidated subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>EQUITY CAPITAL</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Perpetual preferred stock and related
surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,135,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Surplus (exclude all surplus related to preferred stock)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,375,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,178,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-1,207,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other equity capital components</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total equity capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,481,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities, minority interest, and equity capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,342,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, Bruce W. Van Saun, Chief Financial Officer of the above-named bank do hereby declare that
this Report of Condition is true and correct to the best of my knowledge and belief.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="58%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" nowrap>Bruce W. Van Saun,<BR>Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, the undersigned directors, attest to the correctness of this statement of resources and
liabilities. We declare that it has been examined by us, and to the best of our knowledge and
belief has been prepared in conformance with the instructions and is true and correct.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>

    <TD width="2%">&nbsp;</TD>

    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>

    <TD width="29%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-top: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gerald L. Hassell</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steven G. Elliott</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Directors</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert P. Kelly</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>h02300h0230005.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 h02300h0230005.gif
M1TE&.#EAKP!&`-4P`%6;Q>R.<L?>[(Z]V/.TH?WPP_C22O+W^OG:T2J"MO[V
M]/KAAH"TTSB+N_[[\>/O]OOII?;''$>3P/G::-7F\>N$9NAQ3_[XXG&LSO;+
M*_?..ZK-XOOEEO2]K?WTTOC66>Z7?O&JEN^ABNE[6_KCW/;'N??0Q?G==_SL
MM/SMZ&.DR9S%W;G6YQQZL?7##>9H0____P``````````````````````````
M`````````````````````````````````"'Y!`$``#``+`````"O`$8```;_
M0)AP2"P:C\BD<LEL.I_,R,(!K5JOV*QV"W6Y(ARN>$PNFY<7KU=S.8]))H(H
M$'C9[_9*Z:I`=.1T=7@O>TJ#+P%N305J7A$>3PYABC`I'2`6AYIV!$^6(".;
MAYV&@XF42FF-7Y"++AIG"AT5HK4=3+*TM9JD28>GJ$FKCE1,#EX39"DBN[L(
M2@H$F<V\2[_!2AG#+@M."UZ36M'4SDDFT^2CUJ;821/;L$[:+BA:)*'IHL]'
M!.0C="`("!RXSQ>[=D<@;'/Q1"$K+"7(60AH`H&")Q%%61!1@L26:PB-J!H&
M99Z&8E`RUJK0P>,5$J("F"`#,F01`]N@<%!SHHI*_TT60J38`F+3K3(U;0Y!
MD?/)2!<%GB"H%>+BEA1&SR15*D0#R9)J##A1@.]0!9=<3&@:X68K5T:K6CGY
MT"@JDQ";1%@5T^]0B+8'N1*AVRA<DV]JDBW!JDF$F;Z#>B$-+%B(@PB-XGG+
M?%<3B#.0\50`C`?8%9,&/BS@4`"E$[AJZFUNQ`3=G1%[R4S5--.,6RA,%V;X
MP$'NDIUJ,KA6@EC-$K6'>I\IB\<"VC&_H;Q;J";"!`C+C6Q'-MNY$KR4S?RL
M?IU+=BC-N3N:8!?)>!>&D\1GJ$07GD**%`64=.ZEAT4!\\@75GWB-0(!$_NM
M,TANL?CG%X58O&<%!%XI&/^6<42,]\@2$992&C8*6#C("`5EH>$5%T#P`68>
M]G2$B.$1@9QY!N$A&24*"+))55J\J(4''!#&W4E'-*?9$;!Y(>$=/Z+"C"@C
M$%B%D6*@,`&-PXQH!`0T=H.$!ZM,R8E-)=AV"`@8-L$E&5Z"V5T;1GC@E5A)
M),A?CU0J18**@UC0HA-SEN$`!#AEEJ,#)_")1'QX(J$.5^B)4J6:B#0AHP$3
M++``!`54BL4%)X!IXQ&F'M$A?B;>\9E@"+@Y")Q/<+GC,*"RE@6C7C`(A0,=
MFFGIBI7!H("`FU00YQ%SWL>=`0L(^]H$'V3A`$Z*(6%K>TIUL!*B!B;QJH<N
M?`#_7A6MBE0`"J,6`"($JQXAY!U_)0O#/:(XQD2BVZ*[R@>R:5'`!'XVHFZ.
M1HA;J+Y"I*C/O^4J<8+`JV3PX!40)+R0%`P/P=@@`":[["9L<6J:$RAXC&X&
MUBKA0:,8P[S$O798\*Q-$FMRJ!&)%B&CG0)_$+*.&`^S,1*[W0IQQ+:^D"^@
M=JRLA0,%%`#!`@80W5W,(2:]S=+V:E)RLJ'=874105L1HY*%N2/V-A&T.T33
M)#^-M]HJM[,HW"YT2\3%<V\CZ1&91@;QWE7W'=(%"ZA:1)2%KT*V$83F`6Y(
MS.(Q*]6=*B7)/&2[7/DKT&1NAPA#\7SE(6<#7?$26&=M__OM68.84`9U"Q'<
MZ=OH3L2@M8CPLQNR4%?=SD)LY?7I]2:1M1"$`S],]$;TC&4()C!_10H($(#S
M(4?%VC@1^UDO.!,T6]](!K@DOE)`'2!@__V'IC#0_H",WZ^<Z;F,^QIA@*,1
MH7T#](+=C(``Y>7##D5@W`-71ZX332Z!:F`2$ZJ'07H\01H3O$,$0U@=+9DO
M=$7P@.DJU[LE_*Z#QFJ"`DJ@NEV,D(0C((#WV#8[&0G,`$"DEJA0D+4%(F&%
MIUN?$T@0@AIJXH;YV(@)`6A!)>#.=D8\$KHBH!I1<4T^A[-""DP0@@!$#0]0
MW$4`1-"2(LVN,HP*HAP-X)4I&/]A47.48QGL]P?^Z9`(^O.C0.IGD:<9\I"(
M3*0B%\G(1CKRD9",I"0G2<E*6O*2F,RD)C?)R4YZ<@@#&,`&A'```0C@`8K<
M0"A1Z<@',```"6A!"QJ@@@-P198`$((`9#F`,[A2`K)L`0!&Z00`R%(`8@"`
M,LW`@&`ZLP6"P:40**!,8I*!`K%\9B^+>4PQ!+,,&`CF`%CY@!44P92L1`(%
MD'F$=5(`":84@C234$H!V#()Z[RG$50@2PFP4@#O+$(I`TH$8[:`G4)X0#R3
MH%!]RE.61U!H.HO@3B-0()@(+0(+&N#,!#!@"`9M9C`_.DU@.I,!]SR`2&4I
MTES"8)?_+=@F`[(IRP:P`*2\I"D`'"J$D"9A`!P-I@H0:E!V&C28`"`H+\-Y
MT")\$P8#8&E06R`!@JJ4IM`D0E1;H((D[%("#&!`4+=Y5`G`4I;F?"E5PSI6
M(8@T`0`PJ3!UR<N>)D`%`\!`-EEYU`:<M048,,)*`;""B<+`I'`]ZDUA4%1Y
M-@`#`^#G+(<@2YIF%`9/W>HL`1!4EQZVLLIL0!&8NLV(IO,`\S1H8&&P@7D^
MX+0<S25J91E0IKH4IMMD@3Y;VX*T&M2E#ZBL$0X@6:0&E+<2N"=O$]#3;K*6
M"$P-:#`Q<(#J.A6B4*VI+6>;5=XVP+!#$"E)VXF!J:96EO]T_RT&Y"I-F$I@
M",&=JUIC*H0-_%6<S6W!8C&+72/\,I@)0*5DK?G9IC;V``,X*D8?V@*>4A:[
M6RVM0=U:5R0LU\$P>$`L$P#9K;ITPG2=JX9EV6&.OA>FGHWO;>NZU08P(*\5
M;BR#ER"`;)I3LFD50E"1V5B#2B"4,G[J$3);8<9B5Z2E'6XV)7#9[.IWFN?-
MZGQSN0*T0AFBW`VHAT/<2X/>,\+Y1:B0AW``V,IRE%6FZCUAREPC-[6?.&TJ
M?Z5L!"+3-[_UU2X^:>I794+3NP.8:92'@&+6UC30-!4"4SUZU!735[(`2#!^
MW2SF_@ZARF;]:P*V:U(7%Y>8C<TF9%:GRLXQ7S>K8,8S#`Z`6`RLE\?81;!Y
M:0N#E0K3I*J>LA`&H%,0'X"IN)PG;F%`30"G6L9S-D*:G:F"TPHZF!+8;V,W
5&DP7.]?41+"SA/O[ZV?"N@5!```[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>h02300h0230006.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 h02300h0230006.gif
M1TE&.#EAZ@`^`.8``.;FYNOKZS4U-45%14U-34E)2<;&QIR<G&5E9>#@X+"P
ML,[.SL3$Q.3DY+BXN*2DI'AX>"TM+='1T<K*RGM[>\C(R-34U*ZNKG9V=B$A
M(0H*"K2TM,S,S,+"PH:&AFYN;CDY.8Z.CEU=7=+2TN+BXK:VMB@H*#`P,)*2
MDB4E)9F9F8&!@<#`P'1T=)"0D%Y>7I24E)B8F+*RLG!P<*:FIAX>'JJJJD!`
M0%965F!@8(R,C**BHFIJ:JBHJ')R<H*"@HJ*BJRLK&QL;):6EEA86*"@H&AH
M:&)B8@,#`X2$A%)24AD9&5I:6HB(B$-#0U145!45%3P\/%!04!`0$+^_OS\_
M/W]_?_[^_OW]_?S\_+Z^OKV]O7Q\?-W=W?O[^YZ>GGY^?KR\O-S<W/KZ^M[>
MWOGY^?;V]NGIZ;JZNNSL[.CHZ.[N[GU]?3X^/O7U]>_O[_?W]^WM[=_?W_#P
M\-?7U[N[N]K:VO'Q\=G9V?CX^/+R\O3T])^?G]C8V````/___R'Y!```````
M+`````#J`#X```?_@&`0#'^%AH>'=!0S!XB%&UQL$!`8;!A<%!!7A@^3CFJ3
M"XZ&*RT4<Z.&#!\M0(YFDAB;J:-:7#YNAQR9C8=UM[.'#UPM9(XJ,Q@0%!2"
M$)+!9,QTAU]L%'6'9!#%B'K+%!:(6L]ECF0A&7Y^2#K!M*/KO?"%1.LG:XY6
MZ_S]?H=*V#E:L.Y!*BQ(UJ&`MX_=NS\Q^'FAAVC%.@.'6JPS@4B`GQ..`)A8
MA\%1%7_^#E%91\60&`U^,HQ0R1)1`'X$$.E8-_&0A13^F%!,M>[+T#]3^&UP
M!`8E/R2'<*QS9*!H*@7\"L`3P8_0H0'\1!W]XT#AH1L2#9U9Y\$1UG53_TPZ
MY4?33\L_6"*L4X!HI5U$#?K--.1A799#5TZL6U*E2HT68Q')&TJ0GQ5'P80(
M'"45*J*J?FRD.KE.`SS2?F`@6L+O[M$UZRX;@L(/8R&_K@UIY"<'43`(FQWA
M+L1GG9.>AH8?6LMOP"$@/`]5QG$(2^1#DRE^6:>N"CP>4T<Q"7^HPKH2J6`F
M]+-T-+\VA[;T:U_]1Q4K8QPE=%[H#KN$!A5BPSJ#'1*%'ZSY850J#:4R7!HP
M32&&<#4MYT\"AH1@V"%O.4#+%=89<D4P[V1'SQ-^","5'WK0@@!YB`3TSV?K
M7##*".O\`%-.H^"1X#IQ&`+>%$DIX4@($6"0I/]<&6#XQP9^.`&6`(9\`&,A
M@?E1F!]&,GAE<BQA842-HRAG2)8@&)?A.B$6LEL8M&AQ0HN%5%&$(12L\X(8
M5M$SAT);QD`+>#,Z(B-5!8T"PSH)>)2"@^M(L0Y]:!&09A2.W'!9$S<XHID?
M</XQY@!'^&%:(4[X$8$C6V[0QCKFC-)@F2QI0=L);=:5VQ_,->2'&H5L>9@A
M*JS#!2U4F'"&(56H5@@7.-A@@HSST`*E'Q-TD!"/HWR:BHQYF`&'&6;\41D-
MHQ20XA]6^K&L(R6L(\$Z$!12!DPHI!H7(CCD4`8%4HQX"&BN_*$8!4FLT\`?
M(OG!@R/J@@#'HG[P-0K_%U_>QA):4W21BA85JC6I8GY\4(B&?L!QR+SLZ)"/
M<!&DP:P*ABSS!P?K59N*1DB4<8='4-#2[K?K@"#`T0)407*`A_"IX!\/K*/#
M*%O^D9!6?TRPCA;>'C*&`!H0D8$#-HAFB!GKF%Q&0C:\-;69AK#VL-,KI()Q
MH7VM`Y8?-'\<<B',;7#!.DA,>$!TAN3%3P00#)M<S,PZ^P<7]=IJ8BI>',@C
M<'[8D0JAJ4@Z5Z*(!+&..,Q1J8\?<:4YA01_O,AB0XY/GD$12T3AQ1:RQ>T'
MI@Q<I,8ZW@VQSLN&5&9Q4FWDLCK>=956^SA__S%\:%@0L`YDA_LQ?1<>\2.3
M_THF`!`YGAE4L<28?NCL"`<PV?C'@'Y0D,J8GAFZ#A1$$JD!3'Z0WR'RI(%9
M>`0)=#K$F$#PAR:L@V:L$4I#8&<(`7P!"PY(`02HT#M4L>X/-%A'N6`2-(WL
MZQ!LB(F3QJ,!VR!B5A1*46QH48?JI2%1]$N!'*+FAUP5H@L>6(\?!I!`*D"N
M3BXP!`:B8`4=7&]!M-B)'^Y0B#UXA".C`-TH#H4(K?F!:87(0YJH4XCN>0@1
M:/$.<SYPPZ?1+S<IT$(A&(`$`?P`$7=;`W#XLYLTI-$1(WF"*M91L!=F[`^X
MT0L2G!3#73''*%A(D!7BE;)4I,$'_)"<$0/`K"06PO\*;##$Y48!EB58X916
M&(D?S.<(V:5"*M#[`PO6P0=$E,4/1T!E#M(F%_ZP)@)H6(<H_((N0^!`":CX
M0Q'\8(4\<"@V"1'4'XKCAPPZ#!$`,`XJP9`0)?CP#S#,FUUH`),4.+.1V.S3
MX&+BEW+1(D]^.-9MH(`!*X#A"E4HP"G%X(E"C-(1-1@=?0ZA1?WE;Y!/>\[H
MIO"0D2"@$-I#@H8T,)$.S-`0%D`"`1Q@A1J`K9;8P66%O`B=+]IRH10\1#AU
MY0;M58Q6?SE$-A.*!=KX@7-4I$4>UF$$0QC@?QJ("P&`6@$/R/,/?4K%M320
M$*:NYV&.*"B_O@0:*/XA"VC_00)3G5H;R3"S$"A8!U#`8*]US``1&W""`*)P
MQS`$`1%IX@<KD>H'H,1REUI%0D+T2CJ5'G(X"]BKY\2YJYNTSQ!A-17B4C'3
M#L*C1'X`:2I>P#H.=(`*$V```V"B@7,>8FA;_)(7JR6!I##!`*AE0`=<L`[)
M_<%I"_F#'OIA-KHN811N<)P/4<2=0ZC2#U@\1$*.4`'44J$#;R&C7V.IL;]<
M@7,$R,\APF!#$\$AH/QPGB%J1ZB^72=2J#SE`8+A$?X<8DMR1(0K.?.ERE1K
M.WZXTR%(L(XN%8*U?L"#(7[+2+TPEQZ^,B^[FH.(RM36=\$UQ$K!!"HLV12,
MB*S>_TRKM9MUY+007KB!#DK@`-F9H#?7H2M*O//#A-3KI'X(@2-`ZPC1O6\O
MA^`*%*;WAY'4P&.?A!'[@H:G=6CW*"%\8/0@<PB4,=(0O$VF(5+X7[^D]P_=
MBX`Q#`&RF!HB#I>C`W;](-U"7,\?DOVN4ZHP"\X]V1"S'>)#K'30J#@$$2S;
M0>+T(F!#S,!$GPI&8@5L$3^X\"@6L*DXSL8/`?[A"NJJP2A^L#U$-,4/#RE$
ME;>0.)(=(3Y;2^=A#\$Y/^SA$'CPAPG.&.(_>&$.TT-.%M8PAV_^80X`B-4A
M]I"%+B-B#7%0\B$2H`=9_\$-9J`Q7F3FV3N<X<)_*$,:UO]@ZSV\(0N1IL@9
MU/#C0LSA#0'P;"'<`(!/.V(,>X!#`@N!!3V,NSIQB(.OS:`&/7B;W'-8@P^O
M`(`$:/O0;W@#L@NQ@!^<\LRE#KC`!T[P@AO\X`A/N,(7SO"&._SA$(^XQ"=.
M\8I;_.(8S[C&-\[QCGO\XR`/N<A'3O*2F_SD*#_Y%;00)$><.\0M6@".QW*%
M!4SHAV(),1:T0(6>;^$*'&AYRH<><"MCE,0!UX)WF!#;R-Q'P4@/L0:25H4V
M7.$)?R:ZUH]BEX=0X0:1WL2(HFV(+W0J`"\7&"V>_LFH^V86<#]$!D!LG0:8
M0>UDW[K>D4H%+40`*"(PPZO:,`;_\"S!1FT8"1<BH!<1K&$-*Z+`3`=``!UD
M(;$HR((.G)"4%5Q!#FAY&MO!&74)*`8))5"`<Q+@![N#P'$UF'(AVJ"%'Y1J
M!P*0"A/`(P`0[UWK=EG)!:B@@0KPX00+<($3PG"`H%5!"60+H!8RP((#9(`*
M:(!"!2"`_/L88`D.<,`2#&`%*#C@`4@``!>D0(48Q&7T5D#Z%42@!"J@H`86
MR`!9[&*`51EB"C-P2AWP!U7`01FP!=FT`C74`E1P`BKV>\#7<ZI3@%3@'55`
M`3VG`1-0!7Q!!3Q6!5^0`!;0`!Y(!5]@@:?T`H7P`J=$8G9!!R*X$@38._$G
M(A*0!A80_S5_,``&\`,$X`$A(!2&H`$@T!B-4(!60$8:R'=_(`*.!8$G%WPD
M1H'>\5M^H'0M006*1H`'0`9$8%<FB(*G]$DMZ$]4P`%.``6T,8-0=PAH<`,V
M]0<M8`4"H`!'(`1M80@U`&*;@(3V\P<WQH0L"(5$)X5UTG/>$07H\0<&X`8%
MB$A;"((0X`34L`14<`!BJ()_P((UR'<%\`$`<!-LV':&4`91X`$`0`?_8`,W
MH`%9@`0@D!N!R"P<)$^!^!>#2(@I9X@$V'-1<`4Y,`!80`:K](A:6"<'D`-G
M95%4P`=@=Q\7D`%8@`49<`&=:!<@*"K_`'^=TA\G0`)_P&A_8/\!?N`=*2`Q
MAS"+AV@%MN@QN/B$NCAR5ZAT=:(%=`"+`6`"4Z`!EU8%<J0%D?@%88`$46`"
M&6`#!%$%-[`">8`#_X,#8[`"W>@''0`&4R``K;@`-W!'A=!GZ[`";``%)P`6
MRS(%ES8`.5`=L7<(_@@&9(4%*TF1FTA6\8ARTQ@BTU@(8I<`;T!NUH$%LP"4
M?[`'8B%VN9)OM'`&"X,7%-$`3A*4.HD(/I0%TPB5B.%J-9F56KF57-F57OF5
M8!F68CF69%F69GF61Z%V\"!L40D/6$D10IDXM,"6]/"6:%EQUM$!!9`/#Y&3
M?^`$0^!J-A`&6U"8A:D%6E"8-B`"FP#_!\XS(1<0`E[0;J/0`II0"%D``@6"
M"&T@`Q\R"EC``Q;3EE)9"!,P6+1@`0?6`$!P<W?I"%C@!4V@!\F""BC0DX8@
M`0I@'54@`JYF!2\0!L(9!A<@`T"0F"$P!=8A`2VP!6&0`F?@`T:P!CM`"&K@
M>W\0!3D0#!'`2:,`3*D0`"PP&B4!./)S!SW7<WR`(?UB+X>@!X=A`QG0)%@0
M`"H`%`)@EV$Y!D,0`P<0`DN`9610@?Z4<W\``QJ0#:/W0AWD@4!``'M`H+.7
M!3)0`P$0`54PGXPQ!4HP"Q,``F>0!71`!W8@`'C0!PX0*G_0&R!!!@?``S,P
M`P5P!#.``TY@_P9>H`(.4`=H@`9;<`(8P*-AP`4W(`IE@$H?@`0X0(T0$`,H
M``5S105$(`(($`)70`$"P((5P)2OB1<ET(`\]P;_(*'0\P(XX$RC5SMCF!QM
M0(T]H`!(YQTM<`$.,`5ZA`%:404#6`@W0`6U]@/^:0(J$`,$4`"SD#XUX!@>
MX$Z/>&B%@`=E0)5`:2?32`*'X3@P0`(Y,`34Z01X0`<?8`)"1P4OH%U<`(]=
M6B>/X`=;@"1;`#*($`%GI"GDQ@-Y"$Y@0``MP`5<D`,9``8B4``Y$*=Z8`)8
M(``,0`!5``=1T`-L,`LVH`-S<`,N1&)60`5]X$\@YH^TZ*@#I`1$P/\$2R``
M1$`$-7!BAN``4-!36%``(:`#>@`%J(E(LM$B%("JJ4IB=L`#KTH%K^H$P6`!
