<SEC-DOCUMENT>0000950123-11-024452.txt : 20110311
<SEC-HEADER>0000950123-11-024452.hdr.sgml : 20110311
<ACCEPTANCE-DATETIME>20110311062505
ACCESSION NUMBER:		0000950123-11-024452
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20110311
FILED AS OF DATE:		20110311
DATE AS OF CHANGE:		20110311

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33107
		FILM NUMBER:		11680160

	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>6-K
<SEQUENCE>1
<FILENAME>h04900e6vk.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>6-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#H04900tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>Form&nbsp;6-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REPORT OF FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>For the month of March&nbsp;2011</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Commission File Number: 001-33107</B><BR>
<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" style="font-size: 24pt; margin-top: 12pt"><B>CANADIAN SOLAR INC.</B>
</DIV>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>No.&nbsp;199 Lushan Road<BR>
Suzhou New District<BR>
Suzhou, Jiangsu 215129<BR>
People&#146;s Republic of China<BR>
(Address of principal executive office)</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="left" style="font-size: 10pt; margin-top: 18pt">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">Form&nbsp;20-F&nbsp;<FONT face="Wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(1):&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(7):&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b) under the
Securities Exchange Act of 1934.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">Yes&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;<FONT face="Wingdings">&#254;</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
Rule&nbsp;12g3-2(b):
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">82- <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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

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

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



<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="H04900tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CANADIAN SOLAR INC.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Form&nbsp;6-K
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TABLE OF CONTENTS
</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="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#H04900101">Signature</A></DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#H04900102">Exhibit&nbsp;Index</A></DIV></TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="h04900exv99w1.htm">Exhibit 99.1 - Press Release</A></FONT></TD></TR>
</TABLE>
</DIV>

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


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#H04900tocpage">Table of Contents</A></H5><P>

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



<DIV align="left">
<A name="H04900101"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CANADIAN SOLAR INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Shawn (Xiaohua) Qu
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Shawn (Xiaohua) Qu&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Chairman, President and<BR>
Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;11, 2011
</DIV>



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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#H04900tocpage">Table of Contents</A></H5><P>

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



<DIV align="left">
<A name="H04900102"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;99.1 &#151; Press Release
</DIV>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>h04900exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1 - PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.1 - Press Release</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

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




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="h04900h0490000.gif" alt="(CANADIANSOLAR LOGO)">
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>Canadian Solar Reports 4Q10 and FY2010 Financial Results</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>4Q10 Highlights</B></U>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net revenues of $452.7&nbsp;million for 4Q10 compared to net revenues of
$377.2&nbsp;million for 3Q10.</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>Shipments of 237 MW for 4Q10, compared to shipments of 200 MW for
3Q10.</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>Gross margin of 17.0% for 4Q10 compared to gross margin of 17.3% for
3Q10.</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>Net income of $0.58 per diluted share for 4Q10, compared to net
income of $0.47 per diluted share for 3Q10.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Full Year Highlights</B></U>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net revenues of $1.5&nbsp;billion for FY 2010 compared to net revenues of
$631.0&nbsp;million for FY 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>Shipments of 803 MW for FY 2010 compared to shipments of 310 MW for
FY 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>Gross margin of 15.3% for FY 2010 compared to gross margin of 12.4%
for FY 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>Net income of $1.16 per diluted share for FY 2010 compared to $0.60
per diluted share for FY 2009</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Ontario, Canada, March&nbsp;10, 2011 </B>&#151; Canadian Solar Inc. (the &#147;Company&#148;, &#147;we&#148; or &#147;Canadian Solar&#148;)
(NASDAQ: CSIQ), one of the world&#146;s largest solar companies, today announced financial results for
the fourth quarter and full year ended December&nbsp;31, 2010, and its outlook for the first quarter and
full year 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Net revenues for the fourth quarter of 2010 were $452.7&nbsp;million, compared to net revenues of $377.2
million for the third quarter of 2010 and net revenues of $254.2&nbsp;million for the fourth quarter of
2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Net income for the fourth quarter of 2010 was $25.5&nbsp;million, or $0.58 per diluted share, compared
to net income of $20.3&nbsp;million, or $0.47 per diluted share for the third quarter 2010, and a net
loss of $15.6&nbsp;million, or $0.38 per diluted share, for the fourth quarter of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shipments for the fourth quarter of 2010 were 237 MW, including 10 MW relating to the delivery of
systems kits, compared to shipments of 200 MW for the third quarter of 2010 and shipments of 141 MW
for the fourth quarter of 2009. The Company&#146;s sales growth reflects
the continued success of its market diversification efforts, with sales to non-European markets
accounting for 29% of revenue in the fourth quarter of 2010, compared to 23% in the third quarter
of 2010 and 8% in the fourth quarter of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Net revenues for the full year 2010 were $1.5&nbsp;billion compared to net revenues of $631&nbsp;million for
the full year 2009, a 137% increase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Net income for the full year 2010 was $50.6&nbsp;million, or $1.16 per diluted share, compared to net
income for full year 2009 of $22.6&nbsp;million, or $0.60 per diluted share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shipments for the full year 2010 were 803 MW, compared to shipments of 310 MW for the full year
2009, representing a 159% increase. Shipments for the full year 2010 include 24 MW relating to the
delivery of systems kits.
</DIV>


