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<SEC-DOCUMENT>0000950123-09-050112.txt : 20091014
<SEC-HEADER>0000950123-09-050112.hdr.sgml : 20091014
<ACCEPTANCE-DATETIME>20091013204329
ACCESSION NUMBER:		0000950123-09-050112
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20091014
DATE AS OF CHANGE:		20091013

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:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-152325
		FILM NUMBER:		091118060

	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>424B5
<SEQUENCE>1
<FILENAME>h03655b5e424b5.htm
<DESCRIPTION>CANADIAN SOLAR INC.
<TEXT>
<HTML>
<HEAD>
<TITLE>e424b5</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>Filed Pursuant to Rule&nbsp;424(b)(5)<BR>
Registration No.&nbsp;333-152325</B>
</DIV>


<P style="padding: 5px; border: 3px double #000000; font-size: 11pt; color: #FF0000">The information contained in this preliminary prospectus supplement is not complete and may be
changed. This preliminary prospectus supplement and the accompanying prospectus are not an offer to
sell these securities and are not soliciting an offer to buy these securities in any state where
the offer or sale is not permitted.


<DIV align="left" style="font-size: 11pt; margin-top: 6pt"><I>PRELIMINARY PROSPECTUS SUPPLEMENT (Subject to Completion) Issued October&nbsp;13, 2009<BR>
(To Prospectus dated July&nbsp;13, 2009)</I>

</DIV>

&nbsp;



<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><I>6,000,000 Common Shares</I>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="h03655b5h0365501.gif" alt="(CANADIANSOLAR LOGO)">

</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><I>This is an offering of an aggregate of 6,000,000 common shares, with no par value, of Canadian
Solar Inc., or CSI. Our common shares are listed on the NASDAQ Global Market under the symbol
&#147;CSIQ.&#148; On October&nbsp;12, 2009, the closing sale price of our common shares on the NASDAQ Global
Market was $18.05 per common share.</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 12pt"><B><I>Investing in our common shares involves risks. See &#147;Risk Factors&#148; beginning on page S-10.</I></B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></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="64%">&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="3"><B><I>Price</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B><I>Underwriting Discounts</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</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><I>to Public</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>and Commissions</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>Proceeds to CSI</I></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Per common share</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>$</I></TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>$</I></TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>$</I></TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Total</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>$</I></TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>$</I></TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>$</I></TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><I>CSI has granted the underwriters a 30-day option to purchase up to an additional 900,000 common
shares at the public offering price, less the underwriting discounts and commissions.</I>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><I>Neither the Securities and Exchange Commission nor any state securities commission has approved or
disapproved of these securities or passed upon the adequacy or accuracy of this prospectus
supplement or the accompanying prospectus. Any representation to the contrary is a criminal
offense.</I>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><I>The underwriters expect to deliver the common shares against payment on or about </I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>, 2009.</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></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="30%"></TD>
    <TD width="1%"></TD>
    <TD width="38%"></TD>
    <TD width="1%"></TD>
    <TD width="30%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 15pt">
    <TD align="left" valign="top"><B><I>MORGAN STANLEY</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B><I>DEUTSCHE BANK SECURITIES</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B><I>PIPER JAFFRAY</I></B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 12pt">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B><I>WELLS FARGO SECURITIES</I></B></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>, 2009</I>
</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">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><u><B>PROSPECTUS SUPPLEMENT</B></u>
</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="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="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">About This Prospectus Supplement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">Prospectus Supplement Summary</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">Risk Factors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">Use of Proceeds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#105">Capitalization</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106">Dividend Policy</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#107">Market Price Information for Our Common Shares</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#108">Taxation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#109">Underwriting</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110">Special Note Regarding
Forward-Looking-Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#111">Where You Can Find More Information About Us</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#112">Incorporation of Documents by Reference</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#113">Legal Matters</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#114">Experts</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">S-33</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>PROSPECTUS</B></U>
</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="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="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#115">About
This Prospectus</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#116">Where
You Can Find More Information about Us</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#117">Incorporation
of Documents by Reference</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#118">Special Note
Regarding Forward-Looking Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#119">Our
Company</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#120">Risk
Factors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#121">Use
of Proceeds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#122">Enforceability
of Civil Liabilities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#123">Description
of Common Shares</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#124">Plan
of Distribution</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#125">Validity
of the Securities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#126">Experts</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You should rely only on the information contained in this document. We have not authorized anyone
to provide you with information different from that contained in this document. We are offering to
sell common shares, and seeking offers to buy common shares, only in jurisdictions where offers and
sales are permitted. The information contained in this document is accurate only as of the date of
this document, regardless of the time of delivery of this document or any sale of our common
shares.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /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="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ABOUT THIS PROSPECTUS SUPPLEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This document is in two parts. The first part is this prospectus supplement, which describes
the specific terms of this offering. The second part is the accompanying prospectus, which gives
more general information, some of which may not be applicable to this offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the description of the offering varies between this prospectus supplement and the
accompanying prospectus, you should rely on the information in this prospectus supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should rely only on the information contained or incorporated by reference in this
prospectus supplement and the accompanying prospectus. We have not, and the underwriters 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 are not, and the underwriters
are not, making 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 supplement, the
accompanying prospectus and the documents incorporated by reference is accurate only as of their
respective dates. Our business, financial condition, results of operations and prospects may have
changed since those dates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this prospectus supplement and the accompanying prospectus, unless otherwise indicated,
</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;CSI,&#148; &#147;we,&#148; &#147;us,&#148; &#147;our&#148; or &#147;our company&#148; refers to Canadian Solar Inc. and its
subsidiaries;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;China&#148; or &#147;PRC&#148; refers to the People&#146;s Republic of China, excluding Taiwan and the
special administrative regions of Hong Kong and Macau;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;RMB&#148; or &#147;Renminbi&#148; refers to the legal currency of China; &#147;$,&#148; &#147;US$&#148; or &#147;U.S. dollars&#148;
refers to the legal currency of the United States; &#147;C$&#148; or &#147;Canadian $&#148; refers to the legal
currency of Canada; and &#147;<font face="times new roman,times">&#128;</font>&#148; or &#147;Euro&#148; refers to the legal currency of the European
Union; 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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;shares,&#148; &#147;common shares&#148; or &#147;common stock&#148; refers to our common shares, with no par
value.</TD>
</TR>


</TABLE>
</DIV>
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</DIV>

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<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>
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left">
<A name="102"></A>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROSPECTUS SUPPLEMENT SUMMARY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The following summary contains information about us and the offering. It may not contain all
of the information that may be important to you in making an investment decision. For a more
complete understanding of us and the offering, we urge you to read this entire prospectus
supplement and the accompanying prospectus carefully, including the &#147;Risk Factors&#148; section and the
documents incorporated by reference, including our financial statements and the notes to those
statements contained in such documents. Unless otherwise indicated or the context otherwise
requires, the information in this prospectus supplement assumes that the underwriters in the
offering do not exercise their option to purchase additional common shares.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Overview</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We design, develop, manufacture and sell solar cell and solar 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. We also design and produce specialty solar modules and products based on
our customers&#146; requirements. Specialty solar modules and products consist of customized solar
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;Canadian Solar&#148; brand name and to original equipment manufacturer, or OEM,
customers under their brand names. We also implement solar power development projects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe we offer one of the broadest crystalline silicon solar module product lines in the
industry. Our product lines range from modules made of medium power, low-cost upgraded
metallurgical-grade silicon, or UMG, to high efficiency, high power output mono crystalline
modules, as well as a range of specialty products. We currently sell our products to a diverse
customer base in various markets worldwide, including Germany, Spain, the U.S., France, the Czech
Republic, Italy, Korea, Canada and China. We sell our standard solar modules to distributors and
system integrators, as well as to solar projects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We sell our specialty solar modules and products directly to various manufacturers who
integrate the specialty solar modules into their own products and sell and market the specialty
solar products as part of their respective product portfolios. We continue to invest in our sales
and marketing and customer support efforts, particularly in North America and China. In June&nbsp;2009,
we established new subsidiaries in both Canada and Japan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We employ a flexible vertically integrated business model that combines internal manufacturing
capacity supplemented by direct material purchases and outsourced toll manufacturing relationships.
We believe this approach provides us with certain competitive advantages and allows us to benefit
from increased margins available to fully vertically integrated solar manufacturers while reducing
the capital expenditures required for a fully vertically integrated business model. We also believe
that this approach provides us with greater flexibility to respond to short-term demand increases
and to take advantage of the availability of low-cost outsourced manufacturing capacity in the long
term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that we have contractually secured our silicon, solar wafer and solar cell
requirements to support our solar module production plan for 2009. We have expanded our in-house
manufacturing capacity for ingots, wafers, solar cells and solar modules, with an annual capacity
of 270&nbsp;MW of solar cells as of the end of 2008. We intend to increase solar cell capacity to 420&nbsp;MW
by the end of 2009 and to 700 MW by the end of 2010. Our ingot capacity at the end of 2008 was
150&nbsp;MW, which we plan to increase to 200&nbsp;MW by the end of 2009 and to 350 MW by the end of 2010. We
intend to use substantially all of our solar cells in the manufacturing of our own solar module
products. As of June&nbsp;30, 2009, we had 620&nbsp;MW of combined annual solar module manufacturing capacity
at our Suzhou, Changshu and Luoyang facilities in China, which we intend to increase to 820 MW by
the end of 2009. We intend to increase our solar module manufacturing capacity to 1 GW by the end
of 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are focused on reducing our production costs by improving solar cell conversion efficiency,
enhancing manufacturing yields and reducing raw material costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In January&nbsp;2009, we established a new cell efficiency research center to develop more
efficient cell structures, and we have been making ongoing improvements on solar cell conversion
efficiency and product cost control. Our short term goal is to increase the efficiency of our mono
crystalline cells by introducing a
</DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->S-2<!-- /Folio -->
</DIV>

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<P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">selective emitter structure, narrowing the width of the cell&#146;s front side contact and
employing an ion-based dry texturing process. Our medium term goal is to begin manufacturing
wrap-through cells as well as heterojunction with intrinsic thin layer (HIT)&nbsp;cells. Our long term
goal is to commercialize crystalline silicon tandem junction solar cells, which in academic studies
have achieved conversion efficiencies of as high as 25%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 manufacturing and rapid expansion of solar cell and module manufacturing capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have grown rapidly since March&nbsp;2002, when we sold our first solar module products. Our net
revenues have increased from $68.2&nbsp;million in 2006 to $705.0&nbsp;million in 2008. We sold 14.9&nbsp;MW,
83.4&nbsp;MW and 166.5&nbsp;MW of our solar module products in 2006, 2007 and 2008, respectively. For the
six months ended June&nbsp;30, 2009, our net revenues were $163.6&nbsp;million and we sold 66.2 MW of our
solar products.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Industry Background</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solar power has recently emerged as one of the most rapidly growing renewable energy sources.
Solar cells are fabricated from silicon wafers and convert sunlight into electricity through a
process known as the photovoltaic effect. Solar modules, which constitute an array of
interconnected solar cells encased in a weatherproof frame, are mounted in areas with direct
exposure to the sun to generate electricity from sunlight. Solar power systems, which comprise
solar modules, related power electronics and other components, are used in residential, commercial
and industrial applications and for customers without access to electric utility grids.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According to Solarbuzz, an independent solar energy research firm, the global solar power
market, as measured by annual solar system installation capacities, increased from 1,086 MW in 2004
to 5,948 MW in 2008, representing a compound annual growth rate, or CAGR, of 53.0%. Solarbuzz&#146;s
&#147;Green World&#148; scenario forecasts that annual solar system installation capacities may further
increase from 5,291 MW in 2009 to 14,792 MW in 2013, representing a CAGR of 29.3%, and solar power
industry revenues may increase from $29.0&nbsp;billion to $53.6&nbsp;billion during the same period,
representing a CAGR of 16.6%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe the following factors have driven and will continue to drive growth in the solar
power industry:
</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>government incentives for solar power and other renewable energy sources;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the increasing cost of fossil fuels, related supply constraints and the desire for
energy 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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>growing awareness of the advantages of solar power, including its peak energy generation
advantage, fuel risk advantage, scalability, reliability and environmental friendliness;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>advances in technologies making solar power more cost-efficient; 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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the large market among underserved populations in rural areas of developing countries
with little or no access to electricity.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Our Competitive Strengths</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that the following competitive strengths enable us to compete effectively and to
capitalize on the rapid growth in the global solar power market:
</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a flexible vertically integrated business model;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>flexible manufacturing capabilities with low processing and operating costs;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>technology-driven product differentiation;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a sophisticated sales model and experienced sales personnel;</TD>
</TR>

</TABLE>
</DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->S-3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">