M4X``'S`#-1`%/C`#'Q`%;2`SX&0%$[`'T[B!`B.A!%@'0#`!)W`!$)`3*Y`!
M2_D'(;`'%0H#I_2Q*V`%-R`"2S`!2(5C_N@!T^B/6&`#30=.#T`'>"``'D`'
M?2``#[A=`%IS#@``3Y",[_!UIT0`P]!!R`$/$N`X=$!IB'"IP>!KAQ:TTD&U
MJ3`&7C$*FV``/4$',W<453`&0/D0=@`$PV($DK.@*@6Q!Q`&Q<`1`,`"%EL%
M.D`'-)`%`I`#HA$'XX<(+X`!`#`!)&JB??#_`0\@!CWI!U-6@";P`'(2`EOP
M`IZG8#F[LTG@LP(P#W/@LR-P`Q(0*CV`!."H$A_0!WW`M+V:GBXP!<`"#UMP
MLX+PD^(@!@2``2D@!;O*`U+P0\*I!1J@!0YP!-10",R`874@LX>P`5!@:U=P
M`T^``R"P!CBP!KG;`BI#$5<0`S!@`C[`!8U1!5-0OHV!$5@0!0X[BOIPK4Q0
M`MWY#UQ``/18)V[@!,YT`3/0$P^PKA1$!AI`!7G`<PW8<R\@67Y``W7PHS80
M!1[SB->:$3Q@!1\K!:=4`-E0"!8``3R@`2>@!!&`!:W[`0<9![/`084@`FA`
M`2(@`QXP!1O@`.T+_YI*4`9JX``^:@('4`=UH`(W*@8BL`4/4`7&0`5"V`!A
MT'.6:`,3$`Q2H`!HP`6FA`+CE@,>T%,LB9A5<`%2``8:T).#>A0+8`$"(`8)
ML`EF@`.S`&V;,`&N!;<*=JV7X1T410`'D+=_@`(/8`"=Z7,$P`8"L*<O0@5N
MT`:-<;Z.@:Y^(`=`&0Y1,"$2[!I78`%E,*E%`)0H,&CIZ@<YH`,-```W@`)8
M4!@1X`&;H,*;6`<8#(E#,0'H@@54J09+*LL"(\0HL`=5\`!A$`(B8`@Q@``0
MH`$M,*?)%`<\<`>3Z@@L\`%9P`-H('='X*LS4`0+0`2%$`#H.A0D]@&1^?\"
M/:<%2K"E6'`#8Q`,M)HU0Q"W5'!/WN$$#``%:Z#'!I`!29"CX=4%PY(`.-`&
MN4%B:(":C5P($M``$-R+X'07<_`!7."2%^R2&?`!N3(#$?`"`?``(J`#-;"<
M4C"[2FL%)X`&7>S*%%$`LXL7`X`""K`!%+"G0LP75:#/6_#+5T"8/$<`5%`"
M0'"9""`$(>)V!H!,?S`&IRP'FR``#T`#`K``$)`#OF<R8S&%(?`".8`D#<@7
M6."R'U"^4Y`^CJ$!<W5*I+H%JZ("(/`P>DR.WZ0`-C(&)EV`8G"R&9"R1Q`!
M.>7)K&`"37#0DRPB+"E?($@#(5L`'B`"8L`&0<#_!2FP`0K@+QD"SE3`@RU+
MTO0`$H3A!V+0!WCP`;8AQ#(@`540`S#\RW]@!@?P`S"``BB``#"P"64P`Z&D
MJF)@.#CP`2Y)Q2(`LE>0`1BP1%`C`!=F!4=&#R06!1QTK1:8&^A<-WY-A@M@
M$`JP`-G$`'<P`TAW`LDH`"C`U52'`&:0!AY2@'``!@H@OXR]`1M`)Y!;)UO`
MURTQP2/0`SS:HS\:I#\J`@,0VUJ``0?PRP\0?_>Q#Z@I!;U@`!"2REM(#UOH
M!0_`!C7@KUJ0`S@FQ&-0A!]0N!\P"U;@`ND)`;*!`G;@`UK@HQ$0!A3@`7C@
M`E?@!5D@J>,H6WR[`X2)_P`9P``.:P71;+8>@``G<-P$VJ@F@:JG=`5ZP`9'
M0`,H@`1'T`$#$*??-P&R/(!M0`:'$7=`3H`8-5A^`+-4X-X)_0=PH`8W.:E\
M,*E&,0N4V-^&P`0&\2<LZ1HTP!_'2!$,M*('`),0G@,W)\2`:,0H0`.X\DD<
MWG,>?E6>:055268@8AT!<*JG]`'Z]0=D$`-+T`)&\`5@``0?(!M6@)OP,`8=
M0`0FL`/XY./)/1I"GDHU\`5NT`$1\`81L`0W$*=<^@,U0`>13``Q\+15<``#
M0`0XP+),@`,X$`$FP$E;?H@@(,D0P.-WD0<&H`7#>P(00)C8;0@*8!!J?E55
M$/\D!I!@%DIN*3!8<TX/1I"M>BCMEXMC75`%!)"H8D`$/]`F5D`$,^`#/N`$
M'=0[;G<%0M`'GNN=?U`!-["1'L`$1.V=0C`4<N`'1M"]2(C<"#T*<DR&!Z`R
M$E`#$P$`&3#KS)*N2PC!1"T"75:`CN-VVGJ(2!`D!>@`2."=#&X'+8X%($B5
M;2!G5\7&4$;:'Y"'%@L'CU((%\`MY0X/=.!=@"C+6,`&>RX"'4`&,>T!U6(%
MN71*4L#<G_3Q+Z3UA8`#/#<`#?``)G!B8N`#1P'EM/AOU''E+-E!.K"G:TH&
M8(`<"1`#M/Y:$4`'U@$"'K,!`]RM7(\=+\`*-?``=%+_@%>04HFS"3?0"Q/0
M9?7Y!CJ@@B30G?FA`\JU`0\8``00Z8C$8_1P!01PTEN(!5;0]'6"`"CPB0'L
M`4]P!:NO`%UF!6+G'6(@=)#=@-C^`SU'E3$P`%7N`9X98BV_!5@``!Z0`2XK
MAS'Z`1_@`P3`!#$Z`SR03^5B!1%0KMJ/`^6*`TU>"&_@'0!`!&X`!SC@$>:#
M!9T+^*KJ&QHPNQN@76QO"'0P``DQFHCPADAP`!P`"`-B62$92`M_?U@B7G]7
M+32)B51^DI:7B0DH6(D9?UY@2&F)=B*)"`]_9D8;?P8\&%F)8@5`B5A@,$1$
M3+L*B6]'"L-.:W]9%W]:*@\?>#J2$RN<F-27*%V26'P@>8E[5]62X']@(>%:
M3(DL*XKC7C]*X].)3'B6(&675Q75;1;A6400B!,N`(0$$,Y(<L!#UI\&?!+!
MV.$PT00EX3`!F,;O&`-);N@`FS:.`YE+`>S<PC,.$QP`DAJ(^P.@PY8[ELX0
&S"@I$``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>h02300h0230007.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 h02300h0230007.gif
M1TE&.#EAP@`N`>8``.;FYBTM+;JZNL[.SL#`P,S,S#@X.-+2TC(R,N3DY-O;
MV][>WGQ\?.[N[C4U-<;&QM;6UL3$Q("`@.'AX3X^/LK*RI24E,C(R+>WM\+"
MPFQL;*RLK*FIJ2$A(=#0T`L+"T)"0K6UM8Z.CB8F)I*2DBDI*:ZNKK2TM)"0
MD*2DI(R,C*>GIXJ*BGEY>7AX>)J:FA86%H.#@U965IR<G)B8F+"PL)^?GZ:F
MIK*RLAD9&8:&AE145*&AH6)B8AT='9:6EF]O;P,#`TQ,3(2$A$A(2&!@8%!0
M4*"@H$1$1&AH:%I:6FIJ:DY.3G1T=(B(B%U=765E97%Q<4I*2F1D9'9V=EY>
M7G)R<D9&1EA86#L[.Q$1$5)24OW]_?S\_/[^_OO[^[Z^OD!`0/KZ^KV]O=75
MU7]_?_GY^;^_OT%!0?CX^'Y^?O;V]O?W]_7U]>CHZ-W=W;R\O//S\]34U.WM
M[>OKZ]G9V=S<W.GIZ>/CX_'Q\=C8V.+BXNSL[/+R\O#P\/___R'Y!```````
M+`````#"`"X!``?_@']_#TI=@G!"7H*+$1N+`CX!D@-&#XN7F)E_$6@@("YF
MFID/,)(!3:)_73Y<J:Z:%419""*MK[>XN;JX8@X47%POD8)X8P=_2T5N@AL.
M<F1R:Q1@7'IC?G]>"V/+"P<$H8MX(R9?!T@D:0,##VU_7`\$8HMC'63W;@L*
M?P`#?V]C^'`)4N>:J@<!_\BQ,V;/.PAG$C@$`&:?("Y*)+"I`&,"EP,9)LRQ
MX]"-PVT%_LQY0V!.&S`#%.V:2?-2DQ\@N'1)\B#`GP,Y=N1X8*`#!V8.[MGY
M,\U"!R8=]O#H8`3&`#5:LD"XQ('"(P-D/E!`4(5+"U])YOVI=X_,F@$^_^P8
M$7$B!Y$`"H(@N&+`#!0*4D8TH/#T`YX?(Y!HT:```9$2`@1YT7!E3)XT769T
MN/)A#`,U?RQH@#,":@T!'[)PR'+71LW7NPX@,(/&%AF?*P(08"=!PJ(-06#`
M0,"%`@8*V#3$0'+T!!`)&C*5V;'H3(ZP7\Z@J:/E``0'&02-"2X\?(\..[R4
ML%3F01`V?SY4$&&F0(`S86;\"8,?SA\J&CSA`ADO@+`('RT@$$04<8"PE0-@
ME%%&:!J<!H`(88`APQ\%DC'`!X;`)J(K66#!0`<O"'+;'VMHT,$'#TCX6QB&
M&$+!##[]T1L(8/SD@`038F*#5X*$0`$9,/P!!O]_6E!`01C^K!6`(EXH<D`0
M/'01Q!>J:-F*52YH$886^)VQ'P$!'",:&@@X"80@;6#0@!=WC'`"&H8D,8:,
MHH'1`0(.H`$&`W^HT8&3>(ZHJ"9#]-:!:W^L",<,7N#`0!D,V++!+XM0(``:
M=G@!!0M2K/"'#9=.:,92@DR00P1>T&$$"T@J&08$.<1AA@@+B!<`,%Q\T84!
M2CBP1@"1]?!"$%^^$``;<>2`7X_\76%"%SUHH$0M%>CWAQD@D,"%&`:8(,0!
M74"HAAI<1*$!""EPH8.@A-)@!!=W2!#BHOPN0EN($"#@!00C`-&!"2E\(((@
M-=#8*1@<=%!$`&^8,`+_%!W4L>X?!,!@RQ\G^-`!#$G\@:L72Q;:018:I'%(
M$#`'@80(2+"A00\<*8'&&T%TP44.`C@@Q`@P?$HM&":,[(,5=I1@!&2+)`TS
M%FLDK<0'9VPP@A((1"%!"4P@D`4<A,Z1Q0X=\-#OVHMP*5F(P!CB11<ASGW)
M%ZWH)!.P7:J4A4P7`2,9E\$*0C?@P`+S!=[9U-B%(FI]X47</C..-Q`#?-%#
M9#KM&_B^P/#8I>"'XUTWW6RGKKHF;0"PNH@\Y*#%%6KI(L48K^>N^^ZOZU23
MS[P'+_SPQ!=O_/'()Z_\\LPW[_SST$>_NA@?M\VXZEVX+(H870@K2.VO?0'^
M_^_A2*]H'T8@841*@J0!A)-98*`Z&&@LTD"FWW_@0!@.),&%`75XC1ZV0($L
M"&$9J>`"%#QW"3`0R7PCB@`"NO"<18C`"`#@P@9\T`4^G`$,9O#"!2`PAJ4,
M0`YCT,,[$((N._#A'V_X@P)2"`$'1F`,?3A#!]C7A1S(@0MO^$`=`D"&EXQA
M`G\0PQD,0@<P1("!7D""&MB0AB9$)P]@N(#/!E`!,+@!`$$XPQL*<(8V#&`,
M%1"#`R&HJ#J,0`!&L,`B0&`J58#A"S)@P@X*X8,M3($X8<@"%!S`!A80P07(
M8D!DUC6`K@5`"6?0PA/00(47?,`WJK@.%^;P`0BD2?\&,DA"`-P@`A`\`0EB
M4((,B*`#3'#A`ZY3R0#6((4B"$$'79`D$WI`@"!`H0P=`$$-$-`"`W!@C6P4
MD0)\\+04"8("9F($$ES2@0/`(`-B8!8%KB4%.%A@`!'8@034@#L),:`%?V"`
M#,X0`#&XX0,'^)7A/F``_MTK``.0``#&,((;9($/8FC"!@R``1-\H'H#J9ZS
MX+""'&BI`14(@)?*L(0OC"$"#RB"&I"9S->P@`5>V,`5YEC'+HR3"H)`0\?(
MD-!I_$$&&V"!$*[@@#*0\P]ED$`1U):"=8;A'4&00XY4H04>@.$,:_A#`"H`
M!280H0-#(-(7)!!,$%#`<Z__C.4;7D#53ER56;=)J(PR((4K!*`,'.TH352@
M@Y".5!`HP&`75@"#!U"`#W/P`01@P%)M]@BF\DF#$,HP!`N(BK`:X((5?`I4
M.91`+5W@ZR4"H!D[T"$'*<C"`L1@!!H(80YT4`(\XB`9*4(K"CVP`0CB,($>
M>"FL06B#A+P@`QI\00-H?:!:9Y*`HG3`$8O0@!:"$``/_"$*.<@!$+S@@SIT
M`404@)420B"#'/B`F$B"00?*L``D!,$'2J"?*C[0!B+\-(D96X07#!"!`.1@
M!!T0``=D5S(@R*X6/L"=(-Y`A"!\0`AK\$(1DAN#YW:A#@;@`@@^(",.?``&
M#I`!_QQTN]M=>(%[F5@<X!8G"/C\P65I@-SWZ#8/,9BA"V+8``8"6H;LM>\/
MXEO$^.8QKG$9X@OEX[`7=B`'3(C!;=]SF_9HS`8QJ,7$V>M"^2HLO7@&P0`6
M6=U6F$SE15T8<%7.LI:WS.4N>_G+8`ZSF,=,Y<)][W>V,#.9U]S`\VIIR;EP
MJ0)0Q.8Z"R)E0+TQ]3Z,XA"9P<BUFX8"#.`$R/VX2T8VW(_A;&>U@@$$)`81
M"GS`A"S$`0T=@((/+F#-*<``-,_$@`%:^8<4Y,`((U!`%$:PA1)PX`T2\P&D
M&\WD,\0,9E^`)05C@`;])"$&,HC,$H+$%!@P.!LE"`$72/\@`PUDZC-.D&,,
M.$7KW=(O;EMBUA]$\`00E%,"'T@JD#HE@0H@``-:<@=^-"!'"6WT#W"H3;6M
M?=Z!Y+H.M]5!&+ZM!`YTX0G$AJ87?E""!HP`W2Q0`KL+5084Z*L,8:C>O"&(
MYS>K@#5,```:_*.&&`P`"4@80<![%`<B`&$%%"`""`90R3_$0`T`$`((`A#Q
MB7>T`5'BPAD>-X`ST.$/`YC#'TAR@@L0(`FD!KK0^?$`+]0!#*[;PS+VP!`,
M$``(4\"RS;TL`)D+H<<T.0<(=E"!K8]Y7"+R0@C-SO:VN_WM<(^[W.>^YL0)
M[A+`>X7OLA&WBSP.$WD'%MQ`]W?_O\=-$:CS^R+V#GC!BVCO<^-;Y%WY=YWP
MS?*+R'O@@*$(QD_><!+'A0-N_01,*/(5//B`%AQA@9CI`0[&WH&'O="#!XO`
M"S&`&07$@`-C:Z`+L/]`S<03LP]$(/5:D!\&M/`!%6RB!!\0+28D<.OQZ4(/
M(_B`#+H0@0_`3`!KX(P/''((8]<,##$#`QT<\($.`&`-0OB`#Z*D!Q_$S`8*
M8/\6@A5_8_U'"_,W$\`0!A8@.&:0`*W``&/`>(*@`?Z@)72@<5W@`M30/5>@
M!\5A`H)0`"/P!7*```=@!!6@$W'P`0K0!0@P!A?(!4B@@>_@,VI@!680!'[@
M!EH@!B!0_P=^T#-"X&\EP#Z+(`&9LG=S,`$W5B5X,SX#\"8XU00H&`$KD`C`
MX`)1T`4;8""JL((MR`)),#E<4`0ZP`4K@`4NX%HF<%Z1MU=TH!QX]``TD`1?
MH`,.F`5ML"DU00$_(`@"``,&@`1TH(`"@$Z2X07\,3<P@%%"(`9:,`4@4``#
MHP@4<`*"\!:1X@!Z$`0]0`00T`7^P`4(``80H`A7@`.7```?0`>1=0`8,`)F
M8`0IX`%:8`84D`%E,`%:-TY]IP0!@``!8`8=4`,IX`![\`%J425G``)5X@0]
M```=,``01P$%E@"N8P+UDPVA^`=7<`+%1`$<X`4B\0<WL`72^/\'-:!;PU(#
M^]$C*:`!,J`?^*$#(F`!*:`],T$!<O0S>]`%&D`""LAX2@`#00"`TH`$#@`%
M;7`P&Z`%4:(#%.`.BQ`'!J`"`'!P+Y!>7;`$B2@(-E`"#BD(3Y`B9B!S"(`%
M9J`!)0`"A!0$5F`",,`J01@S>!(#;=``#O`%"Y`#"!`!2;0(#R`[P9$"*0`#
M/=`140`$].,"@M"3`70).L"1,L``?@)<)I`#=Y"4(T``ER``\I0A2@("_*$D
MG>`#&Z`M=WB/>K&+,W!3E^`&9.``/%`'$:5D#D``'D8!-F`&/5`"/[<(=!``
M*L`E2<44(*0S+X27(X!`@I!KRT``$]3_!0'P`P;`/0B0`5I@7%QY"4)X>$60
M%1U@"`8$9VL``3P`%@T``F_@!1:@`VG`)1/V!UH#7(*`ER6P#)A1:H1R`PA@
M"4HR`MZR"$V`4OMA)ASP!#WX!_BA!(12`)U)$_;X#CY`!CJ2`N2$8IC@4@\P
M`O-@`#,``V;`!F\D`5*0!U5B9,="`X_S`!T@!FVP5#*P`R'&!>!Y!^,Y#^BI
M"&<@,%\P`B00`.XPEY_(!0$0'IA)**T2!',P!Q-TA40@1QUY9P;2!3OS!SH@
M4_I!`EC`F#K))>X`GN+I!43@"+4%!PAP`9-#`*]B-^[`!6B`!QY)`W^0!!@0
M`ZA``T5P`EC`_P5P8`!E*0C600$@@`<M(`"!B`F,TP55X``.H`%M@$@!D`0'
MX`,/!@/2R0`<0!X^$`%<,P(L<`'D`0,S`*7"P0-J0"AC@(5L8`0&X`!`(`8Q
M4`(&@`9L\`)N2@1`)@AC*F.'8@"\:15@4`(5$`3@8V8WX`,4,`(`8#&$X0;Q
MEP,PP`2Y!A11R@,520$E,`=(\`&,B@5,@*DP(`2Y)@8+P(I)&0!9$)EM4$`!