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

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dr.&nbsp;Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: &#147;2010 was a banner
growth year for the Company. Our shipments grew faster than the global market for solar modules;
we gained market share and more than doubled our net revenues. We also had higher margins than in
2009, primarily due to our increased sales volumes and lower processing costs at our wafer and cell
plants. Concurrently, we continued our geographic diversification strategy and the development of
our systems business, with considerable progress in North American and Japan. We also further
expanded our R&#038;D efforts, which allowed us to begin shipping new products, including our New Edge
and higher efficiency modules late in the year. In 2011, we expect to see these products reach the
market in much more meaningful volumes.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Andrew Chen, Chief Financial Officer of Canadian Solar, commented: &#147;4Q10 gross margin of 17% was in
line with prior guidance as our lower cost structure helped offset the impact of higher silicon raw
materials costs as we continue our capacity expansion. We will continue to pursue cost structure
improvement opportunities in 2011. We exited 2010 in a strong financial position with the balance
sheet flexibility needed to support the next phase of our capacity expansion plan.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the fourth quarter of 2010, Canadian Solar wrote off its investment of $3&nbsp;million and a
prepayment of $9.7&nbsp;million to a start-up supplier. This action follows the continued deterioration
of the supplier&#146;s financial position and its default on scheduled materials deliveries in the
fourth quarter of 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Revenue by Geography</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="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&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="38" style="border-bottom: 1px solid #000000"><B>Revenue by Geography</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" style="border-bottom: 1px solid #000000"><B>4Q 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>3Q 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>4Q 2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>FY 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>FY 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>US$M</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>US$M</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>US$M</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>US$M</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>US$M</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>%</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">Europe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">321.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">70.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">290.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">77.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">91.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,193.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">79.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">523.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">82.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">America</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asia and others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">186.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>452.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>377.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>254.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,495.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>631.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our outlook below is based on the Company&#146;s current views with respect to operating and market
conditions, and its current order book and customer&#146; forecasts, which are subject to change. The
risks to our outlook also include changes in foreign exchange, product and materials pricing and
the project financing environment.
</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><U>1Q11 Guidance</U>: For 1Q11, we expect shipments will be approximately level with
4Q10, despite seasonality caused by unfavorable weather conditions in both Europe and North
America. We expect our gross margin for 1Q11 to be between 14% to 15%, primarily due to
declines in module ASP, higher costs in certain raw materials, and low production volume
during the Chinese New Year holiday period.</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><U>Full Year Guidance for 2011</U>: For full year 2011, we reiterate our previous
guidance of shipments of approximately 1,200 MW to 1,300 MW.</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><U>Capacity expansions</U>: We are on-track to complete the expansion of our module
capacity in China to 1.85 GW and our cell capacity to 1.3 GW by mid-2011. We are also on
track to reach 200 MW of Made-in-Ontario module capacity by mid-2011. Trial production has
started at our module plant in Guelph, Ontario.</TD>
</TR>

</TABLE>
</DIV>

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

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

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dr.&nbsp;Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: &#147;We expect that
2011 will be another growth year for the Company. We will, however, remain focused, on further
lowering our processing costs, expanding our higher conversion efficiency cell capacity and
increasing our vertical integration to improve our margins and cash flow. Our target is to be
substantially vertically integrated at the cell and module production stages, with capacity to
produce 50% of our own wafer requirements. In the second half of 2011, we expect that
approximately 50% of our cell production will be higher conversion efficiency cells. We also
expect to build on our momentum in non-European markets, especially North America and Japan, with
Canadian Solar playing a larger role in downstream growth opportunities, such as turn-key solar
systems in Ontario and systems kits in Japan. We believe that, while European markets will
continue to dominate the solar business in 2011, non-European markets can, in some segments,
support higher selling prices and higher rates of growth than traditional European markets.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investor Conference Call / Webcast Details</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The dial-in number for the live audio call, which will begin on Thursday, March&nbsp;10, 2011 at 8:00
a.m. U.S. Eastern Time (9:00 p.m. March&nbsp;10, 2011 in Hong Kong), is &#043;1-617-786-2904 or
&#043;1-800-299-9630. The conference call passcode is 14815339<B>. </B>A live webcast of the conference call
will also be available on Canadian Solar&#146;s website at www.canadiansolar.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A replay of the call will be available approximately two hours after the conclusion of the live
call through 10:00&nbsp;a.m. on March&nbsp;17, 2011, U.S. Eastern Time (10:00&nbsp;p.m., March&nbsp;17, 2011 in Hong
Kong) by telephone at &#043;1-617-801-6888. To access the replay, use passcode 40333555. A webcast
replay will also be available at www.canadiansolar.com.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About Canadian Solar Inc. (NASDAQ: CSIQ)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Canadian Solar Inc. is one of the world&#146;s largest solar companies. As a leading vertically
integrated provider of ingot, wafer, solar cell, solar module and other solar applications,
Canadian Solar designs, manufactures and delivers solar products and solar system solutions for
on-grid and off-grid use to customers worldwide. With operations in North America, Europe and Asia,
Canadian Solar provides premium quality, cost-effective and
environmentally-friendly solar solutions to support global, sustainable development. For more
information, visit www.canadiansolar.com.
</DIV>