<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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>strong market penetration in emerging markets, including Europe, North America and Asia;
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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an established senior management team with strong technology background and execution
capability.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Our Strategies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our objective is to be a global leader in the development, manufacture and sales of solar
module products and a total solutions provider in photovoltaic power generation. We have developed
the following strategies, based on our experience, to anticipate changes in the industry:
</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>improve cost competitiveness by focusing on supply chain management and controlling
processing costs;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continue to develop differentiated product offerings through research and development;
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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>diversify sales and distribution channels and build integrated sales capabilities.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Recent Developments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;13, 2009, we announced our selected estimated unaudited results for the three
months ended September&nbsp;30, 2009. We estimate that our net
revenues for the three months ended September&nbsp;30, 2009 were between
$210&nbsp;million and $215&nbsp;million. During the third quarter, we shipped approximately 101MW to 103MW of
solar module products, compared to prior guidance for shipments of approximately 90MW to 100MW. We
estimated that our gross margin was approximately 16% to
17% for the third quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the high level of interest in our products at the Hamburg trade show and subsequent
purchase orders, we raised our guidance for the full year 2009 shipments to approximately 295MW to
305MW, including expected shipments of 127MW to 137MW for the fourth quarter of 2009. This
compares to prior guidance for shipments of approximately 260MW to
270MW for the full year 2009, and earlier full year 2009 guidance of
200MW to 220MW.
We will continue to make improvements in its cost structure, which we
expect will have a positive impact
on our ongoing profitability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The above selected estimated results for the third quarter and the full year of 2009 are
preliminary and are subject to the completion of our normal
quarter-end and year-end closing procedures. Our
actual results may differ from these estimates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Corporate History and Structure</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were incorporated under the laws of the Province of Ontario, Canada in October&nbsp;2001. We
changed our jurisdiction by continuing under the Canadian federal corporate statute, the Canada
Business Corporations Act, or CBCA, effective June&nbsp;1, 2006. As a result, we are governed by the
CBCA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have formed the following wholly-owned subsidiaries:
</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CSI Solartronics (Changshu) Co., Ltd., incorporated in November&nbsp;2001, which has
operations in Changshu, China, where we manufacture primarily specialty solar modules and
products;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CSI Solar Manufacture Inc., incorporated in January&nbsp;2005, which has operations in
Suzhou, China, where we manufacture primarily standard solar modules;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CSI Solar Technologies Inc., incorporated in August&nbsp;2003, which has operations in
Changshu, China, where we conduct solar module product development;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CSI Central Solar Power Co., Ltd., incorporated in February&nbsp;2006, which has operations
in Luoyang, China, where we manufacture solar modules, ingots and wafers;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CSI Cells Co., Ltd., incorporated in June&nbsp;2006, which has operations in Suzhou, China,
where we manufacture solar cells;</TD>
</TR>

</TABLE>
</DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->S-4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">



<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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Changshu CSI Advanced Solar Inc., incorporated in August&nbsp;2006, which has operations in
Changshu, China, where we manufacture solar modules;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CSI Solar Power Inc., incorporated in April&nbsp;2008, which has operations in Changshu,
China, where we manufacture solar modules;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CSI Solar Power (China) Inc., incorporated in July&nbsp;2009, which has operations in Suzhou,
China, which will be our holding company in China;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Canadian Solar (USA)&nbsp;Inc. (formerly doing business as CSI Solar Inc.), incorporated in
Delaware in June&nbsp;2007, through which we carry out marketing and sales efforts in the United
States;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Canadian Solar Solutions Inc., incorporated in Ontario, Canada in June&nbsp;2009, through
which we conduct marketing and sales activities in Canada; 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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Canadian Solar Japan, Inc., incorporated in Japan in June&nbsp;2009, through which we conduct
marketing and sales activities in Japan.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also established a non-wholly owned subsidiary, CSI Project Consulting GmbH, and its
wholly owned subsidiaries, CVB Solar GmbH and Solarpark Bernsdorf GmbH &#038; Co. KG, all of which are
incorporated in Germany and invest in a solar power plant project in Germany.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Corporate Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal executive offices are located at 650 Riverbend Drive, Suite&nbsp;B, Kitchener,
Ontario, Canada N2K 3S2. Our telephone number at this address is (1-905) 530-2334 and our fax
number is (1-905) 530-2001. Our principal place of business is at No.&nbsp;199 Lushan Road, Suzhou New
District, Suzhou, Jiangsu 215129, People&#146;s Republic of China.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor inquiries should be directed to us at the address and telephone number of our
principal executive offices set forth above. Our website is http://www.canadian-solar.com. The
information contained on or accessible through our website does not form part of this prospectus
supplement or the accompanying prospectus. Our agent for service of process in the United States is
CT Corporation System, located at 111 Eighth Avenue, New York, New York 10011.
</DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->S-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">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUMMARY CONSOLIDATED FINANCIAL DATA</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summary consolidated statement of operations data for the years ended December
31, 2006, 2007 and 2008 and the summary consolidated balance sheet data as of December&nbsp;31, 2007 and
2008 have been derived from our audited financial statements included in our annual report on Form
20-F for the year ended December&nbsp;31, 2008. Amounts from these previously filed financial
statements for the years ended December&nbsp;31, 2007 and 2008 have been revised to reflect the
retrospective adoption, effective January&nbsp;1, 2009, of FASB Staff Position APB No.&nbsp;14-1, <I>Accounting
for Convertible Debt Instruments that May be Settled in Cash upon Conversion (Including Partial
Cash Settlement)</I>. The following summary unaudited consolidated statement of operations data for the
six months ended June&nbsp;30, 2008 and June&nbsp;30, 2009, and the summary unaudited consolidated balance
sheet data as of June&nbsp;30, 2009, have been derived from our unaudited condensed consolidated
financial statements, which have been prepared on the same basis as our audited consolidated
financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The summary consolidated financial data should be read in conjunction with the audited
financial statements and the accompanying notes, the unaudited condensed financial statements and
the accompanying notes, and the information under &#147;Operating and Financial Review and Prospects&#148;
included in our current report on Form 6-K filed on October&nbsp;13, 2009. The unaudited condensed
financial statements include all adjustments, consisting only of normal and recurring adjustments,
that we consider necessary for a fair presentation of our financial position and operating results
for the periods presented. Our consolidated financial statements are prepared and presented in
accordance with United States generally accepted accounting principles. Our historical results do
not necessarily indicate the results that may be expected for any future periods.
</DIV>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->S-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">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">


<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="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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="center" colspan="10" style="border-bottom: 1px solid #000000"><B>For the Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>For the Six Months Ended June 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18"><B>(in US$ thousands, except share and per share data,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18"><B>percentages and other financial data below)</B></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>Statement of Operations Data:</B></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">Net revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">68,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">302,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">705,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">383,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">163,641</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of revenues (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">633,999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">322,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,456</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,776</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,311</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,185</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" 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">Operating expenses (1)</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:30px; text-indent:-15px">Selling expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,357</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">General and administrative
expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,924</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,928</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Research and development
expenses (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">749</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" 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 operating expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,038</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (Loss) from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,957</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,147</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (expenses):</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:30px; text-indent:-15px">Interest expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,194</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,311</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,201</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,332</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,167</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,412</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss on change in fair value
of derivatives related to
convertible notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,187</TD>
    <TD nowrap>)</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on debt extinguishment</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">2,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on foreign currency
derivatives</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">14,455</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">10,316</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Debt conversion inducement
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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,170</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,170</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign exchange gain (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(481</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,688</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,989</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,693</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other&nbsp;&#151; net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">679</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>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (Loss) before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,998</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(339</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,870</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax benefit (expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(432</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,654</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,428</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,983</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(9,430</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(175</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(7,534</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,887</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" 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>
    <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:15px; text-indent:-15px">Earning/(Loss) per share:</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:30px; text-indent:-15px">&#151;&nbsp;Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.50</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.24</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151;&nbsp;Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.50</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.24</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.36</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>
    <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">Shares used in computation:</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">&#151;&nbsp;Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,986,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,283,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,566,503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,738,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,692,919</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151;&nbsp;Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,986,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,283,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,566,503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,210,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,802,842</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>
    <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:15px; text-indent:-15px"><B>Other financial data:</B></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">Gross margin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating margin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.6</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net margin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13.8</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.1</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1.1</TD>
    <TD nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.9</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Share-based compensation expenses are included in our cost of revenues and operating
expenses.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>We also conduct research and development activities in connection with our implementation of
solar power development projects. These expenditures are included in our cost of revenues.</TD>
</TR>

</TABLE>


</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->S-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">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&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="7" style="border-bottom: 1px solid #000000"><B>As of December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>As of June 30,</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>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>(in US$ thousands)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Selected Consolidated Balance Sheet Data:</B></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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">37,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">115,661</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">86,832</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158,558</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,921</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,635</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,637</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,679</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">522,813</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,486</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172,348</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">570,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">761,157</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Short-term borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">266,744</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,536</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">359,015</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,357</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,738</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Convertible notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">848</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">332,254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">348,484</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities and shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">570,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">761,157</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->S-8<!-- /Folio -->
</DIV>

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<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">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE OFFERING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The following summary contains basic information about this offering. It may not contain all
the information that is important to you. For a more complete understanding of our common shares,
please refer to the section of the accompanying prospectus entitled &#147;Description of Common Shares.&#148;</I>
</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="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Issuer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Canadian Solar Inc.</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">Common Shares Offered by Us
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6,000,000 common shares</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:15px; text-indent:-15px">Common Shares to Be Outstanding Immediately After
This Offering
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">41,814,714 common shares</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" NOWRAP><DIV style="margin-left:0px; text-indent:-0px">Underwriters&#146; Option to Purchase Additional Shares
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Up to 900,000 common shares</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">NASDAQ Global Market Symbol
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CSIQ</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">Use of Proceeds
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Our net proceeds from this
offering will be
approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
million (approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
million if the
underwriters&#146; option to
purchase additional shares
is exercised in full). We
plan to use the net
proceeds we receive from
this offering for general
corporate purposes. See
&#147;Use of Proceeds&#148; for
additional information.</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">Risk Factors
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">An investment in our
common shares involves
risks. You should
carefully consider the
information set forth in
the sections of this
prospectus supplement and
the accompanying
prospectus entitled &#147;Risk
Factors,&#148; as well as other
information included in or
incorporated by reference
into this prospectus
supplement and the
accompanying prospectus
before deciding whether to
invest in the common
shares.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of common shares that will be outstanding immediately after this offering is based
on 35,814,714 common shares outstanding on September&nbsp;30, 2009 and excludes:
</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>921,444 common shares issuable upon the exercise of stock options outstanding as of
September&nbsp;30, 2009, at a weighted average exercise price of $11.13 per share;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>1,252,127 common shares reserved for future issuance under our 2006 share incentive plan
as of September&nbsp;30, 2009; 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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>up to 900,000 common shares issuable upon exercise of the underwriters&#146; option to purchase
additional shares.</TD>
</TR>