M8`=B4*HE@(XT@0=YP)<$X`YND`9K@)B9X`4GE#<'\$-I4`?W(`=Y0`=ND`=M
M40=IP`4%H`!>L`;/``T-`*S0,*S+$`>(J:P'T`I>H``%H*T`\`"A=_\'>]EA
M$7`'?```*N2-#7"-H@``X"`(=T``234!;;$`7J`'OQJLX@D`$<`E"]`6"4"O
M]W":=>`%7\"BBW`'#Z`6??``5:D*%4!^=#>Q%%NQ%GNQ&)NQ&KNQ')M,UM>Q
M8I9K=0JRT:,'BN`19@`!O4*L?^`&>D!:1O@')@M4<?!SXOH'>!"8_/!$J@`!
M!Z`(`'`'%_`%>S``H4>RBQ(&%:`',+(!`7!0&D`$7A``4L`"?4D"=``B0%4`
M4KL#1?`S,?0'\U6H;P`""(``6]`%(W"V?](!"X.T;&,!9=`",/`"[)8#"R`$
M`5""$(`&&``#3[`!6W`1/?,!>8``*YH#K=#_!2"P#U#``+33!3MTI1X`(CP@
M`UH'MR/22&$@`TWP`7BY`41@!!Q`!%P``U$@`P8``M&44"!@`J>T`27S#@YC
M4J"F4D14*QNP(9K;+Z_T`03P`0;R``R6>SU"!)WQ`1\@+#[#+&40!"S``!_@
M#]Q#!"H4!DU``;H"`QZ0NTFRN[V[-D*0!&:0!1/R7"$@`$$0"BK@`'%`!5XA
M`3LP@QT4!&.P`2"R!L3XMP:0!6Z`:@&P?6EB35[``3MPM.%;$Z03(CYC9G;C
M.Z@3.7VWDRQBK]DP!_*I"DCX@@G<P1[\P2`<PB(\PB1<PM4V.6TP!N'!!0Y9
M`''P!J1U"6^0`NJE_PAF0`>+\P4G>`D$\'."0XD#L`]OP"4RP0<<L+@]RP]I
MX$ZX"B>+L`!L4$0_`0`C2P`/NPASP+QB8!$R887N$"(+T`5TL`9BL`:L@@$0
ML#@"X#.9JPD%D'/OD`G5PWTC*PH78+1<L`#@JJTA``<UH`%#H`8BT`5L\`-I
M'`83X`)PL!2V,`;1D0T)4`,L$`,MP``ZX`15$`=BP`(68`%2(`$68`4SP`4A
M(`&[JP%U(`/+P`,H(`)1X`!.0`)`<`=B@`3+E@("H`+.I!)O@`$RH!9`@`%(
MP*(,L`144`=M\&=?D`4'(`9X`%PQ(`(H,,UE`3(D0`(Z8``20`)1L`]-0/\'
MN2P`&``$.A$`19`$(C`"%M`"))!`+P`&8%`%0'"_9?`%+X`"*L!6*D`"5E`[
M7P`$=:P)#/`"!9`$&K`%2Q`9$<``)"!3+$`"*)`$<P`!&Y#.%K`%T5QJ%B#+
M0G#-5M`&:9`%75`$6-`#/>"I9E`$,1`#(-`H#.`=2J`#8],#$M`"41`,/.`4
MSL(`&K`&.]$&3M`"%@`$_B$>)&`&,;`(Y+L#(:`"0G`S+XT!-2`"*L`#)L`!
M*M`*+G#-)&`!!.H$)O`#.6`!!L`"3^`'7D`"+U$%&PT:(3#4,Z`!8XD!0)BK
M.P`&(F"W)R`".Z<#'C`#LCL#!U"%F?>VKS``10#_!$O0`R(@`B8-`(_3(CT`
M!$W'!0(`!QP@BV*``FRP`6*0!&M@!@+``&:@.7'@`0A@`VJPT>NL`KO2!VW0
M!'$P!WHR@08@`SJ`!!,PEW\@`'T0!TB`I6RP!@M@`EE0!.<D&OHEMO[@@BZG
M`S*@RTJ0`DIP#%]`6`.S!#TB"#IP`-Y]``2JUFL0!1E`VFW0!1R`!4]@`D6P
MT1(@!BF0`1@@`!:``2&0$YHP.>GT!4*``2V``;[A!8,L``K0C[?'!4B(`E6R
M`.-Z"<#@!T)0`QF@`8VM`5CY!W6`!63``F;0!$6``7/P`CV@`QV@`TJ`W`NP
M0&M!H#V0!TX1`R_0V"BP_T!FP`1#H`-7H`.YK0)DH`0Y8``6,%ANR@48D`(B
M0`0,P`07U`!<D`0W,.(6T`2D*PCXHP2$LP%<%2X:(``OP`-Y0-5);0(N``4/
MVP19D`2?,0.&0`(XP&QEH`068`3[0`(98`5-8`$88@7&.09@4`1C,`9>40!_
M/NAC\`)/\`4")00K4,PNP`<"W@6XI(!PH`)Q\`0F#04&``4G70870.A_K@-/
M`*`4$./Y_`,WP#$2$(]P;@4`W@?SH34D,`4!\`)ST`-P``<B4`1PH"&3\PM8
MD`%G0`!>P082``5)X`!*``4H\`<>L`%U8`'X7`%Q@$MT+M0.$.>.T`50(`<2
M`/\$!'`&-=`K@L7=47("+,`#0'`"9]`"+4`'!7``3A`%>=`$9`!D,_`$-(`!
M+``'1?"'8E`$/T`$_%R`VU8'G_+M.``K67`#!GP#-\``;,`&;3#Q%!_Q7F`$
M2?"_8?`">J`"7H`"`%`$.*4"28`*B]?.B[`&%$_Q:9`&$X`B)-`#*B`"98`[
MBF"0:\`&(N`R`(#.9'T`,"J130"4#+`#*;`"4'"P'3#00R`$*0`$=+``-I`$
M'"`!,<``F0)'.S!Z`;`#.R`#7\`"74<"UWX[<\`!)0`$+B#P:!`%\F,"SA0'
M3O@'/9T%0#`#3(`!\@-C,]`&56#87S`#+S``5L`&6<#_!<OUWB,0\"AP<D0N
M2";-`@A@!2Z`!P4I`Q<S!4R`N:+@!4(@`&"``D4`!D)@BXW]0FN0[X:M"JO?
M^2W@`AS``Z64`1P`!+&D!$(J`+^'LU8`#,CB`O-Q"9ZQ"!/P!!5P`D)`VD_`
M`'00`Q$``5/0!#5``OLR`10P3C&@%B^0HRX"!`8P!A=B`1[0!"?0`WQ`!&O0
M!R[P,0R0AX)0!#1P`A(@`-Z]"$"?!`F`>'XPE@``"%$38@Q>'%P^40X:.S9<
M%AP;)"PJ8S$8;6L31$E=71@"?Z*CHU\,8F("IUU<7CH>![&Q$J1=(J2XI*9P
M<10')&=?7J)H25!)!E]_7CUB_UT(`G`;%,.B8PRD7&MU#QU%$0XI&D5)-4I=
M*D(%:R)-8B('<`$Z;C-O+0%?.C(#HJ8%2VH(<.`*`ZDX1D3PV)*$!Y0T`E(T
MX>*F!8DN"XQ0",'E!1P`5C"\:)+"C04V$A!`H$$D@S\+`]2\&%/$S@`E0PC=
M>>*C3ZY1&6X($*#BR5`E$X"`&CH4")=19E3\_,E@S)P#1A``N2/*BX4OG@CX
M_/.@RY\[3-^0>C#C)P$\P]@`4$#GRX$AHNBZP2-JPYX_9@!$E%#@Z1\W/-;Z
M$=-B#Y=^N/@T\%*@CPD`?^@(>+`!18-17A14R*N":YL78A2<F)*AR[`V))2)
M\I"`"_\/`5PRR'ZA3/;4"'1@R8K5QRPNPZ+<I)B::T8(#2D6_)%CD+EUT->S
M:]_.O;OW[^##BQ]/OKSY\^C3JU_/OKW[]_#CRY]/O[[]^_CSZ]_/O[___P`&
M*."`!!9HX($()JC@@@PVZ."#$$8HX802KD'&A62DT<!D$%RXP%-\*#!*'`M4
M(PH`)GZQ@'%U8)B`A1AJV$`:$Y`RP1K)??;'`AC*<4<"&$*`XRAL%'!`-3Q>
MZ$8:/:[A!AVBB!&!`D_E@2$9?"QS0`%I4)@+&$'`(*8J&IBA!044=!!`'VH$
MX88H&E!@W!]S8#&G!1\0\$<706@AI@QP?"`F#`(`P0`8.<S_2<$8RP3`A!=?
MC`!#GS"P@("?,.3PP"@0E(!``&%`20&F0Y@0II@/,*#&'Q7XD$4'2O!AP:DP
MJ"#&#B.4$`!F7HX"!@BB/,6`!EV@,8P9(X!11A#8>#$"!<C%(-4H%(31Q!]<
M!$'&,EQ<$^P?&C!P!@RDA`'&CCGDH,<R?X!PAA=<!,#H,M4XFP(77_0PA1=H
MG!'L!F&8Y84799311@ZCT1&&!18`2R\!(S@#A`N]^FK`A34.6RPK"L#P0!E$
M./#'&T6`@!P($8SRQ@<"!,!%MC60<4"W26`,KKCDCF+N'RP``84..I_[1P`V
M7/A&-1,$89P80;"!QA%DR&'&!@[(_T&&B`6#(;(_75APL<QQK"P"&6!5+,H9
MIQKQA\9!M*V%"EP4K$4<:N"`AF%?:.$;%`QT0<2]E,*0QAB"PJ!VN..6"\87
M.>`AAP%YB++ST)@*(1L<)8R2+02CBGG!!J<B$'<98%"`RZR#NN0!$1_D`%G%
MO]*[-K%H='%'#A;\47`,)N001QB&;0`$:!V(J844V6X[S!AER(YXSI*#(4`0
MZ7[`0?2B!.`ONR<&(88H?03Q!1IZ#@/P4T\5#'$U&YC0<%=>#'#`GC:8;C88
M89"B,?!_#!#$!`5[0`X,T`7^_6$*-1A%`3I@E@4$80W:&H6W1H&X1+V,"^:"
MPK76I@3L#?]M#"]S35<,(((NW*H%?YC<'Z:!G(*9H0,<\((;*"""AEV0"SA`
M0!ZX<`,DF.T/L1L%`US`!A#(I@E24!478("#-!@16[L:A0Q>T)4=_.`#=1B%
M*DA!!080H&UM(P`(.!`$7BV0#>TZEQ<,`,8@M$44"]C!!SY0!AR!0&A_",$3
M1:&&5>GA4C!`01I>T,8G?&%907"`B,R&KVP\Q3=<<(996/$'V7A!+:5`SLN$
MH;DY82N$-_Q")'7A#\/<4(2@\40F4UD+XUQP&/"ZH2A8@9P?VO*6N,RE+G?)
MRU[Z\I?`#*8P>=F`,8`A`F/Q3AP6B9\X;`I;!*AE=LR0`1,-DQ3_9]!"&!!`
M!$QVAP#8R`\!/K`M/GDR.W7XP#FO"41@=0$(J]K#&,XPAS4,@`!OF,,9SM#`
M,13@#]X"P#$],8`*@,$G?!C#&/ZBGC&<J0W9>MD%P."&.?1C`2*R0Y9&088@
M1+("8WA3`0I0@3DH=`Y_8,-$UT"'`0RC`'&`'0+.(``IU&`!6K`"&GK040.D
MP`A"0((&YC""'B"`!]=H0`"J`((D,`VH1NA"!Z"P!=$U%`D4^$%$)6"`*AA`
M`1_@`A2N\`5UD**C7&"``7HP`C:D"0I*D$$/*)"&'J"A"@%H``(`T(`/H+%7
M8#@3!48@@`7P8``D``$9U#F',)@A#RT0_\$3SH`"`X!!#4.X%M/"]X4!Y,`/
M.E``'!#@F_.,(0QR",`!Q/>!#9Q!!D?P@0(<@(`(:*&6'8W4#,Z@A-*=@`M"
M$$$%>$"`#KAV!`,@P@TV0(3[.8P#85"`#PQ``320@5P8V((_D/"L,,C@#&J0
M0/.\H`4%>/2Z?0A``';`P(;FKP5*4%H0PH`F&T3A!1V0`12:*XH!-""W@J5`
M`2APK@$8(0<4P$"`!X""'LC`!L[E0AM:0(08R,`+(@C#=0%C`#I,0`LF*,(G
MC'!9&NR@#0#XP!?."P,"B!@#ZG3O'_*`!/%Y+%\F6*T$G!"$W$EN`QCPP3,P
MT(4>7(#`9C#"'?]T6X(+?"$`9%@``CH@S0F!J6TJL0,,/I"%+-3!!\/0`0RT
MP($OR-$']^R;$K1`9C.H\\M^Z,`'*)!7]1#`?E_LP@.V;`0N=$$+QX2!&4:Q
M`BU8[P\8D/,6ND#@/Z1@CAJP30X^T(.!:0`*/[QA-3SA!;-`<DZ4[/0R5%E)
M?V#+->LL#Z1&\;U3;WI@YWQ9)V=I&%*?>AD`H,"ZV,EK771``[T.]BA0*>QB
M&_O8R$ZVLI=-H`:`X=F\&H\"4$J?.1!@&%P`0Y6G4@"^_$$,!-`1+M;P`&OJ
M,K!AR`((LC@>!L"A/G`(0C_,N1TH/$$4-+@"E'(!@1R8.Y=@N%L:EB#_@084
M(`4#Z$>WN'``&_#S"R%(@8BZ$!'I5"4!D8BV>QR*!#]$E`L12($=_/"N!0R`
M"V_8-QD0@`$^=$!/"D@!'+HPAPB8(`3DDMFV[S=3$R!!`($50A/0L*<R9J$%
M2$B!"HP0)S/HP`@NN(("Q(4&#<A`"?]N*`C08`$^<8$&0M#`NA_8A"RL80HI
M$X4-`I"$%N@Y"PQ`PP\"2X$R>"P,.-@Y[+2`AC",H`9@8"#^L*6M$KS@!`=0
M0A%.8`(Q6`\,3""!&L[@`P:<0`!93\]I#^``_W4A!S.`@Q%0$(`*4,`'!(#!
M7__0!B1T@`]>:,*UW*"%,1B@#XOMP`HR?[^[_W$A!>[*W^#Y]`41"&$$--B#
M!A!`@3T$00;0WX`:P&`"+`3@"7HW[7NQ(%_HRX`#-?1!$GJ0A=,1W0M5N$6V
M\,>%Q1J`!=D'[,4\P``BG"%_9W"`&$"W@1Y\X00@@`0UD"\_H"E=H`0_("X?
M<`=TX`"#]AZG-6,UU@4C<`)BL`0TD``YX`(S$`0Q<#KY\P<Z(&("T`&GU7XP
MH%1IITM[!@,^@`01<`%JLP9)\`%$T`%L(`0?\'(#,`(VF`814`(?4`5SH`.I
M,F84`Q\/H#9_0`")DEH?(`1FP`4(4`,%,`+B)@H\T$$[(D>EEP$[T`5V$``8
MYG^[-##<4VJBT"4"4_\VV"(&U3!*>S)+I?4>OF%)<.@/V)8+K4`*8H`^QJ$,
MHL9LA%B(AGB(B)B(BKB(C-B(_B$&7R`;;#`G:9!J_]$%#\AZV3$DWH$*K"8&
M73(5SH`+GH@@)*`%.:`%JZ)"81`*!1)O$Z<T4V$",T!OWB$!6&`8.Y!8G(@+
M6$`#N*`&X60@Z30!7J`''^`!87`&Z_`'$]`&?^`'%2`P"U`!LB$'"E`V;)`!
MK18?8Q`$5_"''L5Z%?`]:=`&>M!'9M`TW"@*%O448I`'"P"*#Q!M/3@_>;,`
MQJ@A-8(''N`)`+`8V?89=\`5:8`#60@@,^`P\2,&8=`!/=`!:="*`H``2_#_
M65?P!$_@`*9`!$;P`1:0`B-`!1T@!_(Q!B"``$<042Q@`$6```V`!GZ"!HL2
M!$10,GF0`B60!$+`!UB0*W06!0$@-`=X"P2P`U_@6`$P72P0!CWP`7`@`Q90
M!AW0`EI0`'VT`27``#`T(`R`:>7R6T:``>:"!!O@!2M@!Q+P`"=0`GGP`<61
M!3^@!6_2`DW`>^BQ>9VG-!]`!UW0!"Z`!AS0!063+7[I`"'06@&7`C(`-V&P
M'`S0/**0`D2P1K@1,`%``(QV`%U0!6,@E65`,4_P`@43#6"@!*LB("E`=,OP
M`@2P,S(`,*7C+WG0!C+@E!V`4\-@!#\PCD=0!7BI_WU_T`+<YW5_(`(E<RZ%
M.8YAP`//!WTU$)M_0`'^4@:TD!Q9H`=:P`88U`4!(`=BD`70J`:?.96TH`%3
M608I0`%7$`:2&2`3``/!D'H%`)L`,P8[,`-?``0V\`%^L$!F`@$)4`(6T`'\
MU`-`XXWY`P!AH#17V08]8`$[4P9-L&)/T8JN(P9`D`'2V6AJ\)Y>P``4`&S=
M"65>``(;P`<@4)X%`R[FV0$U(`9;\)X!\@/510$09@07X`5)(``R$`$#(`17
M(`,)(`5W90`+P`%&L&8V(`!(``),L&M*R(1!Q@4K0`1(H`0-(`.;$@(!P`%"
M]@<[\#D!F`1TT*-BFC(J</\+H_``/K`N7("41"`B)B`#3R`O29`"+)`[$L`#
M*J`")$`!6V`$A4`@;G`&O/(&@P8`:8`'.`(`#_`]:W`&#>`&>2`#>K`'#J`G
MUK9Z\)$&F-0%>C`,`%`!:.2H>W(`;C"J?[`'78('#X!&C/H'>!!3=)"%7\"J
M7@`7>*`,$H!/0E"/>>`&,=4`>4`'=,`%1B(&"1"<#R("NA(#F2A,*X``166)
MOM2'O08OCMBMWOJMX!JNXAH>-[1MHC05?N8?7&`'R80>7)``?N"LN("&#7)E
MU.,2N$`!KI@+%K`#_<$!'X``,``%\=<=!Z`F.2`#"7D=2_!,#/(K+[,!B6('
M7<+_J&$P3SKB!P*0`#.F<?B1-,9(!PA09G?@7UV0`2?W!0```/R$+0<@!PN0
M!EZ0``_@&VN`!#S@!0XI%6QP!ED2!W_Q!7NP!@`P`0_`!0U@`!P``</0`!Y+
M((.W)UHP#6#@!;&)!C#```A``"L0`&4P`CQ@`3+`'RS@,'\@`%E`!CD@!3HP
M`@P@!"!PL$(P!27`!45@!$7P`6`P!$C@`AT0.7]P!@A0#0W`!L7%`"/``6-@
M.JD%!I3V!$(0>`R`!)O2"`D2M7]0`A)@GV$`87;Y`(-@!&4@MOQ1#*-P!CD`
M`7JS!X-)1G+0`6;`)V)@``W0!2U66UT@`0D$1"$X"BV`_PUOL**F0P;:8P!<
M$`=*TR\<(`-_]K0#$K5?\`'U>2ZQ>;%_8`%/P`%:8``@,+ICNQ\BP)I_<`(4
M0+Q_H``!H`4M$`2I17A)>:$$H`7A4@8A<#8E4`TAL`%8<#T%5#I_0+SW1W@8
M!`9\\`$5@'676SMB8`$CP`44``=N!3`?"`4QX#%>H`3>RQ]W\`$[N@`5:+XZ
M@#P8P+X!X+Y?10=Y8@`X\`<H\$PY*`)>T`8.\`(2T`-Y)`2+BVC:DS\1A095
MFP4P<`(*,@#5$@98``%_8`)"X&!G8'5*L`0`,`-&D`3IMP'#J!]CP`1&0`0H
M@'+`*0=$4`5)@`0#4`5^)B<\4/\%>1L!.'!U2I!,`[`#.T`$.A`'":"13%`!