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
<U>In Canada</U><BR>
Alex Taylor, IR Director<BR>
Canadian Solar Inc.<BR>
Tel: &#043;1-519 954 2057<BR>
Fax: &#043;1-519-954-2597<BR>
ir@canadiansolar.com
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
<U>In the U.S.</U><BR>
David Pasquale<BR>
Global IR Partners<BR>
Tel: &#043;1-914-337-8801<BR>
csiq@globalirpartners.com</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Safe Harbor/Forward-Looking Statements:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain statements in this press release including statements regarding our expected revenue
recognition, expected future shipment volumes, gross and net margins, manufacturing capacities and
cell conversion efficiencies, are forward-looking statements that involve a number of risks and
uncertainties that could cause actual results to differ materially. These statements are made under
the &#147;Safe Harbor&#148; provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some
cases, you can identify forward-looking statements by such terms as &#147;believes,&#148; &#147;expects,&#148;
&#147;anticipates,&#148; &#147;intends,&#148; &#147;estimates,&#148; the negative of these terms, or other comparable
terminology. Factors that could cause actual results to differ include the risks regarding the
previously disclosed SEC and internal investigations as well as general business and economic
conditions and the state of the solar industry; governmental support for the deployment of solar
power; future available supplies of high-purity silicon; demand for end-use products by consumers
and inventory levels of such products in the supply chain; changes in demand from significant
customers; changes in demand from major markets such as Germany; changes in customer order
patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and
declines in average selling prices; delays in new product introduction; continued success in
technological innovations and delivery of products with the features customers demand; shortage in
supply of materials or capacity requirements; availability of financing; exchange rate
fluctuations; litigation and other risks as described in the Company&#146;s SEC filings, including its
annual report on Form 20-F originally filed on August&nbsp;19, 2010. Although the Company believes that
the expectations reflected in the forward looking statements are reasonable, it cannot guarantee
future results, level of activity, performance, or achievements. You should not place undue
reliance on these forward-looking statements. All information provided in this press release is as
of today&#146;s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such
information, except as required under applicable law.
</DIV>