</TABLE>
</DIV>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->S-9<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RISK FACTORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>An investment in our common shares involves certain risks. You should carefully consider the
risks described below and the other information included or incorporated by reference in this
prospectus supplement and the accompanying prospectus before making an investment decision. Our
business, financial condition or results of operations could be materially adversely affected by
any of these risks. The market or trading price of our common shares could decline due to any of
these risks, and you may lose all or part of your investment. In addition, please read &#147;Special
Note Regarding Forward-Looking Statements&#148; in this prospectus supplement and the accompanying
prospectus where we describe additional uncertainties associated with our business and the
forward-looking statements included or incorporated by reference in this prospectus supplement and
the accompanying prospectus. Please note that additional risks not presently known to us or that we
currently deem immaterial may also impair our business and operations.</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Risks Related to This Offering</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Our management has broad discretion over the use of proceeds from this offering.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our management will have significant discretion in applying the net proceeds that we receive
from this offering. Although we expect to use the net proceeds from this offering for general
corporate purposes, our board of directors retains significant discretion with respect to the use
of proceeds. We may use a portion of the net proceeds to fund, acquire or invest in complementary
businesses or technologies, although we have no present commitments with respect to any acquisition
or investment. The proceeds from this offering may be used in a manner that does not generate
favorable returns. In addition, if we use the proceeds for future acquisitions, there can be no
assurance that we would successfully integrate any such acquisition into our operations or that the
acquired entity would perform as expected.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We may issue additional common shares, other equity, equity-linked or debt securities, which
may materially and adversely affect the price of our common shares. Hedging activities may depress
the trading price of our common shares.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We require a significant amount of cash to fund our operations and currently have a
significant amount of debt outstanding. We may issue additional equity, equity-linked or debt
securities for a number of reasons, including to finance our operations and business strategy, to
satisfy our obligations for the repayment of existing indebtedness, or for other reasons. Any
future issuances of equity securities or equity-linked securities could substantially dilute your
interests and may materially adversely affect the price of our common shares. We cannot predict the
timing or size of any future issuances or sales of equity, equity-linked or debt securities, or the
effect, if any, that such issuances or sales, including the sale of common shares in this offering,
may have on the market price of our common shares. Market conditions could require us to accept
less favorable terms for the issuance of our securities in the future.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Substantial future sales or perceived sales of our common shares in the public market could
cause the price of our common shares to decline.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional sales of our common shares in the public market, or the perception that these sales
could occur, could cause the market price of our common shares to decline. Each of our directors,
executive officers and certain shareholders has agreed, subject to certain exceptions, not to
transfer or dispose of any of our common shares for a period of 90&nbsp;days after the date of this
prospectus supplement. After the expiration of the 90-day period the shares held by these
shareholders may be sold subject to volume and other restrictions under Rule&nbsp;144 under the
Securities Act of 1933, as amended, or the Securities Act. Further, any or all of these common
shares may be released prior to expiration of the lock-up period at the discretion of the
representatives of the underwriters for this offering. To the extent these common shares are
released before the expiration of the lock-up period and these common shares are sold into the
market, the market price of our common shares could decline.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We may be classified as a passive foreign investment company, which could result in adverse
U.S. federal income tax consequences to U.S. Holders of our common shares.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the market price of our common shares and the composition of our income and assets
and our operations, we believe we were not a &#147;passive foreign investment company,&#148; or PFIC, for
U.S. federal income tax purposes for our taxable year ended December&nbsp;31, 2008, and we do not expect
to be a PFIC for the current
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-10<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">year ending December&nbsp;31, 2009 or to become one in the future. However, we must make a separate
determination each year as to whether we are a PFIC (after the close of each taxable year).
Accordingly, we cannot assure you that we will not be a PFIC for our current taxable year or any
future taxable year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A non-U.S. corporation will be considered a PFIC for any taxable year if either (i)&nbsp;at least
75% of its gross income is passive income or (ii)&nbsp;at least 50% of the value of its assets is
attributable to assets that produce or are held for the production of passive income. The market
value of our assets is generally determined by reference to the market price of our common shares,
which may fluctuate considerably. If we were treated as a PFIC for any taxable year during which a
U.S. person held a common share, certain adverse U.S. federal income tax consequences could apply
to such U.S. person. See &#147;Taxation &#151; United States Federal Income Taxation &#151; Passive Foreign
Investment Company.&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Our actual financial results may differ materially from our estimated unaudited results for the
third quarter of 2009 and our guidance for the fourth quarter and the full year of 2009.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;13, 2009, we announced our selected estimated unaudited results for the third
quarter of 2009 and provided selected guidance for the fourth quarter and the full year of 2009.
Because our estimated results for the third quarter of 2009 were preliminary and are subject to our
normal quarter-end closing procedures, our actual results may differ materially from these
estimates. In addition, the results for the third quarter of 2009 may not be indicative of our
results for the full year of 2009 or future quarterly periods.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our estimates for the third quarter of 2009 and guidance for the fourth quarter and the full
year of 2009 were based on a number of assumptions and are inherently subject to significant
uncertainties and contingencies, including the risks factors described or incorporated by reference
in this prospectus supplement and the accompanying prospectus. Such estimates and guidance
constitute forward-looking statements that may not materialize and our actual results may vary
significantly from such estimates and guidance. You should not regard the estimates or guidance as
a representation by us, the underwriters or any other person that we will actually achieve the
results indicated therein.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Risks Related to Our Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The following risk factors are not the only risks related to our company. Instead, these risks
are the only risks related to our company that we have updated since the filing of our annual
report on </I><I>Form 20-F</I><I> for the year ended
December&nbsp;31, 2008, as amended by amendment No.&nbsp;1 to such
annual report filed with the SEC on October&nbsp;13, 2009. For
information regarding additional risks related to our company, please see the risks set forth under
the caption &#147;Item&nbsp;3. Key Information&#151;D. Risk Factors&#151;Risks Related to Our Company and Our
Industry&#148; in such annual report.</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We face risks associated with the marketing, distribution and sale of our photovoltaic, or PV,
products internationally, and if we are unable to effectively manage these risks, they could impair
our ability to expand our business abroad.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2008, we sold 96.4% of our products to customers outside China. The international
marketing, distribution and sale of our PV products expose us to a number of risks, including:
</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>difficulties in staffing and managing overseas operations;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fluctuations in foreign currency exchange rates;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increased costs associated with maintaining the ability to understand local
markets and trends, as well as developing and maintaining an effective marketing and
distributing presence in various countries;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>difficulties in providing customer service and support in overseas markets;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>difficulties in managing our sales channels effectively as we expand beyond
distributors to include direct sales to systems integrators, end users and
installers;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>difficulties and costs relating to compliance with the different
commercial, legal and regulatory requirements of the overseas markets in which we
offer our products;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure to develop appropriate risk management and internal control
structures tailored to overseas operations;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>inability to obtain, maintain or enforce intellectual property rights;</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->S-11<!-- /Folio -->
</DIV>

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<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unanticipated changes in economic conditions and regulatory requirements in
overseas markets; 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>trade barriers such as export requirements, tariffs, taxes and other
restrictions and expenses, which could increase the prices of our products and make
us less competitive in some countries.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For example, U.S. customs officials recently imposed a 2.5% tariff on solar panels
manufactured by one of our competitors. Although the solar power industry is challenging the
decision, any expansion of the tariff to other products or manufacturers could negatively impact
our exports to the United States, and to other countries that adopt similar tariffs or regulations.
If we are unable to effectively manage the risks set forth above, these risks could materially
impair our ability to expand our business abroad.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>We may face penalties for failing to comply with certain PRC legal requirements.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are required to comply with the PRC Environmental Protection Law. For example, some of our
subsidiaries are required to have their manufacturing facilities examined and approved by the PRC
environmental protection authorities prior to the start of production. However, due to
discrepancies between interpretation of the written law and its application to date, our subsidiary
CSI Cells began production without obtaining such approval. As a result, there is a risk that we
may be ordered by the relevant environmental protection authorities to cease manufacturing at this
site and to pay fines. To date, the local environmental protection authority has not taken
any action against us and we are currently working with this authority to complete the examination
and obtain the requisite approval. There can be no assurance that we will obtain the necessary
approvals for additions or expansions to our manufacturing operations in a timely manner, if at
all.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use dangerous chemicals, such as hydrochloric acid, in our production process. According to
the PRC Regulations on the Safety Administration of Dangerous Chemicals, companies using dangerous
chemicals shall conduct a safety evaluation on their manufacturing and storage instruments every
two years, and the results of the safety evaluation shall be filed with the dangerous chemicals
safety supervision and administration authorities. Because some of
our PRC subsidiaries have failed either to conduct the safety evaluation or to complete the above filing procedure, we could be
subject to fines or a revocation of relevant permits and licenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are required to comply with the PRC Construction Law and relevant regulations in the
process of constructing our manufacturing facilities. For example, our PRC subsidiaries CSI Cells
and CSI Advanced are required to have their recently constructed manufacturing facilities examined
and accepted by relevant agencies before commencing operations. However, CSI Cells and CSI Advanced
began operating these facilities without the completion of the required examination and acceptance
procedure. We are currently working with the relevant parties to undergo the required examination
and acceptance procedures. However, there is a risk that we may be ordered by the relevant
construction administrative authorities to rectify such
non-compliance and/or to pay fines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our subsidiary, CSI Luoyang, commenced construction of its manufacturing facilities without
obtaining a construction permit, which is required under PRC Construction Law. We are currently
cooperating with relevant government agencies to obtain this required permit. However, we may be
ordered by the relevant construction administrative authorities to rectify such non-compliance and
be subject to fines.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Our dependence on a limited number of customers and our lack of long-term customer contracts may
cause significant fluctuations or declines in our revenues.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently sell a substantial portion of our solar module products to a limited number of
customers, including distributors, system integrators, and various manufacturers who either
integrate our products into their own products or sell them as part of their product portfolio. Our
top five customers collectively accounted for approximately 78.8%, 52.6% and 53.9% of our net
revenues in 2007, 2008 and the six months ended June&nbsp;30, 2009, respectively. Our top three
customers each contributed over 10% of our net revenues in 2008. Our
top two customers in the aggregate
accounted for 32.2% of our net revenues in the six months ended June&nbsp;30, 2009. Sales to our largest
customer accounted for 21.1%, 14.7% and 19.6% of our net revenues in 2007, 2008 and the six months
ended June&nbsp;30, 2009, respectively. Sales to our customers are typically made through one-year
framework sales agreements with quarterly purchase orders stipulating prices and product amounts as
adjusted or negotiated with customers. We anticipate that our dependence on a limited number of
customers will continue for the foreseeable future. Consequently, any of the following events may
cause material fluctuations or declines in our revenues:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-12<!-- /Folio -->
</DIV>

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<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reduction, delay or cancellation of orders from one or more of our significant
customers;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss of one or more of our significant customers and our failure to identify
additional or replacement customers;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure of any of our significant customers to make timely payment for our
products; 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>financial problems or insolvencies of one or more of our significant
customers.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Even though our top five customers have contributed to a significant portion of our revenues,
we have experienced changes in our top customers. As we continue to expand our business and
operations, our top customers may continue to change. We cannot assure you that we will be able to
develop a consistent customer base.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-13<!-- /Folio -->
</DIV>

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<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="104"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>USE OF PROCEEDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net proceeds from the sale of the common shares are estimated to be approximately $
million, after deducting estimated discounts and commissions and our estimated offering expenses
(approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million if the underwriters exercise their option to purchase additional
common shares in full). We expect to use the net proceeds from this offering for general corporate
purposes. Pending such uses, we will invest the net proceeds in short-term interest bearing
securities or bank deposits.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-14<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAPITALIZATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth our capitalization (unaudited)&nbsp;as of June&nbsp;30, 2009:
</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on an actual basis; 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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on an as adjusted basis to give effect to the completion of this offering (assuming that
the underwriters&#146; option to purchase additional common shares in not exercised), after
deducting the underwriting discounts and commissions and estimated aggregate offering
expenses payable by us.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should read this table together with our financial statements and related notes and the
information under &#147;Operating and Financial Review and Prospects&#148; included in our current report on
Form 6-K filed on October&nbsp;13, 2009.
</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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&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="center" colspan="6" style="border-bottom: 1px solid #000000"><B>As of June 30, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Actual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>As Adjusted</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(in US$ thousands)</B></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">Long-term borrowings</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Secured/Guaranteed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,274</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unsecured/Unguaranteed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,464</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Convertible notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">848</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">848</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders&#146; equity:</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common shares, no par value, unlimited
authorized shares; 35,781,293 shares issued
and outstanding <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395,252</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:15px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(63,548</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(63,548</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,783</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,997</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">348,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" 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:60px; text-indent:-15px">Total capitalization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">380,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Excludes 1,978,030 common shares issuable upon the exercise of options outstanding as of June
30, 2009 and 1,285,548 common shares reserved for future issuance under our 2006 share
incentive plan as of June&nbsp;30, 2009.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->S-15<!-- /Folio -->
</DIV>