M=W!U4%`$!0!LC/:73/!_VZD@Y3H*=[!#^,(%*[(,=S`9HH2M]=$%;S`6@[@&
M'\(*2W.!=6`'?<EZ$R!-C)P'<;@`#X@1D-)(W_8':>`&=L``23"N[:$"/5`$
M+""OX/$"1.!MLJP>G2;)Y9&NO3S,Q%S,QGS,N`0C%Q**U\%2FE./Z`H?9G`A
M$-"NN="KA0@F@[*OUK%%HL```0",?/@$W<@>\28F'P!A/_$%#H#$A!A$PW``
M-L%P`E`C"F`'*`M0A;`E"(`"%N4%0-@%!U`!#_`!#LL>8P`#PP`'6M`%;0`'
M$0!1#W#_`7MP`&;0``)P<LH&!E]CC`'0`42@`0[PE!"@!C"P!2-P`6,@`3:`
M`(&%``<@)W(``RO&34'P!+@,'@D],'"0`VX``TJ0!7V62!:@/3Y0!"7``LJ&
M-F*B-ID9N'@``0@`!Q*P*B(`!(L+97_0+P6$@K+K!4&0TSH=)EH0!")`!S40
M!S]@,MXS-#?`1`L@!V+M2[&#AEH=!6<"`RO=/!:@`6"0*PED+ET]TUX741"H
M!5<CJQTP`@@`/.,(937@`$$`!'/=2Y@[-!FB!4YF@N)UO1K`/#:@?^:2E%V`
M<X4MBQL'/2((`EZP`6S]%`%P`]@'`*A];$&T#`:P+A$9`$2@_P(Q0`LCH0I%
M)G;:9@0C<(-IH&)>P#IUJ'E@-@IXX`,(8`0&T`8JQ@4&<`!)$``YL!S)ILJS
M!$N<Y@EF<4'E'8F`V$BM!M[L(<S#YAK*T&JN\<O(7-_V?=_XG=_ZO=_\K2!K
M@$E>P+3:P:K]$0=60P;[UJTY7'33.A6VR!\"(%@Y<,6,&+79P@H%,`;2,0!T
M``9XX`9CX'%!``$$,&@78`9>P)D#``$7P`40<`83\";M@9*BH`=*$S]G`"4#
M(%`?'N+84@`U:]LS!09H\Y<((`4!L`84``-$4`(4@`0!P"<((-1+1`:,)@:#
M10$,S#H^AM!W\PFWI08E0`1[E29-_O_D9)@$#B#4E0UP`18$9M`"?"`'66`"
MG9M"OR5?"B`&';`',$`&W=F**?1N(-#EZ_&-;6-<?,(5+=`":&`">)XM#1`$
M%7"P'%ML\"P^,9#7]YE"VN918?T'+I!Z@!XPYA(O\[,$AJYU7,`!"&`'ADT"
M2G!'GIXM(XPF8?!/F!Z"V;)B9B"RG7[JH'X`?J`%>=`!%2"R_?L'1+`!S_`#
M&Y<_7A`#R?`!$]`%&A`#.R/L;N8&9D`$#"5L"\XG:2`%)>`I.B#HB\(G;E8"
M'4`Q#)`#2YD&C38&<J8%XLP>`F`_#9`#(<`!,#`"2&`&UKON2J,"BWUAQ@;>
MW_/+?G:NY_K_/9'\WI[V%$!0`.R,1^L!WK+F9\,`\?`8+,`\KCR0BD90SOW-
M'^Z=\BS?\B[_\C#_0PT`&5S0LMXQ`-16!Z\S'R=+``E^'6[P;`1`;?X5;%'+
M[M_1:`50`MX]'VP@`P9@`$1@!]K!`A\0!@;@``;A+D;/ZTK#!0^P4/VC`&/`
MF7^0X0/@3016`(7^4F,@(OH(!N7X!WI0]AI-'@]0`@T0!^'BC/-43P.@T@DN
M`2X3!S.0`VQP!!]R`&.`&0*MX6_@XOYT;D,.)EV0[E-P!6^`!@A@!25P!A'0
M^2.0FM-Y!`[@!*+P`@B0!%E0`%&0!<BPM%J!`"`P\MG1;R+P``I0_P<3T/D@
M$`6J6P0R$&FB0/BSA#`^;`(&``3-MP)AH`$!P`"1G00(L,*X%%A]AP:L!0!=
M$`5Q1T5),`1"X!)+\)ZG-P+7XBP@)+;ADE9JX`2YHP(&-!Y6>GQ74`$*,`,#
M$+Z+!0AL:V%<?W\2`89_86=A8T8L8$(T0AQ</1([%EQC(UZ*H*&BHZ2EIJ>H
MH&`@AEY!7T&%*$H@8W]E$A]IAV6*%"\*`35=06Q_C1H6MV5JMF-HA:FF)P-_
M73-A9#X&%&AD,-:$AHB&71\#86!H%.Q':&=_`A(@\&Q!7=+Y^OO[8&&&7%Y]
MT/-%@PI'RY8<Z?*DER$*8/[P\-$@@(DN0_^4)/NCI@P*!EVH4(C&#Y2-``#$
M6!#"Q(B7%][`=1%W*`"7.!9R<'%D)(07%RMVT/@"0H(2'5U,!/A4LJE3?O[*
M!3'S(T<.$&O0P.$80P&"#QT<_H'X1PR3'A@ZP$!@I\F+/S'4-+@"EN93,TH^
M!`F0H0(,&`XHZ/'A10P2?']8!`GR(0N9/VC`$!C1`<&""@;`JGF``$:':D]#
MBS;5Q9BA-H:^B"F4!I^8+QSTB-&@0Y$9Q%QVJ2[4!9]J#&/$-$G"5/1N0V+$
M>#'SQS1S@&*Z?%'4VMH7+EQH%#"3A<,?+J]'BQ_?=$"'($3NE`2`((B1!.3C
MQQOQ08D8^?CSF_+_@K@I_^+ZB>8%20$6:."!"":HX((,-NC@@Q!&*.&$%%9H
M88-=[*+/&A>^1J`IK_7V17_Y5'>A:%'E0PR)$(HAQ&(&S)%*#(LMMM4^%,!S
M8F@IEE,!'=:(<0<!A7#A@3U<=`%`!868D<8#'"J8`0)IB`&$"W]\$8$=V)D!
M0`$D(8)=EP#4X44<&^@FQ@!N&&)&!;O8P487%;R!7`&H_?'F<SN2TF,="+A`
M1`QC:+%$$D+0@<42.\0"A1$:9,$'!6$TD4.;"2K@`P,8'`"``B4P`"D96FA0
M1!'12-#!&6`4,%8`&HB0A1H=/%!&!RUT@,$)(+B`@!P4W""$"S)H```:_Y&R
M\`(%+H0A0)]^_F.("CW\P8<#-HS0A1A!A$!!%PV\X@`=75!P0A@F7&*+@A@\
M$8`#)RCPPQDZ>//!%V;0E,LZ&HRU`1<<"``&`B^4`81$$DQ!PA]P#$`!#0B@
M$`(!*FC0Q0$V=%#!'S8(`>TH/3(@@2%9Z$#!=T$<8<0?7FCQA3A%V)#.'PRL
MBR`'8-X1`Q(>@("&##&%DZI-28X%AA<T@"!$"1:4T<L8$ER!P1]MI$$!'!L8
M`:L$O9@1+FI@G/QQ*&`80`89=KQ`1!<0&,#!R0%=8$`<>`0A!@(#M%'"`V35
MK.`,>#>@@Q%%$/&%"$&_/#0H$,U4P!H.-*W&'_]C&-S"X2^$84$/9@P01`I%
MM'%"$@@,,\038X?R0`X!!$`$'4]<0<01%S!A30=IZ("$#-J*<`423[!AQ`-_
MZ$!\@FU`$8`!1`Q``/-*"&$'`EY\L0-B%A!1W/!<2$`!%D*(H((*?U#LP0Y7
M['"'$0(`0002#)C1@](XP"$$$3O4D3HH:YR-MC412(`7TK``EBE@0`.XPQN\
MX(4),.D/$^"0&S24("^0(0)],`0>'I"&/7S!#H;8`U/Z@`=01-`:%5A`'.Y`
M!R#%H0%_\,,#\O"'-YA!#!48P"?:\`!,S>$!&=R?$(=(Q"(:\8A(3*(2E\C$
M)CKQB5",XHZX,)U]5%'_'[W!SX"Z\`DJEN0ZI.C"AZ1(.;'EXP)!N,`^U#"Y
M^(BA44$0@AD$8$854<!FH<#"#\A(-FF5HP!`TI,)*&@((V0!2\UA`P:>LP<[
M9'&.]W%:ELX0I3N,X8K\@(,#Q)`&*.A@#"`@@P(*H24N<<%K#^0"!-SP&C2,
M00"[\`(=QK`+`/B!CZKPXP)*`(0`L&``(V#`JA21AR"\(0`)(`82@."`!;S`
M`$;X@`4$4((6C$`!3GN##ZB``!.L(``N&$$!2S(`+>B@`7MPPQ@^T`,$Q&`!
MVP2!!@Z@!2,0(0MFT,#[/C"&,`0`"%K(0Q-`0(4<*$`&RL"E(7JD@B)8"P$B
M_QA!`>H`0D/(:BPO",@$QB*`#^2A"P:PP!.&804=.,T)).C"!F00-3H00$8E
MX<(&VI.%-XP!`5W``0CL8(,O*``-<KB7&8+P``.8X0M:4,>_'$``&]A!#$48
M`T(5NE`_BNPA-2C#!W(PM>]TX`,P^(`1`E*(,+P`''_8P0_0@(#6T<!I:AA!
MZY(P@1X$P3)-X<$;N`"`,C`A*OY80!:"T`.@RB0(_7R(/R+"B!CDH`1WG"I5
M5P$0$LC@#PUP``E4T`4:,,`0$-""&.M0@CC$8A$=I</=1)J"/UA@!DYCP>1J
MT`06U(`-!FAM29I`!.5T++&K4($1NO`,.1QV``Z(`_\;/K#811`@!P1(`Q+`
M(%F%KJYUKXO=["`@!#00(0*&H$$3``*$(?@`'SMX@`"$H`0MV*``5T"#$"`P
M/C<P`01$>"4:T&"$<?*##^YR@!3J$('+%G@`S(."$`I`O2_X0`PS,$)>""`#
MXAFA`AJ@P`Z$D((D\("J?UB#',X&PBX$\!-]`$,)#0&`(%HK`7KX!![B((,W
M[`$!!/A#'L"0P1;JB0``,$0"P)"GIG#A``]`S1I*2+<_[.$!8MC#&BJJAS>X
M``\+^```\,`A&[(AA2L$``U!/!XOB*`*54C"+:'%!@84H0HB`!"9#>2%!M!!
MSE,4,Y[GS.<^^_G/@`ZTH`?_#:TD1<.+8>Q/%@'"H@K2`0!%FLYU,)D*1'^'
MTE1<-!3!$(1G_6$#KR"%&D9F"#8J8J5C-%`7-/"!#UPA#P(``1M`0,=]U"$(
M><)!`$BTBKA(\0Q!B`++I'#:"1`@B!,X`"[FX(<(T*%-<3C#"B[+(#C@M`M7
M2L,;9K(&.W%A``L,\1GX\(<^`.``$(B&%Q`P-2]H(`9_F,,8)N`%?W"M+,[^
M`QYN^04([#EUZOC`D@/P`2XTH01A@($?.-"!S$A``QTH@1$88`<M))S:"Z)G
M"@`0!S'0<29C&`D%$#""%E3`XC``S@<HD`,1G+H'7L`#E7#0@3#XX`?V+@,`
M1D"!_Y2[X&`",,"_Q[:*,&`@!1J(!0/VD`<CG&%O7-#`PXG`!;C.X`\JP/B"
MQN"`('2`#/V<2=@J((0N#*`)#-C`'_10BY,=00E,,<,'[O"#E;T@;TE00\Z=
MH`&^CF!@7(""IXVH#@DPH`<+B,40/A"`#A#@'K=X>+_@:HLT:#U!!5`/&UC@
MB#"(_8YMY,*OPA&V3VM="BG8@@W^P`$M4*8,.;\5.Y"0!BD(P&5(]`<;.E!V
M@0!@]V?(@@#,4`7)+X,$GQ7!Y1%TDC9XP0:U\'PZ**``!YCA`420P!#^$`(A
MA-STH!``S^G`!5V9H0BP#P/7+*"$/\A!"5UX00?:GWM6(/_!!5_X@%D"@``#
M;.``(X``.1`#&M`O;$0'(Y`%8:`$J58@8@`%0>!Z>A!KLT9'7N`N`?`""=`!
M+/<`I8=JBL`%X#0.`9@%6-!K:D`'86``,)!C`!`$.89$7B1&9?$=>Q`'V%$6
M`-`;691%7S`!FK8@9P*$EY8E7L17>?`)7;``S'&$+$*#+`,`<T!%F88/7)``
M'&)V-D%HA/8"'Z!V7#AHU1.&9%B&9GB&:)B&:M@@(E9%9B`'#;0&`$!(?>(%
M!U``NT!`:V@*G-95''`/D06&T/)&(U`"*%%K>T@*P-8O7O`B7%``<R`#&^`%
M<C`&(+0'=P`&!]"`6U<"T7$E?5#_`&QS``2`#V9P!A`0`53D@6U2)^/&,I4(
M)`M0!V"@)&"@``JU"A_0!@E0`K$0B$,0`$8P`@3``#G`!##@'1)B7"D``3=$
M1V+P`0;@`$TP$R#0'N4"`M?8!6L1!B```#/0`5*`-VJ@!13`&410`H,G1:L`
M`D>W!+]X!I*H`@J@``VA!I_%#!2R`2#`>!`0=A0@!@60`QP``E_P!J_@`FG`
M8-SX`%]0!1:@97_0`B[P<'^@!"Y`!B_`"GSD#R+@`DIP!_$HB4W0&"7`#+9P
M;Q*BB=9@`Q`A?5SP#8:',E_@`%<!`]PX';AP6B2@!!(P,B/'#@?3D6%@!KQ'
M5CDBB4%P_P==@`0HR0L3D@((D`=<D`)($':$\`T/,`)Q@$:K(P9OH"TP,'Q&
M8`,P8"=2APM_4`0QP`7M@TO?1P0ML")WI`0FL`,YX`,EQP#/HH\2\@58L!A?
M1T?YPC8YX`4MX'JXQCHEX`,*\!<CH`1Q<'L!\(T=\0=W$``E\!FX=(2%<!_7
MP45;E"0T&(01(D:1EB4L\P4'T`.L*5IC@ATP``%<5`Y<H(2X89J)>")=L`5:
M``,+`PI>X`/ZLYM.!(6A0&G&N9S,V9S.^9S026;]XX9P.$1VX#]D$&2@,$'+
M^0`P`%Y_<`(YT&A]P@5$$``^T`$!\%F@8#S+"6SCY05&<%ID`/\&-,0%#T``
MMX2?!'`?L[1`!^`&7A`!NT`&Y!D?=@`!#L``V?EM8W!+-6,&!#``(,0%9\`%
M"C`&\$&&8&"3;;!SL?`#%$`$1#`'0Q`&80`%7-`"%#`K'A`&AA0"0.`$R_4`
M#2`$]W$@%*`,7A`#%"`%2H`'-1,%3*`#EU4'#E`#/TH!_D5H[7AT27`/6@`!
M<,$"OB0'-X`'6L!)/S<Y9/`!*2`$9V!.$M!&.KI']F`,2U"F((`$;'!,:9`$
M,R!\K(<$'(H&*M`"/:``]W!:<(`&'H`$8I4B7:`$K44,;Q`&+)`"^+6.!4(!
M>U0'6O`)<.4`6>`'7@`%+``#$Y`#!_#_!SWBI&'`!L(8$-SH`:MF`2Y`!VN0
M!0"@!7%@!FB@!,)6`3GP!4_@`'F0`P&5(#M:%DOI!5,@6V=P!1+@!2'P`0@P
M%B;@!3RP?($6%5=0C??@!,(8`'T0`\*8!5_@`B5@``R@!R60!!V@=C3@`^:)
M.KY*`X;``CX@!!3P!@P`!PF@!0.P7"<0#R6P`QV`BV&8(5DR'5&2'%64'-%@
M!L^1:>7`'%^@G`%R&XI@L&5ABE]`!UM:#N$1G;D7!+6AL4UD:1X;LB([LB1;
MLB:;'UW`)[EQ"ML2"FDP=`5B&@#['3E*"E%B"*8Q'E34L*/0L`<:(<`&GC4`
M>:4@`$00"A20_P$8`@/$XX4P=`*(-`KF@!O$:0H*\!;Y0`6+\0%"`$.*P`,Y
M$`0^H(P6`FR?Y05,$`O5$1V]D1Q_0`>/H1KWD2/1P2!$L#!0D`.U003>T;#/
M<4,#<@_A\0`(JQH%FQQB@`$M@!UN.[$9"PH:P`!>``!-@'$5T`%[$),C\*D6
M`@99H'`3X(M<T#=P$`59D`0&@`&Q]@8@T$X7$`8(``4.<+,($@(.L!.ZPP4P
ML``D0%#]V@)"T`.>%T=*\"TY``$@D`500!$V@`13T`$2@`0E$`%3(`1%(`1L
M\#X:,`*4%KF&()*($0-)H`@#X+45\J0\D'2C&Q$U$[E<P`!E\`P,$/\%70`&
M)A`&&]`%0N"H!C('6B8%$P`#":`3-I"?"+`*+O``(D`,"M`&!O`%,$`&:)"_
M,A`!)5`!79`$$@`'?&D`?/`%`5`!:#`,.5!1BN"]*!,-:@DMZO"117``O\B^
M8[`1N/`,18`"ET86DBB$(Y`$BVL`6>=:0H`$.7`&`K`#`2`#L(`=GA?!,\,`
MC\<A-<P`-L`$G_`.,Q,`CP&Y[/F"T2"^BC`#>G`A_N`'`2`%Q#"Z)]`&"###
MRC!J_:0#5M`%&'"B$;'#"P)0-?`'(O`!&.`%`;`"=W,&0``!"J`%(LG$W$@&
M3WP&[-8'/CD&->,`=]`&$I7%9%`'*_8'D3O;N<#K!070``2`N=\6``6P!YLL
M(6>`!G^`!-7X`5W``@ZP!7SA%G`A`0(@!0!P/V'@,!%P@?FZ(`\0!$'V`!^0
M09%B!&95!O+56[#<!6@@!L0)`NQ+`":`!$0P`A)0`.4:!?@E`X;QRP90!U``
M;X9`!35G`$*P43G2!1)@`&'@`"_0!3I`:A,"L"/R!QK2L%_`'[YQ&_<!'M/Q
MLC7(AM0!'=$!FCD:);M@#&OK!2R@`&FP!#B\&EF2HV;P"?>Q`NP*$#Y+'8@1
7(N7PLR=;$C20`UR;LZ8P`'1X1($``#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>h02300h0230008.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 h02300h0230008.gif
M1TE&.#EAC``6`.8``+*RLH:&AA04%#HZ.MS<W)J:FJ^OKYB8F"4E)49&1M?7
MU_?W]P0$!&EI:?#P\.SL[+:VME]?7QD9&5)24F]O;]+2TI^?GZBHJ*:FIG1T
M='%Q<;N[NTE)2=G9V4M+2X^/CT-#0XJ*BHB(B&!@8"DI*6)B8D1$1#0T-.KJ
MZN'AX7EY>61D9%!04`D)"7!P<%=75R\O+[2TM+"PL"`@($U-32LK*V9F9BPL
M+#$Q,0X.#B,C(QP<'+FYN=_?W\_/SQ\?'_GY^924E,7%Q<+"PN_O[T]/3Y:6
MEO[^_KZ^OLG)R>[N[D%!0?S\_-34U'=W=\#`P.GIZ4Y.3KR\O**BHL?'Q^3D
MY/3T]'Y^?N+BXI*2DCP\/(*"@O+R\LS,S(&!@:JJJN?GYUI:6LW-S>;FYL;&
MQM'1T9>7EXR,C-[>WL3$Q-#0T*2DI+V]O<[.SKBXN//S\Z"@H%145./CXY"0
MD)V=G7Q\?#<W-\'!P6QL;*RLK-75U3\_/[^_OW]_?P```/___R'Y!```````
M+`````",`!8```?_@$D]?X2%A%!\@X1,?(V.<H1#BG]$?(:$/CZ7E'QEA5Q\
MFIN%/A6DHG\]5(9-?$2DCHU-A)5`A$F6MZ@]?*:$9;F%/%D\"Z.&)'W'07[*
MA$I^T=(!A"W.?WQ^FP@PF]D@A61^>\>$>PF%>S6%?=V%'G[!>]+1$X394(0"
M+84(Y(1]_*`CE$!;(232)AU+=BR#GQ>%H-"+YJQ9H6Q'#!V)M@F`'W=_9/@A
M4>X/""U,".DP^.?%/T(#_,Q)-]'>'X2##/@I4FC&RX!^4OZ95ZB,!&D/2OYA
M.*K@2P<3_80@Q.!:MJ2%+D2[<ZD`1T)>_`@H64*"`JI^E)AC8:B%17,3_TL0
MPOF'@A\#_7Y&ZP*W4`@_+4:T$%J.Z:8:@#?18$GH+38_;PP!O49H2S0LA$I\
M/=:'P9`_$BT2@7&-2+2!%_UD,<3#3Y4_/QB\(N2/7;0/?0F!\*.PI.%+#'+X
M<7"I".,_CK/9*A1&>(1+0)\06A*-,)@(6/_\Y?&'F9\,?ZBTH$:(BM@3E[(5
M,"3%=1(_&@S]T.N'14JBA&",55KH=R$LX_CQF2$%`6?5<7L,P,!+`$6#UU+1
MJ$7(!PRL1XA.0?S1AUL>//9%(5^,PX\AV1C!FA]R,-.!?'H)(,&*^/V!`$F7
M</<'!ICUT`</_LWEQQE^3'')!,<E=QP#19PP8O\A(QQ5T3QB%((.!X4,81$'
M)^PPP!\?Q%/(%35H1@")?IAXD!]4Z``2;7H5E.%N_3&P20/F?,9'!`/T^$<!