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

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

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




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Canadian Solar Inc.<BR>
Unaudited Condensed Consolidated Statements of Operations<BR>
(In Thousands of U.S. Dollars, Except Share And Per Share Data And Unless Otherwise Stated)</B><BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 0pt; width: 100%; 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="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 nowrap align="center"><B>Item</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>4Q 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>3Q 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>4Q 2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>FY 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>FY 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">452,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">377,183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,495,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">630,961</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">375,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">311,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,266,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">552,856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Gross profit</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,976</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,186</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">228,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,089</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,069</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,324</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Research and development expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,180</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total operating expenses</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>34,880</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25,299</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>39,701</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>108,472</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>71,593</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income (loss)&nbsp;from operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,515</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,512</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,476</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,381</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,794</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,164</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,459</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,936</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,084</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,912</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(99</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,853</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,788</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain (Loss) on foreign currency derivatives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,601</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,870</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exchange gain (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,192</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,146</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(36,294</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,681</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income (loss)&nbsp;before taxes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,816</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,476</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax expenses (benefit)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,388</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,302</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net income (loss)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25,785</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20,542</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(15,428</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>50,828</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22,778</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: net income attributable to
non-controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net income (loss)&nbsp;attributable to CSI</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25,536</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20,317</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(15,585</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>50,569</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22,646</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 3px double #000000">&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>Basic earnings (loss)&nbsp;per share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>0.60</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>0.47</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(0.38</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1.18</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>0.61</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic weighted average outstanding shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,889,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,870,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,349,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,839,356</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,137,004</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Diluted earnings (loss)&nbsp;per share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>0.58</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>0.47</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(0.38</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1.16</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>0.60</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted weighted average outstanding shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,714,853</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,628,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,349,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,678,208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,727,138</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Canadian Solar Inc.<BR>
Unaudited Condensed Consolidated Balance Sheets<BR>
(In Thousands of U.S. Dollars)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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 nowrap align="center"><B>Item</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Current assets</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">288,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187,595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,390</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts receivable, net of allowance
for doubtful accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169,657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,549</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">272,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164,313</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Value added tax recoverable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,495</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advances to suppliers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,264</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amounts due from related party</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,356</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:15px; text-indent:-15px">Foreign currency derivative assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,183</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:15px; text-indent:-15px">Prepaid and other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,865</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:15px; text-indent:-15px"><B>Current assets &#151; subtotal</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,034,666</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>753,987</B></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">330,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">217,136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,824</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advances to suppliers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,210</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prepaid land use right</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,535</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,671</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred tax assets &#151; non current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,910</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other non-current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,826</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,423,367</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,038,703</B></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>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities and equity</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:15px; text-indent:-15px"><B>Current liabilities</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" 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">510,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251,702</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">113,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,271</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,218</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other payables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,876</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,724</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advances from customers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,971</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,644</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amounts due to related parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">261</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign currency derivative liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">523</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for firm purchase commitments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,775</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:15px; text-indent:-15px"><B>Current liabilities &#151; subtotal</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>745,333</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>514,941</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued warranty costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liability for uncertain tax positions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,705</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">906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">866</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">99,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,290</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:15px; text-indent:-15px"><B>Total liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>888,382</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>572,702</B></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:15px; text-indent:-15px">Common shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">501,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,322</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">(57,392</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(61,269</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">62,111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,542</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">28,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,121</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:15px; text-indent:-15px"><B>Total Canadian Solar Inc. shareholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>534,327</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>465,716</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Non-controlling interest</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285</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:15px; text-indent:-15px"><B>Total equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>534,985</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>466,001</B></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:15px; text-indent:-15px"><B>Total liabilities and equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,423,367</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,038,703</B></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>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>h04900h0490000.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 h04900h0490000.gif
M1TE&.#EA.@%$`.8``.K&PJI33^[$K;LC&^6ZM?3BT_[^_/+;V/:W`[@H(_W^
M^OG__?OT\_GSZMB8E=NFHN[6T^-;#O/-4\5:5,EJ9-2(A-"!??S__+LZ,[H<
M%?[]_OSZ\;8C&NNUD+HS++8=%,),1N*KJ,AA6O?T\?+5R\EX=KLM)>S0S,AQ
M:[H?&.[)Q>!V-[]K9_3BW]%[==YM*?KLZO3JZ=>3C=N@G;0A%OG]^KA$/<N(
M@??KN;DA%N.&3-JZMO+!*?3IY?[]_.68:<)33OS]_OGOWN-?$^FE>=]8"?3;
M@_W[^,R;EK8>%_3X]+<9#\!&0/O\^]RPJ\]R;/GZ^.[AW?7Y^?[[_+1@6OKG
MX\]I9.2TL;0G']UC'/?BF,ZHI?SW]Z5#/;LF'OG[_??O[<J1C]V%4;`C&;$L
M)O3GZ;L6$/?V]O[___W____^_____?[^_O[^__[__?_^_OW__?S___W^_OW^
M__S__OS^__S^_?#Q[M*/C+`S++<N*NG`O;4?$+P@'KT_.O___R'Y!```````
M+``````Z`40```?_@'^"@X2%AH>(B8J+C(V.CY"1DI.4E9:7F)F:FYR=GI^@
MH:*CI*6FIZBIJJNLK:ZOL+&RL[2UMK>XN;J[O+V@;FIK@FMJ:G]I?\*^R\S-
MKPIM<&MH%QH&<D%L:6R+Q<[?X.&2;735<PL7%W-V;'0&RHG&XO/T]7]J:&]M
M;@K(?PITW-!!HP@-07L($_I:\V;.!0-LW)`XX>:/#SD'#15CPTVAQX^UT*B)
M`T?;B1<_%JC1D)$007D:0,J<V:H:&C87"KPHLJ(!FC8M!\$1%.?+&YI(DUYZ
MDR8-0PT:TKA!LV9-&SG:_C30461(%A)_VC0-1DWLGQ%72J@(JK2MVT1K_^0L