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<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="106"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DIVIDEND POLICY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have never declared or paid any dividends, nor do we have any present plan to declare or
pay any dividends on our common shares in the foreseeable future. We currently intend to retain our
available funds and any future earnings to operate and expand our business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors has complete discretion over whether to pay dividends. Even if our
board of directors decides to pay dividends, the form, frequency and amount will depend upon our
future operations and earnings, capital requirements and surplus, general financial condition,
contractual restrictions and other factors that the board of directors may deem relevant. Cash
dividends on our common shares, if any, will be paid in U.S. dollars.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-16<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MARKET PRICE INFORMATION FOR OUR COMMON SHARES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common shares have been listed on the NASDAQ Global Market under the symbol &#147;CSIQ&#148; since
November&nbsp;9, 2006. The following table sets forth the high and low trading prices for our common
shares on the NASDAQ Global Market for the periods indicated.
</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="76%">&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="7" style="border-bottom: 1px solid #000000"><B>Trading Price</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>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>US$</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>US$</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Annual Highs and Lows</B></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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2006 (from November&nbsp;9, 2006)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.11</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>
    <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>Quarterly Highs and Lows</B></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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">First Quarter 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Second Quarter 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Third Quarter 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fourth Quarter 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">First Quarter 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Second Quarter 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Third Quarter 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fourth Quarter 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">First Quarter 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Second Quarter 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Third Quarter 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.21</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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><B>Monthly Highs and Lows <BR>
2009</B></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:30px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">June</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">July</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">August</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">September</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">October (through October&nbsp;12)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.20</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The closing price of our common shares on October&nbsp;12, 2009 as reported by the NASDAQ Global
Market was $18.05.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-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="108"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TAXATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Principal Canadian Federal Income Tax Considerations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>General</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the principal Canadian federal income tax implications generally
applicable to a U.S. Holder (defined below), who acquires our common shares, or the Common Shares,
pursuant to this offering and who, at all relevant times, for purposes of the <I>Income Tax Act</I>
(Canada), or the Canadian Tax Act, (i)&nbsp;is the beneficial owner of such Common Shares; (ii)&nbsp;has not
been, is not and will not be resident (or deemed to be resident) in Canada at any time while such
U.S. Holder has held or holds the Common Shares; (iii)&nbsp;holds the Common Shares as capital property;
(iv)&nbsp;deals at arm&#146;s length with and is not affiliated with us; (v)&nbsp;does not use or hold, and is not
deemed to use or hold, the Common Shares in the course of carrying on a business in Canada, and
(vi)&nbsp;is a resident of the United States for purposes of the <I>Canada-United States Income Tax
Convention (1980)</I>, or the Convention, and is fully entitled to the benefits of the Convention.
Special rules that are not addressed in this summary may apply to a U.S. Holder that is an insurer
that carries on, or is deemed to carry on, an insurance business in Canada and elsewhere and such
U.S. Holders should consult their own tax advisers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary assumes that we are a resident of Canada for the purposes of the Canadian Tax
Act. Should it be determined that we are not a resident of Canada for the purposes of the Canadian
Tax Act by virtue of being resident in another country (such as the PRC) by virtue of the
application of an income tax convention between Canada and that other country, the Canadian income
tax consequences to a U.S. Holder will differ from those described herein and U.S. Holders should
consult their own tax advisors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary is based on the current provisions of the Canadian Tax Act, and the regulations
thereunder, the Convention, and our counsel&#146;s understanding of the published administrative
practices and policies of the Canada Revenue Agency, all in effect as of the date of this
prospectus supplement. This summary takes into account all specific proposals to amend the Canadian
Tax Act or the regulations thereunder publicly announced by or on behalf of the Minister of Finance
(Canada) prior to the date of this prospectus supplement. No assurances can be given that such
proposed amendments will be enacted in the form proposed, or at all. This is not an exhaustive
summary of all potential Canadian federal income tax consequences to a U.S. Holder and this summary
does not take into account or anticipate any other changes in law or administrative practices,
whether by judicial, governmental or legislative action or decision, nor does it take into account
provincial, territorial or foreign tax legislation or considerations, which may differ from the
Canadian federal income tax considerations described herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>TAX MATTERS ARE VERY COMPLICATED AND THE CANADIAN FEDERAL INCOME TAX CONSEQUENCES OF
PURCHASING, OWNING AND DISPOSING OF COMMON SHARES WILL DEPEND ON EACH U.S. HOLDER&#146;S PARTICULAR
SITUATION. THIS SUMMARY IS NOT INTENDED TO BE A COMPLETE ANALYSIS OF OR DESCRIPTION OF ALL
POTENTIAL CANADIAN FEDERAL INCOME TAX CONSEQUENCES, AND SHOULD NOT BE CONSTRUED TO BE, LEGAL,
BUSINESS OR TAX ADVICE DIRECTED AT ANY PARTICULAR U.S. HOLDER OR PROSPECTIVE PURCHASER OF COMMON
SHARES. ACCORDINGLY, HOLDERS OR PROSPECTIVE PURCHASERS OF COMMON SHARES SHOULD CONSULT THEIR OWN
TAX ADVISORS FOR ADVICE WITH RESPECT TO THE CANADIAN FEDERAL INCOME TAX CONSEQUENCES OF AN
INVESTMENT IN COMMON SHARES BASED ON THEIR OWN PARTICULAR CIRCUMSTANCES.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Dividends</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts paid or credited, or deemed under the Canadian Tax Act to be paid or credited, on
account or in lieu of payment of, or in satisfaction of, dividends to a U.S. Holder will be subject
to Canadian non-resident withholding tax at the reduced rate of 15% under the Convention. This rate
is further reduced to 5% in the case of a U.S. Holder that is a company for purposes of the
Convention that owns at least 10% of our voting shares at the time the dividend is paid or deemed
to be paid.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-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 align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Disposition of Our Common Shares</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. Holder will not be subject to income tax under the Canadian Tax Act in respect of any
capital gain realized on a disposition or deemed disposition of its Common Shares unless, at the
time of disposition, the Common Shares constitute &#147;taxable Canadian property&#148; of the U.S. Holder
for the purposes of the Canadian Tax Act and the U.S. Holder is not otherwise entitled to an
exemption under the Convention. Generally, the Common Shares will not constitute taxable Canadian
property to a U.S. Holder provided that: (i)&nbsp;the Common Shares are, at the time of disposition,
listed on a designated stock exchange for purposes of the Canadian Tax Act (which currently
includes the Nasdaq); (ii)&nbsp;at no time during the 60-month period immediately preceding the
disposition of the Common Shares were 25% or more of the issued shares of any class or series of
the capital stock of the Company owned by the U.S. Holder, by persons with whom the U.S. Holder did
not deal at arm&#146;s length, or by the U.S. Holder together with such persons, and (iii)&nbsp;the Common
Shares are not otherwise deemed under the Canadian Tax Act to be taxable Canadian property. U.S.
Holders for whom the Common Shares are, or may be, taxable Canadian property should consult their
own tax advisors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Canada &#151; United States Income Tax Convention</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fifth Protocol to the Convention which came into force on December&nbsp;15, 2008 includes
significant amendments to the limitation on benefits provision in the Convention. U.S. Holders are
urged to consult their own tax advisors to determine their entitlement to benefits under the
Convention.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>People&#146;s Republic of China Taxation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the former Income Tax Law for Enterprises with Foreign Investment and Foreign
Enterprises, any dividends payable by foreign-invested enterprises to non-PRC investors were exempt
from any PRC withholding tax. In addition, any interest or dividends payable, or distributions
made, by us to holders or beneficial owners of our common shares would not have been subject to any
PRC tax, provided that such holders or beneficial owners, including individuals and enterprises,
were not deemed to be PRC residents under the PRC tax law and had not become subject to PRC tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the new Enterprise Income Tax Law, or the new EIT Law, which took effect as of January
1, 2008, enterprises established under the laws of non-PRC jurisdictions but whose &#147;de facto
management body&#148; is located in China are considered &#147;resident enterprises&#148; for PRC tax purposes.
Under the implementation regulations issued by the State Council relating to the EIT Law, &#147;de facto
management bodies&#148; are defined as the bodies that have material and overall management control over
the business, personnel, accounts and properties of an enterprise. Most of our management are
currently based in China, and may remain in China in the future. If we are treated as a &#147;resident
enterprise&#148; for PRC tax purposes, we will be subject to PRC income tax on our worldwide income at a
uniform tax rate of 25%, but dividends received by us from our PRC subsidiaries may be exempt from
the income tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the EIT Law and its implementation regulations, dividends paid to a non-PRC investor are
generally subject to a 10% PRC withholding tax, if such dividends are derived from sources within
China and the non-PRC investor is considered to be a non-resident enterprise without any
establishment or place within China or if the dividends paid have no connection with the non-PRC
investor&#146;s establishment or place within China, unless such tax is eliminated or reduced under an
applicable tax treaty. Similarly, any gain realized on the transfer of shares by such investor is
also subject to a 10% PRC withholding tax if such gain is regarded as income derived from sources
within China, unless such tax is eliminated or reduced under an applicable tax treaty.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The implementation regulations of the new EIT Law provide that (i)&nbsp;if the enterprise that
distributes dividends is domiciled in the PRC, or (ii)&nbsp;if gains are realized from transferring
equity interests of enterprises domiciled in the PRC, then such dividends or capital gains shall be
treated as China-sourced income. Currently there are no detailed rules or precedents applicable to
us that govern the procedures and specific criteria for determining the meaning of being
&#147;domiciled&#148; in the PRC. As such, it is not clear how the concept of domicile will be interpreted
under the new EIT Law. Domicile may be interpreted as the jurisdiction where the enterprise is
incorporated or where the enterprise is a tax resident.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result, if we are considered a PRC &#147;resident enterprise for tax purpose,&#148; it is possible
that the dividends we pay with respect to our common shares, or the gain you may realize from the
transfer of our common shares, would be treated as income derived from sources within China and be
subject to the PRC withholding tax at 10% or a lower treaty rate.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-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 align="left" style="font-size: 10pt; margin-top: 12pt"><B>United States Federal Income Taxation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion describes the material U.S. federal income tax consequences to U.S.
Holders (defined below) under present U.S. federal income tax law of an investment in our common
shares. This summary applies only to investors that hold our common shares as capital assets and
that have the U.S. dollar as their functional currency. This discussion is based on the tax laws of
the United States as in effect on the date of this prospectus supplement and on U.S. Treasury
regulations in effect or, in some cases, proposed, as of the date of this prospectus supplement, as
well as judicial and administrative interpretations thereof available on or before such date. All
of the foregoing authorities are subject to change, which change could apply retroactively and
could affect the tax consequences described below. This summary does not discuss any estate or gift
tax consequences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion does not deal with the tax consequences to any particular investor or
to persons in special tax situations such as:
</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>banks;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain financial institutions;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>regulated investment companies;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>real estate investment trusts;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>insurance companies;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>broker dealers;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>U.S. expatriates;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>traders that elect to mark to market;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>tax-exempt entities;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>persons liable for alternative minimum tax;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>persons holding a common share as part of a straddle, hedging, constructive sale,
conversion or integrated transaction;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>persons that actually or constructively own 10% or more of our voting stock;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>persons who acquired common shares pursuant to the exercise of any employee share option
or otherwise as compensation; 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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>persons holding common shares through partnerships or other pass-through entities for
U.S. federal income tax purposes.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>U.S. HOLDERS ARE URGED TO CONSULT THEIR TAX ADVISORS ABOUT THE APPLICATION OF THE U.S. FEDERAL
TAX RULES TO THEIR PARTICULAR CIRCUMSTANCES AS WELL AS THE STATE, LOCAL AND FOREIGN TAX
CONSEQUENCES TO THEM OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF COMMON SHARES.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below of the U.S. federal income tax consequences to &#147;U.S. Holders&#148; will apply
if you are a beneficial owner of common shares and you are, for U.S. federal income tax purposes,
</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an individual who is a citizen or resident of the United States;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->S-20<!-- /Folio -->
</DIV>