M#+#AQQ67+':)D89`Y81Q7!@"@G$K_%&%0'Y(1X@)1U!)R*//:9'@#G^$-28A
M-R00EJ3W^'&`(1OX(8)CA.R@EUUA_$%=(3&M<0F=0]F)!`5Z]E$#`3N,<$D4
M1^[1Q[$1,&9E$`&188BQXSRF@9>$<,!#!K,A1\X,1<#IT')`^$'!%'Y80*:9
MA+0VSRR&"*`7!G[H\$>!A"3[`[N$X+J')7SPT(>>`J"S!(-_"&I(5(S!$4^7
M`#S;QQ(__&$!`ZG:B(3_`'ZTT2@A.=B!G!,V^&$%"RRIX<<6:3"@`IFG%@)!
M-!)LXI-M8K@U!KU_7."6'VP4HJ^=>8S0XT9._*%!#I=P4&14AH2E0&M;&$):
M0!K>$*Z%(>`!@P]%$Z)%"]`<ZT<:>]#X&`!6G!`%F:NY',V:A,Q'<TP0X+Q`
MR'[,X/.D_.Z`0X_+:N?'<H00"9RQR#(6AYR/"EL(`R'`6\$$';Z5`0]\[`$>
M07Z\AP$S!M3P4@!^:)+DN61BW-O,#0JA@A]X&"QE-)+B"@*_$331HU;<O<Q7
M(<89F!KA6G3(1`O@%!*DE6X,0`%RSE`@!1`#H)>O'U[UZT<`#-ADM!_&.+'D
M_V,9NIWL5(:X:IL0`#`PP`O'80'#C_E.QZ\42U'6(`Q[S`^'(<$[V($(EX/Y
M[*$%2%,>'U``GQTH0P*`TM`9_H"&_6C(#_!00!J:X1CJ[&$//_`#&%)C(4*D
M*@820`V;UL>%$S`@69OHP5L&L`<C+`$&&>`#_GH$/WI01FF#.E!D_F"%J"P'
M#%Y:D!\:M@>(_&$#,_A7#<RUIP`1,5[;*\1*Z!&,;+0M77Y`0[(4PKH+"J$N
M?KC!<?2QN1/X805$NIT;\K<)ZM"#0883X/!N$97?T<%+"`CA*O9@`D)PP04M
MX(`/'M2:'\3L#SMKV!^8$!4J/J9EA&A/"BQ0KO3IY?^,6G'+*`10!TSP@0`*
MX(,:B*"6'OW@!\?J0P@-`41#5"4U&?E#B&*IF0_]@73.FH<?7O'!0@!A#E8P
MQ!`8\)UJ12,7*1A'+(V$KIOXH0,R9)#Z6I<*:8R"5:,@00F$0$[BA,MQ?PA#
M&`M1R\<=*)>=*<0#WA*0?-A%3G^8P);*T8,9G*Q!`O!%-B3YAQGHK5351,AK
M=@.!O*R/$$=AB0+TL(`1^.$"2B$!`S;*`.FTP3$!"48>E?=.0E#`>M5XWA^<
MX(=\!,1Z-C#;,>8A),$-8#G,R.50_)#+;-#!$"\;DT,B^`<)?)(0/2S$!`1@
MAVB,(:/TX(Y.)D$N\A3L2`>12H>E8/*/%1A$)QWZ@PK&-PKCY.(;A5`!`@QA
M%U&4Z$2#:((?(D:(,@;DC-W9C-*B$0?^1($$@"5!$OY@AC5U@03EJ\L-+@$#
M,Q0B"210BQ*B4,T&1"$I#5CL'WQ``O290;/E"`()V,794A)B!!LC1`%(P)4_
>0-96CXUL?DCPJ00\1[6CQ00)0%L"MYS@J4H)!``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>h02300h0230001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 h02300h0230001.gif
M1TE&.#EA3@)K`/?_`*RVPNWP\2I%992>J$I<;823I9FFM:FQN861G-6II<G/
MU/#R]/3U]LO0UNSN\",X3)LP)Z6MMHR:J]'6W-'6VA4K04%397Z*EOGS\U1J
M@PLB.=VYM7:#D/;N[7*$F4MB?)&;IM7:X<#&S.;I[!DV6)ZGL>CK[:*NNVU[
MB<>*A6E\DI6CLO+CXAPQ1^KL[L+)TJ^VOOWZ^N[<VHH.`_+T]>7HZHP2!XJ5
MH,W2V%EI>3Q5<8",F,;,T;O!R)4D&O7V]];:WC%+:55E=HV8H^#CYI6?J<[4
MV#)%6>K4T7!^BT%:=6%UC%URB7F&DL;-U</)S\7+T+S"R-38W'2!C@DH3*6P
MO7J+GK[$RJ"ILK2]R"U!5,Z:E:E,1'V.H2D]40(:,E%B<KUW<;=K9.;+R;F_
MQKIR:SM-8/[^_H*.FMC<X&9ZD*1$._K[^[1C7.3GZ35(6[.ZP8B3GSA*75YN
M?04=-.+$P;"WOYVFK[:]Q,K1V,J2C45<>+S$SIZJN!`G/>'DYT-59V)Q@/K[
M_/GZ^FZ`EJQ22E=MA6IXAMG>XYJCK>/FZI$=$F1XCJ`[,CY08L.#?O;W^-S@
MY&!O?F5T@M?<XD98:=&BG;[&T.OM[VAVA>'`O:^YQ;G"S-FQKO?X^?[\_#A1
M;MO?XM+8WK!=5>3)Q][BY^C0SG:(G(:6J,!]=Q\\7=SAYJY84<[4W/CY^>+E
MZ._Q\C9/;5%G@-_CZ``>1+;`RM">FMK?Y+*\QXF7J?#AW^?.S.S8UMC=X_O[
M_$A?>@XL4-^^N[O$SH\8#D]E?A$P4ZBSP``4//OW]DYE?_/HY]WAYB1`8/W]
M_?S\_=K>X9NDKM[AY+K`QWN(E./FZ$U>;P@?-T]@<3!#5[2[PMS@X[6\PZ.K
MM-_BY6=VA%-D=&1S@B<[4*RTNY>AJUMK>OS\_/S]_<3+U/W\_/W]_M39WY">
MKN#CZ/W[^OSX^,/+T\#(T?W^_LC/US]7=/W^_?[]_?W[^[O#S5IOAX"0H_W\
M_?[^_>_?W?S]_/_______R'Y!`$``/\`+`````!.`FL```C_`/T)'#BP`\&#
M"!,J7,BPH<.'$"-*G$BQXL-_&#-JW,BQH\>/($.*'$FRI,F3*%.J7,FRI<N7
M,&-N1&BO0X(P6VQ9,H7,HL^?0(,*'4J4H,RC2),J7<JTJ=.G4%4>1%8G%809
MBWQ`&)6B3L^B8,.*'4L68=2S:-.J7<NVK=J#+,(,\^%CT8P9PQ:)(?6UK-^_
M@`,G=$NXL.'#B!,O)6AO0U9;*<*L@;#(AHTUFC"@$\RYLV>ABD.+'DVZ]%J"
MRE+Y"./.WQEE&U(U&C:LD"U>GS[KWLU;H>G?P(,+'^YQ8`Q-$!IU2F!J8+U@
MK'Q8%K,+0^_KV#L3W\Z]N_>W`COH_YEA8YB-1@3WF7K4J'PA3=GCRQ_[O;[]
M^_A1%AQ_=X8/A.ALX<,,$-C2UWP()EB12C0$X`Q(/(P`T@@B>"+2'\U\!$<`
M^77HX8?[]4?>!@A]HDD;PXBABX(LMGA12MVT8`='/(!!P3\$3+$`1J^PL9$4
M#T#Q40#A\(!`(H-X=(`?D'SHY)/=A2BB#2EH1M`9R'121@(RU(&$BV"&Z8]*
MSU0"1$="1/!*."B@L0,"8`Q!@T846""A1R"80<,S2?R@D0F57/#F%]/L@`88
MY/@"Y:*,AC80"V7X4,B4HVR`S!D'N1,&@8_L(N:G"9)IYD8**&`"`G,DX0!&
MTO"0Y#]V(/^`QB$/<("`$-_`LE$+460HAP@98I1)$Z]F!`48432J[+)N#<1/
M&VOPTLDP_5V&1!UAI-+&EIJ$8==YI(`J;G:BGCE"#CA@%(XTUSCR@!D$[`#(
M-#O^\XJB('"P(PC>U(O1!1SX^4\4V/R1T0%N[J#P#AQ\<8BBS$8L\5,#R3`*
M%P+QHP<7TMFP01G4BE@M!%NT%M0@[TA0@`3P>`(+)2;HY@`\*^2S@CS.L/-"
M,PXQ,,$E+P1]22LT#/5#"$$GG30\3@0`EDJ1R'$(`CM,`X.?W&"1Q!5"F/"`
M"6FZDE$F#*"!QIR!!.*O'8YP:,:,2;20S8,'8S/"#V"$,O'>?"?_-=`8/C2"
M!`:ZL&!*"N3I84L9:X2\"`1<<%$>*U_^Q`8?'\Q#2#[Y+,$$(:?(XYD#53#Q
M"R,%6,&$"HRH`(M#`0!PR@=!_'(*`#$+%<`]I\P#RB]+J,$(/CK,`X`O197;
MT0U)$&#&!8%J48T&(OQ30S@+6$"&HCD<\48T_V@3B,%P^)'N/TEHL<V#"@CA
M2`\B/!&''VGT;?_]*PW$2R&-C*'+&@)AP2*&,0I3L``)P=A`,$BQ"U[LXA%T
M28$]?.*)/@A@#[B(Q"QF(8]\,&,/\.A,#?(1BR5D`1%_6,8+NJ"*7SBM(6PP
M`3P^0`LU3``3KAC*(&A0BST`(P/WH(0H_UK1!R6LPQ/)2TF9SL01"Z2!`Q$H
M0A'^`89M0*P"'#!!"[J!D6KTX!H6H,$37J4%+/B((R:0`PH0\(`#0,$"T*`;
M_N9(QX\,1!F/8(4,MF`#%OC#'F*@BP$UL9P-U,&02.C$I+A0!XN4(PLD4,4Y
M^C&0,T3""DO@`V<"D`L!_$*3`XGA*7Z!"8@$@!&TZ,(/PD*)#!1##8H8B`LD
M<`(&)!$E2]Q(&BHAAQ\(`0[_^!H8W%"#,Z(O"?5J@0F,<($Y860(AX"$`P#Q
MBH^\P00_"`0FZLC-;F:D(%L0@S(L80/XG,$4DEO#&AH!@7:RLQ'P')`/1F&1
M$00!&(1`R!DH@?\*7`AF$'Q0`@E6@,2#X,`*3H`(`]20RE6"I96OC*5`RF$"
M%Y3CEB?)Y4;&P8$:M,`;"`@$`EH`#@+4`"-N"(<4,$*#"IQ4(]TX`H?^40(M
M&"PC/$`##*!P!/B)`'S>#.H<"V*+-F"@#C/8@D"0$4A6S(8+;1"#5+EP%?+D
M)0$3.<,/^$`+58#R(*[``2=.8(4"X*X7J/!`%_K0!RMXX!2G\(!9#="%7(A"
M(`O@0SY0\8Y!^$,15L@`(6H!"8'\@1"J"$(($<*`5LSBK^M0`2$8@0I1%)8@
M"VTH0S!1BTLP0!`A,(`').`$8>1#!2LPP1G>D0\)W$(=KH2E/VB0!US_N"$`
MQK#"*0QP@GR\U0-6V`0FG$$)T9[@=0+1QR!6H`()Y$YY_Q@!`1KPCT,<(@`U
M<$8`$B$-.M0O(X[`PS^&<`7HK2HCV:C`(2IA`0L$H@)@$-A&+""V?T2@!,$2
MJGXG5A!+E,$=O!A&"@1BCTA!Q@=BV``+="$#/33"!ZG0PRAF`$")-*,4J*`%
M,]*0D#.XP@%9R(`*\N`,6!A`%?.`!`YDH0,WB`('QNA#'E:@`WRHPQ_F^,-I
MD><)5,S#"*C8@P,$THI8`.,#K>AP#F]AB`\`0!V7(`0QJN!0@616E0S!00:6
ML(K9XF(/-CY#%X"Q#H$XX11]^`%$@1B"*C"B_PM_\$<(E``*/GC"`P+(!0Y(
MN(X1^,(8`E`"`&SICQ]D(0@"J`7/QE22.PAJ89"VVC_@4`1=8>09#_C&>?\@
MA"@H:@&5J(`TY/@/-G``#]H(ECC(X2<3$``%D(;T!6:ZWUHOJR`)>,0G.K"(
M1P@D!F'P00*"T8@U;,$@,4B!#]9`"EX\PC\F@X@Y0D`(6@B@:`HQAQ,R<`IV
M^(,-FV!&!OQA`EG$0B"#$,4E8%$+4#!C':]CP#KRZ0\',$$'#$`%*$KI#WFH
M@@K)F,!"7"&!(*"B!O[PQ0EBH09*8):A6%9(`/H0!%#<0R#+,,0\<.`/`)"@
M"P+A1#[RX(]>&`(8L?\X12Z6$`1"Q#(`\XB%PPL@@#XT`Q<"4$$(_'$/`:C"
M`Q)U@16`H0-$#,0I/<I(TI5.:UL[_>G_P/6`[0&!5`CD$\K6P[.&P<@SZ`)%
M8D"'.Z:UB,I)6Q0JL'8.LWT.0U@!X8/81!`\0&YS"\0$M7`#&_)`B%CLP0`N
M<,6\!4(##Y``%:=81Q6J8(1+_)L8`E=("&*AA!&P02`AP,<\3N",@5RYR@AY
M@0K,W852>J+@)_!''@+=Y17DP@7^@*@1`2`!)EC!VS#7P2W\T<D^^$,8`E##
MC6LQCR#H@!,XAH<'@"&+5QP=ZM"//GC\89.I<\'7_JC'%B"0`F6DX'%830#_
M!'R@A^SO@A4V"(/9'=*,2'1!PY%8B+9ED8QUQ!C/=#=!!@1`"4YTX10!<`8X
MT`?K(`N@L`XF,'A_Q5"@<`FSH`(9P`?R``I'EF0*`0_%P`2N(1"8D`OST`4O
MY`^?IQ"N8`"G<`+XD`PDYP\O\`LJ8`Z`I@K"A0I54%@0)5NP``\`@'"YMWL2
MP`RG8`QJ,`]]\#JXH`8J,'<!$`#Y@`NQ\`'.)Q#2-X54V!0%T0E*A0YK,&#9
M9PE5IPRFT`AZL0%B<!X;<`9GP`);@!=M$!%GL`"X0`LD```=!@DT<`ZR\`'V
MUP?X1V[[%P+^!X`"6`5YL`DZH`,KL`YTYP1=H`*__Z`*\&`"A$!0KZ`"B24,
M"P$`P+`$&^@/L+`"2G`*_":"$`=Z_C`"1H<#*F`%)\!R*[!*)J`&H,`)$L`(
M06`%*^`!$Y`.L1=;L50."S`"A=6#_B`!`D`(AI!G(R`0LM.*\U`+?&`%F/`!
MOQ"%C%:%V)B-+G%'MH!5OL`%7%@/XO<('6`/*?!@D_&%KH$!I&`7BR`#$C$+
ML4`%AF`."!$`M?`.3N!V<+<)L9!/Y79NY'8/`?`#\G`"E,``)T`[LF`%)J!Y
MO5`+JK`'ZX`*<>8)`*`#Q9`/0W80+E`+!A`$'\``%_57O;,.ET6*FD40N-`'
M-%`%2Z!X^0`*AG!C@A"2>__0!:HHDOGP0C<H401!C+D0!`9`8[?'C!X@#\3W
M.<;@#[]0C<^GC5(YE251,:EPANC0"%SX";8``7I@$+R@&EA1!IZR:RP@`UR`
M%[8@$?D&#%Z5DF?@`'R`"ED@#_SH#W$7!"I0=P+I#(H@"J_@!">P<XJP#JKP
M<4[00N3&!+0`"K5$`S2P"H1``GM0"WXE$/%``YM@!;7`"`)P#FLW`4V&"X(`
M"<A#`ZAD!83F#\V`"#9#">L@`0W0"Y?`!,;3>>>@!%1@!6>P`D0'`&OWD_<X
M#[K'>P)P`KVP!()F2P#@`;V`"4S@21SW"_/P6%*H$B7P71K!`-U0+!DA!?6E
M$1/_X)T8L0"6!@518$P?00&PX"\;`0*6YA'.L`-N$!(F,``QP0;5E!&0L%(F
MX0+),@)8<"\OQ1&A``W.I!%_4#T;001V4)\8X0S=0`3_$`!-HA%[PB$C0*&P
ML$U,@0?90)X@(0X\\!$_$`!G%`%&$#$#80IMT$CVL`CA"$%AP`)HJ`MRH1S9
MIPQ;\`B:,!XV@#$2L0"&5W.B0`F1(`\&0`B;P&X?H`)WM0!]H`H?X`_JL`=!