MN'@!VM$W;ZH><Z,B2X0A0SK<FTI5CIPY:P!,&,-!1;*WD",34B"GC@8?%^(8
M,)"WC0$%:MRDZ?!W2)$?!`V(M1J3@(<,.?(<>"RYMELW;`SBT`*PSN<T:@S@
M0R,@PM\(/?\8B`JGS1\P(#YX2>&GA>WK;=ODC6,$@98T"S3D9<KFJ,[C7\-J
MP!E3A9<!6%(P@8&]/DV]&R0@0(#CYQO.:[CAW`8ZE!:!8(*X(<=1!/3AQ71`
M^&3?A!Z],50#/.S'`P['T(&7&W,D0T1IISDEU1MR_.%$#@-XD<$$4W0"#STS
M"G)04&RI,F.-EDPS#QMUH"%$AAH*T10;G\%!D/\`@`V!7`,!.F7,##D\^`$%
ME525AG;E_?=.9_.X`14::2QHQQQI7+"&!G&PT48<`>;X"55XT5E2EWIALH8!
M%Z`!U07?/(0&AOOM)X$0:_CP&:!QG.=D>F0J@T<25CZ1)3$:N*&F2&*](^<R
M6[[A!F><:3"'HF[448T&0)VRV51Y`9/&.W!4E$D;ZRU7SC<1K7&$?H4B($$#
M'JKA&1U<%`C8@08Y)8@%TGF1A`599A931FC,`92MX3AD`#)U!)&,`63^H4$0
M"ZP1AS^E0!4,N??LF0Z/E*B1CI)J'.4,JPK\H46PAF[@SAQP&/`'$5V9]H,"
M:`24S!.42BO#'Y\BPA'_BLB@`04##`BSQJKS^!`$,@TT89D<<?S!0`-_K*-/
M7J:@`8Q!A<2QDB`=5<*/2`V(!TXP&FS0'<`2;(!&'-7\4=RR*PCQQP45'2%"
MQ#3,0!LDN?T!@Q,E`,$$"!1L09\UXB2JL@,N'.&&#[,ZP003#\AAC09P#%4*
MGX)4L<<62&RQ1Q44<WE)B#!8@`=)WS!4AQQJY`<P`D8P_!\:CB+GM!O",`!$
M"@_2$,(?W#K"C0].@$`#'RFD3@,-(%R1E3AQ*+;$!&LL(.X)>GS`!QDJ(,W&
MNJ:LV\(-?@R01!*,^7&#=9D8L`,(2[@P*R]'H?$M9R41K(`"#0`;K!;J<$-@
M_U>G'?%'1,\QP7D.'IQ@?2-JP.$-`Q:,06E\*;0H;0(.I.C&&\8`#IF*<31C
M#(=B]V`*F=:5!JK$"U-IB(.H4B:/9-0I(U,A(.::4I6#5,4`%###!T3@ACC4
MX0\A2,(`$L"'SXGF#4=SRAJD(A($%F--:FC@M^X!%'@@(X=JB`@=6!4'%8`@
M"?D;0!\&,(`4),$&5R`39Q!H$`#>(QC$0&`A1@"]#%C`*08QB)IN2!5O%$(9
M'V,#$$4EEHI%`@TCZ%<<%,"J:^"J@4-Z'`YF)0R$1>`%!4C&--#0`PQD(`D8
M>$`3@O`.1J0!#ACA@@5H`)\4).!K&*!!#A*PP@<HR/\.=EA/1-YA%8R\*@Z9
M4DU<H"('7-7!0P89U6;"XX,YT`$.%@KC3<HSC:8HP`#_TT<;W`04.CC%`%8X
M)`FI@08(8&`)2VA?`=W@AB!DZ@V^^=\,14*-(-1A#A:2PR,-$(<RXB-?2AK5
M7-!P`"9()P4<P``&L/"!%EG2`370E#6B9$SK70`9<4B9(;B8@@]0BTSK00-6
MFH*77K(D#6^@0QWP`A4#U&%QY!CB@CC1@1\$$@UUT`8_EB,'..0Q6!*`0[J(
MTQ4!S%$!FSJ`!_Q@`0@<PP<*H%<AZ*"&@3R``RVBP00(4`480$`&?J!4!O1P
M@C^@JX$,@2$RJD('#Z6!CNK_NH`^_-2&.4"%8")Q`R3G,(<Z!(=<;-!`#F<%
MS)_D"Z=O,!5PZB#!S73*"DD8(3)\,,PK3&`"(:#C`LKC@S784EW.N<F>8,H&
M-`$P#G+A#!W@1*Z`IB$J486#`E`@G1P`(000@``!GN`!2GJQ"4^3PRHU<$LV
MK&&(;++,0$%04&JI)S1QK=4@9';13&TC*VW81UK1H-FN5A`3:/A!$5[0`3`T
MI2(`G,-FTH`#(FEH`P6CW`HZL))OS<H-,2!`"X01AR!<I!&7_4,+_,"Y)%"`
M/@T4!`0F\`$LB&`V4["6:%QB(S]!):)J0N`"-.LC<VE`;JS"%4..VQ(_O6$!
M7"7)_T\(D4,-X'6$PFB#'4ZX`2Z<#R*BTA)!P$,4<\EA.?82D"#@\"=V->7`
M=(H)!/301"`P3Q!O```0^$`!EKEV7;!]$[L:)MLMTM:@@KAH/IC"KD&T@9&F
M^D\<,)>,AA'"39M`PXB,LP(!C$`0LU*4!CZ&@V#QP"=B80`)&(:T8KC!#@`=
M5RV;G(C__"$,E&(=X(H!$8+`P`4SX$+#!'<6$EP!"6%``@$.8`<_\4E+7U""
MI$\8!R7<800I,Z$&%*"DRQKD#`<@`**1<(4#?.$/=C``G"$*XS_$00I*J($@
MFI!,&HA`&&B8RQF4(`4I'+@-`4I9#4(]@T0[@02GUA10EO]3`TF?X0L$.<,=
M[B!KBVAUAB&:@0J]<`5S*2"4R&@!'F8#-:NH00X7H(.K6P"`/:B@#`VTPVQK
MFXRTXNH/4B"VL2$@Z^"R06YL@((2=BTN-)QA!">DLR6T3*((B$$`&Z@WP>"`
MIG]=]P*>"=U:"1$77*8!38U@"D%7N(=_R.TA%\C-C:`6A#B`808!(`,?^)"!
M#-`@#Q:(@G]9\H<=!"``5#B`"BP0@"X$``5[$%<Z`,C3$82`"GE(0@8^L#H]
ML``"J#SP0\0)A3V4@`I48($#HG`!"DS]UG\XRAE*\/,PF+`-P8#"%:#>AP]\
MP.9D8(%CZ#`'-OC@#R>@PL]/`('_&U#!Z"RXPAFR%8QM_*$"&1B`!QRS*#H<
M2Q#;`\9ZH/*'*-R@"UZ@`1:ZL+Q#$!3)-_F)$IZ>!P[<_0-)R'M3RR%;GP,]
M"L/[.0M",`(W/H(X30),$;(@!A*0B[AI19K%):"`-_0C&5&X@@Q<8(4G6&`&
M```#F(/+JD9,0P6<_,`$L.M-EA2,5>?`3'!8`@$R9*`/*<@!$@?`@26`X`!I
M""4W'K"$#)B``GH`&_"7`6-@`5RP#:F!!NME!DR4.DFT!'[0.SY`-Q4!!B4P
M!C67`E.'`5>``C5W:_EW%B!@!DM@!12W0PTP@BR2`_&W1-%$`.:R)W^P!RZ2
M`U;P3"R8_P.'A`(P8!!1]0<6D`$<@`4AD`:P52O;`Q$;!5)RP#![8`-+X"`.
MD@-+8`,`,&](M@:_\P<]P`1FP").E$09@`$E9PT0-@-WYP$SP`1+D#H?P#OG
MDPF4\P*ET23#]P,D(`RI!@=7U1U&P$>`YP+SM#K'0W5D``(58%/*81C>]P<S
MD#\TX`#GXQR'0!4$H0P^0`%+$$]`,`%^`%1>L`044`,<]`</4"5>`%3RMVWR
M)P.6V`8*@!@5L(D8T(E,D``Y4'<3``;6\SL;X`+;-H!.Y`<@8#QHER*:DP,?
M\`2VDA=KX`!)0`,>T(D@@(O2P@0M,!9_```FT"(<T`=]D%>HN/^,,?('NH4'
M&9``*7!_@V"$"M)*W=4<?:("&*!"QO,!*>`@2>`'3;4<3G%ZMI5Z:X`'2R"-
MMJB.`Y`!0``&PX0,/S4`)N`!*;`Z&;`$\Y%E"J!<=;@LRT4$+0!A>`$'0M,?
M"P`&>/`:J/@@*CD`.4`#&(`'/5!>,<$(TV`!*F0"5\@1D'`%(.``!S`"7!`%
M#N`!]*<'L^$L/^4@0P@$3R`"&&!)'.`!-J4/2:,"0(`'$``&#-`##_")'&`"
M>]!`,`0`>L`!H8<!$R`"?C`&J)@$:,<-R9@$S(ACPG``0%`!)P`&7%`&I6.6
M'/`YP+&-)N`@*3`&((`"5L!>[X$%5RC_2#.(!?8$`D[``(.@!N&!;G#'33$`
M!!DP'7H@`D\P`29``PGP(B/P,4T!D!133G60!B=PEWG)!3T0`I](<D^3,C_U
M("E`!A/@`A3@`2C@>X\043!`!%E0!!OI)#S1`1&W#VN@`.+2`B)`22KY(!R0
MB_HS'2D`!`"07HU@!Q0`3]4A"0;7`X;P`)S$`26'E&:9`WX0`F!@!U#PFIP3
MB54F0%P0`P4F"'O@`4OT`!23*"[0F2D@`B=P!F<0!160`&;IEM-P%'$YEVDW
M*D=0!L8$#\[4!QE0`11C#-S(1&K8`SYP!`=@!3F`!4E0`L*P'G'`!9JX0IL$
M!&$``&60,M:S_R!-(0@.P"(TP)UG,`5*L`=,0$E)`*``!$='1BT,\0>VLY?E
M<@S;Z`$<D`22B#*FR"(#H`<S,`)J\`40X#Z;``=P=@$D\`/'V219X"014`1$
M0$ZSTF@](`+UY`58X`4ZZ`48P`1^8`(:B(I\@`$'()Q_<`038',@H'WD*1HT
MHVY1@`%+M)["\)`)`(/WD#(G@`$#\`%6T`33@`]6%%^#L`$@`!M60Q#0D3I,
M`#A/0S$.`)D9(`($`9=`('\2*BI35&*N%@>%:@8<>@^""8Y6XVH$T0,@D(M,
M0)GX`"C2*83O$8TF8`,HL`.R-@=34%7/,:HY``)10#%V`P%#R@=`P/\`*[$&
MJGD,UN,#"P"ENW4$0!"-DK@>I@B*#N`4P.`)PS1F_Z`".N`DP?<H)/`3&C`7
M+A`MG8,!-P``!U`%+4`"7/.)2<`'+L``5,8([!I_AXHU-G(/#``&8-`OZP5/
MD!JOD@<!Q`45;3*=0H6LP!&P@L`%8#`"YF,`IC,&I?H'!X`!5,BA&O`0SJ$Y