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<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation (or other entity taxable as a corporation) organized under the laws of the
United States, any State or the District of Columbia;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an estate whose income is subject to U.S. federal income taxation regardless of its
source; 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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a trust that (1)&nbsp;is subject to the primary supervision of a court within the United
States and one or more U.S. persons have the authority to control all substantial decisions
of the trust or (2)&nbsp;has a valid election in effect under applicable U.S. Treasury
regulations to be treated as a U.S. person.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a partner in partnership or other entity taxable as a partnership that holds common
shares, your tax treatment will depend on your status and the activities of the partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Dividends and Other Distributions on the Common Shares</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the PFIC rules discussed below under &#147;Passive Foreign Investment Company,&#148; the
gross amount of all our distributions to a U.S. Holder with respect to the common shares (including
any Canadian or PRC taxes withheld therefrom) will be included in the U.S. Holder&#146;s gross income as
foreign source ordinary dividend income on the date of receipt by the U.S. Holder, but only to the
extent that the distribution is paid out of our current or accumulated earnings and profits (as
determined under U.S. federal income tax principles). To the extent that the amount of the
distribution exceeds our current and accumulated earnings and profits, it will be treated first as
a tax-free return of a U.S. Holder&#146;s tax basis in its common shares causing a reduction in the
adjusted basis of the common shares, and to the extent the amount of the distribution exceeds the
U.S. Holder&#146;s tax basis, the excess will be taxed as capital gain. We do not currently, and we do
not intend to, calculate our earnings and profits under U.S. federal income tax principles.
Therefore, a U.S. Holder should expect that a distribution will be treated as a dividend. The
dividends will not be eligible for the dividends-received deduction allowed to corporations in
respect of dividends received from other U.S. corporations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to non-corporate U.S. Holders for taxable years beginning before January&nbsp;1, 2011,
dividends may constitute &#147;qualified dividend income&#148; that is taxed at the lower applicable capital
gains rate provided that (1)&nbsp;the common shares are readily tradable on an established securities
market in the United States or we are eligible for the benefits of the income tax treaty between
the United States and Canada or the United States and the PRC, if applicable, (2)&nbsp;we are not a PFIC
(as discussed below) for either our taxable year in which the dividend was paid or the preceding
taxable year, (3)&nbsp;certain holding period requirements are met and (4)&nbsp;the U.S. Holder is not under
an obligation to make related payments with respect to positions in substantially similar or
related property. U.S. Treasury guidance indicates that our common shares, which are listed on the
Nasdaq Global Market, are readily tradable on an established securities market in the United
States. There can be no assurance that our common shares will be considered readily tradable on an
established securities market in the future. U.S. Holders should consult their tax advisors
regarding the availability of the lower rate for dividends paid with respect to our common shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to certain limitations, including certain minimum holding period requirements,
Canadian and PRC taxes withheld from a distribution to a U.S. Holder will be eligible for credit
against such U.S. Holder&#146;s U.S. federal income tax liability. If a refund of the tax withheld is
available to the U.S. Holder under the laws of Canada or the PRC or under the income tax treaty
between the United States and Canada or the income tax treaty between the United States and the
PRC, the amount of tax withheld that is refundable will not be eligible for such credit against the
U.S. Holder&#146;s U.S. federal income tax liability (and will not be eligible for the deduction against
the U.S. Holder&#146;s U.S. federal taxable income). If the dividends are qualified dividend income (as
discussed above), the amount of the dividend taken into account for purposes of calculating the
foreign tax credit limitation will in general be limited to the gross amount of the dividend,
multiplied by the reduced rate divided by the highest rate of tax normally applicable to dividends.
The limitation on foreign taxes eligible for credit is calculated separately with respect to
specific classes of income. For this purpose, dividends distributed by us with respect to common
shares generally will constitute &#147;passive category income&#148; from sources outside the United States
but could, in the case of certain U.S. Holders, constitute &#147;general category income.&#148; The rules
relating to the determination of the U.S. foreign tax credit are complex, and U.S. Holders should
consult their tax advisors to determine whether and to what extent a credit would be available. A
U.S. Holder that does not elect to claim a foreign tax credit with respect to any foreign taxes for
a given taxable year may instead claim an itemized deduction for all foreign taxes paid in that
taxable year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of common shares that are received as part of a pro rata distribution to all our
shareholders generally will not be subject to U.S. federal income tax.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-21<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Dispositions of Common Shares</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the PFIC rules discussed below under &#147;Passive Foreign Investment Company,&#148; a U.S.
Holder will recognize U.S. source taxable gain or loss on any sale, exchange or other taxable
disposition of a common share equal to the difference between the amount realized for the common
share and the U.S. Holder&#146;s tax basis in the common share. Such gain or loss generally will be
capital gain or loss and will be long-term capital gain or loss if at the time of the sale,
exchange or other disposition such common shares have been held by such U.S. Holder for more than
one year. Long-term capital gain realized by a non-corporate U.S. Holder will generally be subject
to taxation at a reduced rate. The deductibility of capital losses is subject to limitations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, in the event we are deemed to be a Chinese &#147;resident enterprise&#148; under PRC tax law,
we may be eligible for the benefits of the income tax treaty between the United States and the PRC.
Under that treaty, if PRC tax were to be imposed on any gain from the disposition of the common
shares, the gain may be treated as PRC source income. U.S. Holders should consult their tax
advisors regarding the creditability of any PRC tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Passive Foreign Investment Company</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the market price of our common shares and the composition of our income and assets
and our operations, we believe we were not a PFIC for U.S. federal income tax purposes for our
taxable year ended December&nbsp;31, 2008, and we do not expect to be a PFIC for our taxable year ending
December&nbsp;31, 2009 or to become one in the future, although there can be no assurance in that regard
and no ruling from the Internal Revenue Service, or IRS, or opinion of counsel has been or will be
sought with respect to our status as a PFIC. A non-U.S. corporation is considered to be a PFIC for
any taxable year if either:
</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at least 75% of its gross income is passive income, 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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at least 50% of the value of its assets (based on an average of the quarterly values of
the assets during a taxable year) is attributable to assets that produce or are held for
the production of passive income, or the &#147;asset test.&#148;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For this purpose, passive income generally includes dividends, interest, royalties and rents
(other than royalties and rents derived in the active conduct of a trade or business and not
derived from a related person.) We will be treated as owning our proportionate share of the assets
and earning our proportionate share of the income of any other corporation in which we own,
directly or indirectly, 25% or more (by value) of the stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We must make a separate determination each year as to whether we are a PFIC. As a result, our
PFIC status may change. In particular, because the total value of our assets for purposes of the
asset test will be calculated using the market price of our common shares (assuming that we
continue to be a publicly traded corporation for purposes of the applicable PFIC rules), our PFIC
status may depend in large part on the market price of our common shares. Accordingly, fluctuations
in the market price of our common shares may result in our being a PFIC for any year. If we are a
PFIC for any year during which a U.S. Holder holds common shares, we generally will continue to be
treated as a PFIC for all succeeding years during which such U.S. Holder holds common shares,
absent a special election. For instance, if we cease to be a PFIC, a U.S. Holder may avoid some of
the adverse effects of the PFIC regime by making a deemed sale election with respect to the common
shares. If we are a PFIC for any taxable year and any of our non-U.S. subsidiaries is also a PFIC,
a U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the
lower-tier PFIC for purposes of the application of these rules. U.S. Holders are urged to consult
their tax advisors about the application of the PFIC rules to any of our subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we are a PFIC for any taxable year during which a U.S. Holder holds common shares, such
U.S. Holder will be subject to special tax rules with respect to any &#147;excess distribution&#148; that it
receives and any gain it realizes from a sale or other disposition (including a pledge) of the
common shares, unless the U.S. Holder makes a &#147;mark-to-market&#148; election as discussed below.
Distributions received by a U.S. Holder in a taxable year that are greater than 125% of the average
annual distributions such U.S. Holder received during the shorter of the three preceding taxable
years or its holding period for the common shares will be treated as excess distributions. Under
these special tax rules:
</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the excess distribution or gain will be allocated ratably over the U.S. Holder&#146;s holding
period for the common shares,</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->S-22<!-- /Folio -->
</DIV>

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<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amount allocated to the current taxable year, and any taxable year prior to the
first taxable year in which we became a PFIC, will be treated as ordinary income, 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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amount allocated to each other year will be subject to the highest tax rate in
effect for that year and the interest charge generally applicable to underpayments of tax
will be imposed on the resulting tax attributable to each such year.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tax liability for amounts allocated to years prior to the year of disposition or &#147;excess
distribution&#148; cannot be offset by any net operating losses for such years, and gains (but not
losses) realized on the sale of the common shares cannot be treated as capital, even if the U.S.
Holder holds the common shares as capital assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternatively, a U.S. Holder of &#147;marketable stock&#148; (as defined below) in a PFIC may make a
mark-to-market election with respect to shares of a PFIC to elect out of the tax treatment
discussed above. If a U.S. Holder makes a valid mark-to-market election for the common shares, the
U.S. Holder will include in income each year an amount equal to the excess, if any, of the fair
market value of the common shares as of the close of its taxable year over its adjusted basis in
such common shares. The U.S. Holder is allowed a deduction for the excess, if any, of the adjusted
basis of the common shares over their fair market value as of the close of the taxable year.
However, deductions are allowable only to the extent of any net mark-to-market gains on the common
shares included in the U.S. Holder&#146;s income for prior taxable years. Amounts included in a U.S.
Holder&#146;s income under a mark-to-market election, as well as gain on the actual sale or other
disposition of the common shares, are treated as ordinary income. Ordinary loss treatment also
applies to the deductible portion of any mark-to-market loss on the common shares, as well as to
any loss realized on the actual sale or disposition of the common shares, to the extent that the
amount of such loss does not exceed the net mark-to-market gains previously included for such
common shares. A U.S. Holder&#146;s basis in the common shares will be adjusted to reflect any such
income or loss amounts. If a U.S. Holder makes such an election, the tax rules that ordinarily
apply to distributions by corporations that are not PFICs would apply to distributions by us,
except that the lower applicable capital gains rate for &#147;qualified dividend income&#148; discussed above
under &#147;Dividends and Other Distributions on the Common Shares&#148; would not apply.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The mark-to-market election is available only for &#147;marketable stock,&#148; which is generally stock
that is traded in other than <I>de minimis </I>quantities on at least 15&nbsp;days during each calendar quarter
on a qualified exchange, including the Nasdaq Global Market, or other market, as defined in
applicable U.S. Treasury regulations. We expect that our common shares will continue to be listed
on the Nasdaq Global Market and, consequently, the mark-to-market election would be available to
U.S. Holders of common shares were we to be a PFIC. U.S. Holders are urged to consult their tax
advisors about the availability of the mark-to-market election, and whether making the election
would be advisable in their particular circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a non-U.S. corporation is a PFIC, a holder of shares in that corporation can avoid taxation
under the rules described above by making a &#147;qualified electing fund&#148; election to include its share
of the corporation&#146;s income on a current basis. However, a U.S. Holder can make a qualified
electing fund election with respect to its common shares only if we furnish the U.S. Holder
annually with certain tax information, and we do not intend to prepare or provide such information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. Holder that holds common shares in any year in which we are a PFIC will be required to
file IRS Form&nbsp;8621 regarding distributions received on the common shares and any gain realized on
the disposition of the common shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC
rules to the ownership and disposition of common shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Information Reporting and Backup Withholding</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends on common shares and the proceeds of a sale or redemption of a common share may be
subject to information reporting to the IRS and possible U.S. backup withholding at a current rate
of 28%, unless the conditions of an applicable exemption are satisfied. Backup withholding will not
apply to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other
required certification or who is otherwise exempt from backup withholding. U.S. Holders who are
required to establish their exempt status can provide such certification on IRS Form W-9. U.S.
Holders should consult their tax advisors regarding the application of the U.S. information
reporting and backup withholding rules.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-23<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Backup withholding is not an additional tax. Amounts withheld as backup withholding may be
credited against a U.S. Holder&#146;s U.S. federal income tax liability, and a U.S. Holder may obtain a
refund of any excess amounts withheld under the backup withholding rules by timely filing the
appropriate claim for refund with the IRS and furnishing any required information.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->S-24<!-- /Folio -->
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNDERWRITING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms and subject to the conditions contained in an underwriting agreement dated the
date of this prospectus supplement, the underwriters named below, for whom Morgan Stanley &#038; Co.
Incorporated, Deutsche Bank Securities Inc. and Piper Jaffray &#038; Co. are acting as representatives,
have severally agreed to purchase, and we have agreed to sell to them, severally, the number of
common shares indicated below:
</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 nowrap align="left" style="border-bottom: 1px solid #000000"><B>Underwriters</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Number of Shares</B></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">Morgan Stanley &#038; Co. Incorporated</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">Deutsche Bank Securities Inc.</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">Piper Jaffray &#038; Co.</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">Wells Fargo Securities, LLC</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">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The underwriters are offering the common shares subject to their acceptance of the shares from
us and subject to prior sale. The underwriting agreement provides that the obligations of the
several underwriters to pay for and accept delivery of the common shares offered by this prospectus
supplement and the accompanying prospectus are subject to the approval of certain legal matters by
their counsel and to certain other conditions. The underwriters are obligated to take and pay for
all of the common shares offered by this prospectus supplement and the accompanying prospectus if
any such shares are taken. However, the underwriters are not required to take or pay for the shares
covered by the underwriters&#146; option to purchase additional common shares described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The underwriters initially propose to offer part of the common shares directly to the public
at the public offering price listed on the cover page of this prospectus supplement and part to
certain dealers at a price that represents a concession not in excess of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a share under the
public offering price. After the initial offering of the common shares, the offering price and
other selling terms may from time to time be varied by the representatives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have granted to the underwriters an option, exercisable for 30&nbsp;days from the date of this
prospectus supplement, to purchase up to an aggregate of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional common shares at the
public offering price listed on the cover page of this prospectus supplement, less underwriting
discounts and commissions. To the extent the option is exercised, each underwriter will become
obligated, subject to certain conditions, to purchase about the same percentage of the additional
common shares as the number listed next to the underwriter&#146;s name in the preceding table bears to
the total number of common shares listed in the preceding table.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the per share and total public offering price, underwriting
discounts and commissions and proceeds before expenses to us. These amounts are shown assuming both
no exercise and full exercise of the underwriters&#146; option to purchase additional share of common
stock.
</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="64%">&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;&nbsp;&nbsp;&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Without Exercise of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>With Full Exercise of</B></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"><B>Option to Purchase</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option to Purchase</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>Per share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Additional Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Additional Shares</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Public offering price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Underwriting discounts and commissions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds, before expenses, to us</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The estimated offering expenses payable by us, exclusive of the underwriting discounts and
commissions, are approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of us and our directors and executive officers has agreed that, without the prior written
consent of the representatives on behalf of the underwriters, it will not, during the period ending
90&nbsp;days after the date of this prospectus supplement:
</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue, offer, pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant for the sale
of, or lend or otherwise dispose of or transfer any common shares or any securities
convertible into or exchangeable or exercisable for or repayable with common shares, or
file any registration statement under the Securities Act with respect to any of the
foregoing, or</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->S-25<!-- /Folio -->
</DIV>