MP`#L\`JU<`KP@`OKD%#DE@\D8`4OH`H"P`F]L`Z1=`J;4`4XP`:BH`83:0`X
M@`B((`\KH`9TN`G!UPH.\`<KL`>YX`8A@`N($`#R(`NT_X`/6>`$+^`$(?8+
ME]`'*N`$F`()*Q`+&?`.]48(Q="4."``^/`*YN`+#-!#/W0.-%"2`H$(H!`$
M"74*JI`+KB`/.B`+PM4'C(`#@V``QXAP>\`,+Q"5*-$"TL`1SW`$;0)I<?``
MW$">WX`""9H17I`L22`$SB0%./`@9(`"X5D)(&`!-T!J_R`%?K"BY<D1@^`'
M3-0,-\(&A3(-7C`"$2`';+``]<(&9"`H:"`._]`,0!`'"$!=I?8$37`#0%6A
MZQ4';^(-%3!3#``#W/`/"B`"&/L$<'`!R?H/T9`#(``$#R`-$=`"=[(1XO``
M\I415V`!#KLP"'`(Y,"@&%$$!/\`"2B0"1NQ`"@P#?_`#3D0``=`#D"07R,`
M`F20$1.`!N-PLA2```C`1!A!#3?P!!@!"0&0)$"@!5/T#PP0GAX1"%B`$=P0
M`0T0!_Z)!1:@`-Y*`$90D""Q`!$P#>+@3`LP`%/`MA@!"_G2K1H!`G9@(?^`
M"8Z6#?6%"3?0!%*07XLA$+O0!F/P1P(F$.CP"%FA=?:`#N+7""3"`GHP#(V0
M`$A%811!`Q*@!+6C`J?P.:WP`R.P`L3`!%7``+,PD\3`!U6P![^P#BL@`6I@
M!4JJ`E50-&<0`EVP#@'0!2+Y.55@"+'J`;`7#XB`"JBK!(3@`9\CIG^6#&AV
M6B?@`)[_8``J``";,#NQ``KHF[X"`+S8>PD\0P,G0)T2$`#I(#M)U@PJ4&;^
M$`!\T#NUDP^7@&W^L```D#DKT`">Z0$W9@R_@`\&4`",```!T`L><`D!L&VQ
M`&_761)N(+@M4*+_0`WU!00$<`!/@+%0<`>'\`80JA'5<``B>@=-0`/8<`@*
M<RL$X$R5$`=G!`A1``6`@`+.0`-N@@86<`0+`P9'L`#-(`D+<P%?0#4[@`*5
MD`:N``C_0`-T@"/?<`%:<`WE:0%?\`5TD`,6.\9?X`?0\`\#@,8MH``8X0!3
MT+7_@`,5H!%2@`U88`<1$`47D`07JZZP\@91X`AN4`T4L+`:_W$`1]`145`-
M6``PY(`"<1`(<Z"=_W``/ML$%[`1+G`'-U`"U6`!`U`-U4``!%"?;#`%7]`$
M&%$"UC#&6F"U>/``8QP.5X`1@S`)7P`"&!$-EHP`<2`$(G4#CN`(Y\,13T`#
M22`"XA`)%M`$/-`"'"`V!)`(_U`-0G`#(.4'V.P1S2#&8YP##D`#9H#&$5"A
M;X#&X@`Q:/`%@<`AD(`-:.P-KNL%:#QJ5N@/GQ`,$$`B,3`#Y?='93!`-B`&
M8\`""0!/";`+96`#$(8!&'`50II5#B`,?7`"QH`(%Y4.`4`)$S`!MT`##H`#
M(7W2*!T"(U`#E-`*(;```I$.'2J"M__P#I%P43\P`41#$.4P"YQ0!2>009B"
M6?*P">>`"9CB#&X`,Z70"BB-TJV@"`Z@#CCP!YWW`XC@U*(`TR8P"PZ%0@+A
M";.`TJ*@")=G95G]U#BPC)"P#"?="HBP`+X`"Z[``"`]`3B`;2>A!7.``$/@
M!^"``#<0#A>P(T!0"5"@`#A@!B;<`-3$$2_LG8.`!H-@!SF@!7B`L7B``A=Z
MKE`@!!?`1G.@,!<0"=_I!Z;=$13Z#X/P!1EQ(_\`"5BLQ='@!^(@!1&+$9A0
M`=APL4#```3@KM&@`=C@#%[@4MD`SW$\QQEAQQHAMPS*``=`Q^=*`$U0#97@
M"%-P"$EP#4+_0@,\@+$*<`'A``0BD,)H@!%XH"J'0``6@`9SD#<;H<G_T`0[
MD,E#@!&?O`/:(`Z!(`Y@T,D8803B[+/=X`CA\`Q0H`&'\`^38`U0T`-?D`06
M>\Z]C!$[4`V8_`_;(`G)XA&'``+D,`XYP,CB``5)<"81@``'P,O`A!%:``,?
M`0)?D-]@\`6AT,81X`+O0@-#\`4'H$6.X`(F,`>Q',__L`-?4+&.\`6P`,5D
M\`I^0`#NZ3?^@`&6(#C^T`Y)16#>XE1<EPJ!Y`-<L`;^40;\<.6L,`.%,"X5
MP0:0,-0_X0N0Z:H440\_P`#V*!8GT0)6^P\?C!$Y4`(6`@2`H#?9__P*9U(-
M-Z418+`#4:``/OP@*``"0M`PB6`!/1`'!,``_T`&<[!=WY`$HHT&1R`.^64!
M("`"#\!%&A'.@?#H%I`$@7`!#X#-GN`("-`$7X`"1D``@)#?&!$*7V`&<0"P
M@Y`--_`/6M0"_Q!J-9#<]\VP.VPHAV`!(8P1`;`^L(`'`2`.U/W:U4"S(L`!
M@WL`>/`$"K`##^`$)RP""L`AZQT`Y``&<3#,U6`"7AL!E$P.<?`/%]`$=_``
M<0`+$4``8/`-,&`$Y$`'2>"A2?X`AV`-YMX`#W`-GN`)[BT"CD``L!``Q^P+
M28`-O+SL(3P$4Q`'.6#=T-,$^NX120`%TO_,`10`"-N``ND<"D<0"$>`!6]@
M[SLP!`^0R__@"'[@GQ@!!#M`H8'P!9$@!.[Z#^1@#29P#17P#/\@!!K@!MSP
M`#?@!Y+`(<S$(=?P!0O@",J$(W[P\HTK'EK.Y4I%T(O0"2D``39P%W=_%[4!
MCVKN'VY.$9C`T4&Q`$8P`0),$8.`".JPFD]C$BW`H('^#X->Z`00!2`0!UXP
M!=]P!Q:PGXX.Z1C;`(I2`PH@"0L0#JY``#V``-/P\O%B`8[V#X"0K!;@`AD!
M#A;0#$^`[4E>+^'\!##P!O^``I,0SB7J"R4@`CO`#7@P"&!`!V/[#[X@#FBL
M`?^.$6P0`83R#T#_T`)D#`99/`#3D`0)8RA-X`@R=0=FH`4'\`H6D`UP``TU
M0.%ND`0<T`1R$`X@,`G8`!`W+MQH\,^@07%^C!P\B"=)`')@XL014LT$PW\'
MIOU+4F&(FX,NBL#Y!X*`D6D6TACT]$_<%P[_NEEH8<3(`SF)M`AQ]8.`EPD&
M2WRY@9$;(!$<X[3$R#`)E"8\.%``9`=!TG]PO'GSY&B:`A%/MAUP\0]%M4A-
M_[UZ\(;-FQ;/S'ZI<:1%M'^9ODAI&:K"G``,T_BI]*^%E[+DOHQ0V]CQXW_^
M_+$HPT5RNQD))-M+Y4.3/4UBUOB8,:S1J"T=)/M#5F;&(B085L^F77MV_SDG
MAO!EH5'KE($0LTT8T[<:TJT`_ASDRW#"R0OH`$YUP;0Z2S$))E;_,!!$%@[;
MJU$=P[<L_.I>*I90"H_(`XEYHL[[6\8'^@MY552@4H3)"HD@WIEOM7.8F*<*
M3V@3!),EUF%@-<B:"@<$'J2HH`@HC'#DCI:``"04@^:0`X5_JOFCJ6H.&*0I
M$<P`XX$F`DD"$`L(X.$?((I(0@1`=GA@#C1:6/$?-Q[8(8E`C-QA!ZR:L8`;
M$1ZP`YLI2@#DQA]:0,,1+28@)P<<Y'@@B:S`N*(&+2I8X!]GR/A"BW]HF(2.
M0\"P!H2#3)BCB<:`J"2:4`B@(`(+$(CCQG_82/]$CL#8N,."$S%B`(0*R,3H
M@!Q@">2"!A1```S&&-+HGR8NP,B%<:2)0(LAI"CB@2^$J`$AF(2RY@L-OK!`
M)YX@(2`<"@RZ@ZB#,)FC@D#B0.`0/^)X;!)R')D$FP8J$2<;$"YZY9JD+'#$
MC`L(N`8,*1Z#Q8POKOC'KI50H,LNO/0*ZA^_`#MH!"WV,@RQ?Q0+-4*`&Y-,
MES8LZT"3S"2+H0P?.HE!LC-(*02"3OSI(($P,#BCM=(24&U`VWYXH;H1/A#`
M`%=J4>*#6F:;H)@@/OCE`QV`"8(/2#:)A18J>O:9!`DD:T:"8U19P9751/D%
M%`'/*X`60F;QYQ)F?+;_VF=:#,GCG/N@.\<W4%2HY;D7WGFG"AUBR2,/4'CV
M&1A:5)$`!S6".$41?TQ@)T')C%FBBWP,J;IG$M0``!YC4,$G"&"H.&:=<B0+
M^*`W!JCPP@P=$<<7'#\TZ)H:'GC&1!15;$H((!*9AIHW/(GC`#8.`J<!*$P%
M1)I_+!C2H`$>P,("+/`\R$DX1(CB"RA$$,>"&QE`'H%`CYCD`D<<"6R0I'XX
M1(-RR:"CDC5?^:*:?VJHX(B#%-``!0302.((X7'\\YF3["B"H07BP&8220[Y
M]`LOR"%^.)($!]"0#8R4P!'_F$(%P&"$&UA*5!LIU:FP@(([/.$`3Q`!'J1Q
M_Q%:Q<0@GKI#)1S!C9VX`A*5.,)*_C&LHAB$#2"8`C?D((0`7``!3%'+4Z(R
M%4!@X1\$L$.)*G"-WI&#``<(Q"$XD);&P$(.?B"#0;`1EW\<X@LF@-<_)O$%
M(!CD&7\)S#]&X(46*,`@ARE+#NCPK\G%,3+^D,$H+&./#LR`%YLIPR+"L`4D
MN.,,IF`%Q?R!A(DE8&./*,T&/C8?<TS``TKX126#0(4@6,$*L1``(U"A@B`H
MX12""YH+#$&"=10`%1X(I3S*<8D,%(!O_NB%&F0Q`G_X8@6TV$,()K".?!0@
M%ZP$Q2E0H08!,`%O_@@!/%HQ#T-@P@&<F(`O5M.*#/\L(3BK@8<`W'8U<%Z-
M%A^XA3^<L(D`L$$")`!%/FJQ`@&08&5[4`4S4":9$(`"&(8H@#%PH)T\*`$^
M'_B;!+)P#CZ\(AV2D^-!6H`HP9@A`D_`@1GL@*0W@`0C*=K=/P(`A@HP8!KW
MDX.G>H"#?_"@"2V`A`)Z]*,@[<Y")1"!!?X1B"-$RDD60,,%OH"`)%SC#<U#
MW@[PX(`+*(`-32@*#:K!/0:8P0\+4``="'`0(NCJ'W^P!OH,$H`('"0-1RB(
M0?R$@R(\T'X'>442H/&/"8"!`LT`P2%H4`*CO.$?=B#`F@X2@4"4Q`_?2((?
MP``)AKAN!Z0RU1.$^`]8;&G_!Y,@P!":@(W%'N0E,:%K#M(`A`=(XJ,MD$(#
MD,6Y%Q++(#5X`A1@4(D=4,59CO&A5*B"5W*01`3/H$$$KF&!!PCA"-@(!!$:
MTPQ'^`$*!TE"NO[A!2_0H+E/^,<#M$`-@]0K,)#00@O"&")]5<`,L&BH'"6#
M,,M@8!<V6,W"%E$('T!`#&%H`P2&`0$(S,`&/M"#/V*PA1GX`&222<<KC)&/
M+L0"E07P0#*4H`H2Q.(#H*@G)7_A`4HL(`.Q6,TL#,&(Y/`AEI!`CQH,00-_
MK(,**E@`+9>PATK.0Q6JH*0.5`&*>TCF'LPHABJ"L#1:S",/@Y`,-K5IFW-D
MX0QG_Y`,#58@BQ-$SA]GN(4Q6D&;=RA!"7M@1A=PJ31FJ`$5QU0%,#XP`<DX
M`!0?V.8UE2"+4@RHO&N$Z$&`0(!$B$#/>L;!&[I1NH[^PP@6\,4#)K$D!+SA
M&F8H5QQ0P`8>V`YWNC.(%!Z`TB?8]!^24-,_G$3=07S!((-@WC^<QPU'>`,.
M:%`J4__ABY=4`!O6B`,;JO$%7'_A`?\0@JY;H($!,D0$%1#,$>;``2$88:T8
M410@XI2(S#)D&UJ`P3]^,(TCA,H%RHH`"A1``"U(D`AHL(`0DN"L"O+@!B:P
M0P6J(84`3,%9`4A"#$-HD"+H^@$5*&(B]/V%L`I+M?]80/\#GO#:'33@"A3X
M@6.@)2UJ":$28/@"'GR1A!9(`AO3&`<@F.C$M"1W7@:A5*Z_8(1G[#L</W6&
M%%I0@97?H.'_&*.]=I"K7(]``15H`:P2$>@Y/T8RIFB$P33!7CXNPK[ZG8%^
M?;"&->2W$16S1R=F8)D!SR8`2V"&<)B0C#Y,8!/XL$(-A+/A#G\XQ"-&CPHR
M$`H)%&,=@E#$#^HQ&T3@0PU?7@(37@``-\Q"![U\01[Z$`1\<.(%N#1R<'#0
M!W6LAFCA#.<OKCR;$:B`"E8@L2(\P`P=K(`&@_B/"LR>YC6W63*E8`(^5B'G
M.3^T*<\X`@K0L*0EQ>$!W&A&&O;_W``S["`*3[B"1_[!#3.4\1_30$`+GM`,
M@\1A&L[`@ZDJD8AUN>(?4`!#`/X``G(;9`%'"-:G_Q'J?\SA`A5(@S/B\(4E
M_@,2.=B4!89@$%]D@P"5$*(#WF`!`+2`'#"U(9"#^,.($4@"&"`'\CF(9_""
M:[`#.;@#H%*`.X@A2!@"LOJ#",B!@/NK-XB"8@F$+T`!3&B`"S`"&"""0'B#
M;[D#,@`"$[B#`_@'+""3H-(&-#@":?B#*B(X%#"#(>``"[B?@VB1<3`(&A@'
M"P`#B"(4"ZBVAI"#&L0(/:G""&@"O.BA(C(+JC@`!<`#!O@'&!@!*>``<2@!
M"]B&0R"'_R3`B[.`(H,(P@#4@C!J`.$:`!H8H6]X@R(80X-P@VJ(@SV,E@`\
M@HMX@FJ0`RS0OJ`+&,G8!0@P.J3SKSX:!1^P@3#HA#JH`U(PA5U(@$8PI!C0
M@QE(@:R;#5C@.N%8@@^0A3W0@2#(A].3#!-`.\GP,!";FE_0`0\X!6!D!%#`
M!V-0@W7X@7?P#F*HI$JR,1KKQ1D#!0'P@'/0@0SP!UAP!7C8`T+`!49(AE-8
M`@$(`D8XA0\(`@\P#W\H`&`@A'58@160`$,(`B9XQQ58!R9@A@(@,=JH`E7P
M``=P`@_`AW7H@B4X`;2)A999#0>8AR#(A1,P!BLP!`/(`T;`A_](@+WRDCV,
M``(PV$*&F(:"`(L]*TD]BP)G2(,20"P9$I$]-(@(N(-_D#Y>PX(WT`#M,RZ#
M>()*:8IF2()78!,\88,Y\(:OP@IK`X-G\(4[P(-'9!$-<`00,HB6V@8,,<D&
M@(0HL(`=0"P1D(,%$BLA0`,>$K]$P!,I&`(8``<T"`I?(`,PJ`1N8`@$"*PG
MX(`=F(82<`"&B#=G<8`F,,*G9`@'P()IP#W$W($I6`BU>`*0_`=`^$#\(X<H
M$($!6(D&>``.\*O![$S/%!A_X(<V&(7)T`,;<(>D2P$(L`%+8('9J`=2B+J*
M089'&`898+)4](>MZSI_H`%CP(5+>('_`@`%*Y`'3MB$<\!-$S`$5<`%A%P'
M'5B"Y+B$#\B`/JB"$SB!7/@%)D`$1%B`,Y``6B@F>UR!+@"%>4"%%;`"4-`!
M"5@'7'`"'<"'U<B##^@"BYR'=9``4%`""=`/9@!(R6!'=X1'"5B<>H1'?!2`
M*I",92"$>9B96"@&9E""(""!/7""7CB%6&"&6.@#I&'(/2"!7S`$)F`<?*@%
M-6""C)P-2N"#Y&"H\J(!9_C,.?L#\A(_G<0(SK11'WU*7P@`0/S1@&&#&N!+
M(DW2@Z"!V%%2)_5,R7`'&=B%T'P$&T`"/H(`36B#17@$+%V->M`$"%B#,?`'
M=.B$-DC%,X`$_T68@'>0!69P`GR0`!5H3X<$D*4)`F+@`UL\I51:I2!8`EAH
M!F/8@WPP`1I8`%C(@R7`AQ;SAPD0`!V8`$IP`GC`CRK8`UG8!'GH`X)R`P9@
M@Q!0`F;(AU.P`B80@'Q0!P\PA`G(`UE@@CSX@3X`A758C5P(L@PP!$.0A5BX
ML5TUA`U3A75H!G]@@%8(SCSP`%K`AP*X4!4(@4@@!!*@!1(@!"?@1^70`1W8
MA`E0!$)@!E1H!4*(!4:P`F"<CE]@!D+0#G]X4GB-5WF=5WJM5WN]UR1=C3-`
M!W_0A12P@6!@LAC`1%*P!`A@A0V8C4_8@*OK@#/``"Y(A51,!T4X@?\E$,=B
M8(1Y2(9?S8=UR(!.6@%&0+Q'O<4@@(0_J(%S2`80&X0^T(%<T-9:,H06,P%&
MH`5B\`?W6`(U4`%#$(!D<CL!(`04HR4=``7G/+!8Z`(@\``F*`5$R";V,`8=
M,(#5\``!0(7KK`(#6()84`&$1,A<T`$K*-K58(<EH`45,$AC4(<L8`(E\(`^
M0*8?8P0)&`$:2#W)0(4@6`%*(`3_-(832#!&6(=U,(88Q5?%75S&;5S'?5S(
M/0C)0(9="(9^M5(94!@N[01=X`(?"`/7G#)EL-(RF#)2L('^RKHU;=-SD`55
M<`-U<`)0F@`3R(<]P`58\%056(U;Y+!<5+O_03``_62#$CLQ?S``*BB&4SA6
M7Z)47*A./GC1+EB'HNT%4+A&6*"!4KB'6U@%0GC:J%T/?Z!:J_6'/B@&F(D%
M4`"%#B4!9EC?]0T"F`&`V1"$=6"&8U"!2CT!#P`%$B"!#,@#$\@"0@B"4J6!
MO&6S`0T"`S@'?&"$$(`$6-@$'2B`&DA49Y#1R-U@#NY@#_[@#9:,B[&$TK0!
M?K@,+MT`9!"#16@$6U"-#NB$1N`O?W"'?[6%W%R-W6RR?(B%4H`$5$@&>!A?
M6=A=6\1%?]#%`'"%%8@952J``B`$'6`"6&@%8@B"K&6F%[A4)\C49-@$)\@"
M*\"'*DB.7AB\$'@!_R<`@`+(`G7X7JB5VO&M6LF`!RN`8BA&A2Z0!0'@)RC.