M'QBK*C.K<MF,,S15&ZN7PC`!?/`!'%I#W'BB5U@.<C`0%?`!\62>.A038%`!
M$HFE+/F&*+"M.VLP>V`")PJ#!Z8H#10"[P&'N:&:!?0&6[@&&PNSR5"H5-HR
M1_&0@&J$<JMNG(`&OZ09FL(%`K"O&\FF[N#_`VB`._ICED\P&UHT""TP`V`#
M!IJA4X4`!2(0?TR`J)$P!3O0-5]#`6$P`SBKGL<0J4`EE:XF4<CP!#8W`6=@
M+DFC``!@`1/P-2)P`VX#3S4+`?[I.4]#1ZUB!;`G`H!"$!':C+9R`C<P`2``
M`B)@`:6C@1P*N$^KN@7#!D/A`%:+`65@CHG%)G\``7@``GJ0.BUB/$"PK?`"
MC1\`!%Q@0JKA?"4YJE7S!P-1KL$`0X"GN[SKN[25MQ`5KRF``38U![($JI-@
M$!5D/5/!$&W4`!VP`L:Q+#K0>\@@`TE0IRLD`T?P$PJ`93DJ"!S[-`;C2`:`
M`JDSGI>H'6]20P/4_T'/40)D8'<3.758D`!]D`,A^Y"N^Q]'H0"RFP03T'L[
MBP8,@`>Y$XVP]\'I:34&@SM]@`4EAR8T8V'*)`RR2JM5%!-',`,>H,,T8'=U
M6G<<Z@\?Z@4E-Q[J!KXY@`$QH!S8`P=TA<(`(`-`@`6HF`$4T#$G-+!(ABL7
ML`"P.!1/<'<6(#,B2&]A\0X;(`-EG`0MN3H]+"V2F$6G.,<V]4^1K+F,4!GG
M9"PT`\&W*@07;!Q_9!UM(#41PP&]"C*&(*B$D#+HF*57B'%Q)3>#=5;L<&)I
M<`:<17^1AP4<<$CM&\2M:U,#)`A/D#JT^S1HX`,5H$G&XY</RT0<8#7&H/\"
M-(8%3<5X#>0#R31"Q_#%<BE%!S8#6/##'Z"44V<EO2H,'SH`)8=%P@"^`R"^
M,@,,PP1W,>$/(]"5G).*,-A`R/L!#B`29-40J?9X=U<"S@*W9F4`,J!)\N>7
M-=<B>>LA5^K)G,`J#Z&$NB1&F#,5?U`%';`30P`6"U`%?E`EV^D3YX`/HCR<
M?W`%0,4!DG@!4VL`"_`.040N:S4E[0D">.`$5_``>#`!"9"*S#RR%!.8?Q#-
M*3#-9.O#?:`\(7`%(8`'%-"-`U"SX`P?3;6R`[$&YRP"(P&A0OL$53$4)T"4
M\60!7^T$#H`"W<BTPR"83)3/5;'/]80!,2D>:4+_&`WC56]03B2@/E[P`2XP
M"!Z8`?.:#[,"6<A0`7E5`H^AFGI!EDUDL$P=`C+``MV8!!-SP*?8SXJH":D'
M'G$`=V84+P9Q$<A0`&8J`!0CO$J4!%93![A"7+:L"$<1!43YJEPP2&NB5FY0
M;25%$%`P`330!Q.@JH/@3/DXU:[[S%<MS;5+%270AO<G4(+``+35S2WS!RK@
M`2?J&!&D)%"13'S@UC<1M+2Z06B`!_',CX4P!9RYH7]]SX*M%_QLV'\P!09@
M3*7<%+A22W%``)R4U1[V!P.;`9--%=O@552QR`).%:#M%-`B'R0`N.>].30P
M,=[0R0K,"8U6$*NYFEOB_]@%0-=DH$3MDW;&PEK%G0C"T02%JLMA<:]L0$=_
M$`/T<0TKS5X<`(-MLBN-FC_<[<Q6C=5);!`;``2K8S5_,B"CJM[<(+PYT.3F
MHBI;56LB<!3JS(S",`5FQP=K?`&JHBZ%ZM>/0>`/1-C]7,?@P7F!,QS3H"0P
M,*3;*6B.>)V?BP9GDDJ$I#X9`)CDFJ2A*@)3-S$V<S1HP`43$(T3,V&MW>*;
MH`$0<`5[4.H````JD.HG<`(DT.JMW@)2\`_E%(*.NXXPD"9E`B]RR`TAT*"[
MR*2H9`?]$@,B,`&!>D(M\)18`-]R&YU/B<^K*[+=7>7@?=ZC.@"?XX]#<01?
M;O\U=3G3&<#E4\`-::#I3G1K]QVAQO0'FDYUDBA1?K[I=F[/9%W@>D['H"-7
M>T``!L,2HC$'_0(#GY@"FXH,9YT#`&H'JZ$D#@!43&6.CXQD%..S1>I4'`$4
M[(H\D@@S+/[:F;`&3I``6&`")*\'>N`!*)_R'B!/&"`"!%`1=-1HR2Y_X?HT
M8]9\FJ`!-:`&8-"N](<"X[M;$#`U'P`")*LU3-"2DEAE?P`%,L"@T,Z>5.W=
M5GX&ZL*N&<`'`2D(%Q`"99D#WGZM.D@!*,,J!.'.QD@Q<$VK`57-9N=>7&\C
M>X"I`G[G]9[G?W#@X^LG:```&*"E4,#UU7`43M"L%2#_,W1;J'V``4U%"'.O
MH1/@8<)0KAI#Z1AN(\B0!DY`E`9,$)_N\9@0!S``!/7$1*9_^J;_PTLU`R1Q
M&2W*F5E=N_$2.I>@`6>"!A+>(F,`!`]P`E$``'C@!P3*5%0A-5;K!]WY!S5P
M`BB`S)!9<L!VI5._7U?-@K1;.Q8>>1BP`S%B!P=@`0R:BMZ<!DVPR`-`!HHD
M"&<P`WI0):^:04%+`W+9]GE?3R;P`('?>91LEG4/"&I_`"8#`WM_?VAK:'\.
M'P,8/7]M:!!^?"E8*"=-B8DG-BD#"8@::&@/'`,I-@]E(U$/&#D#'%=H!@9H
M(R`I&1:*C!5)`QY.GFU1%61]_UXT#G]I;G^J.1@0G]K;W-V?IP0F.5[DY>;G
M.5A.?QIV&G\6&2D@8-[V]]N5;&T*%:M>FO)@R$-CG*UH<'Q46\4!`PH+5C#0
M2.'%$*)%"SEXR+9FS9LU?YXD23'AS!\X?_8D6*6'@@4*-B:2XS"#TCL""0R9
MH"`#SP0LX[PD$0%2$`,@.3(\04-GP9\3'FJ1$6'AB0T.*3AX^5#ASYH+*4WT
MX7`139HTCC(TG+0@S@$;22I^\$!AQHXM-T0)I;`AT9L_#$1\`(C%Q@0;6)QE
MH,!%@P)4O7)\"';!SA\5XCBTM(#"1@Z*0F4(6W@M&[[3VC2X65,!TKG7YE)@
M2V/'P/\@H!@.H-Z=[X*!=PPLC,G@!8NM`7T&Y.A3X0B:-W+HC)BPQ!"-,4D^
M>Q!+]D^<1@]2I-CXYXV&.7'2/,F0H:17-4>>0.*0),G$N6+[U'2C(4W\)15=
M-Y%L3/0Q%$B,')7!!T_\X88<:&A`C"$IT#!2!B:(94977Z%!2`I][!%A'1>@
MY(`\&,3@W3LJP.4,!]=A`>,X&?A!`B4="7(`$WQ4)!YH'X"@FP9RJ+%&9,!(
M$UT3+BRQBH47ZN%!'Q^(UE\UVIG&&SX:&)#&&<+)\^.88V8PDADB-)`&6%Q0
M8,885VRYI1INP)%&?T?,X`<'8OY"`Q,/]/>;8W&T(,)P["7_D0`%!##!`1:(
MT`'>&'UX0$(N:L0QQQHB<3#!")2P@4853V!Q80983+`'$&-@49,!"Z2!1@\4
M#"<>>WF$8(492TP0AR)I'#7&&$M=\$8:<027P`?L?<`!$`2(4%]7;;P#@!Z/
MBJB!&FR\XT`2:_W1[2D'4#``'\LE1V&0*K!CY`5ML/$'!$`DD8$ARHTQP0%Q
M:%!'')6,P(099KC@E0$^H`%&"5@LR-ZS>QPZ1C0&6*9*0UK*Z8T;:F@0AP($
MH,#"R"27;/+()_RQP"E1A!"";AJC]IP!:YR52`\AE$#%!"Q8<$4];_PF!QSP
M_K'!'A:P@((,*M1PQ`D`J`!#&@:H_S'K'GL`P,`<9KGA@P8'``#`"36P,0<<
M_=4`0`4CXP%`7U`#T,(;;]AI&1=7L``$$%3<`$$<#E!!11AU>*1&$R=@#4$=
M[KAA!QILG(#'R#<0`"H$8K?@!AI%@B$V`#!(0P<<=-#10M8JG(&&`O":5<,>
M*#"AAQ<)).#!!#/4@T8;;9S%Q@7O-###!!B8@,$$#S!@EGD7_'K&#2)0L<4?
M%Z3!QAM,J<`V"Q7LP<"\F6N@01,:]""V"J#&[`T<"^CR5QIRQ"___/(;T$0-
M-301OP9!_*K^;E:S6K5T(:LT-($+1T`+&N!@`#G,P0#\.04UT!"$=P#,+(V@
M@QR\A!Y%L/^C#6[HEP)V\0TUM$$.[D#+'[ZP@$;\80K^BX,=2E>M(*!E`0P`
M`Q<:$00?U`!X74*#"66EI`6`D'G26(`"/B$JFT%G92I,A`&:XB4Y:`,.;?"!
M`K[C`[3$`0:8VX,*#L``M.R"*1RKFV/`PH`#0*`%7$B$L?H#!VH8L`8+D(,&
MZ)`&-:"P#8E80!"`]8Y$K"X("NCB)USXOVV8L#P+J,-N7$BU+L4K:'#81R/M
M@8HV9(IS;.C6(CO6GS[ZBW<>T6,BUF"`('B2'P;H7<VT"#P&;C`-U4J#1_98
MP498SQV*<.''NO2;"RA`-3Y`82$;P10%@,0K<JA#Z1RSLB[501#6F^L2-1QT
M)SGXIAUZ[!+PKO<&!;#A3G8H4@'?,`<VV($-';/#!;8I#17JX@+=NI,^>D>'
M0G["(Q]1`RYW@4MA)#-"<W"'$/\@*7]I@!$:..'*ZL`&_AA`DIO,J$8WRM&.
M>O2C(`VI2$=*TI*:]*0H3:E*5\K2EKKTI3"-J4QG2M.:VO2F.,VI3G?*TY[Z
M]*=`#:I0ATK4HAKUJ$A-JE*7RM2F.O6I4(VJ5*=*U:I:]:I8S:I6M\K5KB8U
>E%X-JU@]"@5YC96IH4RK6G.JUK::]:1NC5D@```[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