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<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into any swap, derivative or any other agreement or any transaction that
transfers, in whole or in part, directly or indirectly, the economic consequence of
ownership of common shares or any securities convertible into or exchangeable for or
repayable with common shares,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">whether or not any such transaction described above is to be settled by delivery of common shares
or such other securities, in cash or otherwise. The restrictions described in this paragraph do not
apply for us 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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue and sell common shares offered by this prospectus supplement and the accompanying
prospectus to the underwriters, 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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>grant options or issue and sell common shares to be issued pursuant to existing employee
benefit plans, qualified share option plans or other employee compensation benefit plans or
pursuant to convertible securities, options, warrants, or rights, in each case outstanding
on the date of this prospectus supplement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 90-day restricted period described in the preceding paragraph will be extended if (1)
during the last 18&nbsp;days of the 90-day restricted period, we issue an earnings release or a release
announcing material news or a material event or (2)&nbsp;we announce that we will release earnings
results during the 16-day period beginning on the last day of the lock-up period, in which case the
restrictions described in the preceding paragraph will continue to apply until the expiration of
the 18- day period beginning on the issuance of the earnings release or the occurrence of material
news or a material event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to facilitate the offering of the common stock, the underwriters may engage in
transactions that stabilize, maintain or otherwise affect the price of the common stock.
Specifically, the underwriters may sell more common shares than they are obligated to purchase
under the underwriting agreement, creating a short position. A short sale is covered if the short
position is no greater than the number of shares of commons stock available for purchase by the
underwriters under their option to purchase additional common shares. The underwriters can close
out a covered short sale by exercising their option to purchase additional common shares or
purchasing shares in the open market. In determining the source of shares to close out a covered
short sale, the underwriters will consider, among other things, the open-market price of common
stock compared to the price available under their option to purchase additional common shares. The
underwriters may also sell common shares in excess of their option to purchase additional common
shares, creating a naked short position. The underwriters must close out any naked short position
by purchasing common shares in the open market. A naked short position is more likely to be created
if the underwriters are concerned that there may be downward pressure on the price of the common
stock in the open market after pricing that could adversely affect investors who purchase in this
offering. As an additional means of facilitating this offering, the underwriters may bid for, and
purchase, common shares in the open market to stabilize the price of the common stock. These
activities may raise or maintain the market price of the common stock above independent market
levels or prevent or retard a decline in the market price of the common stock. The underwriters are
not required to engage in these activities and may end any of these activities at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From time to time, certain of the underwriters or their affiliates have provided, and may
continue to provide, financial advisory or other services to us, our affiliates and our employees
in the ordinary course of business, for which they receive customary fees and commissions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and the underwriters have agreed to indemnify each other against certain liabilities,
including liabilities under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Selling Restrictions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Australia. </I>This prospectus supplement and the accompanying prospectus is not a disclosure
document under Chapter&nbsp;6D of the Corporations Act 2001 (Cth), or the Australian Corporations Act,
has not been lodged with the Australian Securities and Investments Commission and does not purport
to include the information required of a disclosure document under Chapter&nbsp;6D of the Australian
Corporations Act. Accordingly, (i)&nbsp;the offer of the common shares under this prospectus supplement
and the accompanying prospectus is only made to persons to whom it is lawful to offer the common
shares without disclosure under Chapter&nbsp;6D of the Australian Corporations Act under one or more
exemptions set out in section 708 of the Australian Corporations Act, (ii)&nbsp;this prospectus
supplement and the accompanying prospectus is made available in Australia only to those persons as
set forth in clause (i)&nbsp;above, and (iii)&nbsp;the offeree must be sent a notice stating in substance
that by accepting this offer, the offeree represents that the offeree is such a person as set forth
in clause (i)&nbsp;above, and,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-26<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">unless permitted under the Australian Corporations Act, agrees not to sell or offer for sale
within Australia any of the common shares sold to the offeree within 12&nbsp;months after its transfer
to the offeree under this prospectus supplement and the accompanying prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cayman Islands. </I>Neither this prospectus supplement nor the accompanying prospectus constitutes
an invitation or offer to the public in the Cayman Islands of the common shares, whether by way of
sale or subscription. The underwriters have not offered or sold, and will not offer or sell,
directly or indirectly, any shares in the Cayman Islands.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>European Economic Area. </I>In relation to each Member State of the European Economic Area which
has implemented the Prospectus Directive, each, a Relevant Member State, with effect from and
including the date on which the Prospectus Directive is implemented in that Relevant Member State,
or the Relevant Implementation Date, the common shares may not be offered to the public in that
Relevant Member State prior to the publication of a prospectus in relation to the common shares
which has been approved by the competent authority in that Relevant Member State or, where
appropriate, approved in another Relevant Member State and notified to the competent authority in
that Relevant Member State, all in accordance with the Prospectus Directive, except that the common
shares may, with effect from and including the Relevant Implementation Date, be offered to the
public in that Relevant Member State at any time:
</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 legal entities which are authorized or regulated to operate in the financial markets
or, if not so authorized or regulated, whose corporate purpose is solely to invest in
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">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to any legal entity which has two or more of (1)&nbsp;an average of at least 250 employees
during the last financial year, (2)&nbsp;a total balance sheet of more than <FONT face="'Times New Roman',times,serif">&#128;</FONT>43,000,000 and (3)
an annual net turnover of more than <FONT face="'Times New Roman',times,serif">&#128;</FONT>50,000,000, as shown in its last annual or
consolidated accounts;</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 fewer than 100 natural or legal persons (other than qualified investors as defined
in the Prospectus Directive) subject to obtaining the prior consent of the representatives
for any such offer; 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>in any other circumstances falling within Article&nbsp;3(2) of the Prospectus Directive.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of this provision, the expression an &#147;offer of common shares to the public&#148;
in relation to any of the common shares in any Relevant Member States means the communication in
any form and by any means of sufficient information on the terms of the offer and the common shares
to be offered so as to enable an investor to decide to purchase or subscribe for the common shares,
as the same may be varied in that Member State, by any measure implementing the Prospectus
Directive in that Member State, and the expression Prospectus Directive means Directive 2003/71/EC
and includes any relevant implementing measure in each Relevant Member State.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Hong Kong.</I>
</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 common shares may not be offered or sold in Hong Kong, by means of any document,
other than (i)&nbsp;to &#147;professional investors&#148; as defined in the Securities and Futures
Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (ii)&nbsp;in other
circumstances which do not result in the document being a &#147;prospectus&#148; as defined in the
Companies Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the
public within the meaning of that Ordinance; 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>No advertisement, invitation or document relating to the common shares may be issued,
whether in Hong Kong or elsewhere, which is directed at or the contents of which are likely
to be accessed or read by, the public of Hong Kong (except if permitted to do so under the
securities laws of Hong Kong) other than with respect to the common shares which are or are
intended to be disposed of only to persons outside Hong Kong or only to &#147;professional
investors&#148; as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and
any rules made under that Ordinance.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Japan. </I>The common shares have not been and will not be registered under the Financial
Instruments and Exchange Law of Japan and may not be offered or sold, directly or indirectly, in
Japan or to, or for the account or benefit of, any resident of Japan (which term as used herein
means any person resident in Japan, including any corporation or other entity organized under the
laws of Japan) or to, or for the account or benefit of, any person for reoffering or resale,
directly or indirectly, in Japan or to, or for the account or benefit of, any resident of Japan,
except (i)&nbsp;pursuant to an exemption from the registration requirements of, or otherwise in
compliance
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-27<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with, the Financial Instruments and Exchange Law of Japan and (ii)&nbsp;in compliance with any
other relevant laws and regulations of Japan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>PRC. </I>Neither this prospectus supplement nor the accompanying prospectus constitutes a public
offer of the common shares, whether by way of sale or subscription, in the PRC (excluding, for
purposes of this paragraph, Hong Kong). Other than to qualified domestic institutional investors in
the PRC, the common shares are not being offered and may not be offered or sold, directly or
indirectly, in the PRC to or for the benefit of, legal or natural persons of the PRC. According to
the laws and regulatory requirements of the PRC, with the exception of qualified domestic
institutional investors in the PRC, the common shares may, subject to the laws and regulations of
the relevant jurisdictions, only be offered or sold to non-PRC natural or legal persons in Taiwan,
Hong Kong or Macau or any country other than the PRC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Singapore. </I>Neither this prospectus supplement nor the accompanying prospectus has been
registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus
supplement and the accompanying prospectus and any other document or material in connection with
the offer or sale, or invitation for subscription or purchase, of the common shares may not be
circulated or distributed, nor may the common shares be offered or sold, or be made the subject of
an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore
other than (i)&nbsp;to an institutional investor under Section&nbsp;274 of the Securities and Futures Act
(Chapter&nbsp;289), or the SFA, (ii)&nbsp;to a relevant person pursuant to Section&nbsp;275(1) of the SFA, or any
person pursuant to Section&nbsp;275(1A), and in accordance with the conditions, specified in Section&nbsp;275
of the SFA, or (iii)&nbsp;otherwise pursuant to, and in accordance with the conditions of, any other
applicable provision of the SFA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where the common shares are subscribed or purchased under Section&nbsp;275 of the SFA by a relevant
person which is:
</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 corporation (which is not an accredited investor), the sole business of which is to
hold investments and the entire share capital of which is owned by one or more individuals,
each of whom is an accredited investor; 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>a trust (where the trustee is not an accredited investor) whose sole purpose is to hold
investments and each beneficiary is an accredited investor,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shares, debentures and units of shares and debentures of that corporation or the beneficiaries&#146;
rights and interest in that trust shall not be transferable for six months after that corporation
or that trust has acquired the common shares under Section&nbsp;275
except:</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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to an institutional investor (for corporations, under Section&nbsp;274 of the SFA) or to a
relevant person, or any person pursuant to Section&nbsp;275(2), or to any person pursuant to an
offer that is made on terms that such shares, debentures and units of shares and debentures
of that corporation or such rights and interest in that trust are acquired at a
consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each
transaction, whether such amount is to be paid for in cash or by exchange of securities or
other assets, and further for corporations, in accordance with the conditions, specified in
Section&nbsp;275 of the SFA;</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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where no consideration is given for the transfer; 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">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by operation of law.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>State of Kuwait. </I>The common shares have not been authorized or licensed for offering,
marketing or sale in the State of Kuwait. The distribution of this prospectus supplement and the
accompanying prospectus and the offering and sale of the common shares in the State of Kuwait is
restricted by law unless a license is obtained from the Kuwaiti Ministry of Commerce and Industry
in accordance with Law 31 of 1990. Persons into whose possession this prospectus supplement and the
accompanying prospectus come are required by us and the underwriters to inform themselves about and
to observe such restrictions. Investors in the State of Kuwait who approach us or any of the
underwriters to obtain copies of this prospectus supplement and the accompanying prospectus are
required by us and the underwriters to keep this prospectus supplement and the accompanying
prospectus confidential and not to make copies thereof or distribute the same to any other person
and are also required to observe the restrictions provided for in all jurisdictions with respect to
offering, marketing and the sale of the common shares.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-28<!-- /Folio -->
</DIV>