M!2L(@B#H@ULH6GF0A6HE!$[(!4+X12Z3A<AS@"HXA5QP`MTD54)`A778`P'H
M@TLP!`_`I3/@A'F0@`>9#1!.955>959NY3D3X4[0#!E(!1M0C3-@`2Y8A&!P
MAPV`KT;0@V#0`RZP@4+8HPY8@V'0C!S635;\@Q!@I7?XVWD`@#]8@5^0A1<P
M!A,(@`P(`D](V7=@65CX`;[]!150`W3N9B:X!*<]/%3PAQ50`T;HV9\5`'Q0
M@6\,@@R0!UIZ,$+HV60@`49X`14`7SFFVCY@`,'-SNRL`J[U6K#%3F,07O]Z
M),@%\(2Z"6A"Z`-9N#`)@%-B.-QXQH<7D(P1F`<2,`0U*-=.YH0,.`7M&.52
M/F4(<66;OFF<SNG(E0P6>(14Z`!3&.:[NV4NX`)2:`=D"`:&&5/[6@.JXX=A
M&(;4S>$`8`02J(6+53!\6((@4`5B4`,N`ST&5@1\6#!`9018R+QYV`07^(-7
M^(-+8((,R()UH(16$(`"\`=XP,Z(E(#!.UR&[H,\T-FCS8(3`(!\&%HG@./P
MG5H=.`$W\`">16?*7H)YJ-!Y1N=4988]F`="B(03F$4#"%!1J`)A8B4!V(\"
M4`-F((%-*#(!R``<4`18R`59`(`3^(5<:+%15H+_>T+E.-*]+Z`#0`@C$P`#
M-.C11XR&2@`!1W2,`[``!8"^@V"`2:B`+_`#>S&('0!`(K@``+0#"Y!,G2YO
M\SYOR9"!-E@#?N"%-K`!9)",3RB#%/B8>D""%(@Z+A"#3A`D%@"P8=B"9=9-
M1E!>8&`&)BB`+OB%&6.&#$`%/$:%+"@%YL0%AX9.1A@!/D@&)E!'R9A914`Q
M>1C:_&!H8_#K/0!L[$0%0LB"?*)/R;#/577:.!9?\O6'/#@!/,[C/8[M)T:%
M3=H#8W`"4=B$#[""`*@%=G4!3/@#3,"%><B`<W"!4C"`6'A:R<`%5>`\?+H$
M>?"`7]@$:]H'3MB#A03N_X!IKDI`@%Z32O/)`4SP3"E8GYF#;NFF;OF3@R^8
M@QT@06P(#`KX@B-``SL0=$(?[_-.=$7'Z8$1@T;0!'^U@4_8C%1(!6705V4(
MA@30!'YH!]:0X1E@A1-6W04(@58`@'DHAIY=@4@8!"?(`,]F@E/`I=E@A_7E
M78\5!36H6FLJWD=U@D!=!WQ&9Y\%6B8X9WF&=53(@_FLSP_(AU98`D.8A5OH
M:.?(!P:6#`!@@LQ&9\O&;,I.52:0&G90@5GW!V%@!A4XY3.H`B4H@.08A";N
M@]4H@),ALM6X!W-^O2FKA3TXA]J(HS>PAN]"@"/H!O.1!!&(`QA@20JX@280
M@?\5`8(&8(`2B`/L,H@&0`,\(`(1:(8YWQ$T(`/4\I2D@CYJ$`'E(Q6BJ-%_
M&(`27``0^()`$(&9#X0)6``1.)%FB((=^$.#<(8>N(!QJ/-%/WJDM]>!:0,?
MV`(6^-?VHJ]1#P]TD`$Q*`T!3\5F6(85.(4,`(5?*`!Y^`%_*(4N8(8E>('M
M/`$'F(U5B)G5H($M/@$!(`;PF(V9?=01)X07X.N^_NN%SDY/EH=Y(+P\,``=
MR(<\R`!9>(5;X-A?M%!CF+)-,/=T/05"^`4!^(!?!$8I5@&\D0?\E(QT5X&B
M?04P!P`B@X0>YE/)@/5+P'?=+(`]Z`.R[_=_#_C)Z;7_%CB$*W!$(NBY-_""
M+Y@&7Q@VZ/H"O)*$!V@!"[@5[+H!:]""??L"%P`"/]""(X`5/+$##<`&6"&)
M(:@X//<"#>BH!W@`$3"Y7$.*+T`W0?<#(7&&?#L"/W"$)DUZ_=]_)04(?_XZ
MI%A4AE^88<@$V@M3AH7`B!+/*$MA8\:P3F<D<NS8K)<5$AD`T/!WYH<H*T'4
MG//7:@FH4Z),>/+G0(*!B*Y*]=F3`9<Y?Y!&_#&!8PF^!0*=",C7$1$^-34Z
M^NNU!Y@.4*`$D,@WP8.5`)1D)5NG0H<'1!T'T4A'8X6L$^4B_C!6I:1`!KU>
MG5!%B($_$RO0]J)!@Y*A/1,$__(1D&M!,X$F#,@J,%4@O4U*:G7\Y_DSZ-#_
M`ICY8EJ#N']_6K3X\^]!BQJO0#`PXD?2/W!?L/R[\"7"OQ9>'`3_X@*('RT+
M_ODY\B,-B'(BZ$SY-^0+GF:?K9EA`QK0EW\BONP0_P7!ORA?X@3X0N!?#S!`
M1FBH]@_.EQ*B]_/O[_\_@`$*.""!!1IX((()*KC@?Q'5X4,;O+3A0T0QL-*&
M+E0)Y(XFC<PP@P_N:#AB.7\4@(E)L(AB#!/S2.`"/?[XXL02`NAPRB:WL!$1
M`R'@0L@>^;`CB$E\=5%`/O,L@=<+)!30D3H9,#$+5;WH\,$($U`"`!,KP.)`
M`/Y,D/_!$J+0$`E>'/T!0!;"6/&!7"/ZLXP5C'R@2CZSO&#%'J<X<<D)*Z@@
M`"$F",2((52:Y$8^>Z!RF4"NK!#$.H!)5*`S9$SQ@&D*N%%!#IC\XT4+U/PP
MC19T?!%(;E]H\P\T7QQ`@1_>T/`/.<8!H0$*/S!W!`,NH!".JM5=E]UVW7T7
MWGCEC8>>>@A<L=YGS>#Q124(-/$%&`QZ^RVXX8H[+KGE(A@1$EP<I,<B$;4C
MABT8;-31&?R(\:$-:\BYKT`.],'$'H3`,XA$SI12A2P"@(**4@)-P(@LA%Q"
M<$2PO+".(<S$(L%<_M12S#H=X9"!(91050HCJ$3D@"B8S.O_3P@JG+**G"#%
MP@PSO]12CYR0J+/.!VH`L`XQQ/01`"3PH)),$,2\(%`K*@C#(RKX]&&H1*X8
MH(0!/W`TH#,PV'%K;U\DDD8+0A!'*@.'6',#''[,T>JKL<Y:ZZVY'L>KK\TY
M`X8&B1Q`G778:>=9:2Y\1@,=V)CG['GIG3=M'-5>F^T.:!Q@+N>=>_XYZ*&?
M*Y`IC7"!A"8V1/2)):;8HR$RG5PTPR*V\"OG&:(0<@(E'=-K@C#O%"Q*%9%$
M1E4\[&S"B0,1W9+/TQPITH<Q#7,$B2+64^7`"SA8*B<\*JC1APNW#^4))<:\
M@(DS$3F#R`MN5.R`[YC(,TM0')4C_\\*.+1_Z8"P\04H>,8W!PA%"T(UJA9X
M0@M^,,$3-(`;W=3M-\%I@>):H"N^_8HY#_"$'0AWK,/](PY?((<O/*.;(3S.
M/-!:3WO>`X0OW,`%7[`/'KZ1!M'QL(<^_"$0"Q21TC5B`ZFK4"$2L!!Z501?
M$.#'[:(HQ2E2L8I6O"(6L^@/`MVA`G0P@Q:^X`@3?$J!;#L$';2@P6\T@X*P
MLB`T-*"%"E1@@[WZE3.^\05LU!$<S1@A:#)!!S]8H(YST$ZS7"BYRB7B"T=X
M0`6>X0L..-(/+4A'$#.IR4URLEP1D<$H(-`)3<Q@"_RJQQC",#L(A$&+KGPE
M+&,I2U<6Z/\*DK!`)>(`BW\L8`CB\-4`0``9;C0!"#"(@R?@T(0`_`,'.Z"`
M=J*P@R<(X0LF<``"\."=.(QC$)X8QP4B$8$A.(,'.PB%:"+P#0M<0S^>^<,.
M1/"/;L3S']&8YC^:(<T!N,$SSNC!!<;AJTX2M*`&/>A^(J*,5`R#%:98A!CV
MA8Y.>.A##97!+#.JT8UR-(N9]((%\"""%F"#F0@]*4I3JE+01:0#>IC!&I`P
M"HB,Z`R\&,6'9F`#'^BAHS[]*5!_FDDHO$%51Q"!,U:JU*4RM:D"JE`G9M"(
M!'2""[S0$`8ZL8:<ZC2F0?TJ6,-Z1:>2M:QF/:L/(W*&,4`@IS;_*$1'8O"(
MBKJU$:00*U[SJM>OH;6O?OTK8(6HT%1PU0=;8(4/PI"`-C1B&%SM*A+V*MG)
M?C6PEKTL9OTJ$7?48:M.],%.&^&#8<SN0XM8@Q(IJ]K59C2SKGTM;$_*$0PD
M@*Z/O:T-1A&,);*VM[X=:X&T(0(%0"*V*%T`&7@@JH-BX@E/,(%QS\J1,\B`
ML+>]K0]2(0/>_K:[WMT7@0)``--\`34IW`\WO@`--CBC""8%T!M*ZAD0:!`,
M(_",.#0HA_MZQA->,,,@0@,>=_[C"V@0$"8&\(]M?(&%HO&%.,A+WA9X#A:4
M/$UU:D"`!_"706F0@QS>RQ\I:,$"N_3,_R!\0]XI>.(?F,"#%`:T`$!H80+[
M*8(&)%R!*`B(#'[@0'$]YS8)5^(9_1$.#6(5`>]\I@+8H`$%K)&$%C.H(^Y@
M00)\<%W3)E$9+_LNF,,<$0+I\0)0Z&(+HL$?"NP`!_\X0CAJ`*`%5.(+6F`F
M'#1`@"G0`0R>B(8<^5R)%IN@-``6\!=:L)P"'QA`/ZC/@AN\GV8`81K3>(,U
M#H$&!W/N`%\0`@_$,<=L+&##'5[0AT/\'Q>,`PM4_D<);O@$.,C!@N1X@`)D
M3&,;BZ8([KG!#BYP@TCT^,=![MPAOG`(!,0!#-PBSGZ&H.!&1J`<H''R`DR`
M`#*<=T&P(T4"RO_0B$4L@K00*$,"9(`!,;.;W01ZPP`]@X<F.``(:,CU`FX`
M`V=,8`=`Z$$%_'"(78ZC$H"(0K?_\2D!WOD?U7S5#KY``Q!\X0G_F,,7&/`,
M:QSA"X?^3AW+PVC/E``,%AC`K7P13Q2`P3=>B(,TUG,!"PSAU9_YP2$T$&//
MU&`'CB!'-N[#'F>(X`;-<`4,;@`+:UF``/KY@3B&T`,+V"$TGKA.H[O!`1&(
M-QQV((`0"/@/"@1"#M_HP3]>400[8,$127#-/QI`CFK<X0YP&($<S'"`2I##
M")[A`3G>D`,>_(/5KO[,#0SL&2!<@`<*:($?4+!#("3!#)(@_#],L`/_,PA!
MGC/60B0:,`5Y?L;7XP@-#RZ0FBM,@?#4X(`9YN!W'T\C#HYHPGT]$0<+6``$
MS)1&(J"0!`N4@`'_^,'F;Q"!<2AN!"@P@S>@"YID\_HU#X!%$4!P*SLT89?2
M_@>U[3D',\0-&]G>=@FOL/<<[/`?/!!"-42P@RB0,*$CZ@`I+*$'/:0@#+88
M0P=\6;L-X&\12!+DF!9,@Q&D4`30@8)U0P60@RM$@*S<@!]8@W*``!U,@B/0
M@=AY!G1`0@4TW,/]0\1)0S5\P7(<RP30!G<$V'=8`!CX03>,'`IP2Q)@RS]X
MPA?XP1?000Y6``&H1P5P``'0`0B(!L[IG&>8_T`+:``'`((&C$/,V0$#`((?
M<-T1O,$_Q)P%2((U),(@Y(H&5,#FA(9Z?,$#>$,4))4;.)L%-,$(!H`)$$`%
M-($6/$`:4`#D"<$D?,$U_,,3^,$#<$#'3<(/6,`-)8$U6(`G1((<%.(#'`$U
M1$.)G=@_V($/ML`D1$&+80$=T($C-(`1P,848%K5Y4H@'$$+\$`S`((<P(`C
MA$,#@(:O$0"P-0$6T,`".((?B$,E5$`M6H#`/8`7=(,(/``=H$`U78`):D`F
M.)M^3$,%M,`T=!P>_$.=)4$*ML"KR$$+)($?$,"I)5L)0`$/C`,=..,#/("<
M2<(7J!F2V4TS>($U3/^#(S@2E$G9/U1`??!9.'A"`V`@&M11$R2<:$C1&71`
M#!"@0WY7@:!`CIE&$_S#X#Q@!$Z@>EF?"0Q""P!"`+A"!0@!)C99P^69'$R!
M!J&@"A;.-AS."PJ8!?S!%^"&@<'"%P!"/DT#=@S"%UC##C'`#44:"OP#3G9+
M:"QAC`V"KR5"YI'*"%1`$L""!K0``HP`'2``)#@"A16:%T!"KDP#?_A"!%@#
M>5D`)-1A"_C=!6@`'/"2%#2`'8K`KEC`/SS#%@8`Q7'#/T18(/R`&7B!D7E#
M!<@3)J0!%)A!"^#`'UPB:$1`'9D&(+R"+WS#`]1B#FZ.`CP`.6!!Y,5=(IC_
M"@&$0SM:G"U.I&E8P`[9@3+FQS]0X`V(QQTPP!7X`3DL0`"`U!\TPPB\@F^4
MAV_P1GJ!@`A4P"$P``.$0PN8P`!\06I<QQ5,GUF2EP;X73N^8SP&AQ<DV1?`
M`!S001RP`37XP9-%61+T8P4LAR(.P@T"`?A]P4'ZQT/.)WV.68$$`!YX@P^*
M0`-BI`12(#18'R9$0@M4@"-40AI)W[4UW#\4)"%]`4NNX!>\I&?$9`PVZ!>,
M!QH\BV>H1QSX@GMXAE#:!X.QT%$J8<[%&`UX@P:X)PV`@Q\`GA88P1=,@QQ$
M@350@`D\@#40@!E4`*Z10YKY!R2(``=H4"`XPX:Y_T`SM&4V#D$H6L,#T*6>
M_4,D.,(;_`$'^`&/3<<<_`"(+8`O$"8!\:2J:$$#-*:)A08D\,`T<`H*N((0
M/``T7<-E\E(UF$$.HL=G+("S?8$7F&;I?<'IB89ND,-])1YP?(:/<4`S.`!(
M.0!1]6#D^`;:P8`U#$`$:``R_<,;5(`#;,L15$(8#8`K?(8Y0@$41``A^@)I
M8J<\;F>LV$%S'D`*.=D^GF=SW,HU?`$;I*#Q*0`=Q&=T%2M*,0`'<(#T-5()
M@*)_:F2`MN.`"J%(#1>3+:A)/8&H1-P(Y*"-W2`U)`L,?@8@6$`S+$`%*"(:
MT&AU]"6ALD&(_L.(1IJ)<O\+BC+A#W"`!A`>+'Q#!=1`-GS!^-%H#C@.$<#&
M!(B`"#0`-0A!"]2@$M[!'*#3/Q@!'=CEAIE`DVK`%=`H.4!"6U+I>UQIEC:!
M!E0=&=0DF,J!F!(F!5Q+$D`"."RFFIZ8,V#!Y?U="X"!&^3``_A=#K2`Q8T`
M+FT+>@3`,[@"#:2@+W)`:)B>:#@`>!3F/RAJX:%3HSZJ%U0"-5A`"T@!'FB`
M,UKJ/V"JIFK`-/C*$50`)FS+./"`"$1!#9`0]7W&'P;`J_X#/,8J=]*JV7@'
MKIKGK_"JKZ:@G$G#L"*DL2YN)REB$;`!&^3`%T3!-D#C/_#D'$#K:U1`/V&#
M!FC_PP%4P)*)QAS>AS4(P3:TP!N`T.FF;C@,U#]8*+F:ZS^DE^(5J!0$P!S5
M@"O$JU`ZPFM*VHDF98IZ!A0,)1[0@7W\057Z7H$>V`+D7#9(@1],@S,XK)H%
MP!`4Z@Y>QR&Q`<5)@I(^`).&[!-\02:,P(^*K)4Z`C8,0L">)R4A8IB.:05(
M`06BP3/D89HZIF<DWFW^`\4=@IRV`!G\0W,697.B`1`<@1Q@@J>E;25@`Q`$
M@@;PV*`F@1$HK#1`UPU60PL00``800B[`L650!3\F-82@`*\00N$`AHH'MEB
MZA"X0!Z.@!U4(S6(@!^``R00P!&H&:KF!Q0\P394@#4P_X`<M*@+:%`-SJ.L
M=(,?F`$D;&IY\N.N_D.O>L(=K`<-Y$I%1L`%U!_C`L@3/(`S\A#R.0(&^Q44
M<`IY-0$#.$.=B9'`:BXXF&4$/($7F(87*"BV>@:"JB&O,>)/0@$)R:YGE.OA
M=-R!-0`<5T`V\N![[&"M64/$U2M2@H92>@8DW("JT`$!A&L`S"`.T,`,UN(_
M'*QIU!@-.&P-HLT1@$8TE,99IF7&;JPTN(`B^@&I1$`:5.F58@,L0,(-6D,+
M6,-?UB]A*H`VP!N0/@`>N('_IET*DA<@J!D"F`9Z;(MIS`%T;0,<5X,)N`*-
M=0,)SX'Q>0:.25AW0H$?",$/3/_!%R@8-VC0JGA";3HJI*)E$ZB*'-"!-Y3-
MI5I#Y7!#'6D!,KNG(=/0.GO&D$D8#/R#9Y97Q_&MDOW#..28);U!K@ZN%DO<
M/W2@(\&G-OIJ&0\(#'Q:#[VR!0$6+'###B``#G2;`KBB`@!!,YB`"/"7`O1`
M<4$"%"C`N(8&%#1`MP'!%22<%'!=:#R!WX4&!43U*HL`$7S&!E>+"%2?,US!
M$\"""(2K+US!SH&&,SS#$\#N#D:!>W[&"(C=6X.&)]QTB[$!$/#`J;K"#3R`
MU9$!!V134KG"!"B`=Q#!$Q`'#3R!%`R"8KO"$]B8)QA!+9I`FOZ;->1`Q1I!
M4CT#%"S_1P"(@#8P@`B$@B\T``4DU6>X0@_LP`[@`94Y`Q"(@/3Q-,1ZQ@C0
M95(Y`P4T0''M]D/7P!,H+`<'@#;@`73!`@\807&]PA48SV@\`;'Y@@)00(M1
MP!,,P@0\@2L0010P4W.9"A!$@SS)006TGS9<@1N0,5H+=P_`[FV[P&VWF.,Y
MPWOS'%(!@?\PP!.\RE$G55,WPRO\`050``\,:S/P`$JG]'XX`(Q]QDH+0<56
MWS]`@A'P0$GF$V(NVO$9`1E0+&C\P15TF#-(@1'40*XL*@TH0`.0C6<L@`*(
MP'+MQS/@P:GYPLL"LF<0@0+L4@!`-QDK>%D]0R7P!N<$K!R`_P`Q+BJ0]\?:
M<H`W?$$2:#@GB8,HHT&M[9`0C+%*?7+D1((O3_@V:X$&Q.:NS#+RF0:N9>(7
M%&4T.((>WIP)I::1K70X7#,8^`H.A%&B`4<4:,`;_*''N2<4]+%IL`H0O,$#
MY$`=/<!;=D,U>1RF`0<,X/,O>L8]G\8-G"IH!,"C*QMQB`"AKSD#]&(%`((&
M6<`%A(-I@(#B+CE3N4*X=HXS9`,!R`$83+2K]T<H'((%R,$.B%@G[9T%5`/]
MK?)2I4&(IFPKDD8XC$>WK/1EF@"BFU`1_$,.FH'[V:N#BQ$9Y""$V\$75``"
MB,,#^,$!.(`%O$U^7:8"^,$RRB)\-O_#-5@#"(B#%YRL&Y3&-T2!Y.+&MAS<
MD_L!'$3"')4`"'"<>+,&-&1#QQ'Y9]Q@)RHB-Q!!42&`"-39`,`">%P#2U;`
M``P!D*IRKH\\R9=\)XV`FP>`;VC!#=1`GPV"''@!+&R+%H!`)`CL*P@L#5B`
M!M"BIW&O`P0"'03H*XP#`8'[>PP")8V#`GS!-WA&<X+`!'"<>\9*)F1>&HAV
M:41`#7QJU3VX%!"`'V1C-X!'#U!@40X"#&Q.#L;F:]*!$,1X&K`B`9U9`&SS
M'6VF'%P\A%:MP"X`++R!'WR@R1>^X1\^YWSR%'Z#&4R"!:2L4^Z`'XP#&#B"
M)%0"N$=`+V+_`QF$0R:\01,<0@NTGVH$XS:$QH,?'R4E0@^X,Y0#02,R4ZP<
M@GCDHVGX`=<_$N&M=`Z(P!N$0ZZY]!507*.U>`KB.@],8O5!@>J6]3\$PA?<
M@6<X@"^*`P%H@#PEGJ,&@.!C'N)_/_B'/X+`/@&TP`T4`1U8)C/A@#540@N`
MP!!80S4\@/$5@?R'`QF`L"-4\CL!1*4*V?Y!"N7B'XPO0O[]X/`E48\OE8"(
M$!&EQA-K%@+\@_8E"2PS?M`HD/0E0HTC#W@D_))#Q)MP"O[1$/+E"H@O:/[]
M2T/D7PZ4/:.T</2LY[\G+>1(^1<`:9(O('H2>=,"3B4-(O[=^,*A_UF`-WZ@
M)#5[%FU:M6O9MG7[%FY<N7/IUK5[%V]>O7OY]O7[5^Z(2E\>N`'RQ4^UGG\L
M?`GG`@=BAO\46/MBX5\<P@/^C8B3:('.0/\:^`D73=K"A@\'1*N@)0V-"Y-&
M0-G8\2,'"G0<.7#3..7*E@K!!$#Q)<X_.!6LX1&A04XD7]^^V"GR)1"#?SN^
M3&L6`4VT?V"^W/EW?1("#8[2_$OT98X4"UN[?@T[MB5?;4]$7`'"IJ=GKABA
MF:04D.8'M!2PZ")7X(*B`6?Z,D*$!7IJ1H17Z&HF%`9%R*\N3WB@2:T%2F@B
MCOQ^@,*(OA80P:FV`A"AO;.HV4:;I)RIR/\$'7DTRQD*I)"PITBVH4;'"41P
M8"TW^+LHD@+3"F!!BZ1ADJUFR$"@)%\`^Q+,,-6"Q"LS_GD%&PW&Z8D!!";Z
M)Q0M-"AA,4"^0$"I+V#[!P<_L(%%FR/T?.`KEQARZ(LA_GFH!4$!84,CCCP"
M"19'"/."CJE,$,XEQ>SPPQHMY*A``W'^.2X<;!9:((!JOO!"BXG^&(2`+[;Y
M1YP6-#C"#SIN#80P+>AH`0=/S*#/*[#$(JNOF[[X@AQ,_B$GTT39<$#09V$@
MLB="GWT6#V[7\N,(&OJR%,]_!D&.KA^D^I:PLN@BH@4OU%*@@F_IF.0?("J0
MHR\1Z)B,+3*P,XO_C6F^;>*?9AXB[%8VWGV`C*3P\$,(<P?)Y-L;_O$%V%?E
M10L$#>"=8X2TR/!V80O34N`->-$P5\R:;?;+A"8(^D&<(5S^QXTF*J;A`!!<
M]N4)!(#XQX0XZ.PLCG',I0:%-ZHYH"<@4,":C2BF*0N2""H!!`$-(T$#"TCX
M/(0@"H1PI`0I$(##`6A`0!*('0X8Y!\1P`!#!#(NF*"F<2IQ)`YI/[X#$$=N
MZ,@3\)#ZAX<<WB`'1#C`.&(*#2$I`0&@H)@FBG\\@28.)/G"IH4D+H#AGP,T
M"*0'85U0N`DLR$TYJ0=:@($'$/S0@'>VR*5Y+TLK<$-==N?Z`04Z2H`B_Z<O
MS*3KCWJG#*34?R:XRHAN_@UX8+=FK+$G..@@0(1*_'@B&_@B:.'1"+X`AYL6
M")#VCA:^D,1<6(!/%*X"A#N`)!$5$`*6SJ*3*5`@"H-1%%K(H$!I\"`*L>)*
M6K1B!Z"9X0L5N]D(25A"$YX0A79Y10NJ`0,")<0,[3G$%UZAL)8\`!O%^T<+
MPM&C?\SA"PZ(@QRD90<+<`4._DN"-<KUCRB`L`4<X!L'DH"`"OBA"1*2PF`L
MD`3,F,41A.+7NI+S#!#2@1RN&,0ADC`-#52`*DF!G@8(]Q0M5.`?KK@#H;"1
M"'5%P`]?:`%5?&$'#6B@$@_00EI,(`0Z("!!K_\0`0W24`$OZ$0+I?L!""SC
MA0@HI1(@L%0UVA,)5YDA"4(`0@,T8(8+?$$.+8F&LZ[A%`58P&-)D48U/.B5
M`PRA.?\X1`5PL`,-].`?X*@`$#XEAQ;DP%P'J`97CB.")%2@)6!X``[2HA-H
M].0*%3A$@LY"!C],06W_0$-UT@('#4R!9CQ(Q.126$][WA.?^;3+`?SWK`AX
MJ2?.\)T;`F"!%CS`#W8`:$]XV",@/$`#/P`B\ZXCC@#XX0%12`(=CO`#(VC`
M"U&8(9Y<10X1>.$+2`F''V`P@$Q)J2<6L`!WH,`&=MV@`MMH0GG8(`<Z'"(*
M5^Q(3Z`G/>KIA`#_L%__)41```W`8`%F`(0(G`F+/]!!"U=X"#;4`H=G<10$
MYI)""_P0!]F]H5_8(`<>PG&$?TA$"]EX91)^J($!E,`:+#&"'RHPCH\H!@LM
M&(=.4/`/@XT&+=2H1#AZ,(D6T&2=19C$`QKPCYV*PP&1X,$#,F:64+SA#4^H
MAA:<,HDOX*&;7_CFHKZ0RW):$(/">D):7BE"?=X6M[G5;3T/8(UIX*$%+<A1
M3X3R22-XX:#60(-V>@<O=I'C"Q3]`AP$>`=G+(!<OI!*'>^8#E>E3#-1D`(=
M4%`@0L'T'Q8`!"S\4(EF."\2=R``'8;@BS=H(!VN6&*+B/JNKU;B%30@0`42
M_T0-#6!F$%"X0'#38(<O<.89>E++(+*1K2\XPA//J`!:1T"`!]2@(=;T$PU2
MPP'*:``,)JA`)?Z!B1Q4@$764$PHY"`')CG@`.0!AV$/=A8V/`1/Y'BL.K\@
M6<I:=BB4X2SR!@&L1+`!$*3]AVE12S*3?4L+E:4@RQ!3`KZAI;:[%?.8R5QF
MOAQ'RT(90H(J80VD`,(:XNF='SB`AB9,H$#0E2X<="(.+Y'+&>1QF:M\X2JU
MA1<*W2F0G="KWG\<4(#)\<H#+$!?7\A!`WG<KQRC=X<#0!2U+D!N3TP0C@?\
M0PZP#$<+@"!`;OPC>_9BRP**<`0ZW&`$XW.#AP,0BO]PT,&9V*"!P7BB``U\
MXQ4:4`PDDN`''ABA?,^H\0\.($A+C>:P/GX(!WSABAP,.;*3K>Q./ZGDSJH+
M6,FA091+>]K45N,&3>#&4"FHP"@`*Q"*0XM7GO8/(T"!N686^,`)GEL4:*!%
M0*1`4+YP`(!ZP0_BN0GZ=MC#L^@Y,]/%`GW9@-TC:/<+W*V`=[]PZ"^(EPYS
M,.\7&@V(CVF!4#?P12O_@8=$V3?3^K4&?QMR<,*%@J\U$#"!_T$-/YA!!%-Q
MQAPJT.`[_2/"BT1+#0!QZIX\H3LJ!MBN'_"*BM)@L</>R8E3;)2GO)A%T9:#
M(W!`@#]A?0X\1FQ/?NR\?RC_#'9S>$#>IAN4(YM;8\!:[3\"80VN5$+*)%.M
M6\PY!4\D,U'B2DH#],<\AI>[X)G7_.9O!DQ'4"L'GCA`!2K@"`M@8P''`</!
MWZ##AIYEIQ>0!J$P^X",;K2C'PWI2/]AZ(PC<RQV6"?+S>)H)WZ!#G&8>07@
M8`9+8UK3.^<T'3]6;7(H=2)-U<`!4D,`V;6@&S6PI%:_X%886*!T/5G`%+X`
M!BB(`QM^@,,K=.WA5[Q'$N\I%[%/K)A#6&,(!D`#]$KMV.X:_``$9HA?LBTI
MX,`/_,#T"``*HL`:W@!8K@\&K$$.@$42`$H!ENP?L."-',$12,E^+`"ZZ&H(
M+(!$_WK"F\[B`-Y`&LRB\=1F4_Q`"BB``.[@RWKB.``A#BRE$OZ`\XK0"(]0
M+VX@D*X!Q!H#7I8&#0))#I;&+%[/+(C`D5KG"TQ%!%2E&D#+7)Y(D.(`0'Q/
M,Y!)"F+&`@2EY0*J5I(C$33`&I+@`9+JOJ*/Y^:HCFB`'*P!:_:H_+`F`&[B
M`3C`&K"@YE#*].S%I3`/:&KE62K`//QEZSP,$Z@.EL#!#RQB[(PMJ8"@,8[`
MH)Y-[>1@V/*%`"S`$9SA"GKL'YR!_;[%#^@$D+Z@&D*A)W2G_2+!0#CK\8!(
M%N'@'P8@D,A!0X#%MO[A!<UB"+[@U9*B!GM"=@+A#OQ@&O_2*2G$(5;\@!PL
M#PF_$1S#T0C1@+_&@N#^0`A,Q2R:P0VD00$<)"\"0!Q0:P$F`9L*C@)R0!C%
MD1_[T1__D2ZX2%!V8.!H8`#X14P@06&.(&:NK^!08!K@$2`GDB(KLA^Y80=V
M8(,L,BY\0:MV8!\Y4B1'DB1+TB1/$B534B57DB5;TB5?$B9C4B9GDB9KTB8+
MK@0HKBVD0")O4DP8(&78(`#("2U,``^HT">34BGY\0&L"RV$``L>#P?$(0EB
M95MZ8@BB(`XRDBN;`'G,XC-Z\"VD``UV@.="8P>(\"R:`09V8`"0QQEZ(%W.
MP@1N(`Y\R!=&)PYP\6.>H`EN8+C_>L(!+H#G`@H'FF`'+L"/DB)O8@03AN`&
MD-($(!,IV\(9+H"K/*$)<D`MI$`()J@',`\*2F`"AN`",K()#N#Q_H('$"`.
M>*X!=N`.$.(L,.$.DD`:`"0I(N`.Z"TI0F$(XL#RFJ$'T&`()F<!(N`"H,$W
M\P8HDF(!!N`T$Q,$.H("X@`$-*0GKG,`?L8!@G-(T.(`R$`L#^`"R`"@(&$<
M+J`'N"4"=B`*I,0@=T#.EM(^L^:%6B`_>`!Y;FD$\``$$D$+ZM,G-`"XG.L+
M="@ICB<N\*!:O@!V%H!E-O(59^A96L!!FH$'K,$/T.(/\@4Q\.R`(K$EQN%;
M*H!$7``0_^;D+&#A.)[%K7J"&D8":Z0@D+Z@`NADKR+Q&7=2"*@""":AW_KF
M&A```0Y!#G)@*Z?A#J2%`<@A$(P`1)^E&F#A+T"@6JS!5+@!1"V@,E_!";]@
M"LB)&PZ,+Y/B"5!*D&AB"JK%#RH+$B?B.1?`4D8&UM3T61Y@!'B@GRJ`%XGQ
M0I%D!&+E6>RT)_S`X9("'"P#)%S!%RKM68K`2ZCE6;(HU[X%=N[3/KD!$))`
M>,`A#I)``V8K*:0@G4#Q.7MB'.2`=]XC`G3S'VI`!$)!2AAT+1`@/GMB,!I@
MO!R!\+Z``B@`)#SK333#CYK`9#K4+!@`##0@$I(.`5Q!"_R`"/^B`%H&P0LJ
M@!IL+NYJ!S$0T2Q&P!%@3`2TS!6NHP+$H1F6"`8<X`W^Y."RP02P@:O<`@OD
MH`&FX1`<P1LRX0VP1AJQ(0D`H0G`X`UBQ'L(H`@4P!63P@%$0`%^)BYP``3J
M:`&<J@'BYQ",X`T<P02F@0XRM2=VBDX``46=H0D"J1+.M"<<H06(8!SH@!M<
M@'5J8`"FX@"XD0&`B"O$04WMU!461`%>"1%=!0@T`QH8P/9<X#D(DCL.8!LT
M8!*^4@JBJP'IX`(@`1L>`!+LX)%^X(X&01R0@P9@I1F\X>1HX`T>8*$TU2=O
MDWGTTR<``7T&01J>8`C0``4>8`HN@#[_A``%7,95=7,;;G0('(1<?H`"YK`G
M>\(:F@"@T)97X>,?*(T(*+0G`@`$9JO:;F!=IN!8SF(!*J`:1H!4%Z`:J-5:
MFT`0!&);O^`"FB$3M``!I.<L(H'T[H`;B$0*-LP/Q.$'P*`%F"<.*@`&A$!/
MU<D/6E`M:N`:'H`7-2<MQD$+*F)HY^X?[,`1%`#KL/<?I*&?O$`!I.`!O``(
M=&(:_N&5'+$G^@?SR$$#,A8YLL$:XN`/@`"]_@$*0(`7P8`.&@`*L&$*M,`1
M6)8"6F`:>$`*5M.9W.!F(P`'GNE)OZ`EW@`,;H)4S\(7M"`'?,@I.(`.9K4"
MYJ`C6L`"$()P_\2!#@:@)P?`#!B(_8C@";!$*HCPE9YAADQ`!(9J,`#$37C1
M;9.24SW5#T#U$-X`*5X!#2;!"RC`7%#5+"H`"W1S<&OBZ'Q!<O\A<;6A$HH`
M5FG@"7@`C:Z@17X@U;X`&SH",2)QX=!B$,S`&GID`3SA#LTB`-:8,(`B&@AE
M?0+$?^A`,6K"%TK@"X;T'ZKVJZ[/!.9`#F)673<*"]:M`J"A">@@`F#!`A*J
M+;S*`EY!`3B`M'A@`%!@J*A7"B!V&N@J*88`&YPA"OB*`!R!`&Y%'";A%1R,
MKG3"$;2@$E*F!,P@_7HB&CZY`BZ`!S0D%)P0##Q!!*W!9(0`Q-!"!/\4R`0`
M!%O,@&57QAHLXPB<`@<(]1"8I`A`]`Z\Q%P>(H/!TO#,8J=0@`8$Z@&TH0$J
M(!RB61R@0]]Z`@R2`'D<Z4:I0M#^H1FC8+YNU(_05AS6#2>"."GA=H=:(@WH
M-BDHX`)<0#M`T3`<)`VDKR>J^#HN0`1*`&NUN(G0@I7@Q0R:03/F`%@*ZUFP
M0("^R"Q\`;J2HR?H.-/L^`M*Y689XC@RP9'B0':_X!`<:8(&@9"'5$.%X`X8
M8,">@`PT0`%BMD8#B0XTH`6R01L"R9E;P(/6@J(YX`T6(!O`00@HP"(48*B@
M`8YV(`ZJX1"28F<5XV(J()8)0!@'@0P"P7__3(P&3B)=UT)AX$51I"(0;F(<
M[@#88`!8..,L@.`(-.`*D@(3C@";:;`%TO4A+N`?OF$.[>0`3`#FD@#BM(RU
MTOE"'J"7KS`1DF\8;U0#M"":3>`),,9*%W0<>O`FP&$;;">@![I6#@$.PD$#
M7.!2UWBR&?HF'5IN(QI]*!H6GL$"O.$;:I=.$L$+O-&C8UNFS(`S;/4LP%B,
MR8&,_^$UO,0<*^"+&D.#J65-D@*GSR(`K`$,_F$!L*$"V(`.6`P36D`+?L`6
M.\._>P*I"_DL(($"/($-BL`:$"",XJ!68.(?H@$$;F`:_`"9M`$$AH`#_""8
MW1@*G@`&T(H''`$-_TI3$G[F#MKZK>.Z)[8H?6W.>W=*"&9(E37##!`6+8:9
M`XJ9!P(`",*A&F@`$\R@&G:`OI2B!;+#+(``YBBTLB\[*:"@`L#"`;S@&O('
M!=@@&EJ`C;;P'[CAP8@$G=$"#ZP!!.!Q!+2!;Y!+0T1@!_CT"$S`%2C`08`H
M5<>K,L'A"Z1%)W;I"RRD&1L`NA)$,RJ&&D``!-B/FY3;)H?X4^,@$P@@`M*)
MHFD@"ARA&PYU:82`'.BMBK<A^9Q!`4J@1\`[+1X7H*RA!;P$H<;C`2SD`?!(
M1V8(8.&[CI-BW1:)O<+!$ZR':?Q`"QC@PF)5`^JUP(>4!BKYGX8)"PCU6?\T
M``6,H!JR@0:>%Q:BH!K(X&*]X"O5@AO0B@B@X0H.P+*!>!AE6AP8!@3$(28\
M2,;-8@*TP.44@JYX@%"GH"W<MR<VJQ(<X!6.H!)\-J[M8`ZYY176EGE;S+)9
M%A*.@`!@`0A:8`Y6/!`0W,M-BTZN8P#(_`M06WV_0,L"P'>H80%:0-@NX!HR
MRP_H*F8(QU*T<QB]@#9[0LPG6RJ@H!E?S1&L08\H^!\XAGLM8+(!P0\DS]%C
M<GSY1FY[X@*T<P)VX!L"X0W4T@^6!HY6TSU00C<Q;<'\H",2=W&3H''_`5>E
M!(1M[PL**^D>0%!XXC?AY=9N.M<#RL%PR!H&P!?_@,AW-$#YA*+OCSJISX)A
MUP-:DL(5L!1KC``QY$"Y*`,QWJ!^WR+<)SP"W"`"7#P`(J`)$(#JYZ`2.`<!
MFB`*0,`+D"3>DX(:7.4;0"A]X;<$9NC5UA<M*+:.3F50V$4JKD(#DG&P(W&#
MHIQES9X.MA9"_^$:ON`-\@4&GB%6TN1-DZ+,S\(1_`!]#@&K_`=K$"!42,4I
M2L`/#NHK`@X,4OPL$"H4&2``R$I0)F$0!H&L&L,,V&`$.%10)BCI?;(%9K`G
M`(*`.%__1&C8@>-($C1#OD0:40G(OXG_LEF(XFRB@R06A$AI]J_:)%?:*A5A
M0S&ER@B`+("@*`*,!6XI_YN5L(#3`J`#$P=E(J#RGR\\!"K!F.@)A!D"-/_]
M&"*'0`2*0RV04=E,035`0U*R$0=(Q#]7VPA(G>@*CEF>0=MR>S.1`@$O3VJ*
M\^)(0;,;#P)A^H>`PT0%%FZHQ"'$Y;0F$<S$^=>`P)1FC:.T5>D+FH5*)1C\
M8S/.40XH*6EPD(/3$1@C$Q=,0N$FJ+BB9#)ZBF.!``Q/_R*A,".$0LIQ;R8$
M#?0M-L5$!"S@0?DO#J!KSRCBJ2;G#F^*U<1!I^@"A04.)B:FR6&AR:")([Q9
MF.9@XK9O%HY>OH\_O_[]_/O[_P]@@`(.2&!;`U22TQMPH#1(-IX``<8?$VFA
M35^!%EZ(888!OI52"7*(]8\"<P320$I`R!&(ABJNR&*++KX(8XPRSDAC?PMD
M5&...EX80!HI^3)">4"6%]0"1.Z(9))*+LEDDTX^"6644DY)99567HEEEEIN
)R6677BX9$``[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