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<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>Switzerland. </I>This prospectus supplement and the accompanying prospectus does not constitute a
prospectus within the meaning of Article&nbsp;652a or 1156 of the Swiss Code of Obligations
(Schweizerisches Obligationenrecht), and none of this offering and the common shares has been or
will be approved by any Swiss regulatory authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>United Arab Emirates. </I>This prospectus supplement and the accompanying prospectus is not
intended to constitute an offer, sale or delivery of common shares or other securities under the
laws of the United Arab Emirates (UAE). The common shares have not been and will not be registered
under Federal Law No.&nbsp;4 of 2000 Concerning the Emirates Securities and Commodities Authority and
the Emirates Security and Commodity Exchange, or with the UAE Central Bank, the Dubai Financial
Market, the Abu Dhabi Securities Market or with any other UAE exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This offering, the common shares and interests therein have not been approved or licensed by
the UAE Central Bank or any other relevant licensing authorities in the UAE, and do not constitute
a public offer of securities in the UAE in accordance with the Commercial Companies Law, Federal
Law No.&nbsp;8 of 1984 (as amended) or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In relation to its use in the UAE, this prospectus supplement and the accompanying prospectus
is strictly private and confidential and is being distributed to a limited number of investors and
must not be provided to any person other than the original recipient, and may not be reproduced or
used for any other purpose. The interests in the common shares may not be offered or sold directly
or indirectly to the public in the UAE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>United Kingdom. </I>The common shares may not be offered or sold other than to persons whose
ordinary activities involve them in acquiring, holding, managing or disposing of investments (as
principal or agent) for the purposes of their businesses or who it is reasonable to expect will
acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their
businesses where the issue of the common shares would otherwise constitute a contravention of
Section&nbsp;19 of the Financial Services and Markets Act 2000, or FSMA, by the issuer. In addition, no
person may communicate or cause to be communicated any invitation or inducement to engage in
investment activity (within the meaning of Section&nbsp;21 of the FSMA) received by it in connection
with the issue or sale of the common shares other than in circumstances in which Section&nbsp;21(1) of
the FSMA does not apply to the issuer.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SPECIAL NOTE REGARDING FORWARD-LOOKING-STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus supplement, the accompanying prospectus 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,
including statements related to our anticipated cell production capacity and efficiency. These
statements, which are not statements of historical fact, may contain estimates, assumptions,
projections and/or 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 supplement or in the accompanying prospectus will happen as described or that they will
happen at all. You should read this prospectus supplement and the accompanying prospectus
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 supplement and the
accompanying prospectus 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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 that will affect our results. The &#147;Risk Factors&#148;
section of this prospectus supplement directs you to a description of the principal contingencies
and uncertainties to which we believe we are subject.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus supplement also contains or incorporates by reference data related to the
solar power market in several countries, including China. These market data include 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 common shares. 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"><!-- Folio -->S-30<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="111"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE YOU CAN FIND MORE INFORMATION ABOUT US</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are subject to the information and reporting requirements of the Securities Exchange Act of
1934, as amended, or the Exchange Act, under which we file periodic reports, proxy and information
statements and other information with the SEC. Copies of the reports, proxy statements and other
information may be examined without charge at the SEC&#146;s Public Reference Room, 100 F Street, N.E.,
Washington, D.C. 20549 or on the Internet at http://www.sec.gov. Copies of all or a portion of such
materials can be obtained from the Public Reference Section of the SEC upon payment of prescribed
fees. Please call the SEC at 1-800-SEC-0330 for further information about the Public Reference
Room.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a foreign private issuer, we are exempt from the rules under the Exchange Act that
prescribe the furnishing and content of proxy statements, and our officers, directors and principal
shareholders are exempt from the reporting and short-swing profit recovery provisions contained in
Section&nbsp;16 of the Exchange Act. We are not currently required under the Exchange Act to publish
financial statements as frequently or as promptly as are United States companies subject to the
Exchange Act. We will, however, continue to furnish our shareholders with annual reports containing
audited financial statements and will issue quarterly press releases containing unaudited
statements of operations data as well as such other reports as may from time to time be authorized
by our board of directors or as may be otherwise required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our web site address is http://www.canadian-solar.com. The information on or accessible
through our web site, however, is not, and should not be deemed to be, a part of this prospectus
supplement or the accompanying prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have filed with the SEC a registration statement on Form F-3 (File No.&nbsp;333-152325), of
which this prospectus supplement and the accompanying prospectus are a part, including exhibits,
schedules and amendments filed with, or incorporated by reference in, such registration statement,
under the Securities Act. This prospectus supplement and the accompanying prospectus do not contain
all of the information set forth in the registration statement and exhibits and schedules to the
registration statement. For further information with respect to our company, reference is made to
the registration statement, including the exhibits to the registration statement. Statements
contained in this prospectus supplement and the accompanying prospectus as to the contents of any
contract or other document referred to in, or incorporated by reference in, this prospectus
supplement and the accompanying prospectus are not necessarily complete and, where that contract is
an exhibit to the registration statement, each statement is qualified in all respects by the
exhibit to which the reference relates. Copies of the registration statement, including the
exhibits and schedules to the registration statement, may be examined at the SEC&#146;s Public Reference
Rooms in Washington, D.C. Copies of all or a portion of the registration statement can be obtained
from the public reference room of the SEC upon payment of prescribed fees. The registration
statement is also available to you on the SEC&#146;s web site, http://www.sec.gov.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->S-31<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="112"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INCORPORATION OF DOCUMENTS BY REFERENCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 supplement and the accompanying 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 supplement and the accompanying 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 supplement or the accompanying prospectus and
information incorporated by reference into this prospectus supplement and the accompanying
prospectus, you should rely on the information contained in the document that was filed later.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We incorporate by reference the documents listed below:
</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our annual report on Form 20-F for the fiscal year ended December&nbsp;31, 2008 filed with
the SEC on June&nbsp;8, 2009, as amended by amendment No.&nbsp;1 to
such annual report filed with the SEC on October&nbsp;13, 2009;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our current reports on Form 6-K, filed with the SEC on October&nbsp;13, 2009;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our current report on Form 6-K, filed with the SEC on August&nbsp;7, 2009;</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our current report on Form 6-K, filed with the SEC on May&nbsp;27, 2009; 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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All subsequent reports on Form 20-F and any report on Form 6-K that indicates it is
being incorporated by reference, in each case, that we file with the SEC on or after the
date hereof and until the termination or completion of the offering under this prospectus
supplement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our annual report on Form 20-F for the fiscal year ended December&nbsp;31, 2008 and our current
report on Form 6-K filed on October&nbsp;13, 2009 contain 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless expressly incorporated by reference, nothing in this prospectus supplement or the
accompanying prospectus shall be deemed to incorporate by reference information furnished to, but
not filed with, the SEC. Copies of all documents incorporated by reference in this prospectus
supplement or the accompanying prospectus, other than exhibits to those documents unless such
exhibits are specially incorporated by reference in this prospectus supplement or the accompanying
prospectus, will be provided at no cost to each person, including any beneficial owner, who
receives a copy of this prospectus supplement and the accompanying prospectus on the written or
oral request of that person made to:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Canadian Solar Inc.<BR>
c/o No.&nbsp;199 Lushan Road<BR>
Suzhou New District<BR>
Suzhou, Jiangsu 215129<BR>
People&#146;s Republic of China<BR>
Telephone: (86-512) 6690-8088<BR>
Attention: Chief Financial Officer
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="113"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LEGAL MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal matters as to United States federal and New York state law in connection with
this offering will be passed upon for us by Latham &#038; Watkins. Certain legal matters as to United
States federal and New York state law in connection with this offering will be passed upon for the
underwriters by Simpson Thacher &#038; Bartlett LLP. Certain legal matters as to Canadian law will be
passed upon for us by WeirFoulds LLP. Certain legal matters as to Canadian law will be passed upon
for the underwriters by Stikeman Elliott LLP. Legal matters as to PRC law will be passed upon for
us by Chen &#038; Co. Law Firm and for the underwriters by Haiwan &#038; Partners. Latham &#038; Watkins may rely
upon the opinions of WeirFoulds LLP with respect to matters governed by Canadian law, and upon the
opinions of Chen &#038; Co. Law Firm with respect to matters governed by PRC law. Simpson Thacher &#038;
Bartlett LLP may rely upon the opinions of Stikeman Elliott LLP with respect to matters governed by
Canadian law and upon the opinions of Haiwan &#038; Partners with respect to matters governed by PRC
law.
</DIV>
<DIV align="left">
<A name="114"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPERTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements and the related financial statement schedule incorporated in this
prospectus supplement by reference from CSI&#146;s Annual Report on Form 20-F for the year ended
December&nbsp;31, 2008 and Current Report on Form 6-K filed on October&nbsp;13, 2009, in each case, and the
effectiveness of internal control over financial reporting 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)&nbsp;express an unqualified opinion on the
consolidated financial statements and related financial statement schedule and include two
explanatory paragraphs referring to the adoption of FASB Interpretation No.&nbsp;48, &#147;Accounting for
Uncertainty in Income Taxes,&#148; effective January&nbsp;1, 2007 and the retrospective adoption of FASB
Staff Position APB No.&nbsp;14-1, Accounting for Convertible Debt Instruments that May be Settled in
Cash upon Conversion (Including Partial Cash Settlement), effective January&nbsp;1, 2009, appearing in
CSI&#146;s Current Report on Form 6-K filed on October&nbsp;13, 2009, and (2)&nbsp;express an unqualified opinion
on the effectiveness of internal control over financial reporting, appearing in CSI&#146;s Annual Report
on Form 20-F for the year ended December&nbsp;31, 2008). Such financial statements and financial
statement schedule have been so incorporated in reliance upon the reports of such firm given their
authority as experts in accounting and auditing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The offices of Deloitte Touche Tohmatsu CPA Ltd. are located at 30th Floor, Bund Center, 222
Yan An Road East, Shanghai 200002, People&#146;s Republic of China.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PROSPECTUS</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="h03655b5h0365501.gif" alt="(CANADIAN SOLAR LOGO)">
</DIV>


<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><B>Common Shares</B>

</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may offer and sell the common shares from time to time in one or more offerings. Our common
shares are listed on the Nasdaq Global Market and trade under the symbol of &#147;CSIQ.&#148; The shares
offered by this prospectus will have an aggregate offering price of up to $150,000,000.
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each time we sell the common shares, we will provide a supplement to this prospectus that
contains specific information about the offering. 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 common shares.
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Investing in our common shares involves risks.&nbsp; See the &#147;Risk Factors&#148; section contained in
the applicable prospectus supplement and in the documents we incorporate by reference in this
prospectus to read about factors you should consider before investing in our common shares.</B>
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may offer the common shares for sale directly to purchasers or through underwriters,
dealers or agents to be designated at a future date. See &#147;Plan of Distribution.&#148; If any
underwriters, dealers or agents are involved in the sale of any of the common shares, 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 align="center" style="font-size: 10pt; margin-top: 18pt">The
date of this prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2009.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="115"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ABOUT THIS PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this prospectus, unless otherwise indicated or 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;CSI,&#148; &#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>
    <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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;China&#148; or &#147;PRC&#148; refers to the People&#146;s Republic of China, excluding, for the
purposes of this prospectus and any prospectus supplement, Taiwan and the special
administrative regions of Hong Kong and Macau;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;RMB&#148; or &#147;Renminbi&#148; refers to the legal currency of China; &#147;$,&#148; &#147;US$&#148; or &#147;U.S.
dollars&#148; refers to the legal currency of the United States; &#147;C$&#148; or &#147;Canadian $&#148; refers
to the legal currency of Canada; and &#147;&#128;&#148; or &#147;Euro&#148; refers to the legal currency of
the European Union; 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;shares&#148; or &#147;common shares&#148; refers to our common shares, with no par value.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a shelf registration statement that we filed with the United States
Securities and Exchange Commission (the &#147;SEC&#148;) using a &#147;shelf&#148; registration process. By using a
shelf registration statement, we may sell our common shares in one or more offerings. This
prospectus only provides you with a summary description of our common shares. Each time we sell the
common shares, we will provide a supplement to this prospectus that contains specific information
about the 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 of the
shares, 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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should rely only on the information contained or incorporated by reference in this
prospectus and in any prospectus supplement. 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 common shares in any jurisdiction
where the offer or sale is not permitted. You should assume that the information appearing in this
prospectus and the applicable supplement to this prospectus is accurate as of the date on its
respective cover, 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>


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<DIV align="left">
<A name="116"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE YOU CAN FIND MORE INFORMATION ABOUT US</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 F Street, N.E.,
Washington,&nbsp;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,&nbsp;D.C. can be obtained by calling the SEC at 1-800-SEC-0330.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 http://www.sec.gov.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our web site address is http://www.canadian-solar.com. The information on our web site,
however, is not, and should not be deemed to be, a part of this prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
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,&nbsp;D.C., as well as through the SEC&#146;s website.
</DIV>

<DIV align="left">
<A name="117"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INCORPORATION OF DOCUMENTS BY REFERENCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We incorporate by reference the documents listed below:
</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our annual report on Form 20-F for the fiscal year ended December&nbsp;31, 2008 filed
with the SEC on June&nbsp;8, 2009.</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to each offering of the common shares under this prospectus, all
subsequent reports on Form 20-F and any report on Form 6-K that indicates it is being
incorporated by reference, in each case, that we file with the SEC on or after the date
on which the registration statement is first filed with the SEC and until the
termination or completion of that offering under this prospectus.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our annual report on Form 20-F for the fiscal year ended December&nbsp;31, 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.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless expressly incorporated by reference, nothing in this prospectus shall be deemed to
incorporate by reference information furnished to, but not filed with, the SEC. 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 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 align="center" style="font-size: 10pt; margin-top: 18pt">Canadian Solar Inc.<BR>
No.&nbsp;199 Lushan Road<BR>
Suzhou New District<BR>
Suzhou, Jiangsu 215129<BR>
People&#146;s Republic of China<BR>
Telephone: (86-512) 6690-8088<BR>
Attention: Chief Financial Officer
</DIV>



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</DIV>



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<DIV align="left">
<A name="118"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 and/or 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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 that 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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus also contains or incorporates by reference data related to the solar power
market in several countries, including China. These market data include 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 common shares. 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>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="119"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OUR COMPANY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We design, develop, manufacture and sell solar cell and solar 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. We also design and produce specialty solar modules and products based on
our customers&#146; requirements. Specialty solar modules and products consist of customized solar
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;Canadian Solar&#148; brand name and to original equipment manufacturer, or OEM,
customers under their 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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently sell our products to customers located in various markets worldwide. We sell our
standard solar modules to distributors and system integrators, as well as to solar projects. We
sell our specialty solar modules and products directly to various manufacturers who integrate the
specialty solar modules into their own products and sell and market the specialty solar products as
part of their product portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have historically manufactured our module products from solar cells purchased from
third-party manufacturers. In 2007, we began to pursue a new flexible vertically-integrated
business model that combines internal manufacturing capacity supplemented by direct material
purchases and outsourced toll manufacturing relationships which we believe provides us with some
competitive advantages. We believe that this approach allows us to benefit from some of the
increased margin available to fully vertically integrated solar manufacturers while reducing the
capital expenditures required relative to a fully vertically integrated business model. We also
believe that it provides us with greater flexibility to respond to short-term demand patterns and
to take advantage of the availability of low-cost outsourced manufacturing capacity in the long
term. Additionally, it enables us to improve production yields, control our inventory more
efficiently and improve cash management, resulting in increased confidence in our forecasts for
revenue growth and margin improvement in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our principal executive offices are located at 675 Cochrane Drive, East Tower, 6th&nbsp;Floor, Markham,
Ontario L3R&nbsp;0B8. Our telephone number at this address is (1-905) 530-2334 and our fax number is
(1-905) 530-2001. Our principal place of business is at No.&nbsp;199
Lushan Road, Suzhou New District, Suzhou,
Jiangsu 215129, People&#146;s Republic of China.


</DIV>

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<DIV align="left">
<A name="120"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RISK FACTORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see the factors set forth under the heading &#147;Risk Factors&#148; in our most recently filed
annual report on Form 20-F, which is incorporated in this prospectus by reference, and, if
applicable, in any accompanying prospectus supplement before investing in any of the common shares
that may be offered pursuant to this prospectus.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="121"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>USE OF PROCEEDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to use the net proceeds from the sale of the common shares as set forth in the
applicable prospectus supplement.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="122"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ENFORCEABILITY OF CIVIL LIABILITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were incorporated as an Ontario corporation in October&nbsp;2001 and were continued as a
Canadian corporation under the Canadian federal corporate statute, the Canada Business Corporations
Act (the &#147;CBCA&#148;), in June&nbsp;2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;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 a monetary judgment of a U.S. court predicated solely upon the civil liability provisions of
U.S. federal securities laws would likely be enforceable in Canada if the U.S. court in which the
judgment was obtained had a basis for jurisdiction in the matter that was recognized by a Canadian
court for such purposes. We cannot assure you that this will be the case. It is unlikely that an
action could be brought in Canada in the first instance for civil liability under U.S. federal
securities laws. 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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. 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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have appointed CT Corporation System as our agent to receive service of process with
respect to any action brought against us in the United States District Court for the Southern
District of New York under the federal securities laws of the United States or of any state in the
United States or any action brought against us in the Supreme Court of the State of New York in the
County of New York under the securities laws of the State of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chen&nbsp;&#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">
<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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>recognize or enforce judgments of U.S. 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;&nbsp;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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chen&nbsp;&#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. Currently 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.
In addition, in the event that foreign judgments contravene the basic principles of PRC law,
endanger state sovereignty or security, or are in conflict with the public interest of China, such
judgments rendered by a court in either of these two jurisdictions will not be recognized and
enforced by PRC courts.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="123"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF COMMON SHARES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;), our bylaws as
effective from time to time (the &#147;bylaws&#148;) and the
CBCA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 35,781,293 common shares were issued and outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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 bylaws. If you would like
more information on our common shares, you should review our articles and bylaws and the CBCA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Common Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>General</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Dividends</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;Directors &#151;&nbsp;Sources of
Dividends.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Voting Rights</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each common share is entitled to one vote on all matters upon which the common shares are
entitled to vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Liquidation</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to a distribution of assets in the event of our liquidation, dissolution or
winding-up, 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 align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Variations of Rights of Shares</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 12pt"><B>Preferred Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Transfer Agent and Registrar</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon Shareowner Services is the transfer agent and registrar for our common shares. BNY
Mellon Shareowner Services&#146; address is 480 Washington Boulevard, 29<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor, Jersey
City, NJ 07310.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shareholders&#146; Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Stated Objects or Purposes</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Shareholder Meetings</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Notice of Meeting of Shareholders</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;days
nor more than 60&nbsp;days before the date of the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Quorum</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Record Date for Notice of Meeting of Shareholders</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;days or by less than 21&nbsp;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
7&nbsp;days before the date so 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>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Ability to Requisition Special Meetings of the Shareholders</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Shareholder Proposals</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the CBCA, a shareholder entitled to vote at a meeting of
shareholders who has held a number of common shares that either is
equal to 1% of the total number of our outstanding common shares as
of the day on which the shareholder submits the proposal to us or
that have a
fair market value, as determined at the close of business on the day
before the shareholder submits the proposal to us, 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&nbsp;days before the anniversary date of the notice of
meeting that was sent to shareholders in connection with the last annual meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Vote Required for Extraordinary Transactions</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">
<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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amendments to articles;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>arrangements;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amalgamations other than amalgamations involving a holding body corporate, one or
more wholly owned subsidiaries and/or one or more sister corporations;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continuances under the laws of another jurisdiction;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>voluntary dissolutions;&nbsp;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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Related Party Transactions</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CBCA does not prohibit related party transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Dissent Rights</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">
<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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amalgamate with a corporation other than a holding body corporate, one or more
wholly owned subsidiaries and/or one or more sister corporations;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amend our articles to add, change or remove any
provisions restricting the issue, transfer or ownership of shares;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amend our articles to add, change or remove any restriction upon the
business or businesses that we may carry on;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continue under the laws of another jurisdiction;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell, lease or exchange of all or substantially all of our property other than in the ordinary course of business;&nbsp;or</TD>
</TR>

</TABLE>
</DIV>
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<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>carry out a going-private or squeeze-out transaction.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
a shareholder is not entitled to dissent if an amendment to our articles 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 align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Action by Written Consent</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the CBCA, shareholders can take action by written resolution and without a meeting only
if all shareholders sign the written resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Number of Directors and Election</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 five directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Director Qualifications</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the CBCA, at least 25% of the directors must be Canadian residents. A director must not
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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under eighteen years of age;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adjudicated as mentally unsound;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a person that is not an individual;&nbsp;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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a person who has the status of a bankrupt.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Removal of Directors; Staggered Term</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the CBCA, our 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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Vacancies on the Board of Directors</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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 align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Limitation of Personal Liability of Directors and Officers</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the CBCA, in exercising their powers and discharging their duties,
our directors and
officers must act honestly and in good faith with a view to our best interests and exercise the care, diligence and skill that a reasonably prudent person would exercise in
comparable circumstances. No provision in our 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">
<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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;&nbsp;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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a report of a person whose profession lends credibility to a statement made by such
person.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Indemnification of Directors and Officers</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 us or
other entity. In order to qualify for indemnification such director or officer must:
</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>have acted honestly and in good faith with a view to our best interests, 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 our request; 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933, as
amended, may be permitted to directors, officers or persons controlling the registrant pursuant to
the foregoing provisions, the registrant has been informed that in the opinion of the SEC such
indemnification is against public policy as expressed in the Act and is therefore unenforceable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Sources of Dividends</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;we are, or would after such payment be unable to pay our liabilities as they
become due or (ii)&nbsp;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>


<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Amendments to the Bylaws</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Interested Directors Transactions</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the CBCA, if a director or officer of ours has any interest in a material
contract or material transaction, whether made or proposed, with us 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 us at the time it was
approved.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 our business, would not require approval by the directors or shareholders, the interested director or
officer shall disclose in writing to us 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 align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Committees</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the CBCA, our directors may appoint from their number a committee of
directors and delegate to such committee certain powers of the directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Derivative Actions</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 us or any of our 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 ours or any of our 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">
<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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the complainant has given notice to our directors or the
directors of our subsidiary of the complainant&#146;s intention to apply to the court for such leave not less
than 14&nbsp;days before bringing the application, or as otherwise directed by the court, if
our directors or the directors of our subsidiary do not bring, diligently prosecute
or defend or discontinue the action;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the complainant is acting in good faith;&nbsp;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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it appears to be in the interests of us or our subsidiary that the
action be brought, prosecuted, defended or discontinued.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Oppression Remedy</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>


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</DIV>

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<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any act or omission of ours or any of our affiliates effects a result;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the business or affairs of ours or any of our affiliates are or have been
conducted in a manner;&nbsp;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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the powers of our directors or any of our affiliates are or have
been exercised in a manner,</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">that is oppressive or unfairly prejudicial to or that unfairly disregards the interests of
any security holder, creditor, director or officer of ours.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A complainant for this purpose includes a present or former shareholder, a present or former
officer or director of ours or any of our 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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 us 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 align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Inspection of Books and Records</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">
<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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our articles, bylaws and all amendments thereto;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the minutes and resolutions of shareholders;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>copies of all notices of directors filed under the CBCA;&nbsp;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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our securities register.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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"><!-- Folio -->15<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="124"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLAN OF DISTRIBUTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may sell or distribute the common shares offered by this prospectus, from time to time, in
one or more offerings, as follows:
</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>through agents;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to dealers or underwriters for resale;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>directly to purchasers; 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>through a combination of any of these methods of sale.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The prospectus supplement with respect to the common shares may state or supplement the terms
of the offering of the common shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue our common shares either alone or underlying other securities convertible into or
exercisable or exchangeable for our common shares. In addition, we may issue the common shares 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 common shares 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 common shares through any of these methods or other
methods described in the applicable prospectus supplement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common shares distributed by any of these methods may be sold to the public, in one or
more transactions, either:
</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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at a fixed price or prices, which may be changed;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at market prices prevailing at the time of sale;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at prices related to prevailing market prices; 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at negotiated prices.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sale through Underwriters or Dealers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If underwriters are used in the sale, the underwriters will acquire the common shares for
their own account, including through underwriting, purchase, security lending or repurchase
agreements with us. Underwriters may resell the common shares from time to time in one or more
transactions, including negotiated transactions. The underwriters may sell the common shares 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
the common shares 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 common shares will be subject to certain conditions, and the underwriters will be obligated to
purchase all the offered common shares 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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If dealers are used in the sale of common shares offered through this prospectus, we will sell
the common shares to them as principals. They may then resell those common shares 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 align="left" style="font-size: 10pt; margin-top: 12pt"><B>Direct Sales and Sales through Agents</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may sell the common shares offered through this prospectus directly. In this case, no
underwriters or agents would be involved. Such common shares 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 common shares and will describe any commissions payable to the agent. Unless otherwise indicated in
the applicable
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">prospectus supplement, any agent will agree to use its commonly reasonable efforts
to solicit purchases for the period of its appointment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may sell the common shares directly to institutional investors or others who may be deemed
to be underwriters within the meaning of the Securities Act of 1933, as amended, with respect to
any sale of those common shares. The terms of any such sales will be described in the applicable
prospectus supplement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Delayed Delivery Contracts</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the applicable prospectus supplement indicates, we may authorize agents, underwriters or
dealers to solicit offers from certain types of institutions to purchase common shares 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 align="left" style="font-size: 10pt; margin-top: 12pt"><B>Market Making, Stabilization and Other Transactions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any underwriter may engage in stabilizing transactions, syndicate covering transactions and
penalty bids in accordance with Rule&nbsp;104 under the Securities Exchange Act of 1934, as amended.
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 common shares. Syndicate covering
transactions involve purchases of the common shares in the open market after the distribution has
been completed in order to cover syndicate short positions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penalty bids permit the underwriters to reclaim a selling concession from a syndicate member
when the common shares 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 common shares 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 align="left" style="font-size: 10pt; margin-top: 12pt"><B>Derivative Transactions and Hedging</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and the underwriters may engage in derivative transactions involving the common shares.
These derivatives may consist of short sale transactions and other hedging activities. The
underwriters may acquire a long or short position in the common shares, hold or resell common
shares acquired and purchase options or futures on the common shares and other derivative
instruments with returns linked to or related to changes in the price of the common shares. In
order to facilitate these derivative transactions, we may enter into security lending or repurchase
agreements with the underwriters. The underwriters may effect the derivative transactions through
sales of the common shares to the public, including short sales, or by lending the common shares in
order to facilitate short sale transactions by others. The underwriters may also use the common
shares purchased or borrowed from us or others (or, in the case of derivatives, common shares
received from us in settlement of those derivatives) to directly or indirectly settle sales of the
common shares or close out any related open borrowings of the common shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Loans of Common Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We or a selling shareholder may loan or pledge common shares to a financial institution or
other third party that in turn may sell the common shares using this prospectus and an applicable
prospectus supplement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
of 1933, as amended. 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"><!-- Folio -->17<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="125"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>VALIDITY OF THE SECURITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the common shares offered hereby will be passed upon for us by WeirFoulds LLP.
</DIV>

<DIV align="left">
<A name="126"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPERTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements and the related financial statement schedule incorporated in this
prospectus by reference from the Company&#146;s Annual Report on Form 20-F for the year ended
December&nbsp;31, 2008, and the effectiveness of the Company&#146;s internal control over financial reporting
as of December&nbsp;31, 2008 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)&nbsp;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.&nbsp;48, &#147;Accounting for Uncertainty in Income Taxes,&#148;
effective January&nbsp;1, 2007 and (2)&nbsp;express an unqualified opinion on the effectiveness of internal
control over financial reporting). Such financial statements and financial statement schedule have
been so incorporated in reliance upon the reports of such firm given upon their authority as
experts in accounting and auditing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The offices of Deloitte Touche Tohmatsu CPA Ltd. are located at 30th Floor, Bund Center, 222
Yan An Road East, Shanghai, People&#146;s Republic of China.
</DIV>



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<DIV align="Center" style="font-size: 10pt; margin-top: 200pt"><IMG src="h03655b5h0365501.gif" alt="(CANADIANSOLAR LOGO)">

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9X`F0A[P5-`]/"*QKQ`*[MP(*4M`1@0``.S\_
`
end
</TEXT>
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</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
